Podcasts about risk manager

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews three RISKWORLD attendees at RISKWORLD 2025. They are first, Audrey Trim of Thomson Rivers University, second, Lucy Straker of Beazley, and third, François Beaume of Sonepar and AMRAE.   Audrey Trim shares information about her career and her experiences at RISKWORLD and on the Board at BC RIMS. She introduces the Second Annual Coast to Coast Risk Management Legacy Challenge for Canada and tells how student teams can compete.   Lucy Straker describes the growing risk of political violence and active assailant events, and what insurance products are needed on top of general liability. She offers strategies for preventing and mitigating violent events.   François Beaume presents the 17th Annual AMRAE RMIS Panorama, a survey of vendors and risk managers, with insights into the software and technology available to corporate risk teams. The Panorama and data sets are freely available online in French and English at the link below. Listen in for a glimpse of the variety of education at RISKWORLD. Be sure to save the dates May 3rd through the 6th for RISKWORLD 2026 in Philadelphia.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast, coming to you live from RISKWORLD 2025 in Chicago. There are so many topics and perspectives to cover! [:40] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program, which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP). [:59] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:14] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [1:31] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:42] We're at RISKWORLD this week, but preparations are already underway for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th. [2:00] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles. [2:16] These include officers, leaders, managers, and students. The link to the submission form is in this episode's show notes. [2:26] Of course, mark your calendars for November 17th and 18th, and I'll be sure to alert you when registration opens. [2:34] RISKWORLD 2025 was one of the highlights of the 75th Anniversary of RIMS. We had a fantastic time here at McCormick Place in Chicago. We've got a lot of perspectives that we're going to cover! [2:47] Our first guest is the Responsible Use of Space Coordinator in the Risk Management Department of Thomson Rivers University in British Columbia and a Board Member of BC RIMS. She is making her RISKWORLD and RIMScast debut. [3:04] Audrey Trim is here to tell us about her experience as a first-time attendee and the 2025 Coast-to-Coast Risk Management Legacy Challenge, which was a big draw among the students at RIMS Canada 2024, and we expect that to possibly outdo itself in 2025. [3:24] You could sense the energy on the exhibit room floor on Day 1 of RISKWORLD. Let's get to it! [3:32] Interviews! Audrey Trim, welcome to RIMScast! [3:38] On RISKWORLD Day 1, Audrey enjoyed the Matha Stewart opening keynote. It was a great, inspirational show. Audrey has taken in some great sessions. She's looking forward to some educational seminars. This is Audrey's first RISKWORLD; it will not be her last! [4:57] Audrey explains her job title, Responsible Use of Space Coordinator. She oversees the non-academic space, among other things, on the Thomson Rivers University campus. She focuses on the best use of the space in a responsible way. [6:07] In earlier roles, Audrey worked on the 2014 Tim Hortons Brier in Kamloops and was an Event Coordinator for the City of Kamloops. She also coordinated a Buskers Festival. Then she fell into risk management, and she's loving it. [6:28] Audrey joined the Risk Group at Thomson Rivers three years ago. She became a BC RIMS member and now serves on the chapter board. Audrey is on the organizing committee of the Coast to Coast Risk Management Legacy Challenge, working with the SA RIMS Chapter. [7:01] This is the Second Annual Coast to Coast Risk Management Legacy Challenge for Canada. They will try to outdo the premier year. The Challenge involves students in teams of four from universities across Canada. [7:31] The teams get a case study and compete for the top two spots. The top two teams will get a chance to present their findings at the 2025 RIMS Canada Conference, which will be in Calgary, Alberta, from September 14th through 17th. [7:50] This year, Ken Letander, Case Study Champion, owner and Founder of Strat First Inc., a Canadian risk management firm, has chosen the case study topic: Reporting, Set Aside, Spend: Indigenous business joint venture, ethical dilemmas, and program integrity benefits. [8:15] It's going to be a big draw. Audrey hopes lots of teams apply. Ken Letander and others will judge the entries. [8:45] Audrey describes the passion and thought that went into the submissions to the 2024 Coast to Coast Challenge. The winning submission developed a tool to measure health equity across the province. The tool was given to the Fraser Health Authority to use day-to-day.  [9:35] The Coast to Coast Challenge is open to students across Canada. One of the members of the winning team last year changed her direction from business to risk management, because she had such a great experience at the conference and during the case study. [10:38] Apply to join the Coast to Coast Risk Management Legacy Challenge by May 24th. The case study will be assigned on May 30th. Each team submits a 10-page report. The judges will pick the top two teams to present at the RIMS Canada Conference 2025. [10:55] A link to the submissions page and contact information is in this episode's show notes. [11:16] Audrey's advice to anyone considering attending RISKWORLD 2026: “Know where you're going and how to get around the conference. Also, curate your sessions. There are a lot of options here. Pick out the ones that will have an impact on you and teach you something great.” [11:35] “There are so many networking opportunities. Take advantage of those. Get out there. Don't be afraid to try new things!” [11:39] RIMS Canada 2025 will be held from September 14th through 17th in Calgary. Registration will open soon. Audrey says, “Do it! The RIMS Canada Conference was a great opportunity to meet people and network!” [12:20] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”. [12:36] On June 5th, Zywave joins us to discuss “Today's Escalating Risk Trajectory: What's the Cause and What's the Solution?” [12:47] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. This session was rescheduled from May. If you were already registered, you do not need to take any action. [13:03] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members. [13:15] Spencer Educational Foundation's Grants program is starting soon. Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [13:34] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process is now open through July 30th, 2025. [13:55] General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [14:05] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler's Elbow Country Club in Bedminster, New Jersey, for their Annual Charity Golf/Pickleball Event. [14:18] Registration is open, and the event proceeds are used to fund the chapter's Spencer and Kids' Chance Scholarships. It was the filming location for the upcoming movie sequel, Happy Gilmore 2. For more information and to register, please NewJersey.RIMS.org. [14:42] My next guest was a panelist on several RIMS webinars. I was delighted to see her, so we could record this special segment live at RISKWORLD 2025. She is Lucy Straker. She is the focus group leader for U.S. Political Violence & Deadly Weapons Protection at Beazley. [15:00] We will talk about the trends she's seeing in her area of practice. [15:06] Lucy Straker, welcome to RIMScast!  [15:29] In 2016, Beazley looked at the landscape as it relates to terrorism and active assailant events and realized that traditional insurance options weren't providing sufficient solutions for its clients. Beazley created a product and a marketplace around active armed assailant events. [16:02] Lucy says what you see in the media is a fraction of what's happening. The media report the biggest and worst events. The risk is far higher than what is reported in the media. [16:31] Violence and shootings have increased. People are now more aware of the risk and are trying to respond to it through insurance products and legislation such as California's SB-553, with much more focus on preventing these events from occurring. [16:54] We want to avoid workplace violence before it becomes something. A lot of clients think they already have coverage for workplace violence in their traditional general liability insurance. [17:19] Recently, general liability carriers have put exclusions on their products for AMB, firearms, weapons, or the expected or intended injury exclusion found in a traditional ISA form. [17:38] Lucy says clients need to be aware that there is a potential coverage gap. A misconception among clients is that none of them think they will have a shooting. They're in denial. When there's a shooting, you hear, “I never thought it would happen to me!” [18:03] We're at a stage where gun violence is so prevalent in the U.S. that you can't argue you didn't think something was going to happen. You have to plan and prepare for the worst-case scenario. [18:28] Lucy advises risk leaders to buy coverage to help them cover the gap. They do not have to be alone. With most shootings, there is a warning sign. There is a trail. There are things to do to prevent it. [18:52] As a company, protocols have to be embedded from top-down and bottom-up. The company has to communicate every plan and procedure to its employees. Employees have to be trained and retrained. This is not something they're going to be thinking about every day. [19:09] You have to engage with your security team. You have to screen people. You have to screen the company. You have to create a culture of reporting. People are not going to report something unless they feel comfortable reporting it. You need to have anonymous reporting. [19:24] You need to instill a culture in your company of “See something, say something, report it.” It could be someone coming in and acting funny, or someone posting on social media, “I'm going to go carry out a shooting.” [19:46] More often than not, if someone's going down a path to violence, there are signs. They don't just wake up one morning and say they're going to go carry out a shooting. There are warning signs, and we want to catch them before it becomes something more material. [20:13] There are different lines of coverage and ways that coverage can respond, such as active assailant forms. Think about your business and other areas of your business you might not have thought about. Lucy mentions the United Health Care CEO being shot off the premises. [20:38] It was a targeted event. Were there warning signs online by Luigi, the perpetrator? How can you identify those threats? Make sure you have risk management and preventive measures in place. Think of the litigious landscape. We're now seeing more nuclear verdicts. [21:02] People always want someone to blame. You've got to make sure that, if something happens, you're doing right by the people to try and eliminate and reduce that liability on the back end. [21:15] RIMS Plug! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through the 6th, 2025. This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world. [21:35] Guess what, folks! Registration is now open! The advance rate is available through May 16th. A link is in this episode's show notes. You can also visit the Events page of RIMS.org to register. We look forward to seeing you in Texas! [21:51] Let's Move to My Final Guest, François Beaume, The SVP for Risks and Insurance at Sonepar and the VP of AMRAE (The Association for Corporate Risk and Insurance Management)! [22:16] François Beaume is here to discuss the findings of the 17th Edition of the RMIS Panorama that AMRAE produces in association with and with the support of several groups, including RIMS. [22:36] François Beaume, welcome back to RIMScast! [23:02] AMRAE has the 17th Annual Edition of the RMIS Panorama available. In 17 years, the most significant evolution in risk management information system offerings has been the integration of advanced technologies like AI, automation, and data visualization. [23:57] These add-ons transform the software from a pure data management tool to a much more sophisticated platform that provides productive analyses and real-time risk monitoring to enhance decision-making capabilities and processes in a wider scope of topics. [24:40] Panorama is a collection of surveys. One survey focuses on vendors and one survey focuses on risk managers. François says there is still room for improvement in this solution. Progress has been made on flexibility and integration capability, with changes to come. [25:12] François sees a need to guarantee the success of such solutions, train users, and provide support to users to streamline how they use the system. Vendors receive feedback to provide customizable solutions, enhanced integration capability, training, user clubs, and more. [26:07] Interconnection is a key area of these tools. With APIs, modular architecture, and code-based solutions, more and more, these tools can connect with other risk management information systems. Some corporations have several risk management systems. [26:45] There are more and more interconnected features in these systems, to allow the risk manager and all the teams involved in the use of the risk management programatics to extract the most important benefits from the use of the tool. [27:04] ESG is a key area where this matters more and more. In Europe, there is a strong push for ESG compliance that requires corporations to gather and manage a huge volume of data that, when organized, is helpful to fuel the risk management processes. [27:33] The report evaluates 52 solutions in four functional categories, covering 17 functional modules and 14 technical modules to allow you to compare and assess the value of the solutions and if they are compatible with your company's technology for audit, risk, and more. [28:22] AMRAE is looking at the functional scope and the depth of the features that are offered. Is the scope well-covered? They are looking at technical capabilities; is it easy to integrate a solution? Is it scalable? How is the user interface? What can the admin customize? [28:45] AMRAE also gathers user feedback and testimonials from using a given tool in real life. That feedback provides robust data capabilities, seamless integration capabilities, and more user-friendly interfaces that will benefit the users of the tool. [29:36] RMIS vendors use AI in predictive analytics of historical data. Risk management is gathering and dealing with historical data linked to risk management topics to anticipate future risks. [29:59] Vendors use AI to automate workflows and streamline data from the field and validation from the stakeholders, reducing manual intervention and increasing confidence in the data quality. All data will be analyzed more easily with AI and integrated into interactive dashboards. [30:34] Dashboarding has improved over the past year to provide more interactive dashboards for better risk insights and risk decision-making processes. [31:10] François has advice for risk managers looking for RMIS software. His most valuable advice is to use the RMIS Panorama. It's freely available to anyone. You can get it in French or English. Besides the Panorama PDF, there is an online platform that allows customization. [31:48] The entire data set from the vendor and risk manager surveys is freely available online. You can customize your analytics of the data based on your use case. [32:32] François speaks of captives and the evolving reinsurance market. The market today is favorable toward captives, a powerful tool for improving corporate risk management and the way corporations are living with ESG. There is a strong push in Europe for captives. [33:22] François has seen the creation of about 20 captives in France. Corporations need captives in the risk management process and risk financing optimization. [34:00] Special thanks again to all of our guests and all of the RISKWORLD attendees who made this year's RISKWORLD Conference so very special. Links to RISKWORLD coverage are in this episode's show notes. [34:13] Mark your calendars for May 3rd through the 6th, and join us at RISKWORLD 2026 in Philadelphia. [34:20] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [34:49] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [35:06] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [35:24] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [35:40] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [35:54] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [36:01] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open. ERM Conference 2025 — Call for Submissions (Through May 20) RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now The Strategic and Enterprise Risk Center Spencer Educational Foundation — General Grants 2026 — Application Dates RISKWORLD 2025 — Show Daily! [Bottom of page] 2025 Coast-To-Coast Risk Management Challenge — Applications Open Through May 23 AMRAE RMIS Panorama 2025 New Jersey RIMS Spencer Golf/Pickleball Outing — Oct. 7 Global Trio of Risk Leaders Inducted Into RIMS Risk Management Hall of Fame RIMS Webinars: RIMS.org/Webinars “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025 “Today's Escalating Risk Trajectory: What's the Cause & What's the Solution?” | Sponsored by Zywave | June 5, 2025 “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International Full RIMS-CRMP Prep Course Schedule “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “RIMS 2025 Risk Manager of the Year, Jennifer Pack” “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote) “(Re)Humanizing Leadership in Risk Management with Holly Ransom” “Risk and Relatability with Rachel DeAlto” “Live From RISKWORLD 2024!” “The Rise of RMIS with AMRAE's VP, François Beaume” (2019)   Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Audrey Trim, BTM, Responsible Use of Space Coordinator, Risk Management, Risk and Safety Services, Thomson Rivers University BC RIMS Board Member   Lucy Straker, Focus Group Leader U.S. Political Violence & Deadly Weapons Protection, Beazley   François Beaume, SVP Risks and Insurance, Sonepar, VP AMRAE, [Association for Corporate Risk and Insurance Management]   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin and his guest, Jennifer Pack, RIMS 2025 Risk Manager of the Year, discuss her career and achievements, including Hyatt's VP of Risk Management. Jennifer describes how her membership in the RIMS Chicago Chapter and service on the Board impacted her career.   Jennifer helped align Hyatt's risk strategies with its evolving business model to ensure resilience in today's complex environment. Leading nearly 40 professionals, Jennifer's leadership and innovative risk solutions have helped strengthen Hyatt's risk management framework, to proactively identify risks and develop strategies to address them. Jennifer successfully redesigned and centralized Hyatt's Short-Term, Long-Term Disability, and Workers' Compensation programs, reducing manual processing by up to 80,000 hours, improving compliance, and reducing legal exposure. It is linked to millions of dollars in savings. Under her leadership, Hyatt's risk management team is overhauling Hyatt Hotels' fire safety with the first-of-its-kind Fire Life Safety Compliance and Governance Program, setting a standard for the organization and industry. The initiative includes the implementation of new technology, as well as auditing the 1,450 Hyatt hotels in 79 countries. Jennifer is a beloved mentor who has had an impact on many careers. She continues to demonstrate her commitment to advancing the risk management profession as an active member of the RIMS Chicago Chapter.   Jennifer's innovations may inspire your work for your organization's ERM program. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. It is one of my favorite episodes to produce, with the Risk Manager of the Year. This year's honoree is Jennifer Pack, Hyatt's Vice President of Risk Management. We will talk about her success in ERM, captives, and more. [:48] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP). [1:08] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:23] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [1:40] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:51] We're at RISKWORLD this week but preparations are already underway for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th. [2:08] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles. [2:26] These include officers, leaders, managers, and students. The link to the submission form is in this episode's show notes. [2:35] While you are at RISKWORLD, be sure to take away some inspirado and channel it into an educational session submission for the RIMS ERM Conference 2025. Of course, mark your calendars for November 17th and 18th and I'll be sure to alert you when registration opens. [2:55] The RIMS Risk Manager of the Year Program aims to raise the profile of the risk profession and the outstanding programs the honorees have implemented within their organizations. [3:04] The award was created in 1977 and the Risk Management Honor Roll was added in 1981. The 2025 RIMS Risk Manager of the Year is Jennifer Pack of Hyatt. [3:16] As VP of Risk Management, Jennifer has transformed risk management at Hyatt, embedding a culture that has provided a launchpad for organizational success. Her innovations in captive management also earned her this award. [3:28] Jennifer is a long-standing member of the RIMS Chicago Chapter and an all-around fantastic professional. Her profile will soon appear in the Awards Edition of RIMS Risk Management magazine. [3:40] Jennifer will receive the award on May 5th at 4:00 p.m., on the main stage at RISKWORLD. We're going to get to know her a little bit now. We'll talk ERM, captives, Chicago RIMS, hotel and hospitality, and more. [3:57] Interview! RIMS 2025 Risk Manager of the Year, Jennifer Pack, welcome to RIMScast!  [4:34] Jennifer has been at Hyatt, for going on 18 years. She can stay at any hotel she would like! [5:03] Some people like to leave their jobs every few years for a new company and skills. Jennifer's career at Hyatt has been an adventure! She hasn't been doing the same thing for 18 years. Every couple of years, she gets new roles and responsibilities. She's constantly learning. [5:24] She has a foundation of knowing whom to go to, what the systems are, and how to get things done. There's a base familiarity but with some excitement and learning opportunities. [5:36] If the feeling of being able to learn and grow ever stops, Jennifer will think about leaving. She's enjoying her time. It seems like she's working or a new company all the time. They're transforming. They're changing. The risk landscape is changing. There's never a dull moment. [5:56] Justin feels the same way about working at RIMS! He started as a writer but then got these responsibilities and they took on sort of a life of their own and attracted more of an audience. It's more work, but it's more fun and rewarding. [6:25] Jennifer joined Hyatt in a group called Compliance and Controls. She was hired to set up their Sarbanes-Oxley department. In reaction to the financial crisis after the downfall of Arthur Andersen and Enron, Sarbanes-Oxley was born and Jennifer became an expert on it. [6:58] Jennifer launched that group and then it was moved into Internal Audit where they were exposed to a lot more people and systems. Jennifer had the opportunity to backfill someone in the Risk Management department and never left. She's been in the risk function for 15 years. [7:30] When Jennifer joined the risk group it had seven risk practitioners in the corporate office. There were five or six Occupational Health Managers in the field, helping with Workers' Compensation and occupational safety. There are over 35 full-time members now. [8:09] They've taken on new roles in the 15 years: physical security, business resilience, fire life safety compliance, and other health and safety functions in the company. They could probably use a few more people but they're doing well. [8:38] The risk profile of the company has changed. The geopolitical risk profile of the world has changed. Hyatt's offerings have changed. They used to be mostly business, group, and convention, and now they lean into leisure, travel, and all-inclusive, which have different risks. [9:16] Hyatt has tripled its resort rooms and quintupled its lifestyle rooms since 2017. A lifestyle room is about meeting clientele where they are. Millennials want to travel the world and experience the environment, such as an attached nightclub in Miami or New York. [9:55] They're unconventional hotels with the framework of a well-known brand, where guests have comfort, safety, security, cybersecurity, and loyalty points while feeling like they're in a niche hotel with great and different experiences. It feels like a boutique, attached to the brand. [11:06] Social inflation is a risk. Liability insurance has gone up because claim payouts have gone up tremendously. Claim attorneys are targeting hospitality. [12:12] Hyatt is thinking globally about health, safety, and security, making sure policies are locked down, training is locked down, and people know how to report an incident, and when to report it. How do you de-escalate an incident to win the guest back? [12:36] Saying, “I'm sorry that happened to you. Here are some points. We care about you,” reinforcing that, versus saying, “Let my insurance company deal with it.” That's the last thing we want. If our guests had a bad incident, they had a bad experience. [12:51] Especially if you're traveling on leisure with your family, you want to know that you'll be taken care of. There's an expectation that you're going to be safe and secure. Hyatt wants to make sure to bring the level of care to them that they deserve. [13:07] Hyatt is working on the front end to retrain employees on ramping up safety and security measures and knowing how to respond when an incident happens. [13:18] Then, if it gets into the claims section, the claims management team has new robust processes to manage claims to drive down exposure. On the insurance procurement side, Hyatt is leaning into its captive to take on much higher retention in-house. [14:09] Hyatt is asking leadership in the field to bring education and awareness to the importance of risk management, what's at risk, and what the current legal environment is, and overlay that with wanting to care for people. Hyatt cares about the guest experience. [14:43] This is a macro-level environment. If you have litigation system abuse across the country, what are insurers doing about it? What are brokers doing about it? What are corporations doing about it? [14:56] Jennifer gets with her peers in the hospitality industry, working in their respective associations, to address these issues at the state and federal levels, change laws, and push for tort reform and disclosures of litigation funding. [15:28] Hyatt has partnered with the American Lodging and Hospitality Association and is considering partnering with insurance companies. You can't just hope someone else will take care of the problem. It's a much bigger problem that we all need to address. [16:06] Justin points out that third-party litigation funding is one of the top initiatives and campaigns for RIMS this year. RIMS recently had the Legislative Summit in Washington, D.C., where third-party litigation funding was a top priority. It was a top RIMS talking point on the Hill. [16:38] Jennifer says Hyatt and the hospitality industry are in with RIMS on the issue of third-party litigation funding. If it continues, guests are going to have to pay more for a stay and for the experiences they want to have as rising risk costs are passed to the consumers. [17:04] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”. [17:22] On May 29th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. On June 5th, Zywave joins us to discuss “Today's Escalating Risk Trajectory: What's the Cause and What's the Solution?” [17:44] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members. [17:55] Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [18:16] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process is now open through July 30th, 2025. [18:36] General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [18:46] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler's Elbow Country Club in Bedminster, New Jersey for their Annual Charity Golf/Pickleball Event. [18:59] Registration is open and the event proceeds are used to fund the chapter's Spencer and Kids' Chance Scholarships. It was the filming location for the upcoming movie sequel Happy Gilmore 2. For more information, and to register, please NewJersey.RIMS.org. [19:21] Let's Return to My Interview with RIMS 2025 Risk Manager of the Year, Jennifer Pack! [19:47] Hyatt put a captive in place in 2013. Back then, Hyatt had huge insurance cost swings year-on-year that they couldn't forecast. It created a lot of “noise” on the balance sheet. They originally put the captive in place to take away that noise and remove wild cost volatility. [20:38] Over time, Hyatt started to see success and build up a surplus they saw the value of a captive, especially as market conditions changed. They brought in additional forms of insurance coverage with traditional deductible buy-downs with workers' compensation and GL. [21:04] They started to see the surplus build up and they were able to give some of the surplus back to the participants and drive down their premium cost. [21:14] In the pandemic, the hospitality business came to a halt. Before the pandemic, Hyatt's average occupancy around the world was over 75%. In April 2020, it dropped to 6%. The owners of Hyatt were under extreme pressure. [21:43] Jennifer had an extra surplus in the captive and was able to give relief to the owners and to the company in that year and the next couple of years. Claim volume went down due to lower occupancy. Hyatt used some of that cash to fund large acquisitions. [22:19] That's when Hyatt saw social inflation in gaps in coverage. There was no coverage for a pandemic. Through the captive, Jennifer was able to offer that coverage to the owners. She offered wages and hours insurance to the owners. [22:48] Coming out of COVID-19, with the impact of social inflation, the captive took on larger line sizes and larger layers in its umbrella tower. They had some acquisitions in cyber. They bought the Apple Leisure Group. [23:36] In a lot of those services, Hyatt isn't providing the service but is almost like a travel agent, connecting you to the hotel, airline, or excursion. If there is an incident, the third party has the coverage. Hyatt has exposure for connecting you to the service. [24:01] Hyatt had to get creative with coverage for these new exposures, working with broker partners to fill those gaps. They did it largely with the captive, buying time until they could get a traditional product in place. [24:17] With the captive, Hyatt filled gaps, helped grow the business, and used it as a business enabler, providing cash, relief to owners, and coverage that may not have been commercially available, either to buy time or permanently fill a gap. It's been fun! [24:53] Jennifer regularly changes which hat she wears. As the captive President, she has to look at what Hyatt is doing to protect the captive and make sure it's adequately funded and complies with regulations. From a governance perspective, is Hyatt doing the right things? [25:21] Jennifer regularly brings in third-party experts to check the captive. Jennifer's decisions as President of the captive are through the lens of the captive and as the owner of this business, what they are doing to grow revenues, manage expenses, and keep an adequate surplus. [25:44] The captive doesn't run razor-thin. To have a forward-looking approach, it needs to have an adequate surplus, reserves, and cash in the captive. They're very conservative in protecting it. [26:06] From a corporate risk management perspective, when Hyatt needs to buy insurance, Jennifer asks, can we buy it from the captive? She sometimes has tough conversations with Hyatt about borrowing versus driving up investment income to protect everyone's interests. [26:37] Jennifer has to keep top-of-mind, which lens she's looking through, whether President of the Captive or Hyatt Vice President of Risk Management. She wears two hats, managing all the key stakeholders' needs and wants. [27:17] Some of the stakeholders are Hyatt, third-party owners, the corporation itself, and guests and colleagues with short-term and long-term disability and medical, adding value for the benefits team so they don't have to go to third parties for that insurance. [28:27] As the Captive President, Jennifer is looking at loss and expense ratios, reserve to operating ratios, surplus to premiums, and surplus to reserves, making sure that they're within the set ratios. They shoot for three to one. Anything above that number can go to participants. [29:09] They won't go below three to one so they are capitalized for future unexpected losses or to back up future business growth. Jennifer believes Hyatt is unique in having those ratios and guards in place. Jennifer is looking forward to future needs. [30:15] The captive evaluates from time to time whether to change the ratios to five to one or four to one. In the liability space, claims are growing. Some of the demands are wild and the settlements reached or not reached are eye-opening! [30:46] Jennifer explains the global risk management claims software that is now also used for incident reporting to the risk department. They look at data from all incidents and are seeing a trend and looking to what could come down the pike and new coverages they may need to offer. [31:44] The technology is supporting the department and overall risk management strategy. The captive is benefiting through better data on what's happening out there so they won't get blindsided by unusual trends that aren't yet seen in the claims. [32:19] Technology helps the captive to build out platforms to manage compliance, safety, and security in the environment. [32:28] The more data insights and comfort Jennifer has over the Health, Safety, and Security diagnostic at each property, region, and the globe, and overlays those with risk assessments Hyatt does, the more comfort she can get to take on more risks knowledgeably in the captive. [33:15] RIMS Plug! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through the 6th, 2025. This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world. [33:34] Guess what, folks! Registration is now open! The advance rate is available through May 16th. A link is in this episode's show notes. You can also visit the Events page of RIMS.org to register. We look forward to seeing you in Texas! [33:50] Let's Conclude Our Interview with RIMS 2025 Risk Manager of the Year, Jennifer Pack! [34:04] Jennifer Pack is the RIMS Risk Manager of the Year 2025 and she has been such a wonderful guest. This episode is coming out the morning of the awards. We will see her onstage, for anyone who has the privilege of being there. [34:19] Jennifer is honored, excited, and a little nervous to be onstage at RISKWORLD for the award. A lot of the RIMS Chicago members will be there. Jennifer has a wonderful Chicago-based team that will be there. Jennifer's parents and her husband are coming. [36:26] Jennifer says moving up the ranks at Hyatt and RIMS Chicago has been a fun and wild ride! The growth in her career, switching from being a Public Accountant to Auditor to Risk Manager has been fun with a lot of learning. [36:54] Jennifer tries to lead and grow with optimism, fun, and humor. She's been able to grow and develop a team under her. It's been a really interesting 18-year adventure. [37:11] Once Jennifer was exposed to RIMS, it opened her eyes to the wealth of resources, friendship, collaboration, and knowledge-sharing. It's been such an excellent experience for her. She couldn't be prouder of the Chicago Chapter and the great things they do to develop talent.  [37:43] Jennifer says since COVID-19, it's been wonderful to see the number of people who attend the outings and forums. It's great to have such a great community and seeing them regularly is impactful. [38:06] Jennifer is Risk Manager of the Year. The Rising Star is Megan Smalter, who has had a wonderful time with the Chicago Chapter before moving to New York. In her role on the RIMS Chicago Chapter Board, and when she ran the Golf Outing, Jennifer has worked with Megan. [38:45] Julie Bean won the Heart of RIMS Award recently. Jennifer says it's great to have the bench of expertise of long-standing members in the Chicago Chapter. Jennifer learned from them personally and in professional settings. They're great for sharing ideas and working with. [39:36] Jennifer also mentioned Theresa Severson who was RIMS 2023 Risk Manager of the Year, with Kite Realty. There's a lot of talent and deep risk knowledge in the RIMS Chicago Chapter. There's a genuine camaraderie.  [40:30] Jennifer looks ahead to see companies leaning into the concept of full risk management philosophy. Risk management is so much more than just the insurance buyers. [40:45] Risk management is “How can we bring a risk management mindset to our enterprises? How can we be business enablers? How can we leverage the wealth of data and information that comes through our department to enable mindful growth in the business?” [41:05] It's “How can we help with ESG efforts, especially with the reporting? How can we mitigate risks to the company and not just to our financial tools of insurance? What can we do in loss prevention or mitigation?” [41:26] “What can we do in claims management with more expertise, as things heat up on the litigation side with social inflation and nuclear claims?” Jennifer sees Hyatt and other companies taking more risks in the captive's or balance sheet to offset what's happening.” [42:10] Risk managers are going to have to articulate that and bring solutions to the forefront of their companies. Jennifer is excited about the future. She's looking forward to launching and rolling out more technology solutions as Hyatt leverages all its data. [42:57] Jennifer knows her team can have a lot of positive impact on the organization and she's excited about it. [43:08] Special thanks and congratulations again to Jennifer Pack, the RIMS 2025 Risk Manager of the Year. A link to RISKWORLD coverage is in this episode's show notes via the Show Daily. [43:20] That will update this episode's show notes with a link to the RIMS Risk Management Magazine coverage in our special Awards Edition. More honorees from RISKWORLD will join us here on RIMScast soon. [43:35] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [44:03] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [44:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [44:38] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [44:55] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [45:09] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [45:17] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open. ERM Conference 2025 — Call for Submissions (Through May 20) RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now The Strategic and Enterprise Risk Center Spencer Educational Foundation — General Grants 2026 — Application Dates Press Release: “RIMS Risk Manager of the Year Goes to Hyatt's Jennifer Pack” RIMS Webinars: RIMS.org/Webinars “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025 “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | May 29, 2025 “Today's Escalating Risk Trajectory: What's the Cause & What's the Solution?” | Sponsored by Zywave | June 5, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International Full RIMS-CRMP Prep Course Schedule “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote) “(Re)Humanizing Leadership in Risk Management with Holly Ransom” “Risk and Relatability with Rachel DeAlto” “RIMS Risk Manager of the Year, Steve Robles, Los Angeles County” (2024)   Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RIMS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Jennifer Pack, VP of Global Risk Management, Hyatt Corporation   Production and engineering provided by Podfly.  

Send us a textWe're diving deep into a high-value, global career path that not many students think about early on—Financial Risk Management. Yes, you heard that right. This isn't just about finance or maths; it's about protecting companies from big losses, helping them navigate market chaos, and making smart financial decisions. Connect With Kapeel Guptaor Click on the link: http://bit.ly/4jlql8sWhat You May Learn0:00 Introduction1:57 Mission Statement2:13 Scope in India & Abroad4:21 Nature of Work6:19 Skills & Educational qualifications required8:43 Salary in India and around the world10:21 Conclusion11:25 Call to actionSupport the show

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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin and his guest, Jeff Strege, Senior Director for Risk Management at Academy Sports + Outdoors, explore what led Jeff to risk management, and the path that led to Academy Sports + Outdoors within the sporting goods and outdoor retail space. Jeff comments on his work building out the ERM framework at Academy to improve claims management, employee safety, and liability prevention. Jeff shares his approach to workers' compensation and Academy Sports + Outdoors's goal to help the workers recover and return to work. In addition to career insights, they discuss Jeff's upcoming panel participation in HUB's webinar on April 17th, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach,” covering topics such as third-party litigation funding and its impact on the industry.   Listen to Jeff's wisdom, born from experience, on managing your risk career. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD. [:25] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary! [:41] About this episode of RIMScast. Our guest is former RIMS Houston Chapter President, Jeff Strege. We will talk about his career and how ERM continues to play a pivotal role today. [1:08] RIMS-CRMP Workshops! As part of RIMS's continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:28] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [1:45] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:56] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. [2:14] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes. [2:33] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th. [2:51] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer's Executive Director Megan Miller at MMiller@Spencered.org. [3:13] Our guest today is Jeff Strege. He is the Senior Director for Risk Management at Academy Sports + Outdoors. Academy is one of the U.S.'s largest sporting goods and outdoor stores with 301 locations across 21 states, as of March 2025. [3:33] Jeff is also a long-time RIMS member. He's the former president of the RIMS Houston Chapter and is a RIMS-CRMP holder. [3:41] In addition to his outstanding resume, Jeff will be lending his insight to the RIMS Webinar on April 17th, presented by HUB in their Ready for Tomorrow series. It's called “From Defense to Prevention: Strengthening Your Liability Risk Management Approach.” A link is in the notes. [4:01] In today's RIMScast interview, we will discuss how ERM has played a role in his career and how he manages risk in so many locations at the Academy. We will get a preview of his upcoming appearance on the Hub webinar and his thoughts on third-party litigation funding and its impact. [4:27] Interview! Jeff Strege, welcome to RIMScast! [4:45] As a Houstonian, Jeff grew up with Academy Sports + Outdoors. He's a long-term customer. In September 2020, Jeff promoted himself from customer to team member, although he still is an avid customer of Academy. [5:07] As the Academy brand is so well-known and beloved in Texas, Jeff has had the Risk Director role on his radar for many years. He had told his wife many times that if that role ever opened up at Academy, he would want to talk to them. In mid-2020, it did, and here he is! [5:29] Academy has 301 stores across 21 states as of March 7, 2025, and is headquartered in Katy, Texas, a Western suburb of Houston. Jeff graduated from Katy High School. [6:23] Academy Sports + Outdoors sells fun. They say “Have fun out there.” The items Academy sells are intended to help people be outdoors and active. Academy does a lot of work around product safety with manufacturers and suppliers, making sure they're sourcing safe products. [6:45] Academy Sports + Outdoors sells firearms and ammunition. Its goal is to be the most responsible retailer of those items in the country. [7:13] Academy Sports is responsible for following the laws of 21 states. Jeff has worked for national, multi-national, and global organizations, so he has worked with similar requirements. [7:48] Jeff worked for Sysco twice, first in the 90s and then in 2016 in a risk role similar to his current role at Academy Sports. Sysco went on a growth initiative while Jeff was there the second time and it was fun to be part of that but he couldn't pass up the opening at Academy. [8:23] Academy Sports + Outdoors has a risk department of 10 who report to Jeff. Jeff oversees the Enterprise Risk Management framework, the Insurance and Data Analytic functions, the Safety functions, and the Claim Management functions. [8:50] Jeff has three direct reports and they have functional contributors who are assigned to and report to them. Jeff's management style is to find the best possible people he can find. He's not a micro-manager. All of his staff are solid professionals who are good at what they do. [9:14] That allows Jeff to focus on strategy and executing strategic objectives while the staff keeps things working from day to day. Jeff reports to the General Counsel. In other companies, Jeff has reported to the General Counsel, HR, Treasury, or Finance. [9:42] Risk can logically report up a variety of chains to the leadership of an organization, as it touches so many aspects of the business. [10:22] Relative to firearms sales, Academy Sports has a compliance team to manage the process. They do an outstanding job. [10:39] When Jeff arrived at Academy Sports, one of his charges was to mature the ERM framework across the various organizational functions. Having the opportunity to work on that made Jeff a student of the business, which is one of the Academy's values. [11:09] Coming into the business, Jeff was fortunate to receive a safety culture already well-entrenched in the distribution centers. That team has been retooled over the years and continues to evolve as it trains and supports the operators in safe practices in their work. [11:45] Academy workers' compensation goal is to help team members recover so they can come back to work. They take a deliberate approach to working with them so they get the treatment they need, their benefits are paid timely, and their questions are answered. [12:11] Academy made a TPA change a couple of years ago that's given them more proactive tools. Both safety and claims are processes that Academy Sports continues to fine-tune. [12:25] The foundational strategy is “safety first.” If you're talking about managing claims but not about safety, there's a miss there, in terms of managing risk. [13:01] Plug Time! During this interview, we discuss the RIMS Texas Regional Conference 2025, held from August 4th through the 6th in San Antonio, Texas, at the Henry  B. Gonzalez Convention Center. That's where we held RISKWORLD 2018. [13:22] The day of this episode's release, April 15th, is the day registration opens for the RIMS Texas Regional Conference. You can get the Advance Rate from now through May 16th, 2025. A link is in this episode's show notes. You can also visit the events page of RIMS.org to register. [13:43] If you will be in the Dallas/Fort Worth area on April 17th, be sure to stop by Lonestar Park for DFW RIMS's 7th Annual Night at the Races. It will be a blast! Guest, Member, and Student tickets are available. Visit DFWRIMS.org and the link in this episode's show notes. [14:12] Let's Return to My Interview with Former RIMS Houston Chapter President Jeff Strege! [14:32] Jeff arrived at Academy Sports on Monday, September 28, 2020, and the company executed its Initial Public Offering on Friday, October 2nd, 2020. In preparing for the IPO, the company had built an ERM framework that helped inform the prospectus for investors. [14:59] When Jeff joined, he was charged with taking the framework foundation and building upon it to round out how Academy Sports views risk, scopes it, and manages it across the organization. It was a fascinating process. [15:21] He's gotten to know many good, smart people who are driving aspects of the business. [15:28] Every year, Academy Sports looks at ways to enhance the framework, to make sure it's as meaningful and informative to the leadership team and board as it can be. [15:54] The framework looks at ISO standards but most of it is inward-focused within the business of Academy Sports. What's going on in the world? How do we prevent or prepare for it? Should something occur, what strategies do we have to respond, react to, and recover from it? [16:39] Before the recent tariffs were passed, the risk team had discussed tariffs generically. Tariffs appear as subsidiary risks in a few places within the framework. Nobody in an organization can control what government leaders do. [17:22] In a way, sporting goods is a seasonal industry. Academy Sports + Outdoors sells a variety of different things and operates in a variety of climates. There's a holiday season and there are gift-giving holidays. The seasons for outdoor activities differ depending on location. [17:54] In Texas, Jeff grills and fishes year-round. It's different in a Northern climate with four distinct seasons. Hunting seasons are specifically defined. The things Academy Sports sells peak at different times of the year and the peaks sort of offset themselves. [18:25] The Academy Sports merchandising teams are diligent and deliberate in how they plan for cycling products for the seasons. [18:44] Holiday is the big season. In that, Academy Sports is like other retailers. Back-to-school time is also important. [18:57] The backyard grilling is Jeff's favorite section of the store. When he goes into the store with his wife he has to look at some grills. Jeff also works out and runs so there are several aspects of the store that he shops. [19:16] Academy sells location-specific licensed apparel. In Academy Sports + Outdoors in Houston, there is gear for the Astros, Texans, and Rockets. [19:49] From the standpoint of team member safety, Jeff refers to OSHA. Also, some states have more stringent safety requirements. Jeff's safety team drives consistency of practices and training across the footprint of the 21 states where Academy Sports + Outdoors operates. [20:36] Most of Jeff's work is done in Houston but his team gets out in the field periodically on a schedule. Jeff likes to go into the stores and distribution centers. That's where the business occurs. The work at Corporate supports the people who serve and interact with customers. [21:10] RIMS Webinars! Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th. [21:29] Today's guest, Jeff Strege, is a panelist in that session! He's going to talk about it a little bit right after the break. [21:38] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”. [21:45] Zurich's webinar, “Understanding Third Party Litigation Funding” was rescheduled to May 1st at 1:00 p.m. Eastern. If you were already registered for the original date, you are now registered for the May 1st session with Zurich. [22:09] On May 22nd, GRC, a TÜV SÜD Company, presents their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”. [22:22] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [22:33] Let's Return to my Interview with Jeff Strege! [22:46] Jeff will be joining RIMS on the HUB webinar about third-party litigation funding (TPLF) on April 17th, two days after the airing of this episode. Third-party litigation funding is a major issue for RIMS and the profession. [23:08] Academy Sports + Outdoors sees TPLF from time to time in litigated matters, but not often. The HUB webinar is largely focused on rising litigation costs and the rising value of litigated matters. Third-party funding is a driving force of that rise. [23:35] When there's a funding mechanism behind the damages claim by a plaintiff, there are interest obligations with that mechanism, which can be stiff. It does inflate the value of some matters. [24:13] Once Academy Sports + Outdoors learns third-party funding is present in a litigated matter, that's in the front of mind as they evaluate and proceed with trying to conclude the case. [24:32] In the HUB webinar on April 17th, Jeff will be discussing the client's experience, not only with TPFL but also around social engineering. There is a good panel put together for this discussion with varied perspectives that will offer a well-rounded conversation. [24:55] Panelist Bob Tyson of Tyson & Mendes, a defense lawyer in California, has creative approaches to managing and negotiating litigated cases. Panelist John Ferguson, Head of Excess Casualty at Zurich Insurance, brings an insurer's perspective to the webinar. [25:29] Panelist Carol Murphy of HUB is one of the best brokers Jeff has worked with. Jeff is looking forward to sharing the stage with this group, talking about managing claims litigation, prevention, and pre-litigation management. Safety is critical. Jeff will bring that up. [26:02] The link to the webinar is in the show notes. Register today! Registration is complimentary for RIMS members! You'll hear this webinar live with Jeff Strege of Academy Sports, Fred Ferguson of Zurich, Bob Tyson of Tyson & Mendes, and Carol Murphy of HUB. [26:34] Jeff has been involved with RIMS since the mid-1990s when he was with Sysco Foods for the first time and was elevated to the risk management role there. Starting with Houston, Jeff has been involved in various chapters in various capacities. [27:07] RIMS has been an important part of Jeff's career. He's gained solid relationships through RIMS that have yielded business relationships and relationships where he's been able to help others and be helped by them. RIMS will be very important to him as long as he works in risk. [27:51] Jeff was President of RIMS Houston for two years, until January of 2024. He serves on the board as Past President. [28:12] Having moved around the country and having held different roles, Jeff has met risk professionals from many areas. He says RIMS has high-quality chapters all over the country. The four Texas RIMS chapters have a lot of positive energy. [28:47] The chapters are working together with Justin's team in New York to host the first-ever Texas RIMS Regional Conference this August. Jeff is on the planning committee and he's excited about it. [29:04] The RIMS Texas Regional Conference will be held from August 4th through the 6th at the Henry B. Gonzalez Convention Center in San Antonio, on the River Walk, the site of RISKWORLD 2018. San Antonio is Jeff's favorite city in Texas. It's a wonderful host city. [29:30] There is a link in the show notes to the RIMS Texas Regional Conference 2025. Registration will open the week of the airing of this episode! [29:49] Jeff is a RIMS-CRMP holder. He earned that certification in November of 2019. He was excited to see RIMS introduce the certification. What he likes about CRMP is its governance focus. [30:23] Jeff had been doing risk management for a long time. The CRMP website has good sample test questions on it. He decided to work through the test questions several times. Then went and took the exam and scored pretty well, largely based on his experience. [30:48] Jeff says his ERM work over the years was helpful. The RIMS-CRMP is a good designation. Jeff appreciates that RIMS gives CRMP holders opportunities to network. He will continue to carry the designation as long as he is working. [31:09] Mos recertification points are CE-related. Jeff relies heavily on the Houston chapter's offerings and the sessions and seminars at RIMS functions. He appreciates the flexibility in terms of what qualifies, such as participation in broker-sponsored industry education. [31:50] Developing and delivering educational content is a favorite of Jeff's. He has served as Risk Manager in Residence (now Risk Manager on Campus). Jeff tells every risk manager it's amazing and they need to do it at least once. Jeff enjoys education and is always learning. [32:24] Jeff shares his advice for risk professionals. As Boomers in the industry start to retire, it's important to help the industry recruit, train, and young talent. It's a passion of Jeff's. [32:52] There are a few things Jeff would tell young professionals. One is you are the CEO of your career. Your career is your responsibility. Don't wait for a leader to bring opportunities or promotions to you. Be a student of your craft and trade. Set goals with plans to achieve them. [33:20] Jeff has managed his career that way by making strategic moves when it made sense for him to do so. He has no regrets. You're the CEO of your career, all in. Don't wait for others to act on your behalf. Whatever it is, be a student of your craft and seek opportunities to learn. [33:45] Grow your knowledge base, your experience, and your network. Jeff has benefited from RIMS in having a network of people who lean on each other and learn from each other. It's a wonderful thing! [33:58] Be a student of your business, wherever it is. Make connections within it. Seek out mentorships to learn on a broad basis what the business does and what its objectives are. You position yourself more visibly to add more value and to grow. [34:29] Jeff Strege, you have been such an inspiration today. I appreciate you so much for joining us here on RIMScast and being so giving with your time and wisdom! I look forward to seeing you at the first-ever Texas Regional 2025, August 4th through 6th in San Antonio! [34:48] Special thanks again to Jeff Strege for joining us here today on RIMScast! I look forward to seeing him at many RIMS events, including the first-ever RIMS Texas Regional Conference 2025, which will be held from August 4th through the 6th in San Antonio, Texas. [35:05] Register today through the link in this episode's show notes. [35:12] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [35:37] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [35:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [36:13] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [36:29] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [36:43] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [36:50] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app! Spencer's RISKWORLD Events — Register or Sponsor! RIMS Texas Regional 2025 – August 3‒5 | Advance registration rates are now open. DFW RIMS - 7th Annual Night at the Races / Lone Star Park – April 17, 2025 RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now The Strategic and Enterprise Risk Center Spencer Educational Foundation — General Grants 2026 — Application Dates Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education Nominations for the Donald M. Stuart Award [Canada] RIMS Webinars: RIMS.org/Webinars “Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025 “Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025 “Understanding Third Party Litigation Funding” | Sponsored by Zurich | May 1, 2025 “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA | April 22‒23 Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Scenario Planning with the RIMS SERMC” “ERMotivation with Carrie Frandsen, RIMS-CRMP” “Risk Quantification Through Value-Based Frameworks” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance”   Sponsored RIMScast Episodes: “Understanding Third-Party Litigation Funding” | Sponsored by Zurich (New!) “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!) “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Jeff Strege, MBA, ARM, RIMS-CRMP, Sr. Director, Risk Management, Academy Sports + Outdoors   Production and engineering provided by Podfly.  

By the end of today, economists and financial market participants are hoping to be in a better position to understand and assess the impact of proposed tariffs on the United States’ largest trading partners. Of course, if the last three months are any guide, all such news on trade is subject to negotiation and compromise. Having had to deal with a barrage of ever-evolving headlines since the start of 2025, Dan Mazza, head of FX Forwards trading in the Americas, joins the podcast, to discuss how the market-making function has evolved in response, whether and where it makes sense to position for further trade-related disruption in FX and interest rate markets and how long-lasting he expects the effects of protectionism to last as a meaningful market driver.See omnystudio.com/listener for privacy information.

On Business Matters this week, Chris Ashmore speaks with Jimmy Stafford, Bank of Ireland Area Operations and Risk Manager, about the changing face of banking, fraud, legislation about cash and ATMs, and his own career. A native of Cobh in Co. Cork, Jimmy outlines how he came to be in Donegal and his love for […] The post Business Matters, Ep 238: Jimmy Stafford on banking, Letterkenny Chamber – and his favourite song appeared first on Highland Radio - Latest Donegal News and Sport.

Medication errors are traditionally defined as an avoidable event, but they don't just happen during the prescribing phase. In fact, it's important to remember that there are many steps—transcribing, dispensing, and administering—where an error can occur. To learn more about pediatric medication errors specifically, we invited COPIC Patient Safety and Risk Manager, Kayla Boyd, to the podcast. In this episode, Kayla looks at the overall process of pediatric medication prescription, from diagnosis to accurate compilation of records to ongoing monitoring. Plus, you'll hear about ways to avoid adverse outcomes and mitigate risks with young children, appropriate ways to handle transfer of prescriptions, and continuing education to prevent mistakes. Feedback or episode ideas email the show at wnlpodcast@copic.comDisclaimer: Information provided in this podcast should not be relied upon for personal, medical, legal, or financial decisions and you should consult an appropriate professional for specific advice that pertains to your situation. Health care providers should exercise their professional judgment in connection with the provision of healthcare services. The information contained in this podcast is not intended to be, nor is it, a substitute for medical diagnosis, treatment, advice, or judgment relative to a patient's specific condition.

In another episode of Bridging the Gap live from Advancing Prefab 2025, Todd Weyandt sits down with Jenny Kronish, insurance industry professional and former athlete, to discuss how team dynamics shape success in construction. Drawing from her athletic background, Jenny shares how skills like collaboration, communication, and role awareness translate into building stronger, more resilient teams in the AEC industry. She also dives into:

In this episode, we speak to Lisa Heath, Risk Manager at Netflix, to discuss her professional journey through the area of production insurance and what it's like to work for the world's largest streaming service.

In this episode of the Risk Management Show, we uncover the hidden fraud risks in the Buy Now Pay Later (BNPL) space with industry expert Stephane Touboul, founder and CEO of WeGetFinancing. Stephane shares over 25 years of experience in online payments and credit, offering invaluable insights into fraud detection, identity verification, and how innovative technologies like AI and machine learning are reshaping the BNPL landscape. We discussed the critical risks every risk manager must know, including fraud prevention strategies, identity verification techniques, and the future of BNPL in a rapidly evolving market. If you want to be our guest or suggest an expert in Risk Management, Cyber Security, or Sustainability, send your email to info@globalriskconsult.com with "Guest Suggestion" in the subject line. Don't miss this essential conversation for Chief Risk Officers and professionals navigating the world of risk today.

In this episode of the Risk Management Show podcast, we explore AI Security Risks and what every risk manager must know. Dr. Peter Garraghan, CEO and co-founder of Mind Guard and a professor of computer science at Lancaster University, shares his expertise on managing the evolving threat landscape in AI. With over €11M in research funding and 60+ published papers, he reveals why traditional cybersecurity tools often fail to address AI-specific vulnerabilities and how organizations can safely adopt AI while mitigating risks. We discuss AI's role in Risk Management, Cyber Security, and Sustainability, and provide actionable insights for Chief Risk Officers and compliance professionals. Dr. Garraghan outlines practical steps for minimizing risks, aligning AI with regulatory frameworks like GDPR, and leveraging tools like ISO 42001 and the EU AI Act. He also breaks down misconceptions about AI and its potential impact on businesses and society. 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." Don't miss this essential conversation for anyone navigating AI and risk management!

Join us as we talk to Sachin Agarwal, the Co-founder of Bizongo about their story. This is yet another episode with a Bizongo co-founder! Last time, in March 2022, we had Ankit Deb. Today, we have Sachin, who completed his B.Tech in Chemical Engineering from IIT Bombay in 2012. He went on to work with leading companies like PepsiCo and Biocon before serving as a Risk Manager at Gravitas. In 2014, he co-founded Bizongo.

Dive into Episode #134 of the Psych Health and Safety USA Podcast, featuring host Dr. I. David Daniels, PhD, CSD, VPS, and special guest Marcus Rasberry, a Risk Manager at Amerisure Insurance. Marcus will address a number of aspects of insurance, including the connection between commercial and residential insurance and insurance rates. Though currently focused on risk management, Marcus utilizes his safety background to provide a more holistic approach to risk management in general and insurance coverage specifically.

In this episode of Corporate Treasury 101, we dive deep into treasury management systems with a spotlight on Integrity by FIS, a leading SaaS-based treasury solution. We discuss how Treasury Management Systems (TMS) optimize cash, minimize risk, and integrate seamlessly with external systems to ensure data security and compliance. This episode offers a comprehensive view of the evolving role of treasury in today's financial landscape.Our guest, Andrew Winders, is a Senior Manager at FIS, with extensive expertise in treasury management systems, specifically FIS Integrity. FIS is a global leader in financial technology solutions, offering cutting-edge services for treasury, payments, and risk management. Andrew shares his insights into the growing need for sophisticated treasury tools in an increasingly complex financial world.Expect to LearnWhat is integrity, one of FIS's Treasury Management Solutions?Who does it serve and how does it work?How does Integrity integrate with external systems and ensure data security and compliance?What's FIS's plan for Integrity in the evolving Treasury sector?How is FIS approaching real-time data integration and APIs?How does FIS use feedback to improve Integrity, particularly in customization and Quantum?Introduction and overview[00:00:00] - Introduction & Career Highlights[00:01:39] - What to Expect in This Episode[00:03:05] - Treasury Management Systems 101 [00:06:27] - Selecting a TMS: Key Considerations [00:08:32] - Introduction to FIS & Its Treasury Solutions [00:14:06] - Overview of Integrity: Features & Capabilities [00:28:54] - Integrity's Flexibility & Customization Options [00:36:41] - Integrating Integrity with ERPs & Banks [00:40:42] - Data Security & Compliance in Treasury [00:45:13] - Future Trends in Treasury Technology [00:48:05] - Implementing Integrity: What You Need to Know [01:02:15] - Hosting, SaaS, and Cloud Treasury Solutions [01:07:51] - Combining Integrity with Other FIS Products [01:11:36] - Treasury Modules in ERPs vs. Dedicated TMS Solutions [01:14:16] - How FIS Uses Customer Feedback to Improve Integrity [01:17:36] - Closing Thoughts & Where to Learn MoreFollow Andrew Winders on Socials: Linkedin: https://www.linkedin.com/in/awinders/?originalSubdomain=uk Website: https://www.fisglobal.com/ Follow Corporate Treasury 101:Website: https://corporate-treasury-101.com/ LinkedIn:https://www.linkedin.com/company/86645197/admin/dashboard/ Follow Hussam & Guillaume:Hussam on LinkedIn: https://www.linkedin.com/in/hussam-ali-6bb69186/ Guillaume on LinkedIn:

Rick Kahler uses a vivid boardroom metaphor to show how clashing internal financial parts of you, like a strict Project Manager, cautious Risk Manager, and bold Entrepreneur—can create chaos in your financial life. Without your calm, capable CEO (the Self) leading, these parts clash, leading to stress and indecision. This episode explores how to identify these financial “managers,” understand their roles, and unblend from their extreme behaviors. By unlocking the Self, you can harmonize these parts, making thoughtful, balanced money decisions and reclaiming leadership of your financial life."A podcast that blends the nuts and bolts of financial advice with the emotions that drive making them.Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions by integrating financial planning. He blends the nuts and bolts of financial advice with the emotions that drive making them and shares them on his financial therapy podcast.

The launch of Girls in SciTech in Luxembourg last week is a movement aimed at empowering girls to pursue careers in Science, Technology, Engineering & Maths. The Girls in SciTech campagin, coordinated by Professor Serge Haan, brought together high school students, university alumni, industry professionals, and political leaders, all united to tackle the gender imbalance in STEM fields. How can we encourage more young female minds to take up the ‘hard' sciences rather than just the ‘soft' sciences (life sciences, medicine, biological sciences etc.)? Indeed one can even question the words attributed to the sciences here.  The State of Women in STEM: A Statistical Snapshot Despite incremental progress, women remain underrepresented in STEM, particularly in senior roles. According to Eurostat, 41% of all scientists and engineers in the European Union were women in 2022. The figures are consistently lower for maths, physics, computer science and engineering, varying from country to country.  Philippe Hiligsmann, Vice-Rector for Academic and Student Affairs at the University of Luxembourg, underscored the importance of the campaign: “This is more than an event; it is a movement to change things by motivating and inspiring girls to pursue a career in science.”  A Powerful Group of Role Models The event featured a panel of inspiring women from diverse STEM backgrounds, who shared their own personal journeys and ideas: - Hania Tayara, Programme Leader at Native Scientists - Marie-Alix Dalle, Environmental Engineer at ArcelorMittal - Prof. Serge Haan, Full Professor in Biological Chemistry, University of Luxembourg - Laurence Lampecco, Analyst Developer at POST Luxembourg - Prof. Skerdilajda Zanaj, Full Professor in Economics, University of Luxembourg - Marie-Louise Uwizeye, Chargée d'études at Administration de la gestion de l'eau - Monika Zlopasa, Investment Fund Risk Manager at UBS Luxembourg Stéphanie Obertin, Minister for Research and Higher Education in Luxembourg, captured the essence of the event's message when she said, “It's about transforming our society by empowering women in STEM fields. The unique perspectives and ideas they bring to the field enhance problem-solving and spark innovation.” The Challenges: What's Holding Girls Back? The panelists identified several key barriers that contribute to the gender gap: Stereotypes and Gender Roles:  From an early age, girls are exposed to stereotypes that suggest STEM is not for them. Many girls are told, either overtly or subtly, that they are not as good at math or science as boys. These messages, often reinforced by parents, peers, and teachers, can impact their self-confidence and limit their aspirations. As Prof. Skerdilajda Zanaj pointed out, “It's not that girls don't like science, it's that they are taught to believe it's not for them.” Lack of Role Models:  The absence of female role models in STEM fields further discourages girls from pursuing these paths. Research shows that girls are more likely to enter STEM fields if they see women succeeding in them. “For every 10 Google queries asking, ‘Is my daughter gifted?' there are 25 asking, ‘Is my son gifted?'” said Marie-Alix Dalle, an alumna of the University of Luxembourg and an Environmental Engineer at ArcelorMittal. The lack of female role models in leadership positions can make it harder for girls to imagine themselves succeeding in science. Parental Biases:  Parents often unconsciously reinforce gendered expectations. Research has shown that girls are less likely to be encouraged to pursue STEM subjects, particularly in math and technology. This parental influence can have long-term effects on girls' academic choices and self-perception. Workplace and Family Balance:  Women in STEM often face the additional challenge of balancing their careers with family life. Marie-Louise Uwizeye, an engineer and mother of three, shared her experience of working in engineering while raising children: “If you really want to do it, you can. I am a mother of three children, I have a PhD, and I am working full-time. Don't excuse yourself—this is your right.” Despite the challenges, she emphasized that women can thrive in STEM, even as mothers. Breaking the Barriers: Solutions and Strategies To address these barriers, the panelists discussed various strategies that can help increase the number of girls in STEM, especially in leadership positions: Increased Representation of Women in Senior Roles:  One of the critical points raised during the discussion was the importance of seeing women in senior positions within STEM fields. Not only do these role models inspire the next generation, but they also demonstrate that leadership in STEM is achievable for women. “We need to increase the representation of women in science at senior levels to show young girls that it's possible to rise to the top,” said Hania Tayara. Studies show that having female mentors or professors increases the likelihood that girls will continue to pursue STEM studies and careers. Changing Course Content:  Many panelists emphasized the importance of making STEM content more relevant to girls. As Marie-Alix Dalle put it, “Enough talk about cars!” In order to engage more girls, science education must reflect a broader range of interests and real-world applications. “Science should resonate with girls as well,” she added, advocating for curricula that connect STEM to real-world issues like climate change, healthcare, and technology. Mentorship and Support Networks:  Several initiatives are already in place in Luxembourg to support girls in STEM. For example, mentorship programs, such as those offered by Native Scientists and the University of Luxembourg, help guide girls through the uncertainties they may face when applying to university or entering STEM fields. Laurence Lampecco, an analyst developer at POST Luxembourg, shared her personal experience of mentorship and the crucial role it played in her journey: “Having someone who believes in you makes all the difference.” Challenging Societal Norms:  Finally, the discussion underscored the importance of challenging the societal norms that dictate what careers are “appropriate” for men and women. By showcasing the success stories of women in STEM, through media and other platforms, we can shift perceptions and inspire young girls to see these fields as viable career paths. As Monika Zlopasa, a Risk Manager at UBS Luxembourg, pointed out, “We miss out on complementary skills and points of view when we don't have women in STEM. It's not just about representation—it's about making work better, more innovative, and more inclusive.” Moving Forward: A Collective Effort The Girls in SciTech event marked an important milestone in the effort to close the gender gap in STEM. But as the panelists emphasized, real change requires a collective effort from all sectors of society. From parents and teachers to industry leaders and policymakers, everyone has a role to play in creating a more inclusive environment for girls in STEM. Yuriko Backes, Luxembourg's Minister for Gender Equality and Diversity, stated, “When young girls see women excelling in STEM fields, it serves as an inspiration. It shows them that they too can achieve success in these areas.” By continuing to promote mentorship, support networks, and initiatives like Girls in SciTech, we can ensure that the next generation of STEM leaders includes a balanced representation of both women and men. In the end, the journey towards gender equality in STEM is just beginning. With sustained commitment, collaboration, and advocacy, we can create a world where girls in science are not the exception—but the norm.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company about her work at GE Appliances, a Haier company. She shares how she began with GE Appliances, shortly after GE sold GE Appliances to Haier. She talks about how she works as a department of one and the relationships she has built throughout the company and with insurance brokers and TPAs. She speaks of the necessity of making changes when a relationship isn't good or a risk philosophy isn't a match. Christine also shares about her risk career and how her risk philosophy has remained constant wherever she has worked. She gives tips for preparing a request for proposal when a change is necessary and shares her advice for less experienced risk professionals. She speaks of the history of the Greater Bluegrass Chapter of RIMS, where she sits on the board, and the benefits of actively participating in a RIMS chapter. Listen for wisdom about keeping current with the insurance market, getting your designations, and changing with conditions. Key Takeaways: [:01] About RIMS. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode's notes. [:30] About this episode, coming to you from RIMS headquarters in New York. Our guest is Christine Schelble, the Director of Insurance & Risk Management at GE Appliances. We are going to discuss career development in risk management. [:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:50] We've got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025. [2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:25] Interview! Christine Schelble is the Director of Insurance and Risk Management at GE Appliances, a Haier company. She is one of the founding members of what is now the Greater Bluegrass Chapter of RIMS, which won the 2024 Chapter of the Year Award at RISKWORLD. [2:49] Christine has decades of experience leading risk management initiatives for global companies. We will learn about what it takes to be in that sort of position, how she progressed throughout her career, and when and where she saw opportunities and took them. [3:07] This will be a fun way to kick off 2025; let's get started! Christine Schelble, welcome to RIMScast! [3:18] GE sold GE Appliances on June 6, 2016, to Haier, the world's largest home appliance company. They are located in China. Christine works for Haier U.S. Appliance Solutions, Inc. doing business as GE Appliances, a Haier Company. It is the Haier U.S. headquarters. [4:09] Christine is a department of one. She works with people throughout the company. The goal of risk management is to spread that philosophy throughout the company. It has only improved since she started. She has lots of support when it comes to claims and coverage. [5:11] Christine had come from a technology company and was very familiar with the technology supply chain. When she came on board, she met with the supply chain people to learn their philosophy and processes. The only time she gets involved with them is for an insurance claim. [6:05] In appliances, Christine says there are so many “Black Fridays” in the year that you can see the returns ebb and flow throughout the year. It's not a serious problem. [6:44] Christine left Lexmark in 2001 after 15 years. One of her risk management connections called her and said that the position was opening at GE Appliances. She wanted new challenges so she sent in her resume, interviewed with them, and got the position. [7:43] Christine says it's one of the best jobs she's ever had. She's been able to take everything that she's learned and implement it into a startup program. That has been rewarding. When she started, it was the first time GE Appliances was managing and purchasing insurance coverage. [8:23] Christine joined GE Appliances three months after the sale and took a couple of months to understand how things worked. She started making changes at her first renewal because she could see where things hadn't worked out in relationships and coverage. [9:25] Risk management for your company is not a static position. It's constantly changing. You've got to constantly look at what's going on in the insurance market and what's going on internally and adapt your coverages, deductibles, and maybe your relationship with your TPA. [9:17] The way the program looked in 2016 when she came in is not the way it looks now. [9:30] The biggest third-party GE Appliances works with is the claims administrator. Otherwise, Christine works with brokers. Currently, she works with three different brokers for the competition. If the relationship is not great, she'll change the people on her account. [10:28] For risk managers coming up in the industry, Christine recommends keeping up with your education, getting your designations, attending webinars and seminars, and doing everything you can to keep up with what's going on in the insurance market. It's constantly changing. [10:49] Christine will do an RFP when she's looking to change something. You've got to have face-to-face conversations with your brokers, carriers, and TPAs. You have to educate them on your business and products. Your company and products are not the same as another's. [11:41] If you're just moving to a TPA because they gave you the lowest price, it's not going to work unless you work with them and have an ongoing relationship. Christine has them come in, meet her people, go through some of GE Appliance's processes, and see the plants. [12:01] Christine has done the same things in her previous jobs, as well. [12:15] TPAs changed how they worked during the pandemic. The TPA world will continue to change in reaction to changes in the world.  [12:50] Christine has a process for developing an RFP. She starts with having a non-disclosure agreement in place. That's very important. Then she shares exposure information, the insurance schedule, the actuary report, and a loss run or two, so they can understand the overall risk.   [13:33] She puts hot points into the RFP, how to move claims forward, and how the program should be improved and moved forward. That's been her philosophy throughout her career. [14:17] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be arranged. [14:25] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [14:41] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [14:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [15:04] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [15:22] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [15:45] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the Programs tab at SpencerEd.org. [15:57] Back to the Conclusion of My Interview with Christine Schelble!  [16:23] Christine shares how she works as a department of one. She just continues to do what she's educated to do. When she looks back, it feels great to see all that she has done. It's important to get the relationships going so that people can trust you. [16:49] Christine works with the Finance, the supply chain, the manufacturing finance people, and Legal, where she is located. It's about building the trust factor. [17:12] Christine is a long-time member of the  RIMS Kentucky and Bluegrass Chapters, which are now the RIMS Greater Bluegrass Chapter. Christine has been in RIMS since she started in risk management. She loves the support from other risk professionals and the networking. [18:13] Christine started with RIMS in the D.C. area, then in Connecticut. She moved to New Jersey and was in RIMS in New Jersey and New York. When she moved to Kentucky, she joined the chapter. She was president for a year or two around 2003 or 2004. [18:46] Christine is thrilled that the younger members of the community have started the chapter back up. During economic downturns there was a loss of people and others couldn't get out to meetings. The same five people were doing the same job and they were ready to pass the torch. [19:21] It took several years for the torch to come back up. Christine acknowledges the work of Jeremy, Erica, Britt, and Brittany in getting the chapter up and going again. Christine is more than happy to help and support them by sitting on the board. [19:50] The Greater Bluegrass Chapter of RIMS was named the 2024 Chapter of the Year. Christine says that was a good feeling. It was fun to support them at RISKWORLD 2024 in receiving that award. [20:42] Christine is thrilled to see that in the younger generations, there are more women in higher positions within insurance carriers and brokers. When she started, there weren't as many. She says it is such a great career, whether you are male, female, or whatever. It's amazing! [21:22] Christine is thrilled to see that more schools offer risk and insurance as a degree. The Greater Bluegrass Chapter supports Eastern Kentucky University and its risk and insurance curriculum with an annual golf tournament in September that raises money for scholarships. [21:55] The Greater Bluegrass Chapter has also asked the university to have a student become a member to help expand their knowledge into the RIMS world. Justin mentions Spencer's Risk Manager on Campus program. He thanks Christine for her continued service in RIMS. [23:18] Special thanks to Christine Schelble for joining us here on RIMScast and kicking off 2025! Next week, we will be joined by RIMS CEO Gary LaBranche! [23:30] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. [23:57] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [24:15] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [24:33] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.  [24:49] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [25:21] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:28] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Risk Management Magazine RIMS DEI Council Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates Contribute to RIMS Risk Management Magazine / Submission Guidelines RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Webinars: RIMS.org/Webinars “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by HUB International | Feb. 20, 2025 Upcoming Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel “Applying and Integrating ERM” | Feb. 26‒27 “Managing Data for ERM” | March 12, 2025 “Fundamentals of Insurance” | Feb. 19‒20, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance” “Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!) “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!    RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company     Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Morgan O'Rourke and Hilary Tuttle of RIMS Risk Management Magazine for the Q4 Edition Risk Year in Review. They discuss the biggest risk events we've seen in 2024, including natural disasters following climate change and even the recent murder of the UHC CEO. They give their forecasts for 2025, with cybersecurity being an expanding area of risk, combined with AI, and regulatory changes likely under the new administration.   Listen for categories of risk your organization is sure to face in the coming year. Key Takeaways: [:01] About RIMS. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode's notes. [:30] About this episode, coming to you from RIMS headquarters in New York. This episode is our special 2024 finale! Hilary Tuttle and Morgan O'Rourke of RIMS Risk Management Magazine will join us to discuss the top trends and stories from 2024 and what to expect in 2025. [:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:50] We've got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025. [2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:25] Interview! The Q4 edition of RIMS Risk Management Magazine is my favorite of the year! It is The Year in Risk edition. We'll have a chance to revisit all the risk highlights from 2024. [2:42] Here to discuss what made the cut and trends we need to look out for in 2025 are RIMS Director of Publications and Risk Management Magazine Editor in Chief, Morgan O'Rourke and Risk Management Magazine Managing Editor, Hilary Tuttle. [3:01] There is so much to discuss from cyber security to executive safety. As a show of appreciation to the RIMScast audience and subscribers worldwide, we've got so much great content in one huge episode, as opposed to spreading it out over two episodes. [3:18] You don't have to wait, it's all here for you at once! Let's get to it! [3:30] Morgan O'Rourke and Hilary Tuttle, Welcome back to RIMScast! [3:39] Morgan and Hilary are here to discuss The Year in Risk, which is the title of the Q4 edition of RIMS Risk Management Magazine. How does 2024 stand out from other years? [4:04] Morgan starts looking back at the year's events in October. He recalls the bridge collapse in Baltimore in March. There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It's just a matter of what flavor they are this year. [5:15] Morgan categorizes big risk events. There are accidents, like the bridge in Baltimore that affect shipping, and natural disasters, including storms, earthquakes, and record heat. 2024 is the hottest year on record, with the hottest day in recorded history, July 22. [6:38] The AXA Future Risks Report lists climate change as the number one risk. Climate change brings natural disasters to places that don't normally see them, like wildfires in the Northeast. [7:55] Hilary says there were a few hundred fires in New York City this year. The NYFD had to put together its first brush fire task force. In the first two weeks of November, they had 271 fires. Canada has had a terrible year for fires, continuing from its 2023 fire season. [9:25] Climate change puts everybody at risk. The risk landscape expands so that everybody's in the game. Paraphrasing Flannery O'Connor, Hilary says 2024 was a disaster in truth everywhere. Disasters are not new but they are occurring in different places and times than before. [10:22] There were 11,000 fires in the Northeast this year, largely in October and November. It's a different season and in a different region. The traditional risk models are thrown out the window. [10:49] Morgan comments that this year we saw the earliest category 5 hurricane formed: Beryl in June. We're starting to throw out more of the parameters for when you need to be prepared for something. [11:21] We are seeing more geopolitical conflict, supply chain issues, and risks that didn't seem impactful in regions that seemed stable and reliable. Thirty percent of shipping goes through the Red Sea. Shipping is 90% of the supply chain. [11:55] Hilary says in the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. This has become more of a problem this year. [12:42] There are risks we itemize as the things that are causing problems. Then there are bigger-picture risks you don't necessarily identify when you're thinking about your problems. [13:01] You're thinking about supply chain disruption and natural catastrophes and business interruption, but not about the climate change that may cause them. [13:42] Morgan says people have to focus on the problem that's in front of them. You have to deal with the acute issues before you can deal with the systematic ones. It's hard to solve systematic problems. [14:28] Morgan sees polycrisis as interconnected risks. Hilary sees the word as an easy way to allude to something that has been happening for a long time. She can't think of a time in which you truly faced only one risk without having to think of multiple interconnected risks. [17:35] Morgan edited the new RIMS Executive Report, “Understanding Interconnected Risks” authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope. [17:48] The paper is available only for members until February 12th, 2025. Then it will be publicly accessible. [18:16] Morgan says the key for the paper is in its practicality about how you should go about prioritizing risks and understanding where they connect within your operations to communicate with departments and executives and implement risk mitigation. It's actionable. [19:30] Morgan considers that the value of RIMS membership and Risk Management Magazine is in learning what to do about risks. [20:02] Hillary objects to the term polycrisis. It over-intellectualizes a problem to the detriment of focusing on how to solve it or what to do about it. [20:58] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [21:23] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [21:34] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [21:54] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [22:32] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [22:40] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [22:51] Back to our Year in Risk Interview with Morgan O'Rourke and Hilary Tuttle of RIMS Risk Management Magazine!  [23:16] Justin brings up the recent shooting and killing of the UHC CEO. Morgan was at the same hotel but didn't hear about it until he had walked to the office. [23:46] If RIMS Risk Management Magazine had been a print publication, this event would not have been included. Being a digital publication, Risk Management Magazine was able to cover it. [23:59] Hilary starts with executive safety and employee safety. She speaks of reputation risk and monitoring social media discussion. For most who commented on social media, this murder was no surprise. UHC had a tremendous failure of reputation risk and public listening. [25:28] Hilary was saddened but not surprised by the incident. She calls privatized health insurance in the United States a horror show. You can't let cashing those executive incentive checks blind you to public response. [26:27] Morgan says it's amazing to see that public sentiment was decidedly unsympathetic, but it's not unexpected. Hilary mentions the rates of medical debt in the U.S. Hilary saw an outpouring of approval of the murder, which is an awful response to have. [27:15] If you're in a position where that is the public sentiment around your organization, you need to fire your PR firm and think very seriously, not only about how you're conducting business but about how you're communicating with the public. That is a huge reputation failure. [27:47] Some health insurance companies have trimmed down or removed their executive team pages to make them less identifiable in public. It's a safety issue. You want to be very careful about how much you post about individual people. [28:43] From a cyber security perspective, nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that's not information you want to put on the internet.  [29:31] Hilary sees this situation as reminiscent of Big Tobacco as an industry. She believes there is an awareness that there is a certain amount of evil being done among executives in this industry. She says perhaps there is a social reckoning to be had in that. [30:06] Plug for The Spencer Educational Foundation! Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [30:24] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [30:48] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the programs tab of SpencerEd.org. [30:59] Let's Return to the Conclusion of my Interview with RIMS Risk Management Magazine's Morgan O'Rourke and Hilary Tuttle!  [31:11] Justin asks about AI and cyber security in 2025. The Cybersecurity and Infrastructure Security Agency (CISA) has noted that there will be an increase in breaches and the creativity of attacks. [31:38] They have a revised Revised National Cyber Incident Response Plan that is available for public comment. Hilary agrees that there will be more AI embedded in cyber attacks in 2025. It is already being used to power attacks and in the detection of attacks. [32:01] AI is also being used effectively in different forms of exploiting humans with ChatGPT and better phishing emails. It is being used to write better malware that is harder to detect. [32:25] Moody's Outlook expects a significant intensification of cyber risk in 2025, from the number of cyber incidents that are occurring and the sophistication and impact of cyber risk. Companies are getting better at detecting cyber attacks and doing basic cyber security. [33:19] Cyber criminals are getting better, too. The attacks will be harder to detect or more severe in scope. Hilary calls social engineering an interesting art. Like journalism, you have to find the approach that successfully gets the information you are looking for out of humans. [34:38] Morgan describes an old social engineering attack with a recording of a baby crying in the background, and a “harried mom” trying to get into an account without her password, trying to craft a persuasive argument. Gen AI might do all this in one step and be relatively successful. [36:01] Hilary mentions that at the DEF CON hacker's conference, there is a social engineering village. Their “Capture the Flag” is a contest to do just what Morgan described. There are bulleted lists of the types of information you are trying to get in an allotted time. [37:02] Morgan says it's not like the fast-typing hackers seen in the movies. You get the information through conversation. [38:05] Hilary says one of the downsides of automation is the tremendous proliferation in the number of attacks that are being launched. Ransomware attacks grew 70% last year and are on track to double their 2022 levels by the end of 2024. [38:29] Moody's and QB Canada both came out with reports anticipating 5,200 ransomware attacks around the world in 2025, from 2,500 in 2022. It's easier to launch attacks at scale against multiple organizations at once. The attacks are more sophisticated and damaging. [39:01] The ransomware attacks are asking for significantly more money. Fewer companies are paying ransoms because they have backups and plans in place. Average ransomware payments are going up. Last year, ransomware payments passed $1.1 billion for the first time. [39:26] The companies that pay ransom are feeling more compelled and are in a tougher spot so they are paying larger ransoms. [39:48] Morgan points out that paying the ransom doesn't solve the problem. Change Healthcare had the largest healthcare data breach in U.S. history. They paid $22 million in ransom but didn't get the data back. Some attackers will keep extorting you or just take your money and run. [40:36] The FBI has said don't pay ransomware. You can't trust criminals. [40:43] Hilary mentions three ransomware threats: holding a network captive, holding data captive, and holding sensitive information captive. This is triple extortion. If you are the victim of a ransomware attack, go in with the expectation that that is the situation. [41:55] Hilary forecasts that 2025 will be a colorful year. There is a tremendous amount of uncertainty in pretty much everything. It will be an interesting year, politically. It will be a very interesting four years, from a regulatory perspective. [42:22] In terms of severe weather, disasters, and cyber, it feels like there will be more, and more, and more events. [42:51] Morgan thinks the biggest thing is the change in administration and the priorities. ESG has been downscaled. A lot of companies are moving off of DEI initiatives, based on the shift in administration and the feeling that DEI will not be as popular. [43:16] The regulations concerning a lot of ESG may no longer be in play. The federal guidelines are not going to be what they were in any aspect. [43:39] President Biden in 2023 issued an Executive Order with guidelines and restrictions on AI. Donald Trump has said he'll probably rescind that. Donald Trump seems to be aligned with a lot of the tech companies for less regulation of AI. Fingers crossed it doesn't make things worse! [44:33] Hilary knows several organizations are particularly concerned about some of the potential risk impacts of taking away many of the consumer protections and other regulations that do a tremendous amount to curb risk. That could increase the risk landscape for many. [44:55] CISA has cautioned that this could have a disastrous impact on cyber security. A lot of regulations that keep organizations safer are potentially on the chopping block under the new administration. Hilary thinks that's probably true in some other industries. It will get risky. [45:30] It has been a pleasure to see you both! I appreciate your time. The RIMS Risk Management Magazine Year in Review is now available at RMMagazine.com. Quick Plug! We're looking for submissions from the risk profession. See the contribution guidelines. [46:01] Reach out to Hilary and Morgan. Especially if you're a risk professional, we want to hear your ideas. Morgan says we're only as strong as our contributors in the risk management community. Give us what you've got! [46:21] Special thanks again, as always, to Morgan O'Rourke and Hilary Tuttle of RIMS Risk Management Magazine for joining us here on RIMScast! The Risk Management Year in Review Edition is now live at RMMagazine.com. A link is in this episode's show notes. [46:41] We look forward to checking back with Morgan and Hilary for the mid-year update in 2025. [46:48] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [47:35] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [47:52] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [48:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [48:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [48:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Risk Management Magazine RIMS DEI CouncilNominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates Contribute to RIMS Risk Management Magazine / Submission Guidelines “RIMS Executive Report: Understanding Interconnected Risks” RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Webinars: RIMS.org/Webinars “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025 Upcoming Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel “Applying and Integrating ERM” | Feb. 26‒27 “Managing Data for ERM” | March 12, 2025 “Fundamentals of Insurance” | Feb. 19‒20, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Big Shifts with John Hagel, RIMS ERM Conference Keynote” “2024 Mid-Year Risk Update with Morgan O'Rourke and Hilary Tuttle” “2023 Risk Year In Review with Morgan O'Rourke and Hilary Tuttle” “Live from the ERM Conference 2024 in Boston!”“Maintaining an Award-Winning ERM Program with Michael Zuraw” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!) “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Morgan O'Rourke, RIMS Director of Publications and Risk Management Magazine Editor in Chief Hilary Tuttle, Managing Editor, Risk Management Magazine   Social Shareables (Edited For Social Media Use): There were 11,000 fires in the Northeast this year, largely in October and November. It's a different season and in a different region. The traditional risk models are thrown out the window. — Hilary Tuttle   There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It's just a matter of what flavor they are this year. — Morgan O'Rourke   In the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. — Hilary Tuttle   People have to focus on the problem that's in front of them. You have to deal with the acute issues before you can deal with the systematic ones. — Morgan O'Rourke   For most who commented on social media, the murder of the UHC CEO was no surprise. UHC had a tremendous failure of reputation risk and public listening. — Hilary Tuttle   Phishing is not like the fast-typing hackers seen in the movies. They get the information through conversation. — Morgan O'Rourke   Nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that's not information you want to put on the internet. — Hilary Tuttle

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Carrie Frandsen, the ERM Director of the University of California and a RIMS-CRMP Commissioner. Justin and Carrie discuss all things ERM. In particular, Carrie explains the purposes of ERM, what constitutes success in an ERM Program, and how to start an effective ERM Program in your organization.   Listen for ideas on fitting ERM into your organization's daily processes and decision-making, with resources to set you on the path to ERM success. Key Takeaways: [:01] About RIMS. [:14] Public registration for RISKWORLD 2025 is now open! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode's notes. [:30] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Carrie Frandsen, for some ERM motivation. She is the system-wide ERM Director for the University of California and a RIMS CRMP Commissioner. [:58] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. [1:09] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:27] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:42] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:57] We've got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito, starting on March 12th, 2025. [2:18] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:29] Interview! Our guest today is one of the most enthusiastic people I know on the topic of ERM! She is Carrie Frandsen, the system-wide ERM Director of the University of California. She's also a RIMS CRMP Commissioner. [2:48] Carrie is here to talk about all things ERM. Whether you want to build a program from the start or you want to enhance an existing program, this is the mind that you want to tap into! We are thrilled that she's here. Let's get to it! [3:03] Carrie Frandsen, Welcome to RIMScast! [3:13] Carrie says she is a true ERM geek! With enterprise risk management you need the ability to think organization-wide. [3:25] Not just to think organization-wide but you need to be able to think about the world and how things that are changing in the world, like politics, economics, and sociological changes, impact your organization. Then you have to get other people excited about that. [3:42] You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups that are second-line, and help them get excited about building an enterprise-wide view of risks across the organization. [4:03] Once you've got your second line of defense, you can build that risk committee to democratize risks across the organization. Everybody can see the risks in their silo and how things impact each other across different units. [4:36] Carrie says the primary goal of enterprise risk management is to enhance an organization's ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation. [4:49] ERM helps organizations make more risk-informed decisions. It helps improve resilience and removes obstacles to achieving strategic objectives. [5:06] ERM is part of the governance and management of an organization. Know what could impact you from outside the organization as well as things that are changing in your policies, procedures, and processes. Make sure those are effective to continue achieving your objectives. [5:37] ERM can provide an early warning on risks and the effectiveness of controls. When you're using ERM in decision-making, it can help you to challenge assumptions before decisions are made. It can help you to set the frame for the decision and help you consider the alternatives. [6:02] ERM can help you ensure that appropriate actions are taken to reduce your risks. It helps the organization to learn and adapt. [6:14] Healthcare organizations do root cause analysis, a good risk assessment technique to figure out how to make negative outcomes not happen again. There are a lot of risk assessment techniques that can help you, depending on the situation your organization is working on. [6:42] Culture is how things are done. A risk-aware culture is essential for a successful ERM implementation. It fosters an environment where risk is openly discussed and employees feel comfortable in identifying and reporting potential risks without fear of repercussions. [7:08] This allows organizations to address issues proactively before they escalate. If you have a risk-aware culture, risks and risk assessments are integrated into decision-making and risk is considered at all levels of decision-making from strategic planning to operational activities. [7:29] This helps to ensure that risk is a key factor in every management decision. Employees can take ownership of risk management. [7:38] The University of California has a motto: “ERM means Everyone's a Risk Manager.” Individuals doing their day-to-day work in their area of expertise are the ones who know best what their risks are and how to manage their risks. [7:58] Our role as risk managers is to support these employees by giving them training in ERM, and risk assessment tools, and letting them talk to other people about risks that may impact them that aren't in their area. That distributed approach enhances the effectiveness of ERM. [8:18] A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices. [8:36] At the top level of ERM are the board and leadership. They set the tone for the organization's risk culture. They need to understand the dynamic risk environment in which the organization operates. They need to know of rising risks so they can make good decisions. [9:06] At the day-to-day level, where the work happens, is the risk owner. That's the person with the accountability and authority to manage that risk. [9:18] The business unit level is where risk management and control processes take place. An organization's risk is inseparably connected to its objectives. The responsibility for managing risk can't lie with anyone other than the person who's responsible for achieving those objectives. [9:36] Good risk management is everybody's responsibility. What does the Risk Manager do? The risk leader provides the infrastructure, tools, coaching, leadership, and resources. [10:08] Resources can be anything from software to workshops to all sorts of things to help people identify, manage, monitor, and report on the risks. [10:20] Risk managers can champion a risk-intelligent culture across the organization. Risk-intelligent culture is a term coined by Deloitte in a white paper. [10:46] Risk managers are the ones who champion the integration of ERM into existing policies, structures, and processes. They get the risk committees going, they make sure that the issues get escalated to leadership, and that policies, procedures, and controls are improved. [11:07] Risk Managers facilitate proactive risk thinking. They conduct risk sensing and report on emerging risks. An ERM person is a generalist. They don't manage a particular area but check in with everybody about rising risks and report that information. They have people tracking risks. [11:55] We have a new political landscape and changes in society. There are always new health issues arising. As long as there's somebody in an organization paying attention to conditions, the ERM person's role is to make sure those things get considered at the leadership level. [12:19] A Risk Manager can provide a structured discipline for the consideration of risk in decision-making. They can lead risk workshops. They can make sure a risk-assessment process is built into regular management meetings. They can support risk-mitigation activities. [12:46] Risk Managers can support mechanisms to provide timely risk information to decision-makers. [12:54] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [13:14] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [13:25] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [13:45] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [14:23] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [14:31] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [14:43] Back to the Interview about all things ERM with Carrie Frandsen!  [15:01] For ERM success, you need to have a framework for taking the steps to integrate risk management more into your existing activities and functions. Organizations are already managing risk. ERM gets more people to consider and talk about risk in their decision-making. [15:34] ERM success factors include strong leadership buy-in, a culture of risk awareness, and open communication. [15:45] When you're getting started, you want to develop a clear ERM vision. Start where you are and build your business case and your implementation roadmap. [15:58] Your implementation roadmap starts with a gap analysis between what you are doing well with risk management and where you can make improvements. The vision is what you see in five years of doing X. [16:17] Based on those areas where you want to improve your ERM approach, you build your business case and lay out your implementation roadmap. Bring it to your leadership and that improves your leadership buy-in. [16:32] Then you need to define your enterprise risk management roles and accountabilities. They're often straightforward. The person in charge of an area is the risk owner of that area. Just take the time to define those roles. [16:50] Sometimes when you map out risk accountabilities, you see that for some enterprise risks, there's not one person who's responsible for it because it covers a few areas or reaches across the whole organization. [17:08] The pandemic was a good example of that. It doesn't fit in any one area of responsibility. Building accountability for things that go across areas is always a challenge. [17:21] Consider how you will develop your risk assessment and mitigation resources for risk owners. What are they already doing and what tools do they need? That's where you engage those risk owners and work directly with them to provide them with resources. [17:40] Make ERM an integral part of your operational processes and decision-making. Look at your existing processes and meetings to see where you can build risk assessment into them. You can't be everywhere. You want to build that in as a normal part of processes. [18:04] Ensure that the organization and its people are regularly monitoring risks and learning from those experiences. [18:21] As you get started with ERM, get your hands on some material and read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can. [18:44] To begin doing ERM, engage leadership, risk owners, and your second line of defense. Start doing your gap analysis which starts with conversations. Ask leadership what they hope and expect from enterprise risk management. [19:03] When talking with leadership, you generally want to work to become a trusted advisor. You want to focus on the biggest risks. Ask people what they care about and what they're working on. That will help inform assessing your organization's current ERM capabilities. [19:24] In your ERM plan, figure out how to integrate ERM into strategic decision-making and everyday management actions. Identify where, when, and how, key decisions are made. Work to embed risk assessment into those decision-making activities. [19:47] Carrie suggests using a decision quality chain. Form a risk committee. Risk committees facilitate the identification, analysis, and mitigation of risks. You want people that are at the director level and the same reporting level. [20:09] You want a representative from every area for an enterprise-wide view. You want a good forum where people can bring up their issues or concerns, build a shared understanding of the organization's risks, and provide recommendations to leadership on significant issues. [20:35] Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways for people to make risk-informed decisions. [21:02] Carrie recommends using new ERM material. In addition to ISO 31000, ISO recently published Risk Management — A Practical Guide that helps with the steps of implementing ERM. Norman Marks has a helpful blog and wrote a book, World-Class Risk Management. [21:43] Carrie used World-Class Risk Management as an assignment in her ERM Certificate program classes through UCLA Extension. She teaches the first two classes, The Foundations of Enterprise Risk Management, and The Designing and Implementing an ERM Program. [22:16] Carrie's partner Carol teaches the Advanced Techniques class. [22:33] The ERM Certificate Program aligns with the RIMS-CRMP so that once you've taken all the classes, you're well-positioned to sit for and pass the RIMS-CRMP. [22:47] Special thanks to Carrie Frandsen for joining us. A link to her ERM Q&A interview from 2021 is in this episode's show notes. Many of the resources she mentioned are in the show notes as well as links to RIMScast and RIMS Risk Management Magazine coverage of ERM. [23:11] As always, visit RIMS Risk Management Magazine at RMMagazine.com. [23:17] Next week, our 2024 Finale will feature an interview with the editors of RIMS Risk Management Magazine, Morgan O'Rourke and Hillary Tuttle. [23:26] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [24:32] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [24:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [25:03] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:11] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!  Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award “ERM Q&A with Carrie Frandsen: ERM at the University of California System” RIMS Webinars: RIMS.org/Webinars “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025 Upcoming Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel “Applying and Integrating ERM” | Feb. 26‒27 “Managing Data for ERM” | March 12, 2025 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 “Fundamentals of Insurance” | Feb. 19‒20, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk Quantification Through Value-Based Frameworks” “Live from the ERM Conference in Boston!” “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance” “Big Shifts with John Hagel, RIMS ERM Conference Keynote” “Contract Review's Role in Risk Management”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!) “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Carrie Frandsen, Systemwide Enterprise Risk Management Director, University of California RIMS-CRMP Commissioner (and RIMS-CRMP holder) ERM Certificate Program at UCLA Extension   Social Shareables (Edited For Social Media Use): You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups, and help them get excited about building an enterprise-wide view of risks across the organization. — Carrie Frandsen   The primary goal of enterprise risk management is to enhance an organization's ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation. — Carrie Frandsen   A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices. — Carrie Frandsen   As you get started with ERM, read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can. — Carrie Frandsen   Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways. — Carrie Frandsen  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Caroline Shleifer, Founder and CEO of RegASK about the RegASK report, “The 2025 State of Regulatory Affairs and Compliance Report.” Justin and Caroline discuss how regulatory affairs professionals see AI adding the most value in three key areas of their day-to-day activity: augmentation, automation, and acceleration. Caroline shares some examples of these areas of AI. The report highlights AI and ESG as areas of increasing regulation. Caroline shares how risk management professionals can best prepare for the unique challenges these emerging regulatory areas present. The report suggests that AI solutions could transform regulatory affairs work, particularly in summarizing and adapting requirements to specific organizational contexts. Caroline offers her thoughts on risk management roles evolving alongside this AI adoption in regulatory affairs.   Listen for ideas on leveraging AI tech to stay current with the evolving regulatory landscape. Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode, coming to you from RIMS headquarters in New York. Our topic is AE adoption and regulatory risks with the Founder of RegASK, Caroline Shleifer. [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. [1:00] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:18] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:34] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:49] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [2:00] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th. [2:12] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:26] Interview! The adoption of Artificial Intelligence in an enterprise's operations, workflows, and processes is on our members' minds. AI presents its own unique set of regulatory risks. My guest today is here to discuss insights about AI adoption. [2:46] She is Caroline Shleifer, the CEO and Founder of RegASK, which recently released “The 2025 State of Regulatory Affairs and Compliance Report.” She is here to discuss some of the trends that she noticed from the surveys of senior executives and business leaders. [3:04] She shares her perspective on the upside potential of AI adoption and ways that risk professionals can work alongside regulatory professionals to ensure everything runs smoothly and above board. We've got data, trends, and perspectives to explore. [3:21] Caroline Shleifer, Welcome to RIMScast! [3:49] RegASK's new report is “The 2025 State of Regulatory Affairs and Compliance Report.” [4:15] Caroline worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market. [4:47] Doing that, Caroline realized that many times there was a challenge in understanding which regulations applied or in being caught off guard by a regulation they were not aware of. Sometimes these regulations prevent businesses from launching a product as they plan. [5:28] It's important to understand and catch up with the fast-moving regulatory environment. The challenge is understanding what applies to an organization well in advance so there are no delays or non-compliance. This is a recurring challenge for small and large companies. [6:00] Caroline looked at the technology used in the banking and finance systems to help with compliance. She wondered why not apply that technology to the consumer product and life science industry to develop a product to help the regulatory affairs team stay current. [6:35] About six years ago, Caroline founded RegASK, starting small with her clients in the consumer products and consumer health industry. She expanded it progressively to larger geographies and industry verticals. [7:06] Caroline respects risk professionals as they deal with challenges that are often overlooked by other business units. When the work is well done, no one sees it, as it seems seamless. No one sees the day-to-day work behind the scenes to prevent non-compliance. [8:02] Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial or having a big financial impact. [8:45] Sometimes the compliance manager is the default risk manager and wears many hats. [9:33] When Caroline formed RegASK, she saw something like AI was coming. She didn't see how quickly it would come. Things that took RegASK years to develop a few years ago, take less than a year to develop now. RegASK has accelerated its roadmap due to recent developments.  [10:49] According to the RegASK report, 38% of regulatory affairs professionals feel at risk of non-compliance due to unawareness of specific regulations. That agrees with the feedback RegASK gets from its clients. [11:21] It's very challenging to understand every regulation. RegASK provides the curation of regulatory information and helps pass the information to the right teams at the right moment with the right language, including what the impact and risk may be for different business units.  [12:27] The report says 27% of senior executives expect regulatory risks to have the biggest impact on businesses in 2025. Everyone should be aware of these risks and be attentive to understanding the landscape and what is happening around them. [13:17] Monitor regulatory agencies. Learn where and how to collect information and who should get the information you collect. Get training for the regulatory affairs team and the broader company on how to collect, summarize, and convey this information. [14:04] The third point is to understand that now you have some technology that can help in this process. Understand what your needs are and adopt AI technology to some aspects of your workflow to solve some critical challenges you have. [14:34] Understand what your workflow is. If you digitalize a process that is not optimal, you end up with a suboptimal digitalization and outcome. Study your current process and challenge it to see how it could be improved. Understand where technology can be leveraged in your process. [15:10] RegASK helps companies to understand their workflow and how it can be improved. Caroline recommends picking the right partner to help you. Caroline notes that RegASK has been featured in a Gardner industry report on regulatory agencies and technology solutions. [16:18] Plug Time! RIMS Webinars! On Thursday, December 12th, our final RIMS Webinar of 2024 will be presented by OneTrust: “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [16:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [17:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [17:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [17:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [18:04] Back to the Interview with Caroline Shleifer!  [18:20] Justin likes the part in the report that zeroed in on AI in regulatory risk management: augmentation, automation, and acceleration, three areas where AI will add value to daily activity. [19:10] Caroline says these are the key areas where the technology can support regulatory risk professionals. She gives an example of augmentation. AI can take the capture of regulatory change and augment it with external information that can come into play. [19:40] You can augment your initial data with additional feedback from your internal team's experience and external experts. With technology, you can easily collaborate and have information in one place and integrated into your workflow. [20:29] Acceleration is about speeding up your workflow. Instead of searching multiple databases and websites, AI technology can leverage the search much faster. You type a question to get sources of information and then converse intelligently with the system. [21:12] Automation handles mundane repetitive tasks. You can automate searching for regulatory agency information. [22:01] The report also highlights ESG as an area of increasing regulation internationally. ESG regulations demand increased transparency and focus on sustainability practices, labor rights, corporate governance, environmental regulations, and more. [22:45] There is a broad spectrum of additional regulations and directives you have to look at and monitor. It's evolving quickly. [23:00] The first thing is to integrate ESG into the risk framework. Establish an ESG-specific risk management process such as a governance compliance check, supply chain audit, and so forth. [23:17] The second aspect is the reporting and disclosure using robust reporting tools. Look at the mandatory disclosure requirements. Make regular improvements in your reporting. [23:41] Reporting requires collaboration across functions, such as sustainability, HR, corporate governance, and other teams to align on the ESG initiatives versus regulatory expectations. It's across the organization. Collect and then disseminate the information across the organization. [24:09] Finally, monitoring the evolving global ESG standards, emerging social responsibility regulations, and environmental and sustainability regulations. There is a lot to take care of and companies are not always well-equipped to do so. It requires a lot of attention and structure. [24:54] Regulatory affairs professionals are collecting the regulatory changes and requirements for compliance. They summarize them and highlight the potential impacts and risks for the company. For instance, regulation around packaging can put a supply chain at risk. [25:24] This information needs to be passed on to the risk management and compliance decision-makers. These are early signals they get much faster than when they waited for the information to be processed manually. That can give them more time to prepare the response. [26:14] This data-driven decision-making helps teams prepare better for compliance and active risk identification. [26:33] RegASK has about 35 employees and a global community of about 2,000 spread across more than 120 countries. [27:11] Caroline credits technology such as Teams and Zoom for helping RegASK continue to function during COVID-19. It's super easy to collaborate remotely now and be productive. When she needs to meet in person, Caroline enjoys meeting with different teams in different places. [28:01] Caroline thinks remote work brings some additional energy and creativity with teams being in various countries and regions.  [28:14] Caroline uses AI in her work. She uses it day-to-day in testing RegASK's products and functionality, sales process, and drafting marketing materials. Now it's how you adapt AI rather than do you adapt AI. How can you leverage it efficiently in a very specific use case? [29:07] After the creativity and value added by humans, AI is helping in different processes. [29:20] Special thanks again to Caroline Shleifer of RegASK for joining us here on RIMScast. “The 2025 State of Regulatory Affairs and Compliance Report” is now publicly available. A link is in this episode's show notes.  [29:37] I've also listed links in this episode's show notes to RIMS and Risk Management Magazine reporting and coverage of AI and AI adoption. Check it out! [29:50] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [30:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [30:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [31:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [31:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [31:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — Featuring Manny Padilla! Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award “RegASK: The 2025 State of Regulatory Affairs and Compliance Report” RIMS Risk Management Magazine, “Managing the Risks of Emerging AI Regulations” RIMS Risk Knowledge: Artificial Intelligence RIMS Webinars: “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10. “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel “Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 “Fundamentals of Insurance” | Feb. 19‒20, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote “Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote” “Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024” “RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President) “Supply and Bike Chains with Emily Buckley”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!) “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Caroline Shleifer, CEO and Founder at RegAsk   Social Shareables (Edited For Social Media Use): I worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market. — Caroline Shleifer   Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial to a financial impact. — Caroline Shleifer   Leveraging technology helps you to augment the data with all the additional knowledge that you have collected along the way that can be integrated into your workflow. — Caroline Shleifer   Now it's more how you adapt AI rather than do you adapt AI. — Caroline Shleifer

Tune into this episode of URMIA Matters to hear all about URMIA's newest community, the YoPros! Host Julie Groves, Director of Risk Services at Wake Forest University, interviews the YoPro community leaders, Michelle Powell, Risk Manager at Florida Polytechnic University, and Kate Miller, Risk Management Analyst at Christopher Newport University, about lessons learned and helpful resources into their new(ish) journey in higher education risk management. Kate and Michelle share their success stories, their learning experiences, and approaches for tackling challenges on campus. Whether you're a young professional, new to the profession, or just young at heart, don't miss this episode all about URMIA's YoPros!Show Noteswww.chronicle.com www.insidehighered.com URMIAs Specialized Communities GuestsKate Miller, Risk Management Analyst - Christopher Newport UniversityMichelle Powell, Risk Manager - Florida Polytechnic UniversityHostJulie Groves, Director, Risk Services - Wake Forest UniversityConnect 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.   As the 2010 Winter Olympics gold medalist in men's skeleton, Jonathan “Jon” Montgomery became a national icon, renowned for his spontaneous and exuberant celebration. Since 2013, Jon has hosted The Amazing Race Canada, captivating audiences nationwide. His career highlights include winning his first World Cup race in 2008 and earning two silver medals at the 2008 FIBT World Championships. Inducted into the Manitoba Sports Hall of Fame in 2019, Jon continues to inspire through his passion for sport and community. Jon recently keynoted the RIMS Canada Conference 2024 in Vancouver, where he took the audience along on his journey to Olympic history. RIMScast Host Justin Smulison was in the audience and was inspired by Montgomery's story, which revealed the parallels between risk management and sports and competition.   To help close out 2024 and usher in the winter, Montgomery joined RIMScast to discuss his risk philosophies, highlighted by the ups and downs of training and competition. Justin and Jon discuss Jon's victory at the 2010 Olympics followed by his failure to qualify for the 2014 Olympics. Jon reveals where he fell short and how he turned this failure into a life-changing habit of learning lessons from every setback. Jon comments on the differences between individual risk-taking, and risk professionals applying more risk-aware thinking. Jon talks about journaling his wins and losses in life. Jon credits his team for everything he achieves, from the Olympics to Amazing Race Canada. Jon shares how a misunderstood training program challenged him to his limit but built him up for the 2010 Olympics. Jon's secret sauce is his curiosity and his desire to chase the best-informed guesses. Jon recommends stacking habits to make short-term goals become long-term commitments.   Listen in to hear Jon's take on the RIMS Canada Conference 2024 and what he experienced there. Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Olympic Gold Medalist, Host of The Amazing Race Canada, and recent RIMS Canada Keynote, Jon Montgomery! [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. [1:08] Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:30] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:41] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th. [1:52] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:08] Interview! My guest today is one of my favorite RIMS Keynotes from 2024, the 2010 Winter Olympics Gold Medalist for Men's Skeleton, Jon Montgomery. He's an icon in Canada. He's known since 2013 as the host of The Amazing Race Canada, captivating audiences. [2:27] He's an all-around great guy. His keynote at the RIMS Canada Conference 2024 inspired me. We are catching up now to close out 2024 with a little extra inspirado! We will discuss his risk philosophies and how our listeners can apply these philosophies to their lives. [2:58] Jon Montgomery, welcome to RIMScast! [3:09] Jon Montgomery is an Olympic Gold Medalist. You may also know him as the recent host of the RIMS Canada Conference 2024. Jon is calling into the interview from his home office. Justin found Jon to be very personable after his keynote address at the conference. [3:49] Jon says his experience was awesome. The best part was connecting one-on-one with people, and putting a medal around folks' necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you shared. [4:27] Jon gets a charge out of meeting folks and finding out who they might know in common. He says in Canada if it's more than a couple degrees of separation, one of them has been living under a rock. [5:13] Jon saw that folks at the conference were genuinely engaged and happy. The level of positivity was the connecting element from person to person. He could feel the energy. It felt like folks looked forward to these opportunities. People were familiar with one another, like family. [5:36] Jon saw that people look forward to these conferences to be among friends, as well as to learn and network. The level of familiarity was tangible. [6:26] Jon likes to assess risk, by whatever metrics he uses, and he loves to compete against the best, whatever he gets to be a part of.  [6:51] Jon talks about measuring the risks of skeleton against the potential rewards. Whatever the perceived risks were, he pushed them to the side for the opportunity to represent my country, which carried much greater weight. He downplayed the risk in pursuit of that reward.  [7:27] In hindsight, we might lie to ourselves on occasion about risky endeavors because of that proverbial dangling carrot. Jon would have played any sport that would have him. Skeleton had a shorter bench than the national team in hockey, or even speedskating, or downhill skiing. [7:55] When Jon first saw skeleton, he was compelled. Having tried it one time, he was hooked. He loved the experience of being on the sled. He didn't think too much about what would happen to him but it seemed safer than hockey with all its variables, which he grew up playing. [8:33] In skeleton racing, you go down a frozen chute. There are no right angles and everything is pretty smooth. It just has a great deal of speed. Once Jon got his brain wrapped around that, he was comfortable in that arena. [8:55] Jon learned that the sport places incredible pressure on the brain. That was glossed over in the pursuit of representing Canada. Some of the athletes got concussions and had to work through them. Jon's wife was profoundly affected by participation in skeleton racing. [9:18] Jon says they are where they are today because of that row to hoe and the dark days that followed after she left the sport and Jon retired four years later. [9:40] Could risk professionals push some risks to the side with a similar outcome or is there a different approach to apply in their roles? Jon suggests risk professionals not turn a blind eye to the outcomes. As an individual chasing a dream, there has to be some of that. [10:05] Jon says if he focuses solely on the risk, it might detract from his capacity to react and take advantage of a situation and opportunity. If you're dwelling on what could go wrong, you're missing things right in front of you that might swing the pendulum in the other direction. [10:32] As a risk professional, you work to mitigate that negative outcome. For what's at stake as a risk professional, Jon would not advise turning a blind eye to outcomes. For the public, dwelling on what can go wrong will lead to some of those outcomes. What we focus on grows. [10:57] If you perpetually focus on the negative and what could go wrong, you will attract it. Focus instead on what you want to have happen. Justin and Jon discuss the law of attraction where thoughts become things. Justin watched it on streaming instead of reading the book. [12:40] Jon keeps track of his hits and misses, but he doesn't do as much journaling as he thinks he should. When he does journal, he is proud that he wrote of his successes to be reminded of them later. He finds journaling to be a great tool to be leveraged. [13:32] Jon says nobody should expect not to experience disappointments. As a parent, Jon has had to realize that his reactions are natural, even if he would have preferred to react a different way. [13:58] The conversations that are had afterward are humanizing, when he admits not having had the patience the situation warranted. Jon talks of building conversation around expectations, realities, and disappointments, moving forward with purpose. [14:22] One of Jon's most disappointing experiences was falling short of making the 2014 Olympic team. As the defending Olympic champion, he failed to qualify for the 2014 Games although he was stronger, faster, and more prepared. He had tried to create a better sled. [15:43] In skeleton racing, your sled needs to be intertwined with every fiber of your being. You have to know how it will react to the smallest impetus. If you haven't had the time to become one with your sled, you are at a disadvantage. Jon didn't have the time to perfect his sled. [16:18] Jon fell just a hair short. It was wildly disappointing. The feeling in the pit of his stomach was palpable. Today, Jon is so glad it happened to him. What he took away from it was that he realized he had pushed people away who could have helped him in his project. [17:37] Jon had spent a lot of time, money, and effort on this project and he thought people just wanted to be part of it. He pushed against collaboration. He made himself a man on an island in a solo pursuit. He couldn't reach the necessary expedited rate of development alone.  [18:12] If you want to go quickly, go alone. If you want to go far, you've got to go together. Jon applies that lesson to everything he does today as an entrepreneur and in business. He knows he can't do it singly. The lesson has stood him well since he moved on from the disappointment. [18:43] As you move away from a failure, if you focus on the lessons you learned through that pursuit, that's always going to be a win. You'll either get the victory or the lesson. In either case, it's a W! [19:10] Plug Time! RIMS Webinars! On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company. [19:25] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [19:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [19:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [20:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [20:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [20:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [21:04] Back to the Interview!  [22:02] As the tip of the iceberg, the visible part of Amazing Race Canada, Jon stands on the shoulders of a juggernaut of a team. When you saw Jon at the Olympics, going down the mountain on the crazy carpet with rails on it, you didn't see the team behind the athlete. [22:27] Jon's team was made up of coaches, trainers, physiotherapists, and team leaders. All of these people feed into a moment. [22:40] When that moment becomes visible to the masses, the capacity to see the team for the individual isn't present but everybody who has done something that they can be proud of knows full well what goes into a result. [23:22] Jon's public speaking skills developed in tandem with his pursuit of athletics in high school. Jon and a buddy were student council co-presidents. They spoke in front of their peers at student assemblies. There is no more angst-inducing group to speak to than teen peers. [24:26] Jon became an auctioneer. He shares a sample of his auctioneer chant. He was often asked to MC weddings and events. He learned to be himself on a grand stage. When a beer was thrust in front of him, he was himself. It led him to develop his career, rather than auctioning. [27:31] Jon has a great deal of anonymity in a bar although some speak of offering him a beer. His favorite beer is wet and free. When offered, he will chug it. [29:01] Due to misunderstanding an article on training, Jon found himself overtraining in squats, lifting twice what was suggested. It caused him to break down, physically, emotionally, and mentally, spending hours at the gym to get 100 reps done. [30:17] On day 10, Jon fell short, being unable to do 100 squats with 200 additional pounds on the bar than he had had on day 1. He looked at the workout again and found he had done almost 100% more work than was required. There was no amount of energy he didn't expend to do it. [31:11] It dawned on him that he never would have made it that far had he known the truth. He wouldn't have put forth that amount of work if he hadn't believed it was possible. That belief that others had done it was compelling and propelled him far past his self-imposed limitations. [31:39] Almost completing the doubled workout made Jon realize that things are only out of our reach if we put them there; if we use self-limiting verbiage like “I can't,” or “We're going to fail.” Confidence is the key, whether you think you can or you think you can't, you're right. [31:59] That experience in the gym made Jon realize that if he was going to be good at skeleton racing, he was going to have to continue to develop his legs, his glutes, his quads, and his core, and also his confidence; his capacity to believe that he could be a 2010 national team skeletor. [32:22] Jon had to believe he had the same opportunity and chance as every other athlete out there to win a medal; to win the gold medal. [32:31] All he could do was execute and be the best version of himself on the day that mattered and not worry about anybody else. If he did that, he would put himself in the best possible position. Jon was 30, turning 31. His training had made him strong. He peaked at the Games. [33:12] Jon's last push on his last run at the Games was his best. He needed that fast start time to compete with the two fastest pushers in the world. [34:12] Justin and Jon discuss not drinking alcohol on days you train. Jon says how we manage something inherently unhealthy is an individual thing. Your capacity to recover after having alcohol is reduced. Jon calls drinking a balancing act. You have to weigh things. [36:42] Jon talks about getting deep sleep and REM. He wears an Oura Ring to track his sleep. His metrics are different when he's had alcohol. Jon cherishes his sleep. [37:50] Jon says when you stack habits, your capacity to change short-term interests into long-term commitments is so much more bolstered. [38:33] Jon Montgomery's secret sauce is curiosity. He has a great deal of gratitude for having a curious mind. It's hard to teach or coach curiosity. Curiosity can be nurtured when you recognize it in your children and others. Jon's curiosity leads him to chase best-informed guesses. [39:37] Jon never holds anything so dear to his heart that he would die on that front. He is open and willing to have his mind changed about stuff. He's plain about what he knows right now. [39:49] Jon, it has been such a pleasure to have this one-on-one time with you for RIMScast. This past year, 2024 RIMS Canada had their best lineup of keynotes with you, Kevin Vallely, Jay Kiew, and Jody Wilson-Raybould. You all were fantastic and there was a lot to take away. [40:14] It resonated with me so I wanted to keep you at RIMS a little longer to get some more of those nuggets of wisdom. [40:39] Jon invites you to get your submission tapes in for Amazing Race Canada. Casting is still open. Jon will be the host for as long as they will have him! If they can him, he'll follow them on the road and sneak into shots! They do the show for men's health awareness. Donate online. [41:19] Special thanks again to Olympic gold medalist Jon Montgomery for joining us here on RIMScast. If you missed his keynote at the RIMS Canada Conference 2024, be sure to look for him on the road as he delivers several more at other events. [41:33] Be sure to follow his adventures as the host of Amazing Race Canada, which is gearing up for its 11th season, brought to you by CTV. Learn more about him at JonMontgomery.CA. [41:47] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [42:22] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [43:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [43:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [43:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [43:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [44:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App RIMS-CRMP Stories — Featuring Valerie Fox!  Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award RIMS Webinars: “Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10. “Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 “Fundamentals of Insurance” | Feb. 19‒20, 2025 See the full calendar of RIMS Virtual Workshops” RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote “Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote” “Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024” “RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President) “Supply and Bike Chains with Emily Buckley”   Sponsored RIMScast Episodes: “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!) “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Jon Montgomery, 2010 Winter Olympics Men's Skeleton Gold Medal Winner and Host of Amazing Race Canada   Social Shareables (Edited For Social Media Use): The best part of a gig is the opportunity to connect one-on-one with people in their space, and getting to put a medal around folks' necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you share. — Jon Montgomery   I like to assess risk, on what metrics I use, and I love to compete. I love to stack myself against the best, in whatever it is I get to be a part of. — Jon Montgomery   When I saw skeleton for the first time, I was compelled, from a visual standpoint. Having tried it one time, I was hooked. — Jon Montgomery   When the moment of competition becomes visible to the masses, the capacity to see the individual's team isn't present but everybody who has done something that they can be proud of knows full well what goes into a result. — Jon Montgomery   That belief that others had done this doubled workout was compelling and propelled me far past my self-imposed limitations. It made me realize that things are only out of our reach if we put them there. — Jon Montgomery   I am a curious dude. It's led me to chase best-informed guesses for what we know today. I am open and willing to have my mind changed about stuff. Here's what I know right now. — Jon Montgomery  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   The RIMS ERM Conference 2024 in Boston featured a stellar lineup of risk thought leaders who shared their experiences applying ERM practices to align risk management with strategy and showcase the value of more risk-aware corporate cultures. At the Conference, Justin spoke with two leading ERM practitioners in different primary areas to provide a range of perspectives. In this episode of RIMScast, Justin interviews Christopher Stitt about his session, which he based on the RIMS ERM Framework and the RIMS Risk Maturity Model. Justin interviews Catrina Gilbert about her position at the DFW Airport and her career in risk management and ERM, as well as current airport initiatives. Listen in for a sample of the offerings of the RIMS ERM Conference 2024 with its record-breaking full-capacity attendance.   Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode. Recorded live in Boston at the RIMS ERM Conference 2024, we have interviews with two fantastic guests! [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:07] Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:35] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [1:51] First Interview! Our first guest was a featured speaker on Day 2 of the RIMS ERM Conference 2024. His name is Christopher Stitt and he is the Founder and CEO of CrisisLead, LLC. [2:01] Chris's session was titled “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” We'll speak about that session and give a high-level overview for those who could not attend. [2:18] Chris has a fascinating background that led him to risk management and ERM. His career journey is an inspiration. We recorded live on-site at the Boston Hilton Plaza. Christopher Stitt, welcome to RIMScast! [2:51] This is Chris's first ERM Conference. He's enjoying it and likes getting a broader perspective of how the overall ERM community operates. It's been a fantastic opportunity to network with some amazing professionals and learn from them! [3:20] Chris talks about the session he is giving, “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” It comes down to people. What sometimes gets missed in the ERM process is the human factor. [3:51] It's about getting the buy-in necessary and the understanding of what risk is, not just from the senior level but across the board. A new concept, the Risk Intelligence Quotient, can help your organization understand how to look at, feel about, and interact with risk. [4:26] The Risk Intelligence Quotient, along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption. [5:03] Chris used the RIMS ERM Framework and the RIMS Risk Maturity Model as the foundation of his session. As he studied the RIMS Risk Maturity Model, he saw it was about the journey, from starting a risk program in a new business to developing a mature program. [5:37] As a business grows and a company matures, you need to be able to go through the process and say, “We need to start documenting how this works. We need to start ingraining this into our business process.” [6:01] The RIMS Risk Maturity Model gives a great overview of how to ingrain risk management into your business process, especially in a business developing as a hierarchical organization. [6:41] Chris was a U.S. Department of State Diplomatic Security Service Special Agent for over 25 years managing integrated security risks in embassies around the world. He looked at how international risks would influence U.S. operations in a given country. [7:17] Chris was also Chief of Emergency Planning for the Department of State twice. That gave him a wide view of how risks develop and how to develop response plans to those risks. [7:40] About 2014, The Department of State set up an ERM program. Chris was at the initial meeting. Senior officials were using terms he knew but with different meanings. That led Chris to investigate further into the meaning of enterprise risk and how to integrate it. [8:24] What Chris loves is helping other people understand and build ERM programs. That's why now, since retiring from the Department of State, Chris has moved into consulting. He sees it as a great opportunity to bridge the silos for a better understanding of what we're trying to achieve. [8:51] Chris is excited about presenting his session where he talks not only about the risks but also how you find the opportunities in those risks. It's about building a powerful ERM program that gets buy-in from stakeholders and imbuing ERM into your organization's culture. [9:29] Chris, it's been a pleasure. Thank you for joining us here on RIMScast. [9:43] Plug Time! RIMS Webinars! On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”. [9:54] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company. [10:06] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [10:16] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [10:28] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [10:48] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [11:26] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [11:35] Final Interview! Catrina Gilbert is a previous ERM Conference speaker. Catrina is well known in ERM in Texas and the DFW RIMS Chapter. We will talk about how ERM influences aviation and some of the risk awareness campaigns she champions at the DFW Airport. [11:56] Catrina Gilbert, welcome to RIMScast! Catrina is the Vice President of Risk Management at the DFW Airport and the Treasurer of the RIMS DFW Chapter. Justin and Catrina have known each other for a few years. [12:30] Catrina is absolutely loving the RIMS ERM Conference 2024. Boston is beautiful this time of year. The speakers, the lineup, the vendors, and the food have been amazing! Every session has been standing-room-only! The Conference is at maximum capacity. [12:54] It adds to the excitement. It is beautiful to see all these great minds from different industries, states, and countries converging on Boston! Catrina had “chowda” for the first time! [13:37] Catrina states that there is never a dull moment in aviation. Airports are growing and rebounding from the pandemic, doing all sorts of construction projects. DFW has a $9B Capital Improvement Plan. From an insurance and claims perspective, that keeps Catrina very busy. [14:02] The DFW Airport has a rolling owner-controlled insurance program, which keeps Catrina super busy. Catrina is also responsible for the airport's ERM program. That's why Catrina is at the RIMS ERM Conference 2024. [14:16] Having the ERM program and being rooted in the organization at the ground level and the executive level, Catrina makes sure that everyone on the airport's Risk Council understands that ERM can also stand for “Everyone's a Risk Manager.”. [14:37] Catrina is trying to empower the team to think strategically and holistically, and to think about how different programs and platforms have interdependencies. If we have an issue here, how is it going to impact, perhaps, the runway or the concessions? [14:57] Catrina is looking at a resiliency framework; how do we bounce back? A lot of organizations are still struggling from the pandemic. Everyone is focused on a resiliency framework. When this happens again, are we ready? That's the beauty of this conference. [15:33] Catrina says every holiday is the best time of the year at an airport! There's no such thing as the worst time of the year. The beauty of an airport is that it connects people around the globe. The holidays are a special time for everyone. Airports love playing a part in that journey. [16:14] Catrina has been at DFW for almost eight years. She has been in risk management since 1999. She has done risk in several industries. Aviation is, by far, her favorite. There is never a dull moment; two days are never the same. DFW Airport is a city, with all the departments. [17:22] Trisha Sqrow and Sandra Fontenot, past RIMScast guests, were DFW colleagues of Catrina's. Trisha is doing great work at the Conference. Sandra Fontenot is doing great work at the RIMS DFW Chapter and helped Catrina with the annual chapter conference. [17:37] Catrina says we grow when we move, but RIMS and risk management keep people together. Catrina thinks the work that they did together at DFW Airport is one of the reasons they're still colleagues and friends. They still share ideas and speak at conferences together. [18:31] Catrina has 12 people in her risk group at the DFW Airport. At her previous airport, Hartsfield-Jackson Atlanta, she was a department of one. She reported to the city. She hears “department of one” a lot at the Conference, maybe two or three. Everything's bigger in Texas. [19:03] Catrina looks for fresh ideas in a new risk hire. DFW had Innovation Week last week. Seeing the great ideas coming through in the aviation industry, including AI, Catrina wants people who have an open mind, are innovative, and are willing to try some new things. [19:37] You can teach the rest of it. Catrina wants people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out. [19:57] Justin recently noticed in the restrooms at DFW Airport posters on Human Trafficking Awareness. He is a big proponent of human trafficking awareness. He has led those initiatives at RIMS. He was glad to see that DFW is one of the many airports boosting awareness. [20:18] DFW is one of many airports in this fight against human trafficking. They have training, posters, and placards to educate you to say something if you see something and how to report what you see. It's better to be safe than sorry. DFW provides you with a way to report. [21:06] The Human Trafficking Awareness campaign is a team effort. It went through the Community Engagement Team, the Customer Experience Team, and the Department of Public Safety. Everyone worked hand-in-hand to be on the same beat in fighting human trafficking.  [21:32] DFW is proud to be a part of the global Sunflower Lanyard Program, designed to make hidden disabilities a little bit more visible. A passenger who has a hidden disability will receive a Sunflower Lanyard by mail before their departure date. [21:54] When the passenger with the hidden disability is in the terminals, DFW employees have been trained to recognize the Lanyard and give them a tailored experience by asking how they can assist the passenger to have a wonderful travel experience. [22:14] It's about providing for the diverse needs of a diverse population to ensure that everybody has the same experience in traveling. [22:25] What a delight to finally have Christoper Stitt and Catrina Gilbert as our special guests here on RIMScast! [22:33] Check out this episode's show notes for links about the ERM Award of Distinction Winners and Honorees and more about the Conference. Of course, we also have a special edition of Risk Management magazine dedicated to ERM. That's available in the show notes. [22:52] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [23:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [24:30] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [24:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [25:01] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:09] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS ERM Conference 2024 Roundup — Global Award of Distinction Honors RIMS Strategic & Enterprise Risk Center RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App RIMS-CRMP Stories — Featuring Valerie Fox!  Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award RIMS Webinars: “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024 “Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10. “Applying and Integrating ERM” | Dec 4‒5 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk Quantification Through Value-Based Frameworks” “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance” “Big Shifts with John Hagel, RIMS ERM Conference Keynote” “Live From RIMS ERM Conference 2023”   Sponsored RIMScast Episodes: “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!) “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine ERM Special Edition RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Christopher Stitt, Founder and CEO at CrisisLead, LLC   Catrina Gilbert, Vice President of Risk Management at Dallas Fort Worth International Airport RIMS DFW Chapter Treasurer   Social Shareables (Edited For Social Media Use): The Risk Intelligence Quotient (how you look at risk), along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption. — Christopher Stitt   What I really love is helping other people understand and build ERM programs. That's why now, since I retired from the Department of State, I have moved into consulting. It's a great opportunity to bridge the silos. — Christopher Stitt   It's about building those cultures that can build very powerful ERM programs that get buy-in from the stakeholders and imbuing ERM into the culture of your organization. — Christopher Stitt   In a post-pandemic era, everyone is focused on a resiliency framework. When this happens again, are we ready? Are we prepared? Have we done the work? That's the beauty of this RIMS ERM Conference 2024. — Catrina Gilbert   You can teach the rest of risk management. I want people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out. — Catrina Gilbert   We have training, posters, and placards to educate you to say something if you see something and to have a way in which to report human trafficking. — Catrina Gilbert

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Andrew Bent on risk management involvement in developing requirements for contracts, the most important thing a risk professional can do before they start drafting insurance requirements, and the types of coverages and limits to include in a contract. Andrew shares his approach to reviewing contracts received from other organizations, and his pet peeves about reviewing contracts that have requests for endorsements or policy coverages that are hard to obtain or no longer exist. He shares some general tips for negotiations. Listen in for advice on win-win strategies in contract negotiations.   Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:26] About this episode. From RIMS headquarters in New York, we will delve into the importance of contract review in risk management with our guest today, Andrew Bent. [:47] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:06] Links to these courses can be found on the Certification page of RIMS.org and through this episode's show notes. [1:13] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker. [1:28] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:45] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [1:57] Interview! Our guest today has 20 years of experience as a risk management professional and consultant and is known for the development, implementation, and optimization of ERM frameworks. He is Andrew Bent, the Senior Engagement Lead from Marsh Advisory. [2:17] Andrew is also one of the founding members of the RIMS CRMP Commission. He's here to talk about the importance of contract review in risk management and to provide tips and strategies for effective review. [2:28] We will also discuss how contract review can even influence business relationships. Andrew Bent, welcome to RIMScast! [2:57] Andrew started in New Zealand as a chemical engineer. He compares chemical processes with risk frameworks. He then worked in risk management with the New Zealand Customs Service. [4:11] Australia and New Zealand's governments made drastic cuts to public service about how resources were deployed. They did this with good risk management theory, the 4360 standard. [4:48] The Customs Service applied the 4360 standard to the risks of people, crafts, and goods coming across the border. They did risk assessments on many things. It was a good way for Andrew to understand how risk works and how to either mitigate risks or live with them. [5:22] There are only so many shipping containers that can get opened every day and so many people who can be evaluated every day if you don't want to shut down your country's entire commerce trade and flow. [5:41] Andrew stayed there for a few years. Then he moved to Canada in 2009, a financially difficult time. He loved Canada and found the people to be similar to New Zealanders. He worked in a large municipal police agency in Western Canada. [6:55] They were forward-thinking and strategic in how they thought about risk. He was able to help set up an enterprise risk management team and help accelerate the integration of strategy and risk. [7:17] For a time, Andrew was the only chemical engineer in the world who had moved to Alberta and didn't work for an oil and gas company. So he went to work for an oil and gas company for a while. [7:27] Andrew found RISKWORLD hugely beneficial to his work. Andrew had a challenging job working beside health and safety folk. He developed a broad range of understanding of health and safety rules and regulations and helpful insights into operations and business. [7:54] Andrew then moved back into the regulatory space with one of the provincial energy regulators. Then he met his now wife, an American. They had a long-distance commuting relationship until he moved down to the U.S. and subsequently to Washington, D.C. [8:23] Along the way, Andrew had a couple of additional jobs, including cyberspace and risk management teams and risk management functions in the gig economy. [8:51] Fundamentally, Andrew has found that risk management breaks down into understanding what you are trying to do, what your inputs are, what your risks are, and managing them as much or as little as your risk appetite needs. [9:33] Andrew says contract review usually has the deepest understanding of what is and what is not insured under current programs of insurance. That helps them inform contract owners about what are and are not acceptable levels of risk they can assume in most contracts. [9:54] Contract review helps to draw out the discussions around the organization's risk-reward balances that they want to make sure are built into contracts. They can get overlooked in the rush to get a deal done. Contract review wants to bring that balance back to the conversation. [10:27] Contract review also provides advice on some of the types of risk controls outside of insurance risk transfer that a contract owner should be thinking about, such as cyber, IT controls, data protection, health and safety, and a host of other issues. [10:49] Contract owners should be thinking about and potentially building into their contracts as part of the negotiation with the counterparty. This is a two-way negotiation. We always want to be thinking about what each party is trying to achieve out of this contract. [11:16] As risk management professionals, part of our role is to be the grownup in the room while everyone else is rushing to get the deal done. We often have to take a step back and ask if this is the right deal to be done. [11:32] If it is, what do we need to protect and what value do we bring to the organization if the deal is done? [11:52] Andrew believes the most important thing a risk professional can do before drafting insurance requirements is to talk to the person who wants the contract. Andrew rarely sees it happen but it is the single most important thing to happen before writing any requirements. [12:15] Everyone involved needs to understand the purpose of the contract. Why are we doing this? What is being proposed here? What's the work that needs to be done? What are the services that are going to be delivered? [12:31] What are the organizational objectives to be achieved by entering this contract? Andrew shares an example from his career of how this is discussed, with a small vendor providing a critical service but who had trouble with the standard contract. Flexibility was needed. [14:46] If you understand the work or services to be provided in a contract, you're two-thirds of the way to understanding what risks need to be covered by insurance or another way. If someone's digging a ditch at your building, they probably don't need to provide cyber coverage. [15:40] In cases where you have people moving between sites, you might need to include auto coverage. Workers' compensation coverage is always something you need to think about. You don't want to end up being on the hook if a contractor is injured working for you. [16:19] Some things may not just need to be in our insurance provisions within a contract but also into the liability or other sections of the contract. You need to see the entire contract, not just the insurance provisions within the contract. [16:48] Plug Time! RIMS Webinars! On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”. [17:07] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”. [17:15] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company. [17:27] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [17:36] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [17:48] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [18:08] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [18:46] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [18:55] Back to My Interview with Andrew Bent! [19:10] When Andrew reviews a contract his organization has received from another organization, he keeps in mind that everyone tries to negotiate a contract in a way that is most beneficial for them. [19:21] In an ideal world, everyone approaches contract negotiation as a win-win, but most of the time, people come in with their ideal position. Understand the other party. A large company will have multiple layers and a legal department to negotiate through and changes will take time. [20:35] If you're dealing with a smaller organization, maybe a one-person shop, be aware that they may not have a lot of risk management knowledge. Don't take advantage of that. As a risk management professional, you have an ethical obligation to do the right thing. [21:08] You need to make sure to protect your organization. You also want to make sure that the counterparty you're contracting with is also left in a position where if something does go wrong, they're not destroyed. [21:26] Andrew doesn't want to be the proud owner of someone's home because that's the only asset they have. Be sensible about the obligations and insurance requirements you place on parties, particularly on those without a lot of assets. Be thoughtful in managing those things. [21:58] You have to be able to think about what the other party is looking to protect and to achieve out of this contract. That doesn't mean you give up your objectives, limits, and red lines. [22:17] Step out of your viewpoint briefly and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently. [22:45] Andrew's Number One pet peeve is people who refuse to negotiate. Everyone starts with their ideal position but if you're not prepared to move, then you're not prepared to do business. Every contract needs to be a two-party agreement or you're not being commensurate. [23:16] Another pet peeve is requesting things that aren't going to help you manage your risk. If Andrew is looking at a contract from a counterparty and they're asking for things that bear no resemblance to the scope of work, that tells him they're phoning it in with a standard contract. [23:42] If Andrew gets both of those things together, he asks if this is the level of input in their contract, what will they be like to work with? You can learn a lot about the people you are potentially going to work with by how they negotiate and work through that process. [24:07] If they're prepared to come to the table and have a reasonable discussion, not always an easy discussion, that says a lot about how they're going to work once they've got ink on paper and you're into the business you want to get into. [24:34] Andrew has had requests for a form that doesn't exist anymore. This is driven by very old standard contract language that hasn't been updated since 1984. He uses it as an opportunity to educate. Some people refuse to be educated. The computer says they need that form. [25:20] That shows what they would be like to work with. You need to understand what you are trying to achieve and how important this particular contract is. Sometimes you just have to walk away when the value of doing what the counterparty is asking for isn't worth it to you. [26:05] Andrew gives examples of both a reasonable requirement and an unreasonable requirement from a landlord if you want to do construction within a newly leased building. It's about how, where, and what those requests are and how reasonable they are in the contract. [27:12] Remember that you are working with another party toward a mutual benefit. A legally binding contract is between two parties that come to some agreement with a transfer of services and payment between them. There has to be something of value to both parties. [27:39] You're there for a reason. Even if you can go in hot and heavy, unwilling to bend, that doesn't mean you should even if there is a power imbalance between the two parties. [28:24] There is another party, another person or group, involved here. Treat them with the courtesy, respect, and professional dignity you would like to receive as well. Work with them. Try to understand their position. [28:51] It's OK to walk away. There are some deals that you're just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn't line up. [29:28] If you do it respectfully and professionally, you maintain that relationship for the future, and maybe next time it will work out; it just didn't this time. Be professional, be thoughtful, be mindful of your position, and also be mindful of the other party. [30:02] Special thanks again to Andrew Bent for joining us here on RIMScast! Andrew will be making an appearance in our brand-new video series for the RIMS-CRMP. We'll eventually update this episode's show notes with that link. [30:16] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [30:51] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [31:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [31:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [32:10] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [32:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [32:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RIMS-CRMP Stories — Featuring Valerie Fox! Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award RIMS Webinars: “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024 “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024 “Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10. “Applying and Integrating ERM” | Dec 4‒5 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk Quantification Through Value-Based Frameworks” “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance”   Sponsored RIMScast Episodes: “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!) “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Andrew Bent, Senior Vice President, Senior Engagement Lead, Marsh Advisory — Strategic Risk Consulting Founding Member of the RIMS-CRMP Commission   Social Shareables (Edited For Social Media Use): There are only so many shipping containers that can be opened every day and so many people who can be evaluated every day if you don't want to shut down your country's entire commerce trade. — Andrew Bent   If you understand the services to be provided in a contract, you're two-thirds of the way to understanding what risks need to be covered. If someone's digging a ditch at your building, they probably don't need to provide cyber coverage. — Andrew Bent   You need to make sure to protect your organization. You also want to make sure that the counterparty you're contracting with is also left in a position where if something does go wrong, they're not destroyed. — Andrew Bent   Step out of your viewpoint and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently. — Andrew Bent   Everyone starts with their ideal position but if you're not prepared to move, then you're not prepared to do business. Every contract needs to be a two-party agreement or you're not being commensurate. — Andrew Bent   There are some deals that you're just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn't line up. — Andrew Bent

In this episode of the Risk Management Show, we delve into the future of security in AI with Sebastian Gierlinger, VP of Engineering at Storyblok. We discussed the critical balance between innovation and security in today's tech landscape, emphasizing the growing threat of sophisticated AI-driven scams and deep fake videos. Sebastian shares insights from his extensive experience in information security and his role at Storyblok, a leading headless content management system. Discover strategies for mitigating security risks without stifling creativity and learn about the importance of a well-defined AI policy. If you're a risk or compliance professional eager to share your story or suggest a guest, send your email to info@globalriskconsult.com with "Guest Inquiry" as the subject line. Embrace the opportunity to be part of a community dedicated to advancing discussions in Risk Management, Cyber Security, and Sustainability.  Don't miss out on this chance to gain valuable insights from industry experts like Sebastian Gierlinger.

Join Karen Caterino, Alliant Public Entity, as she welcomes Brandon Barnhardt, Safety and Risk Manager for the City of Charlotte, to share how a passion for environmental science sparked his career in safety and risk management. Brandon provides valuable insights into the responsibilities, challenges and rewards of his role and how he navigates regulations and leverages technology to improve outcomes.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Kevin Stein, the CEO of Delos Insurance Solutions. Kevin tells of his aerospace engineering background and how modeling led him to the insurance space. He speaks of his passion for insurance, and of co-founding Delos Insurance Solutions to fill the commercial coverage gap around California Wildfires. Kevin speaks of his optimism for the future of Wildfire control with property fire-hardening principles and new detection and deterrent technology. Listen in for advice on hardening commercial properties against wildfire risk, and how to secure coverage against this risk.   Key Takeaways: [:01] About RIMS. [:15] About this episode. From RIMS headquarters in New York, our guest today is Kevin Stein, the CEO of Delos Insurance and we will discuss wildfire risk. [:39] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [:58] Links to these courses can be found on the Certifications page of RIMS.org and through this episode's show notes. [1:05] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker. [1:20] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:37] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [1:49] This is the last call to register for the RIMS ERM Conference 2024 which will be held on November 18‒19, 2024 in Boston, Massachusetts. The agenda is live, we've got a great keynote, and we've got so many fantastic educational sessions and networking opportunities for you! [2:07] So visit the Events page of RIMS.org and register today! A link is also in this episode's show notes. [2:14] Interview! Climate change and wildfire risks are on our minds here at RIMScast! My take is that there is no longer a wildfire season here in the U.S., it's just wildfire year. Let's see if our guest agrees with me, and what risk managers can do to combat and mitigate this problem. [2:39] My guest is Kevin Stein. He is the CEO of Delos Insurance Solutions and he is an aerospace engineer by training. We're going to get a fascinating perspective from him on wildfire risks and what risk professionals can do to limit their exposure. [2:56] We're also going to talk about the trends driving wildfire reduction techniques. Let's get to it! Kevin Stein, welcome to RIMScast! [3:21] Kevin and a Co-founder started Delos Insurance Solutions in 2017. It is a specialty MGA. They sell policies across California in areas that other insurers have vacated because of perceived wildfire exposure in those regions. [3:40] Delos Insurance Solutions is in partnership with an environment think tank made up of 100 professors, post-doc scientists, and the top wildfire researchers in the world. [99] They have co-developed the civil government models for agencies including CalFire, the Public Utilities Commission, and the U.S. Forestry Service, for 25 years. [4:04] With the think tank, Delos Insurance Solutions has developed more sophisticated wildfire underwriting internal tools and models that give a sense of a per-risk view of wildfire exposure as well as a portfolio-level view of wildfire exposure. [4:19] With that, Delos Insurance Solutions has developed a number of programs. They sell home insurance, landlord's insurance, and vacant home insurance across California. [4:33] Kevin tells about his experience as an aerospace engineer. He did his Master's in Aerospace Engineering at Stanford. He started on the modeling side and found his way into insurance. [4:56] Kevin finds insurance fascinating. He says that everybody in the industry understands how interesting insurance is and everybody outside the insurance industry does not. Having gone from outside the industry to inside it, Kevin says the people in the industry are correct. [5:13] Kevin says there are many different, interesting aspects of insurance and his career has been a wild ride. [5:40] Kevin says the reality of wildfire season is that wildfires can happen at any time. There need to be specific conditions for these fires to become large, destructive wildfires. Conditions need to be hot, dry, and windy and there needs to be fuel. [6:01] The seasons have been changing. In California, the wildfire seasons in 2017 and 2018 were very destructive. Historically, Northern California has a rainy season from mid-October through late March or early April. In 2017 they had sun through the end of December and rain until June. [6:43] During the Fall, Northern California has a lake effect of winds coming over the mountains out to the ocean, and it's usually stormy. In 2017 and 2018, they had 100-degree temperatures, the vegetation had been dry for six months, and the extreme winds led to fire superstorms. [7:11] In any wildfire area, once sustained rains start, you're in a more comfortable position. You need vegetation that's been dried out for a while to have large fire superstorms but even in the Spring or early Summer, you can have individual or smaller fires that threaten your properties. [7:37] The antidote to smaller, individual fires is to implement property-hardening techniques on commercial properties that effectively protect structures against smaller, slower-moving fires. [8:25] Fires are spreading. The Salem, Massachusetts fires, the Eastern Canada fires, the Hawaiian fires, the fires in Oklahoma, and in San Diego show that fires can happen in a lot of geographies now that have not experienced fires before. [8:59] This has a big effect on the insurance market. Insurers and reinsurers are looking at the spread and prevalence of wildfires and getting more concerned about what that means for their average exposure and maximum exposure. [9:18] The price of re-insurance is going up significantly and the availability of re-insurance and capacity is going down significantly. [9:28] The key for folks who own properties and large buildings and who rely on risk transfer as an effective means for managing their risk, is to be more creative and find more specialty groups. [9:49] The insurance industry is morphing. The previous structure included wildfire exposure with hurricane exposure and tornado exposure. Now many of them will exclude wildfire. [10:16] Risk managers will have to find specialty groups that are underwriting wildfire exposure more effectively and capturing re-insurance capacity more effectively to provide policies for people with this exposure. [10:40] A key to understanding your fire exposure is to understand what type of fires you are potentially exposed to. There are wind-driven fire locations, moisture-driven fire locations, and vegetation-driven fire locations. [10:58] To harden your property to vegetation fires, make the area around your building either a parking lot or drought-resistant, fire-resistant landscaping. Don't use bark or woodchips. You can have small scattered plants surrounded by concrete to avoid the risk of vegetation fire. [11:50] With wind-driven fires, your biggest risk is embers. Embers can catch a building on fire by igniting vegetation at the base of the structure, so remove all vegetation against the structure or under eaves, especially with single-story structures. [12:20] Embers can also get inside structures. Have ember-mesh screens on air intakes, such as those used by the HVAC system, and any openings in the foundation and your eaves. [13:03] Build structures out of fire-resistant materials. Shingles and siding need to be fire-resistant or fire-safe. Use double-pane windows. Single-pane windows crack in fires and embers can get in. Use ember-mesh screens. [13:59] For landscaping, make sure it is drought-resistant and fire-resistant. [13:52] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. [14:03] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”. [14:17] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”. [14:26] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company. [14:37] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [14:47] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [14:59] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [15:19]  The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [15:57] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview's show notes. [16:06] Back to My Interview About Wildfire Risks with Kevin Stein! [16:36] Kevin has a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it's been very effective. [17:01] Kevin is optimistic about the new technology. Improved outdoor sprinklers are triggered if a fire is oncoming and douse everything in water or fire-retardant material. Sensors are put in different locations to recognize fire quickly. [17:39] How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don't become giant superstorms. Giant superstorms cause significant loss and burn down large buildings. Small wildfires can't do that. [18:07] The sensors are put on a variety of buildings to recognize smoke automatically with computer vision AI built in. Some longer-term technology is very interesting. In the future, there will be drone armies to replace the helicopters to pour fire retardant or water on top of wildfires. [19:10] Commercial clients can deal with re-insurers like Lloyd's of London to get coverage. Property-hardening characteristics and technologies come into play with a detailed assessment of the defensibility of the structure. [20:38] Wildfire Re-insurers are moving from being generalists to being specialists. Generalist actuaries study years of loss history to predict losses for the next year. Specialist perils require area expertise because the risks cannot be handled simply through large amounts of data. [21:13] Cyber is a great example of this. Cyber insurance was first bundled with general liability. The carriers soon realized they had no expertise to predict cyber risk so they excluded it. Specialty groups with expertise popped up to fill the gap in the market. [21:36] This has happened with flood insurance, hurricane insurance in Florida, and earthquake insurance. Wildfire is the next one. It's changing very rapidly. It's very complicated, so you need people with area expertise to be able to underwrite it profitably. [21:58] There is a trend where primary carriers are pulling back. They're making the sound decision for a risk manager who can't understand a peril. This opens up space for specialists to jump in, like Delos Insurance Solutions. Kevin says more groups will show up to serve the sector. [22:54] Kevin reveals some of his aerospace engineer experience. He put in a proposal to NASA for a heliocentric spacecraft to look for life on Alpha Centauri. That wasn't chosen, but there was an interesting satellite project he worked on. [23:35] Kevin helped create two NBN satellites to provide internet to all of Australia, combined with a detailed fiber network. Kevin managed everything mechanical on the build of those two satellites. [24:25] Special thanks again to Kevin Stein of Delos Insurance Solutions for joining us today on RIMScast. RIMS has a Wildfire Resources Page on RIMS.org. A link is in this interview's show notes. Be sure to go there for more insight and information on how you can combat wildfire risk. [24:44] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [25:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [26:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [26:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [26:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [26:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [26:53] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center RIMS ERM Conference 2024 — November 18‒19, 2024 | Boston, MA NEW FOR MEMBERS! RIMS Mobile App RIMS-CRMP Stories — Featuring Valerie Fox!  Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025) Nominations for the Donald M. Stuart Award RIMS Wildfire Resource Center RIMS Webinars: “Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024 “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024 “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader' | Sponsored by Resolver | Nov. 25, 2024 “Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Risk Appetite Management Nov. 20‒21 RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10. “Applying and Integrating ERM” | Dec. 4‒5 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin” “Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products” “Evolving Fire Risks with Ralph Bless” “California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets” (2020)   Sponsored RIMScast Episodes: “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!) “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Kevin Stein, CEO of Delos Insurance Solutions   Social Shareables (Edited For Social Media Use): There are so many different, super-interesting aspects of insurance. — Kevin Stein   I have a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it's been very effective. — Kevin Stein   Sensors can be put in different locations to recognize fire quickly. How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don't become giant superstorms. — Kevin Stein   There is a trend where primary carriers are pulling back. They're making the sound decision for a risk manager who can't understand a peril. This opens up space for specialists like Delos Insurance Solutions to jump in. Other groups will follow. — Kevin Stein  

Join host Natalie Benamou and featured guest Princess Castleberry, a global speaker and CEO of Castleberry Global as they explore leadership and taking risks. Princess shares her unique approach to leadership, focusing on the concept that every leader is, at their core, a risk manager. Drawing from her extensive experience in corporate risk management and her entrepreneurial journey, Princess offers practical advice on how to navigate risks, seize opportunities, and maintain resilience in the face of uncertainty. The conversation also explores the challenges of entrepreneurship, the importance of proactive risk management, and Princess's upcoming book, which encapsulates her leadership philosophy.3 Key Takeaways:Risk Management as a Mindset: Princess emphasizes that risk management isn't just about avoiding pitfalls—it's about preparing to capitalize on opportunities. Leaders should view risks as an integral part of decision-making, enabling them to navigate uncertainty with confidence.The Entrepreneurial Pivot: Princess discusses the necessity of pivoting in business, especially in times of crisis like the pandemic. She shares her own experiences of adapting her business model and the importance of having a risk management strategy to guide those pivots.The Power of Insatiable Curiosity: Successful leaders and board members must possess an insatiable curiosity. This trait allows them to ask the right questions, dig deeper into issues, and ultimately make more informed decisions that safeguard the organization's future.3 Memorable Quotes:"Risk management is business; there is no business without risk management. Not good ones, anyway." — Princess Castleberry"You can't find great opportunities without rooting out challenges. They go hand in hand." — Princess Castleberry"The opposite side of risk is opportunity. If we're prepared, tremendous opportunities for growth, relationships, and innovation are there for the taking." — Princess CastleberryThank you Princess for sharing your insights with us today!This podcast is sponsored by HerCsuite® Women On the Move Circle for listeners to Meet Guests on the Podcast. Meet Advance your career in a whole new way. Join us About Princess CastleberryPrincess Castleberry is a Global Speaker with more than two decades of experience in Fortune 500 enterprise risk management, wellness, and learning design. She creates learning experiences that integrate wellness and risk strategies to overcome the challenges that prevent leaders, organizations, and bottom lines from growing. Princess has been featured at TEDxDetroit, in Fast Company Magazine, and other publications.Please explain your area of expertise: My areas of expertise include enterprise risk management, organizational wellness, and instructional design.Website: www.princesscastleberry.comInstagram: https://www.instagram.com/princesscastleberryspeaks/Facebook: https://www.facebook.com/PrincessCastleberrySpeaksLinkedIn: https://www.linkedin.com/in/princesscastleberry/Connect with Host Natalie Benamou, Founder HerCsuite®Natalie Benamou is the host of "Women Leaders on the Move '' and the Founder of HerCsuite®, a powerful women's network providing connect circles for women's careers and businesses. She is dedicated to making it easier for women to achieve success in all aspects of their lives. Natalie is also the Founder and President of HER HEALTHX, a nonprofit focused on improving health outcomes for women.Natalie Benamou on LinkedInHerCsuite® on LinkedInThis podcast is sponsored by HerCsuite® Women On the Move Circle for listeners to Meet Guests on the Podcast. Meet Advance your career in a whole new way. Join us

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Valerie Fox, the 2024 Donald M. Stuart Award Winner. Valerie and Justin discuss her receiving the Donald M. Stuart Award and what this recognition means to her. Valerie tells how her journey in risk management has evolved over her 42-year career. Valerie has held prominent roles across a diverse range of industries. She shares some highlights and challenges of her career. Valerie remarks on the education opportunities, taking on leadership roles, and networking, that ORIMS and RIMS provided for her that helped her develop and advance in her risk career. She shares details of a long-term international project that stretched her and that she is proud of. Valerie offers her expectations for the future of risk management and how today's students can prepare themselves to be tomorrow's risk leaders. Valerie hopes to continue her student outreach and offer them the knowledge to guide their paths. Listen in for advice on resilience and lifelong learning to keep up with the evolving risk management industry.   Key Takeaways: [:01] About RIMS. [:15] About this episode. From RIMS headquarters in New York, I am delighted to be joined by Valerie Fox, the 2024 Donald M. Stuart Award Winner and a RIMS-CRMP holder! [:41] The next RIMS-CRMP Exam Prep will be held with PARIMA virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [:57] Links to these courses can be found on the Certifications page of RIMS.org and through this episode's show notes. [1:04] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique. [1:26] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. We've got more important plugs coming during the break. Now, let's get on with the show! [1:44] Interview! The RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to our guest, Valerie Fox, at the RIMS Canada Conference 2024 in Vancouver. [1:57] Valerie is a CRM holder, a RIMS-CRMP holder, and the former Director of Risk Management and Health and Safety for NPL Canada. She has since retired. [2:14] The Donald M. Stuart Award is widely recognized as Canada's highest honor within the risk management field and since 1979, has celebrated Canadians who have made outstanding contributions to the profession. [2:28] Throughout her 42-year career, Valerie has held prominent leadership roles in risk management for a range of multinational corporations, including Walmart and Wendy's Restaurants of Canada. [2:44] We'll talk a bit about her career, how she sees the risk profession evolving, and why she's so inspired by the next generation of risk management professionals. Donald M. Stuart Award Winner, Valerie Fox, welcome to RIMScast! [3:33] Valerie notes that winning the Donald M. Stuart Award was a very special moment for her. She has a tremendous respect for the history of the Donald M. Stuart Award and the professional values it represents. [4:04] When Valerie was VP of the Ontario RIMS Chapter Board in 2017, she was responsible for the oversight of this award. She enjoyed it so much that she continued to be the presenter of the award for the last seven years. This year, she stepped down from the ORIMS Board. [4:25] When Valerie stepped down from the ORIMS board, her colleagues nominated her for the award. She couldn't be more humbled or appreciative of their recognition and support. To be recognized alongside the people she presented the award to over the years is very special. [5:02] ORIMS accepts nominations from all over the country. It's an award for all of Canada and is overseen by the Ontario Chapter. The nomination process has two stages. [5:21] If a nomination clears the first stage, a total nomination package is submitted with further documentation. The package goes to a panel of evaluators across the country, including risk managers, people on boards, and insurance companies and brokers. [5:44] They evaluate the nominations. The person with the top collective score wins the award. They're looking at the nominees' history with their companies, volunteerism, and the tenets the award represents. It's the Canadian version of RIMS Risk Manager of the Year. [6:36] Valerie's first role as a risk manager was Manager of Contracts and Insurance. She bought insurance, handled claims, and implemented some risk control of targeted risks. [6:56] The job description of a risk manager has evolved immensely and varies greatly from entity to entity, depending on the company's maturity, operations, experiences, losses, and more. [7:16] You could still be hired today as Manager of Contracts and Insurance but you could also be aspiring to be a Chief Risk Officer of a major, multi-national corporation with the responsibility to help them be more resilient and grow. [7:41] Valerie saw the evolution in risk management start very slowly. It has continually ramped up and now is speeding forward. [7:50] Over her career, Valerie had to be willing to delve into new challenges and be prepared to learn and develop new skills and new mitigation strategies and develop broad-based business knowledge. Without that knowledge, it's difficult to assess potential impacts. [8:33] Different industries have different areas of risk focus. Valerie started in the airline industry. A major focus was having a major accident response plan ready. There were challenges of jurisdictional insurance requirements and risk exposures around the world. [9:11] Valerie spent five years in the public sector as a risk manager for a municipality. The focus of public entities is protecting people in public spaces, maintaining critical services, and managing reputation. It includes presenting the right answers. [9:51] Valerie worked in the retail industry in domestic and international markets. On her first day at Walmart Canada, she realized how unprepared she was to deal with health and safety and worker's compensation management responsibilities. Those had been under HR in Canada. [10:13] Working for American companies, she had to get up to speed quickly on those areas of risk. Valerie trained herself on the job. She met with anyone she knew in the industry who was involved in health and safety. She met with people from the boards. [10:42] Valerie spent a lot of time in the stores with the associates to see what their concerns were. She spent time with operations leaders, seeing the processes first-hand to understand the risks and put together programs that fit the culture and the environment of the companies. [11:26] Valerie says retailers today need to do a deep-dive business impact analysis, map out dependencies and processes, and have alternative options to avoid business interruption. As a risk manager, you have to understand that to help businesses come up with the right solutions. [11:55] Valerie reviews a case of having to train people quickly after a buyout. [12:52] Valerie talks about working with a new inexperienced team that she had to take under her wing and teach risk management quickly. In large corporations, you also build company-wide teams and external teams that help you. [13:17] Valerie taught CRM courses at the University of Toronto. Later, she had the pleasure of hiring one of her most enthusiastic students for a risk management position. He now works for another company she is close to and he is doing super well. [13:48] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. [13:58] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series,  “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”. [14:13] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”. [14:22] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.  [14:33] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” [14:42] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [15:01] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [15:18]  The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [15:56] You can find more information about the awards through the About Us page of RIMS.org or the link in this episode's show notes. I also have a link in the show notes to the nominations page for the Donald M. Stuart Award. Check it out! [16:13] Back to My Interview with 2024 Donald M. Stuart Award Winner, Valerie Fox! [16:33] Valerie was ORIMS President in 2018 and 2019. She also had a couple of terms as Vice President, two terms as Secretary, and more. She is an active ORIMS member and a Director at Large. She intends to continue volunteering, especially with student outreach. [17:28] Justin remembers the wonderful people he worked with when he co-hosted the ORIMS luncheon last year. [17:57] Valerie describes how being involved in RIMS and ORIMS, whether volunteering or participating in regular events, gives you so much to learn both in formal training and networking that greatly helps your career. [18:29] Volunteering on the board gives you leadership development opportunities. Those who step up to do this work are go-getters and prominent professionals who know their jobs. Their ages are from quite young to quite senior. It's a diverse group of leaders. [18:58] You learn a lot about non-profit work and compliance. On the board, Valerie learned a tremendous amount that she has applied elsewhere in her career. You can improve your comfort with public speaking. [20:00] Justin suggests trying stand-up comedy or an improv class three times to develop a foundation of confidence to speak publicly. [20:24] Valerie was on the RIMS Risk Leaders Series. See the link in the show notes. She gave an expansive view of her career and the challenges she overcame using risk management. [19:16] The career accomplishment Valerie is most proud of is with Walmart International. Valerie had to get the risk management process promptly into place and hire a team when Walmart came into Canada in 1994. It was very successful. [21:47] Therefore, Valerie was asked to take a three-year expatriate assignment to work with Walmart's international division as an internal consultant in seven countries where Walmart had recently opened operations. [22:02] She visited each country to work with their leadership teams on insurance brokerage, services, claims, health and safety, food safety, construction, benefits, and whatever they needed. It was tough. It was two-and-a-half years of being far out of her comfort zone. [22:34] At the end of that assignment, she felt like she had made a difference and she had grown as a risk manager and as a person. It was an invaluable experience she is very proud of. [23:01] It was a new way of doing things for Walmart, too. Valerie was a test case. There were some glitches through which Walmart learned and improved its support system for expatriates working around the world. It was an evolution both for Walmart and Valerie. [23:32] Valerie has assisted with RIMS-CRMP workshops in Canada. [24:00] Valerie believes the risk leaders of tomorrow in Canada should take the CRM program and work toward their CRMP certification. There is also a variety of technical training that can help them throughout their careers. [24:18] RIMS has helped Valerie to stay current through seminars and articles. It's extremely important that people have a solid business base. Get out from behind the desk and understand the business and how business is done. [24:47] Going forward, the emerging trend for employers is going to be to look at some of these qualifications as a minimum requirement. Gaining that base knowledge is important. [25:00] Valerie says risk leaders need to focus on the soft skills of team management, social intelligence, communication, and identifying and supporting mental health. Risk management is a people business. Know how to communicate with people and read their reactions. [25:34] Working from home during the pandemic has depleted some opportunities to gain that experience. Future risk leaders need to ensure they have those skills today. [25:59] Valerie is encouraged by the college and university students she has been meeting over the last couple of years of outreach. The students are bright, curious, motivated, and hungry to get out there and make their mark. [26:24] They're comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. She hopes that she can continue to share some tidbits or tribal knowledge that they might find helpful. [26:44] Valerie has concerns about the talent gap as lots of people retire. We need to fill that gap fast. The students she has been seeing indicate to her that the future is bright. [27:01] Justin had the pleasure of attending the McGannon Foundation's closing ceremony for their students. The students are extremely impressive. He feels that we will be seeing them up on stage receiving awards in the not-too-distant future. [27:20] Val, it has been such a pleasure to see you again. I want to congratulate you again on winning the Donald M. Stuart Award in 2024. I look forward to seeing you at more RIMS events. Thank you so much for all you do for ORIMS and RIMS! [27:42] Special thanks again to Valerie Fox for joining us here on RIMScast! It's always a pleasure to speak with her. There is a link to her RIMS Risk Leaders Series interview in this episode's show notes. There is a link to her CRMP Story also in this episode's show notes. [28:02] For more coverage of the RIMS Canada Conference 2024 Awards, check out the October 15th episode of RIMScast, when we were live from Vancouver with Maryam Salmasi. She was the Fred H. Bossons Award Winner for 2024. A link is in this episode's show notes. [28:20] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [28:53] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [29:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [29:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [30:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [30:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [30:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App Hear Valerie on the RIMS Risk Leaders Series RIMS Press Release: RIMS Ontario Chapter Honours Valerie Fox with the 2024 Donald M. Stuart Award RIMS-CRMP Stories — Featuring Valerie Fox! Nominations open for RIMS 2025 Awards! (Through January 6, 2025) Nominations for the Donald M. Stuart Award RIMS Webinars: “Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024 “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024 “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024 “Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TÜV SÜD GRC | Dec. 5, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15 | 9:00 am‒4:00 pm SGT — Register by Nov. 7. “Applying and Integrating ERM” | Dec 4‒5 “Captives as an Alternate Risk Financing Technique” | Dec. 17‒18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024” “300th Episode Spectacular with RIMS CEO Gary LaBranche” “Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote” “DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services” “Julie Bean, 2024 Heart of RIMS Award Winner”   Sponsored RIMScast Episodes: “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog (New!) “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Valerie Fox, CRM, RIMS-CRMP, former Director of Risk Management & Health & Safety for NPL Canada   Social Shareables (Edited For Social Media Use): Evolution in risk management started very slowly. It has continually ramped up and now it's speeding forward. Over my career, that meant I had to be willing to delve into new challenges and be prepared to learn and develop new skills. — Valerie Fox   On the board, I've learned a tremendous amount that I've been able to apply elsewhere in my career. — Valerie Fox   It's extremely important that people have a solid business base. Get out there from behind the desk and really understand the business and how business is done. — Valerie Fox   Students are comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. I hope that I can continue to share some tidbits or tribal knowledge that they might find helpful. — Valerie Fox  

In this episode of ALPS In Brief, our Risk Manager Mark Bassingthwaighte sits down with University of Montana Professor Jeff Brandt to talk about synthesizers, AI, and his class on the history of rock and roll. — Transcript:  Mark Bassingthwaighte:  Hello, I'm Mark Bassingthwaighte, the Risk Manager here at ALPS, and welcome to ALPS In Brief, the podcast that comes to you from the historic Florence building in beautiful Downtown Missoula, Montana. As many of you know, I have been in Florida now for a number of years, but I'm back at the home office here, and we have a special event every two years where we bring in a lot of our bar associates from various bar associations around the country. Then we have some special speakers that come in and talk about all kinds of things.  I have just finished attending a presentation given by Jeff Brandt, who is a professor here at the university and does a course on the history of music. I got to say, in all honesty, folks, I wish you could all have been here. This was one of the most fun, creative presentations I've seen in a long, long time. Jeff, it's a pleasure to have you here. Before we get started, can I ask you to take just a little bit of time and tell us about who you are?  Jeff Brandt:  Okay, so I was born in Sitka, Alaska, which is a tiny, well, it's a big island actually, but a tiny town on a big island in Southeast Alaska. Average rainfall there is about 96 inches per year, so it's a Pacific Coast rainforest.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  I went to college in Tacoma, Washington at Pacific Lutheran University. Taught private percussion lessons after that for about 20 years. Somewhere in the middle or somewhere in there, I got my graduate teaching degree. Then we ended up in Missoula, Montana as a result. Then by happenstance, the History of Rock & Roll as a course fell into my lap.  Mark Bassingthwaighte:  That was an established course before you got here?  Jeff Brandt:  It was.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  Yeah. There were a lot of people that have taught it prior to me, but when I was given the opportunity to run with it, it was one of the first online courses developed at the University of Montana, and that's really when I dug in because I knew that teaching it in an online setting, I was going to have to be more aware of the points I was trying to get across and how they were delivered. I dug deeper and deeper into the historical aspect of the course, and then I just started creating these different slide programs. Now I'm on my third set of slides and I think it's my final because they're so good now I don't want to mess with them, but that's my brief history.  Mark Bassingthwaighte:  I didn't realize this is online. Could anybody get online and just take this course?  Jeff Brandt:  Anybody can take it online. I'll give my spiel about online education, to be honest here, is I think online education is good if you have time to do it. I think in-person education, generally speaking, is better.  Mark Bassingthwaighte:  I would agree with you.  Jeff Brandt:  There are so many different resources now for people to learn. Just with YouTube alone, you can go down an endless pit of stuff on one member of one obscure band, it seems.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Yeah. Mine is one of the many resources out there.  Mark Bassingthwaighte:  You're welcome to share. Folks, I'm telling you, if you have any interest at all in the history of rock and roll and want to have some awesome fun, this is a course I would encourage you to take and see. I didn't realize. How might folks find this?  Jeff Brandt:  Well, you go to the University of Montana. I believe you have to register as a student.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  You think that I would know all the hoops you have you have to jump through.  Mark Bassingthwaighte:  No, that's fine.  Jeff Brandt:  You have to jump through several hoops and then you can take online classes. I do encourage people who are not working 40 hours a week and who are interested in really digging in, to take it in-person because there's so much more interaction with the way the clips are played and the way the slides are presented. Get on the University of Montana website and search it, and you can join the online course or the face-to-face.  Mark Bassingthwaighte:  You clearly have a passion. It just seems like listening to you, you're having just a ton of fun too, and I love that. Folks, I can also share this course is I think the number one or the number two top.  Jeff Brandt:  It's one or two or three. It depends on the year.  Mark Bassingthwaighte:  Yeah. Why do you do this?  Jeff Brandt:  Well, honestly, the first time it fell in my lap. I was just kind of given the opportunity to sub for somebody and subbing for somebody in a college course is, it's a lot to take on because you jump into it usually with all of their materials because that's usually the unwritten rule is, "I'll let you use my stuff." I mean, back then, I mean, it makes me sound like a dinosaur, but the person that gave me the stuff had overheads, and so I was using overhead.  Mark Bassingthwaighte:  Wow. Yeah.  Jeff Brandt:  Maybe it was a year later that I was using slides, but they gave me their overheads. I jump in, I'm starting to do this, and honestly, I was scared because I guess when you're, I can speak as a male when you're 23, 24, 25, you think you know a lot of stuff. I just cracked open the first of two textbooks that this prof was using, and I was like, "Oh, boy, do I know nothing and I'm teaching it in three weeks."  Then fast-forward, I end up digging in reading resources, listening to a lot of albums. I'll be honest with you, I hadn't really dug into the Beatles that much prior because there were so many other acts that I was interested in. Then I started listening to their catalog and the Rolling Stones, and again, that's a tiny scratch on the surface that doesn't include the other British bands like The Animals and The Who and Led Zeppelin and then John Mayall and the Bluesbreakers and all these other in-depth things you can go in. That's just the British blues scene.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  What I realized was in order to make this work and why I continued to want to do it, is what I would need to do is have what I would call kind of a surfacey understanding of about 300 to 400 acts in the entertainment business. Gradually bit by bit, the department would buy my recordings. I would go and dig in and listen to everything from Blind Lemon Jefferson to the Spice Girls. I would just year-by-year chip away. When you get into a subject like counted cross-stitch or skiing or building doors, you get better at it and you realize ways to enjoy it more.  I got to a point where I created my final, what I call my final set of slides, and I really, really carefully planned out the layout of the slides, how the format of the class was going to move and how I was going to justify only featuring certain artists as opposed to leaving out bands, like the one I always pick on is AC/DC because they're not really a part of the course. That's why I do it and why I like to do it, because it's like anything else where you get into it, then you kind of become addicted once you have a little taste.  Mark Bassingthwaighte:  Yeah, yeah, I get that. Year after year, how do I want to say this? Let me do it this way. What do you hope students get out of your class?  Jeff Brandt:  Well, there are these objectives that we write in the syllabus that you're supposed to abide by, et cetera, et cetera, and I do, but what I really want people to get out of the course is I want them to understand a general approach, or I guess have a general understanding of the social history that rock and roll highlights in America. That's one thing.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  I want them to understand that rock and roll is not white, it's not Elvis Presley, it's not AC/DC, it's not, even though I love them, it's not Metallica. It is something that came about quite by accident and through a lot of pain. That part is kind of an inconvenient truth that some students don't like. I have to warn people in the beginning, "I'm not going to sugar coat this, I'm going to bring it directly to you. Some of the things are inconvenient truths that you may not have faced prior. Depending on how invested you are in learning as a person, it may buck your understanding of how this thing has worked."  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Just for example, the inconvenient truth, like I was mentioning today that Elvis Presley is a cover artist. Bill Haley is a cover artist.  Mark Bassingthwaighte:  Mm-hmm.  Jeff Brandt:  They're not original rock and roll artists.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  The original rock and roll artists are people like Chuck Berry and Little Richard and Bo Diddley and all of the artists on Chess Records. Those are the original rock and roll artists, but because of the unfortunate existence of so much racism in our country, a lot of those people were shoved aside because it was easier to market people with light skin.  Mark Bassingthwaighte:  So interesting.  Jeff Brandt:  That's another thing I wanted to go with and maybe if I'm going to highlight a third thing I want them to go away with, is an understanding that you can listen to more than one subgenre within rock and roll. You get people that are "metalheads" and people that are into techno pop or house or people that seventies rock, or here's another category I have, people that love the sixties. They have blinders on. If it's between '64 and '69, it's in, and if it's '70 and on, it's out. The understanding that if you listen to pick your artist, like name a person, let's just pick like Katy Perry. If you listen to Katy Perry and you put hours into it, you will grow to like that artist. If you listen to Destiny's Child, you will grow, if you listen to Frank Zappa, you will grow to like it. I want express in that third point that it takes time to do that, and it's an investment and it's a willing investment.  Mark Bassingthwaighte:  It's very interesting. I appreciate what you're sharing, and again, after hearing what you had to say here just a few moments ago, it has changed how I look at certain things. What I liked about it, it helps understand the culture, understand music in general, where it comes from. I mean, I have a greater sensitivity. Yeah, I just thought it was very good.  Jeff Brandt:  Well, it's almost like one thing along those lines, it's almost like with Louis Armstrong.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Louis Armstrong was this one of several trumpet or cornet players as they were originally, in the early jazz era that was a soloist and gained a following from the general public, the general population in the United States. Now, Louis was seen as a performer on stage, but at the same time, he couldn't stay in the same hotels, he couldn't eat in the same restaurants.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  He could walk on stage in a club, but not eat at the restaurant in the club.  Mark Bassingthwaighte:  Yeah. Yeah.  Jeff Brandt:  He would've to be fed backstage and those kind of inconvenient truths to uncover that for people in a day when I think it's easy to brush that aside and highlight that he was an ambassador to the world in the 1970s. Yeah, in the seventies he was, but for the majority of his time as a performer, he was only respected as a performer, not as a human being.  Mark Bassingthwaighte:  Wow. I agree with you, that is a great message I think. God bless. These are important things.  Jeff Brandt:  I mean, I think that, and another thing that's along those lines too, it's a little bit of a stretch as a parallel, but it is a parallel, is that performers in rock and roll, many times are actors.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  If you're in a heavy metal band and you're acting all angry on stage and chugging it away on your guitar up there and singing these lyrics that are full of vitriol, that doesn't necessarily define who you were at breakfast at 10 o'clock that morning or who you are when you're off tour with your wife and kids or with your partner at the winery or whatever. That's a different thing. There are a lot of people that can't get past that. They see name your hard rock artist, "That's an evil person." That person puts on sweatpants, watches reruns of shows that we all like on Netflix, enjoys a donut every now and again, and takes a walk with dog.  Mark Bassingthwaighte:  They're just real people, right?  Jeff Brandt:  They're real people. That part is also misunderstood about rock and roll in the same way that people can't or don't want to unveil the truth about black artists.  Mark Bassingthwaighte:  Right. Right. One of the things, we talked a little bit last night, and again, you were sharing this in your presentation, one of the things that really sort of struck me was your comments about synthesizers. I'm a guy that likes that sound, but I didn't fully appreciate its impact and the evolution and how that impacted the artists of the day. I guess I'd have to honestly say I'm still not sure where you come out on synthesizing. Is that a good thing? Is it a bad thing? I'd be curious, what's your thought about?  Jeff Brandt:  Okay. Well, I mean, I own a synthesizer. Every band I've played in has used a synthesizer.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  I'm not against synthesizers. I also don't dislike house music. I don't dislike techno pop. I don't dislike the synth revolution that happened in the late, let's call it the late seventies to the early eighties where it exploded, where everybody had to have a Yamaha DX7. I don't dislike that. What I think is problematic, is the idea that this machine is everything.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  I think the other part that's problematic is that, and this is going to make me sound like I'm super old because my instrument, my main instrument is drum set. People will ask me, "Well, why haven't you dug into this or this or this about the history of rock and roll?" I say, "Well, I also practice instruments and I have a passion for playing them." To me, it's not just about reading and regurgitating facts, it's about keeping up my musical skills. What happens when you get into the world of synth is to some degree, you lose the world of any sort of musical technique because the machine can do so much of it for you.  Mark Bassingthwaighte:  Okay. Right.  Jeff Brandt:  I think that the bad side of synth is highlighted like groups like Human League, because if you look at a group like Human League and they're early stuff, it sounds like, da-da-da-da-da-da-da-da-da, it's very robotic and synthesized, as we should say, in the sense that everything is exactly placed on the exact moment of the exact quarter of the beat. That there is no doubt in your mind exactly where the center of the beat is. You can press a button and the synthesizer can do that. Whereas on piano, you have to go to make the same da-da-da-da-da-da, you have to go like fingers, 4, 3, 2, 1, da-da-da-da-da-da-da-da-da-da-da-da-da-da-da-da-da over and over again to make that same key do that. To some degree, whenever electronics jump to the next level, we lose a tiny bit of our ability to perform on those instruments.  Mark Bassingthwaighte:  Okay. Yeah.  Jeff Brandt:  Like with synth, you lose a little bit of ability to perform on a general keyboard. With electric guitar, you lose a little bit of ability to perform on an acoustic guitar. With electric drums, you lose a little bit of ability to play an acoustic drum set. I mean, imagine if there was an electric French horn, for example. French horn is one of the most difficult instruments to play, right?  Mark Bassingthwaighte:  Right, of course.  Jeff Brandt:  Period. I mean, it's like a French horn. Missing notes on a French horn is a Monday, that's normal. You can't avoid it. Imagine if there were a way to synthesize so that it would know that your note was going to be missed by your embouchure, and it would bring the correct note out. We would lose some of the, maybe the desire to practice and get it to where we are. That's where I feel it's the bad side of synth. But in general, I'm with you. I like the sound of the synthesizer. I like the ideas you can get from the synthesizer. I even like the drum ideas that you get from a synthesizer. I think that we were talking about last night, it's like you can go too far with something, where you need to think about reining it back in. It's like alcohol. It's like collecting cars.  Mark Bassingthwaighte:  Yeah. Yeah.  Jeff Brandt:  It's like colors of carpet in your home. At what point in time do you say enough is enough.  Mark Bassingthwaighte:  Yeah. Yeah. Well, my interest in this, it's my understanding again, that when this technology, as it sort of evolved and really became mainstream, there were a lot of responses. One of which was this is going to put people out of work because it was the Moody Blues, you could go and see the orchestra.  Jeff Brandt:  Didn't need the spring place.  Mark Bassingthwaighte:  It changes. I hear you can lose some skill sets because the machine is doing it for you, but it also brings about, I think, some creativity. It seems to me once the revolution happened, the music industry didn't go away, but how it works changed.  Jeff Brandt:  Yes.  Mark Bassingthwaighte:  We're at a point where I think, and even involved where, we're having all kinds of discussions and reactions with the evolution of generative AI.  Jeff Brandt:  Mm-hmm.  Mark Bassingthwaighte:  There are people saying, "This is going to take jobs away from all kinds of people," not just musicians with the synth, but I also can see that this could bring about some incredible creativity opportunities, allowing just the exploration of music to go far further in directions we've made never even think of right now.  Jeff Brandt:  Right. Right.  Mark Bassingthwaighte:  Could you do all sorts of things with tones, vocal tones, and I don't know.  Jeff Brandt:  Yes.  Mark Bassingthwaighte:  What is your thought? Do you see this as a game changer? Is this much ado about nothing?  Jeff Brandt:  Well, first of all, I think that it's inevitable.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  You could use the Pandora's box example. Once Pandora's box is open, then it's open and you can't shut it again. Well, the synthesizer was going to be developed, I'll tell you why, is because it comes from the pipe organ.  Mark Bassingthwaighte:  Oh, really?  Jeff Brandt:  The pipe organ is the first synthesizer. The pipe organ has stops that create different sounds. If you study the pipe organ going way back, you look at real pipe organs, they have sounds on them where you pull stops out and make it sound like a flute and make it sound like a trumpet.  Mark Bassingthwaighte:  I never thought about it that way, but you're right. Yeah.  Jeff Brandt:  It has a pedal system because pipe organ players have to read three staves. They read treble, they read bass, and then they read sub bass, as I'll call it. I honestly don't know the exact term, but another bass clef for their feet. They're basically playing, no pun intended, a synthesizer with their feet, while they're playing two synths with their hands. That's the original synth. People that think that this came about in like '64, it's been around since Bach, and guess what? It's not going away.  I think the part about the synthesizer and change, is that it is inevitable that AI along with that new technologies will enter where new possibilities will come up. I think that the good side, is some things are a little bit easier for us to do. For example, Pro Tools is a program where you can click into the program and cut right in, and it both takes the ambient sounds from before and the ambient sounds after and blends it together so you can't tell the person was clicked in at that moment. That's amazing. That makes it simpler.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  It saves money for people that own Pro, it saves time, and humans are generally speaking all about that. I mean, if there's a cherry tree here and there's a bigger cherry tree across the river and you're like, "I'm going to stay with this cherry tree right here because I don't want to cross the river." That's what we would literally call the lowest hanging fruit.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  With a synthesizer, if there is an option to make something a little bit simpler, people are going to use it. Again, there's the when is when part, when is enough enough? When is too much, too much, is what I mean. I think with AI, it's going to inevitably bring up other options that we haven't thought of, and it's inevitably going to bring about sounds or feelings or grooves or patterns that will catch people's ears that you cannot create with guitar rhythm guitar standard acoustic bass, or electric acoustic bass and drums, and we like that change.  Mark Bassingthwaighte:  Speaking personally, is your, I guess, conclusion or do you see the rise of AI, generative AI then, as a positive development? Are you optimistic looking forward to see what the music industry does with this? Or is it cautious optimism?  Jeff Brandt:  I'd say it's cautious optimism because it is true, for example, let's just go with trucks, there are trucks now that can be self-driven.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  I don't necessarily think that's a good thing. First of all, I think that we can put things on trains, and I know I sound like a total socialist here, but you can put things on trains and all of those cars are "self-driven" by the one engineer up there, and it's very efficient. Trucks that are self-driven will become a problem at some point because you can hack into that.  Mark Bassingthwaighte:  Yes.  Jeff Brandt:  You can't hack into a human's mind nearly as easy, so there's that.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  I think that it's good to have the humans operating things.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  At the same time with the music business and recording, if you go back to the sixties and then the seventies, you had tons of studios that were busy hour by hour, day by day, week by week. You'd have to book into that studio six months in advance to get a four-hour space.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  Now, there are studios that are completely abandoned because they've moved into people's homes because of the laptop, because of microphones like the one we're using right here, and because of the synthesizer. Is it good or is it worse? It's change.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  That's what it is.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Is it going to affect having lots and lots of people play a string track versus using a synthesizer to simply overdub things? Yes, it's going to affect that. Is it going to affect it to the point where somebody goes to a symphony orchestra or a jazz concert and they see 18 mannequins on stage holding up instruments, and all of it comes from a synthesizer? I doubt it because we like to watch artists perform.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Like with hip-hop, almost all of the time in the hip-hop genre or any sub-genre or sub-sub-genre of hip-hop, you have people that are using synthesizers to create the entire track other than the vocals. They're even manipulating the vocals using the synth. When they go on tour, now, increasingly there are people that are using instrumentalists on tour because it's more interesting to look at.  Mark Bassingthwaighte:  That makes sense, yeah.  Jeff Brandt:  You don't want just two turntables and a microphone back there because that's all it is.  Mark Bassingthwaighte:  Yeah. Yeah. Why pay all the money to go?  Jeff Brandt:  When you go on tour, it's convenient for artists like Mariah Carey to just take the synths and go out there, but she knows that when she can afford to hire the string players, it looks cool.  Mark Bassingthwaighte:  Yeah. Yeah.  Jeff Brandt:  I think it's a case of are you going to see the glass as half full or half empty? It's here. It's been here since the pipe organ. It's going to stay. It's a question of when do you say enough is enough, and how do you look at it from your perspective as a musician? I guess I'd add one more thing. If you're afraid of the synthesizer, learn to use one. Right there.  Mark Bassingthwaighte:  Yeah, absolutely. Yeah. I really, really appreciate and love everything that you've shared. Folks, one of the reasons I wanted to do this, as you well are aware, our profession is struggling. There's a lot of people that are very much embracing the AI evolution and a lot of others very, very concerned about will they have a job. A lot of legal staff are concerned, "Will I have a job in a couple more years?" I'm using AI myself to do a lot of writing, and it's saving me tons of time, and it elevates my game. It really does. I still am the one that policy, it's an idea generator for me.  Getting back to this, I'm hoping that it is helpful to you who are listening, as we think about the challenges, the concerns, work through this, it's easier to hear and get some thoughts about how we should be responding or what do we do with all this, when we talk about it in the context of something else. Discussing this as it relates to music, I think is very eye-opening. I love the comment, you are absolutely right this synthesizer.  Jeff Brandt:  It's hard to say.  Mark Bassingthwaighte:  I always get tongue-twisted.  Jeff Brandt:  It's really tough to say.  Mark Bassingthwaighte:  It's been around since Bach.  Jeff Brandt:  It's been around since the organ.  Mark Bassingthwaighte:  I never really understood that. I think some similar things can be said about AI. It's been here a lot longer than we realize. Not in the same way, generative AI is certainly very, very new. I am cautiously optimistic about it. I would encourage you folks to just take a realistic look, take some opportunities, if you're threatened by it, pick up the instrument and learn it, and it can help your practice. I just think it's a positive thing overall. We got to be careful going too far. I can keep rambling on about this stuff for a long time. I have so many planes in my head up right now.  Jeff Brandt:  Well, there's one more thing that's worth adding.  Mark Bassingthwaighte:  Please, please.  Jeff Brandt:  There's a drummer in LA named Greg Bissonette.  Mark Bassingthwaighte:  Yes.  Jeff Brandt:  He's a studio drummer. He went to University of North Texas. He's played with lots of different artists. Greg Bissonette has always made his living playing drums.  Mark Bassingthwaighte:  Okay.  Jeff Brandt:  Now, when he first entered the studio scene in Los Angeles, as far as I know, he was going to studios and recording. You'd get your drums carted over to the studio by a carting service. You'd show up, you'd play the gig, which was a recording gig, and then you would pack your stuff up or the carting service would pack your stuff up. You'd go home and you'd be waiting for your next booked gig. Now, Greg has a microphone set up in his home. People send him a file. He listens to the file. There's maybe a click track on it, or maybe not, maybe he has to create his note. I mean, I don't know him personally, but if you need a reference for Greg Bissonette, he played all of the in-between clips on the Friends show.  Mark Bassingthwaighte:  Oh, seriously?  Jeff Brandt:  He's that guy and he's done a lot more than that. Understand that the convenience of somebody emailing you a file or dropping a file in a box and you download this file and then go ahead and say, "Okay, I'm going to add drums to this track," and you do it from your home studio. There are some good things about this. Number one, he's not driving a car in LA traffic to a studio, which means he gets to spend more time at home and more time with his family. That's better for the environment. Electric car or not, it's better.  Mark Bassingthwaighte:  Agreed.  Jeff Brandt:  Okay. It doesn't have the same in-person work environment that you had say in the sixties when the Fab Four or the Rolling Stones are right there together, hashing it out like, "What does this mean?" That's different. The truth of the matter is, I don't think anybody who's listening to something Greg Bissonette has recorded probably would go, "Oh, well, this obviously is something this guy did at his home studio with the downloaded file." In that way, it doesn't matter. Again, it's a choice of how do you want to do the track? Is it a jazz band? You probably need to come together and play. Is it a digital track and they want live drums on it?  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  Send it, who cares?  Mark Bassingthwaighte:  Right.  Jeff Brandt:  Again, this idea of change is the only constant. I mean, maybe I'll be eating my own words and I'll be replaced by a robot that has all of the personality of a human being and knows every single history of rock and roll fact. Sure. Maybe that'll happen. I doubt it. People like Greg Bissonette are still out there finding a creative way to make a living simply because they went, "Oh, now I need the studio at home. Oh, now I need this technology so that the files can be sent to me. I need my microphones, everything tuned up."  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  You still find a way to do it, and I think that we will. I've never bought that line about AI and knock on wood, that it's going to come together and destroy the human race. I think that's silly.  Mark Bassingthwaighte:  Yeah, I do too.  Jeff Brandt:  I think what it's going to do is it's going to be one of those things where we just have to be careful how we use it.  Mark Bassingthwaighte:  Mm-hmm. Yeah.  Jeff Brandt:  I think you could say we have to be careful. We have to be careful about how we drive Hummers.  Mark Bassingthwaighte:  Yeah.  Jeff Brandt:  We have to be careful about not making buildings too tall.  Mark Bassingthwaighte:  Right.  Jeff Brandt:  We have to be careful about not making wave machines so powerful that kids get knocked over when they're going to a wave machine at a water park to have fun. It's pretty simple stuff.  Mark Bassingthwaighte:  Yeah. I want to thank you for taking the time to sit down and talk. You have said so eloquently, things that I have trouble saying. I can't put it into words in the same way you do. All I can say is, folks, Jeff, the insights here, what I'm trying to get across, I hope it's self-evident now, you're summarizing all this just perfectly. That's it. I appreciate your coming. I'll let all of you get back to work. If you have any thoughts, questions, concerns on risk management, ethics, insurance, etc, remember, I'm not the Risk Manager of Alps, I'm hired by Alps to be your Risk Manager. Feel free to reach out anytime. It's MBass@Alpsinsurance.com. Good talking to you all. Take care. Bye-bye.   

  Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company. Karthick, Suzanne, and Trisha discuss value-based frameworks in terms of benefits, their experience with them, and value metrics. They share the concept of a value-based Enterprise Risk Management (ERM) framework to align risk management activities with the creation of shareholder value. They mention risk quantification methodologies to assess financial and non-financial risks. They explain the use of scenario analysis to tailor risk management practices to your organization's risk appetite and objectives and give ideas on how to get buy-in from the boardroom. Listen in for ways to implement a value-based ERM framework in your organization.   Key Takeaways: [:01] About RIMS. [:15] About this episode. From RIMS headquarters in New York, we will be joined by three members of the RIMS Strategic and Enterprise Risk Management Council to discuss risk quantification through a value-based framework. [:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024. [:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms. If you are a RIMS-CRMP holder, you can earn recertification points by attending the RIMS ERM Conference 2024! [1:16] For those of you interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page! [1:30] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:45] Links to these courses can be found on the Certifications page of RIMS.org and through this episode's show notes. [1:53] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique. [2:14] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [2:23] Interview! Returning to the show are Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company. [3:00] These brilliant minds, Trisha, Suzanne, and Karthick, will present the session “Risk Quantification Through Value-Based Frameworks” to kick off Day 2 of the RIMS ERM Conference 2024 on November 19th. [3:15] Today we'll get tips on how to launch a value-based framework, what the benefits and limitations may be, and how to convince your board to buy in. Karthick Dalawai, Trisha Sqrow, and Suzanne Christensen welcome to RIMScast! [4:54] Karthick explains that Enterprise Risk Management in its current form and where it goes from here to enable leaders to make informed decisions tie back to metrics and the quantification of results. [5:22] Doing risk management thematically is good and influential, but anything you don't quantify you can't improve. Risk quantification is essential for a good enterprise risk management program. [5:49] Trisha's risk management path has evolved toward a value-based framework. She suggests an organization could start by measuring its overarching risk appetite, understanding its risks, and putting its ERM framework in place. [6:22] The parameters could be how much financial, regulatory, or strategic risk you want to take. Hone in on what the risk translates to by quantifying the value. [7:03] The metrics may not always be dollar amounts. There may be safety value metrics, or cyber security impacts. There is a way to tie those back to financials in many cases, but you can look at different values. [7:51] Karthick says it's easier to quantify financial risk than intangibles like cyber risk or talent risk. Having a common denominator makes it possible to explain risk so IT, HR, and all departments understand the enterprise risk, not just the risk in their slivers of the organization. [8:58] Defining risk under a value-based framework takes three keys: uncertainty, deviation from the company strategy, and taking the right opportunities to increase value. If you planned to grow 10% and you grew 15%, analyze that opportunity. What was the cost of that benefit? [10:20] Suzanne adds that scenario analysis helps. Why did your growth vary from your planned growth? What do you have to have in place to manage it? With a 15% growth, you'll need more resources and a plan for the logistics. You may need to make a lot of other arrangements. [11:06] You need to think about those things in contingency mode. Scenario analysis does that; it helps you work through those plans. [11:30] Karthick describes the possible limitations of a value-based framework. The common denominator is a financial metric. Executives need to understand what factors contribute to that value. Tying the risk appetite to the value occurs high in the organization. It's all-encompassing. [12:07] You have to break the framework into layers by what it means for the different business units and how they measure business. Rightly implemented, a value-based framework is of great value; otherwise, people might become disconnected from it. [12:37] Suzanne agrees that people might not buy in if the framework is not well-implemented. Suzanne and Karthick discuss avoiding bias and starting with wrong assumptions. [13:02] Karthick believes that gets into the risk culture of the organization. Is it conservative or more aggressive? When you have a quantifiable and measurable risk appetite, some people may tend not to breach it at all. Many times, risk decisions need not be risk-optimized. [13:48] Having a measurable risk metric guides how much risk people can take to add value to the organization, not just to manage the downside. Tie it back to the business metrics through which leaders measure their performance. Having a good manager is a win-win. [14:16] Suzanne adds that weighing the cumulative impact of multiple decisions while figuring out a strategy for the organization helps you think about the risk appetite of the firm and if there is room to take more risk. [14:53] Trisha considers the risk culture of the organization in helping people understand value-based frameworks. There are a lot of conversations to be had with various departments. A financial office does not have the same risks as a manufacturing facility or an airport. [15:28] Work with the people looking at safety metrics and help translate them into dollar amounts, considering insurance and claims. What value does the framework add? [15:45] Help people understand the value-based framework and have conversations around it. How much risk can you take? [16:19] Plug Time! RIMS Webinars! On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”. [16:34] On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”. That session will feature insights and perspectives from risk managers who previously served in the United States Armed Services. [16:53] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. [17:00] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series,  “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”. [17:15] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”. [17:23] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” [17:32] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [17:44] Back to My Interview with Suzanne Christensen, Trisha Sqrow, and Karthick Dalawai. [18:22] Karthick says to ask the executives at your organization if they use the deliverables from ERM in their day-to-day decision-making and how they tie into the metrics. If you get a positive answer, you're in a good spot. If not, a value-based framework is a good solution. [19:00] Every executive business leader manages P&L and understands dollarized values. Value-based frameworks are good tools if they are implemented in the right way. [19:21] Trisha says to consider your impact scoring. That's the beginning of your risk appetite. Work toward getting a common denominator. [19:40] Suzanne comments that to make better, more confident decisions in the organization, and get the executives engaged in the conversation, you want to understand what their tough decisions and challenges are. [20:03] In what would the executives like more transparency and understanding to make their tough strategic or day-to-day decisions? Connect with them where their challenges are as a starting point. That immediately proves value to the organization. [20:41] Trisha and Suzanne have publications discussed in episodes linked in the show notes. Suzanne authored a report on emerging risks and board reporting, “Navigating the Complexities of Emerging Risks”. Trisha co-authored “Developing and Refining Risk Appetite and Tolerance”. [21:21] Suzanne and Karthick will be two of the panelists in the closing general session of the RIMS ERM Conference 2024 on November 19th. That's going to be a forward-looking discussion that will be a lot of fun. [21:57] During that closing session, we're going to give away a registration to RISKWORLD 2025 in Chicago! Everyone should stick around for this session! [22:16] Thank you all so much for joining us today here on RIMScast! [22:25] Special thanks to Trisha Sqrow, Karthick Dalawai, and Suzanne Christensen of the RIMS Strategic and Enterprise Risk Management Council. [22:36] On November 19th, they will kick off Day 2 of the RIMS ERM Conference 2024 in Boston, with a session about Risk Quantification through a Value-based Framework. That will not be the only session they will present, so if you like what you heard, register now at RIMS.org/ERM2024. [22:59] Links to the guests' prior RIMScast interviews and their respective reports are in this episode's show notes. [23:12] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024! [23:27] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [23:58 ] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [24:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [24:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [25:12] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [25:26] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:33] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS ERM Conference 2024 will be in Boston, MA Nov. 18–19 | Register Now RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RIMS Executive Report: “Developing and Refining Risk Appetite and Tolerance” RIMS Professional Report: “Navigating the Complexities of Emerging Risks” RIMS-CRMP Stories — New interview featuring Dan Elliott! Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31! RIMS Webinars: “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024 “Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024 “Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024 “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by HUB International | Nov. 21, 2024 “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA (Virtual) | November 14–15, 2024 | 9:00 am–4:00 pm SGT — Register by Nov. 7 “Applying and Integrating ERM” | Dec 4‒5 “Captives as an Alternate Risk Financing Technique” | Dec. 17–18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Big Shifts with John Hagel, ERM Conference Keynote” “Applying ERM Theory with Elise Farnham” “Maintaining an Award-Winning ERM Program with Michael Zuraw” “On Risk Appetite and Tolerance” with Trisha Sqrow “Emerging Risks and Board Reporting” with Suzanne Christensen   Sponsored RIMScast Episodes: “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant (New!) “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Karthick Dalawai, Chief Risk Officer for Penn Mutual Life Insurance Company   Trisha Sqrow, Vice President, Consulting Solutions, Marsh Advisory for Marsh USA Inc.   Suzanne Christensen, SVP, Head of Enterprise Risk Management for Franklin Templeton Investments Social Shareables (Edited For Social Media Use): Why Enterprise Risk Management exists in its current form and where it goes from here tie back to metrics and the quantification of results to enable leaders to make informed decisions. — Karthick Dalawai   Depending on your organization, you might be looking at different values and different types of metrics. Some might be strictly financial. An industry that has significant safety concerns might have a lot of safety value metrics, based on the type of risk. — Trisha Sqrow   Scenario analysis helps because you can run through those situations to say if that happens, then what happens? What do we have to have in place to be able to manage through that? With a 15% growth, you'll need more resources and a plan for the logistics. — Suzanne Christensen  

Tony Gallagher, Event, Security, and Risk Manager with Ashtree Risk Group and former inspector for North Central Dublin discusses the rise of crime against retailers.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Chris Willey of American Eagle FCU. Justin asks Chris how banking and financial risk management has evolved since Chris entered the profession, in the past 15 years after the housing crisis, and in the past two years after the SVB collapse. They talk about Chris's 2023 RIMS ERM Global Award of Distinction, how leadership has reacted to the ERM program, and how the program has changed since last year. Chris explains American Eagle FCU's ERM philosophy, including its nine risk categories. Chris shares her thoughts about what it takes to activate an effective ERM Program today, and how ERM can help improve the banking sector and the risk industry overall. October is Cybersecurity Awareness Month. Chris tells what that means to her.   Key Takeaways: [:01] About RIMS. [:15] About this episode. From RIMS headquarters in New York, our guest is Chris Willey, the VP of ERM at American Eagle Financial Credit Union. She is also a recipient of the 2023 RIMS ERM Global Award of Distinction. [:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024. [:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. [1:10] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page! [1:34] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:50] Links to these courses can be found on the Certifications page of RIMS.org and through this episode's show notes. [1:57] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique. [2:20] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [2:28] Interview! My guest today, Chris Willey, is the Vice President of Enterprise Risk Management at American Eagle Financial Credit Union. In 2023, her ERM program received a RIMS ERM Global Award of Distinction. We didn't get to connect last year to discuss it. [2:49] We're here now, and we will learn all about Chris Willey's ERM philosophies, how American Eagle FCU handles certain risks, and what their risk register looks like. We will also get some tips for staying cyber secure, as October is International Cybersecurity Awareness Month. [3:06] Chris Willey, welcome to RIMScast! Congratulations again for your ERM program being one of the honorees of the 2023 RIMS ERM Global Award of Distinction! [3:51] Chris started at the credit union 34 years ago in Internal Audits where she got to see and understand the entire organization. In 1998, the board of directors started a risk management department. Chris applied and got the job. [4:25] At first, they worked on traditional risk management, including insurance and fraud. Over the years, they added responsibilities. ERM was the last piece they added to their risk management repertoire, 14 years ago. [4:56] Around the time of the housing crisis, one of the credit union's high-risk areas, the board asked Chris to create an ERM program. Credit union regulators were also instrumental in starting ERM. While not required, having an ERM program is necessary to understand your risks. [6:26] Chris has one staff member, Theresa, the Assistant Vice President, who helps with all facets of risk management. Chris and Theresa do a lot. Chris says it would be nice to have another person helping them. [7:28] After the Silicon Valley Bank collapsed in March 2023, the interest rate risk and liquidity risk got a lot of attention. American Eagle FCU was on top of it. Their interest rate risk was increasing and the ERM program had already begun taking measures to thwart risk. [8:10] American Eagle had scaled back some of their lending and beefed up their liquidity because of what happened on the West Coast. That helped put them in a great spot. [8:44] The regulators had come down hard on them and American Eagle did a lot of things to prove that they were going to be OK. The regulators are the insurers so wanted to make sure American Eagle had enough liquidity in case something happened like that at the credit union. [9:04] It was a lot of work. The CFO and others in the organization put in additional monitoring tools. That's what the ERM program does. It says, “Hey, we've got a potential issue or higher risk.” It's a call to action to ask, "What are we going to do differently to mitigate the risk?" [9:37] American Eagle's interest rate risk is still trending a little bit higher but it's under control and being monitored. The regulators gave them a great pass last year and are working on this year's audit. [10:12] When the American Eagle FCU ERM program was awarded the 2023 RIMS ERM Award of Distinction, regulators were thrilled. The board of directors was very happy to hear of it at a board meeting. The Risk Council Team was also thrilled and felt they were on the right track. [11:11] The award came at a good time for the ERM program. Since then, American Eagle has had a few new executive leaders. The ERM program team is educating the risk council on what ERM is and the nine risk categories, definitions, KRIs, and what they should keep or change. [12:43] American Eagle is getting to the point of putting new KRIs in place to see where they land with the risk ratings. They are asking if their risk tolerance or appetite should be increased. American Eagle FCU has been risk-averse. You can take calculated risks with an ERM program. [13:41] If the risk gets to be above your expectations, you can try to reel it back to a more manageable level. [14:04] American Eagle FCU is growing in its assets and also in its team members. The ERM program is adding a People Risk category to help create a culture that's engaging. The board of directors is excited to see what that will look like. [14:39] Plug Time! RIMS Webinars! On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”. [14:56] On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”. On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”. [15:17] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” [15:43] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [15:55] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m. ET. I will be moderating for my friends at ex judicata “If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory”. [16:20] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. The link is in this episode's show notes. [16:41] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it's all about. The link is in this episode's notes. [16:58] Back to My Interview with Chris Willey of American Eagle FCU! The nine risk categories of American Eagle's ERM program are credit risk, interest rate risk, liquidity risk, transaction risk, compliance risk, concentration risk, strategic risk, reputation risk, and cyber risk. [17:44] American Eagle FCU started with the seven NCUA risks, and as cybercrime became prevalent, they added a category for cyber risk. When NCUA sent a letter on concentration risk, American Eagle FCU added a category for concentration risk. The people risk is upcoming. [18:32] Now all risks are counted equally, but they may start looking at weighted averages. That is still TBD. [19:25] American Eagle FCU has from 335 to 350 team members. The credit union is state-charted in Connecticut. They have members in Massachusetts but no branches in that state. They have no plans to charter in other states. [20:35] American Eagle FCU is trying to manage everything with a balanced approach, taking on more risk than before, and moving toward the center of the risk spectrum. The initiatives of their strategic plan involve a certain amount of risk and it will be OK. [21:34] To start an ERM program from scratch in 2024 you need executive buy-in. The tone from the top is important. American Eagle FCU started at the management level and once it was running well, they brought the board of directors into it. [22:01] Chris explains how strategic initiatives, projects, budgets, finances, and reputation were KRI measures that were reported to the board twice a year. [22:52] Two of the three 2023 honorees of distinction, American Eagle FCU and Sterling Bank and Trust, are in the banking sector, which speaks to what ERM can do for banking. [23:21] With interest rates as they are, it's a good idea for a bank to have an ERM program to help navigate these times, whether interest rates are going up or down. Risk management is very basic to every financial institution, whether or not it is ERM. [24:36] Justin remembers that there was no risk manager at Silicon Valley Bank. RIMS believes that every organization, regardless of its size, should have a dedicated risk professional. Chris thought at the time there were going to be a lot of risk management positions opening up. [25:36] It is prudent to have a risk professional. They bring insight to your thinking that you may never have considered. The American Eagle FCU ERM program uses Key Risk Indicators. You want leading KRIs to pinpoint problems that are up and coming. Look forward, not back. [26:29] ERM can help the risk profession greatly. In the cyber area, everyone has data they need to protect. If you have an ERM program looking at some of the risks in the cyber area, you might be able to create a better environment and protect against all the threats out there. [27:08] Threats are not going to stop. They will continue to get worse. American Eagle ERM makes decisions based on its ERM program. They do business-level risk assessments to help business owners understand how to stay within their risk tolerance level. [27:51] ERM is language and knowledge from which every organization can benefit. [27:57] October is Cybersecurity Awareness Month. American Eagle FCU has participated in Cybersecurity Awareness Month for over a decade to educate team members on all kinds of cybersecurity issues and threats. [28:38] This year, the theme is Willy Wonka, with cyber security videos and activities for interactive learning. They issue their security training for the year for all team members. They also educate members with tips on social media, their newsletter, and their website. [29:45] American Eagle FCU is holding a fraud symposium for members. October at American Eagle FCU is a fun time. The CFO dresses as WIlly Wonka and the ERM team members are Oompa Loompas. They do short videos throughout the month about what's coming up. [31:41] Chris, it is wonderful to see you. I appreciate all your time and your wonderful insight. It speaks to the banking sector and the broader risk community. There's a lot that our listeners can learn from this episode. Congratulations again on the 2023 RIMS ERM Award of Distinction! [32:09] Special thanks again to Chris Willey of American Eagle FCU for joining us here on RIMScast! Check out the episode's show notes for more resources about cybersecurity and the 10 risks we discussed during the interview.  [32:24] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024! [32:40] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [33:13] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [33:58] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [34:15] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [34:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [34:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [34:54] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App The Strategic and Enterprise Risk Center RIMS-CRMP Stories — New interview featuring Dan Elliott!  Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31! International Cybersecurity Awareness Month RIMS Webinars: “If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory” | Presented by ex judicata | Oct. 22, 2024 “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Oct. 24, 2024 “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024 “Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024 “Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024 “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15, 2024 | 9:00 am‒4:00 pm SGT — Register by Nov. 7. Applying and Integrating ERM | Dec 4‒5 Captives as an Alternate Risk Financing Technique | Dec. 17‒18 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Big Shifts with John Hagel, ERM Conference Keynote” “Applying ERM Theory with Elise Farnham” “Maintaining an Award-Winning ERM Program with Michael Zuraw”   Sponsored RIMScast Episodes: “RMIS Innovation with Archer” | Sponsored by Archer (New!) “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!) “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Chris Willey, VP of Enterprise Risk Management at American Eagle Financial Credit Union The American Eagle FCU ERM top risk categories: Credit Risk Interest Rate Risk Liquidity Risk Transaction Risk Compliance Risk Concentration Risk Strategic Risk Reputation Risk Cyber Risk Coming soon: People Risk Social Shareables (Edited For Social Media Use): Our CFO and others in our organization put in additional monitoring tools. That's what the ERM Program does. It says, “Hey, we've got a potential issue or higher risk.” It's a call to action to ask, "What are we going to do differently to mitigate the risk?" — Chris Willey   It's hard to benchmark one ERM Program to the next. It's different, based on your risk tolerances and the way you run your business. — Chris Willey   If we want to grow, give back to the community, and do all the initiatives we would like to with our strategic plan, we are going to have to take more risk, and it's going to be OK. — Chris Willey   Threats are not going to stop. They are going to continue and get worse. We make decisions based on our ERM program. We do business-level risk assessments and get the business owners involved so they understand what their tolerance levels are. — Chris Willey

In Episode 36 of "Talk to Me About A&E," Dan is joined by Colleen Palmer, Risk Manager for Beazley, and Lou Gale, GC for the architectural firm SCB, on the Standard of Care.  In Part I of this two-part series we begin the first question asked when a design professional is accused of negligence: What was the applicable standard of care - and was it met?   This discussion will include an overview of what every design professional should know when it comes to the standard of care, as well as how best to educate their clients and manage expectations through effective communication and documentation practices.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews John Hagel, RIMS ERM Conference Keynote. John's keynote on November 18 will be titled Embracing Change to Manage Risk. Justin and John explore how risk has evolved over John's 40-year career and the last decade, and aligning risk management with technological innovation. John shares his thoughts on the RIMS Risk Maturity Model and a hint of what to expect in his November 18th keynote address at the RIMS ERM Conference 2024 in Boston. John concludes with his observation of positive trends in risk management.   Key Takeaways: [:01] About RIMS. [:15] About this episode. Our topic is ERM and our guest is John Hagel, who will be the opening keynote at the RIMS ERM Conference 2024 in Boston on November 18th and 19th. [:46] RIMS ERM Conference! The full agenda is live. We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. RIMS.org/ERM2024. [1:05] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page! [1:28] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certifications page of RIMS.org and through this episode's show notes. [1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He's very popular in the Worker's Comp space. [1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. Other dates for the Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops. [2:20] Interview! I am so excited to present an interview with our guest today, John Hagel! He will deliver the opening keynote address at the RIMS ERM Conference 2024. It's titled Embracing Change to Manage Risk. [2:37] John is a visionary with more than 40 years of experience as a management consultant, entrepreneur, and thought leader in Silicon Valley. He will kick off our conference, exploring how technological innovation is transforming the global economy, society, and the risk landscape. [2:55] John will also explore how these concepts will influence and intersect with three critical risk tenets: strategy alignment, culture and accountability, and risk capabilities. There's so much to discuss. Let's get to it! [3:09] John Hagel, welcome to RIMScast! John joins a long line of impactful keynote speakers for the RIMS ERM Conference. He is excited about it! [3:54] John was drawn to Silicon Valley decades ago because of the sense of optimism and the energy around addressing opportunities in the future and also because it's the seedbed of some amazing digital technology. [4:17] John founded a couple of tech startups. He was a senior executive with Atari in the video game business from 1982 to 1984, a partner at McKinsey & Company, helping found their Silicon Valley office, and led a research center at Deloitte, called the Center for the Edge. [5:20] Atari provided an opportunity for young people to get into digital technology. [6:09] John talks about the risks in technology over the years. Digital technology is improving exponentially over time. What's competitive today becomes obsolete a couple of days from now or years from now. [6:27] John has done a lot of work around what he calls the big shift, or the long-term forces that are redefining the global economy and society. On one side, the big shift creates mounting performance pressure, the competition intensifies and the pace of change accelerates. [6:46] A small event in a faraway place quickly becomes a globally disruptive event. There's a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you've done before becomes more risky. [7:24] At the same time, the big shift is creating exponentially expanding opportunity, with far more value at far less resource, far more quickly. It decreases the risk of creating exponential value. [8:14] John believes the most disruptive trend over the past years has been customers becoming more powerful with access to more information. They use that information to find someone much more effective at addressing their needs. They're becoming less trusting. [8:44] John sees trust eroding in large institutions around the world. That's disruptive, as large institutions want and need trust but they're losing it. This is business-to-business trust. It is being lost because of the spreading emotion of fear. [10:35] In Silicon Valley, John had the opportunity to work with some of the most successful technology companies. He found that they have a different approach to strategy than most traditional organizations. John is a strong proponent of the value of this approach. [10:56] This different approach is called Zoom Out-Zoom In. Zoom out 10 to 20 years; what's the really big opportunity we could be pursuing? Zoom in; what can we do in the next six to 12  months to help us accelerate our movement toward that opportunity? [11:25] Companies that pursue the Zoom In-Zoom-Out strategy focus on the risk of not acting. They move forward but don't try to do massive 10-year projects. They do something in the next six months that can help them learn faster what's required to achieve the opportunity at low risk. [12:16] Plug Time! RIMS Webinars! On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future. On October 17th, Resolver will discuss The Future of Risk & Compliance: 5 Key Insights for the Modern Leader. [12:36] On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures. [12:50] On October 31st, TÜV SÜD GRC discusses Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering. On November 4th, I will be hosting a special RIMS Webinar presentation, Lessons from Veterans on Strategic Risk Leadership. [13:20] On November 14th, Marsh will present Risk Perception and Management: Insights for a Changing Landscape. More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [13:38] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m.ET. I will be moderating for my friends at ex judicata If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory. [14:04] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. [14:24] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it's all about. The link is on this page. [14:43] The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [13:57] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [15:08] On that note, applications are being accepted for internship grants. Since 1999, Spencer has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda. [15:26] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode's show notes. [15:40] Back to My Interview with RIMS ERM Conference 2024 Keynote Speaker, John Hagel! John loves Boston. He loves the combination of incredible history and all the universities there. It's got a youthful culture; the combination of age and youth makes it interesting. [16:38] For six years, John lived in Boston. For four of those years, he was in a graduate program for both an MBA and a JD from Harvard. He was recruited by Boston Consulting Group to be a consultant and spent two years there. He just didn't like the cold winters and hot summers. [17:30] Justin describes the emergence of the RIMS Risk Maturity Model. It serves as a template or guide for how effective ERM can be run. A link to it is on this page. John took the model. It was challenging for him as a solo practitioner; it was hard to apply five pillars to an individual. [18:15] John found the five pillars and the different levels of maturity enlightening. The model shows the complexity of ERM. It's not just one pillar and one stage. In terms of maturity, it's a set of stages. John particularly likes the emphasis on continuous cycles of improvement. [19:05] John also liked that at the highest level, the focus was future-oriented decision-making, encouraging and helping people to look ahead to future opportunities and risks. The model helps leaders to see that ERM is a continuously improving cycle. [19:48] No matter how good an ERM program is at any time, there is more to come. John likes the focus on the future and the emphasis on continuous learning. We must learn constantly and never assume we're experts with all the answers. There are more questions that need answers. [20:15] The five pillars John mentioned are Strategy Alignment, Culture & Accountability, Risk Management Capabilities, Risk Governance, and Analytics. [20:44] John's opening keynote address will cover his research on how the world is changing and the implications for risk management, the big shift with mounting performance pressures as a key factor. He will discuss the new approach to strategy as old approaches are challenged. [21:24] We need to step back and reflect on what strategy is going to help us manage risk more effectively. We're in a time when fundamental transformation is essential. He will talk about the role of AI in ERM as a catalyst for change. [22:08] John will focus on three pillars of the RIMS Risk Maturity Model: Strategy Alignment, Culture & Accountability, and Risk Management Capabilities and how to address them in the rapidly changing world. John will have no visuals. He encourages audience interaction. [23:14] Justin emphasizes there will be some Q&A time at the end of the session, and that people should take notes during the address. Please come prepared with questions that can enhance the audience's knowledge. [24:09] John warns against underestimating the risk of continuing as you are and focusing just on the present. Look into the future to see how risks may be changing over time. In addition to internal risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers. [25:00] John sees a positive trend of understanding that as the world is changing, more opportunity is emerging. Explore the opportunity. Understanding how technological innovation transforms our opportunities and risks becomes critical. [25:26] John, we look forward to seeing you on the morning of November 18th in Boston, kicking off our RIMS ERM Conference 2024. You're going to explain how to embrace change through innovation and the psychology of change. Anyone in risk management will take away a lot! [26:00] We thank you in advance for being a fantastic keynote! [26:07] Special thanks to John Hagel for joining us! He will be the opening keynote speaker on November 18th at the RIMS ERM Conference 2024. A link to his website is on this page. [26:23] Register now for the RIMS ERM Conference 2024, to be held November 18th and 19th in Boston, Massachusetts! Visit RIMS.org/ERM2024 to register. [26:36] It's RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [27:11] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [27:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [28:14] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [28:30] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [28:45] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [28:52] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App Spencer Internship Grants — Deadline Oct. 15 The Strategic and Enterprise Risk Center RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford! JohnHagel.com   RIMS Webinars: Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024 The Future of Risk & Compliance: 5 Key Insights for the Modern Leader | Sponsored by Resolver | Oct. 17, 2024 If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory | Presented by ex judicata | Oct. 22, 2024 From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024 Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024 Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024 Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Fundamentals of Insurance | Oct 9‒10, 2024 Applying and Integrating ERM | Dec 4‒5 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Applying ERM Theory with Elise Farnham” “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Bigger Risks with the Texas State Office of Risk Management” | Sponsored By Hillwood   Sponsored RIMScast Episodes: “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!) “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | (New!) “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: John Hagel, Silicon Valley Veteran, Entrepreneur, and Founder of Beyond Our Edge, LLC John Hagel on LinkedIn Social Shareables (Edited For Social Media Use): Digital technology is exponentially improving over time. What's competitive today becomes obsolete a couple of days from now or a couple of years from now. — John Hagel   There's a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you've done before becomes more and more risky  — John Hagel   I did find the RIMS Risk Maturity Model enlightening in terms of the five pillars that come into it and the different levels of maturity, helping people to see that this is complex. It's not just one pillar and one stage. — John Hagel   Don't underestimate the risk of continuing as you are and focusing on the present. Look to the future to see how risks may be changing. In addition to internal organizational risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers. — John Hagel  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Britt Embry, VP of Communications, RIMS Greater Bluegrass Chapter; Nancy Brooks, Executive Director of NAMI Louisville; and Tony Quinones, Director of Risk Strategies and Compliance of Walt Disney World® Resort and Disney Cruise Line. Britt discusses the Greater Bluegrass RIMS Chapter's Power of Partnership Conference, on October 8th and 9th. Nancy shares an overview of her keynote speech on mental health and risk management for the conference. Then Tony describes his career and how he used continual learning to expand his career from claims to risk strategies and compliance, with a side of mentorship. Get ready for some excellent tips on partnership, mental health, and risk, and developing your risk management career.   Key Takeaways: [:01] About RIMS. [:15] About this episode. We have three guests; one from the Greater Bluegrass Chapter of RIMS, one from the National Alliance on Mental Illness, and last, but not least, Tony Quinones, Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line. [:48] RIMS Events! We are less than a week away from the start of one of my favorite events, the RIMS Canada Conference 2024, which will be from October 6th through the 9th in Vancouver. Register at RIMSCanadaConference.ca. [1:05] We want you to join us in Boston, Massachusetts on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out and register. A link is on this page! RIMS.org/ERM2024. [1:21] All RIMS Regional Conference Information can be found through the Events page of RIMS.org. [1:26] RIMS Virtual Offerings! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He's very popular in the Worker's Comp space. [1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. This is the last call for her session on October 3rd and 4th, Fundamentals of Risk Management. Other dates for Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops. [2:19] RIMS Webinars! Also, be sure to check out the full schedule of RIMS webinars at RIMS.org/webinars. Remember, registration is free for all RIMS members, one of the many value-adds for a RIMS membership. [2:36] Interviews! We will kick off this episode of RIMScast with two guests. Britt Embry is the VP of Communications for the RIMS Greater Bluegrass Chapter. They have a two-day event on October 8th and 9th in Louisville, Kentucky, The Power of Partnership. [2:57] Registration is supposed to close today, October 1st, but as you'll hear in the interview, you may still be able to register past today, if you play your cards right! [3:08] We will also be joined by one of the speakers presenting on October 9th, Nancy Brooks, the Executive Director of NAMI Louisville. We'll get a brief preview of her session on mental health in risk management, and how mental health awareness is evolving in the risk space. [3:29] Britt Embry and Nancy Brooks, welcome to RIMScast! [3:38] Britt, let me congratulate you for winning the Chapter of the Year award at RISKWORLD 2024! Britt says the RIMS Greater Louisville Chapter went full steam; it's a new chapter, the 80th RIMS chapter! They got much excitement from the risk management and insurance community! [4:21] It paid off! Britt is very appreciative of all the sponsors, vendors, and participants in the Power of Partnership Conference. Britt says it was a lot of hard work but the chapter is very excited to receive the Chapter of the Year Award. [4:37] The RIMS Greater Louisville Chapter is growing like weeds! They are close to 100 members with the chapter and RIMS nationally. They're pushing through to make a difference! [5:04] The chapter is about two-and-a-half years old. They're excited to support risk management and insurance throughout the state of Kentucky and some of Indiana, as well. [5:30] This episode comes out on October 1st. That's one week before the opening of the Power of Partnership. Today is the last day for registration. If you want an exception after today, please email the chapter at GreaterBluegrassofRIMS@gmail.com. The link is on this page. [6:22] Nancy Brooks is here because she will be one of the marquee speakers at the Power of Partnership event. Nancy says as we assess the risk, including the safety and well-being of an individual, it results in us understanding how mental health impacts everything we do. [6:56] Nancy will highlight that in her presentation and focus on mental health in risk management and how the potential to reduce insurance rates and provide more benefits for employees impacts their mental well-being as well. [7:38] One of NAMI's messages is “You are not alone.” NAMI recognizes that the mental health journey is complicated. It's not the same as someone who comes down with a diagnosis that's more “acceptable.” With mental illness, there's a tendency to hide, so they need a trusted ally. [8:10] NAMI supports families and individuals who are affected by mental illness. [8:30] In her keynote, Nancy will include a discussion on general mental well-being and share tools for self-care that everyone can use. She will note some signs and symptoms to help individuals identify in their workplace that someone's struggling with a mental health condition. [8:56] These signs and symptoms can also show up in our loved ones and inner circle. It helps to know those signs and symptoms and reduce the stigma, reducing barriers to communication. [9:18] Nancy will focus on how mental health relates to risk management, employees, and injured workers. [9:39] Britt says registration is open to all risk professionals. You pay a little extra if you are not a chapter member. They would love to have you as a member and get your insight into the organization, as well.  [10:04] Greater Bluegrass is connecting all the various types of risk management and insurance that they see in the state of Kentucky, from distilleries to healthcare, to restaurants, and everything in between. To have everyone's insight and knowledge is amazing! [10:35] NAMI Louisville is very experienced in doing workplace training through its Stigma-Free Workplace Partnerships. Any business that comes to the event can ask to have NAMI Louisville send someone to their workplace for different types of training, including suicide prevention. [11:04] The Power of Partnership will be on October 8th and 9th in Louisville, Kentucky. Britt and Nancy will be there. There are links in this episode's show notes for anyone who wants to and should attend. Britt and Nancy, I want to thank you both. It sounds like it will be fabulous! [11:24] Marquee Interview! I am joined by Tony Quinones, the Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line. Tony, welcome to RIMScast! [12:01] At Walt Disney World® Resort and Disney Cruise Line, it's always booking season and vacation season. Now it's the beginning of the holiday season. [12:17] Out of college and for most of his career, Tony worked in claims. He started in liability with State Farm Insurance. He hadn't studied insurance in college but he was attracted by a job posting. He meant to work for a time, then go back to school to be a history teacher. [12:50] Twenty-two years later, here he is, talking to Justin about his career and his current role in risk management. Tony says he's had a good time and the profession has been good to him. [13:20] His claims background knowledge helps him handle challenges in his risk management role. He worked in claims until three years ago when he formally transitioned to risk strategies and compliance. He always took opportunities to expand his knowledge of risk management. [14:17] Disney Cruise Line feels like a floating resort. Tony has a set of responsibilities around compliance training and data analytics. The analytics teams support safety, operations, and claims partners. [14:54] The environmental, safety, and operations teams address the risks inherent to the Maritime laws, and regulations in the U.S. and internationally. Tony's analytics teams work with them in every aspect to support them with the best information possible to do their roles. [15:43] A cruise ship is a floating city. Tony doesn't oversee the waste management but he says the machinery is amazing. They are conscientious to do the best they can for the environment.  [16:08] Tony has a staff of approximately 70 cast members under his supervision. Any that have responsibilities strictly on the ships are crew members. The Risk Management Division has about 150 members in partnership with the areas of safety, environmental, and operations. [17:14] It's a well-oiled machine of information and partnership back and forth, with some of the strongest protocols and audits to help make sure it's one of the safest environments for crew, cast, and guests. [17:33] The Walt Disney World® Resort and Disney Cruise Line ERM program is overseen at the corporate level. Tony's team supports the ERM initiatives with their day-to-day operations. [18:01] Tony thinks it's important to work in unison with the corporate side. There is risk management alignment across the company. [18:37] About dealing with catastrophes, Tony says having a contingency plan is great but make sure that it's flexible for the situation at hand. Have robust communication systems. Know which partners you need to reach out to for certain situations and communications. [19:02] You need to have the right roles in the room and at the table so that decisions can be made and communication can be spread out effectively and efficiently. There aren't catastrophes happening all the time but have continuous training and be aware of the what-ifs. [19:26] You might not be ready for a specific incident but the memory of going through the action plan and reacting will apply to most incidents and having those three things puts you into a situation where you are ready for the unexpected and to respond effectively and efficiently. [20:01] How do storms affect Disney Cruise Line? Everyone goes through practices and knows what they are doing. They walk through the contingency plans and action plans to solidify them in muscle memory. [20:57] Tony recounts the rebound after the pandemic. Having key partnerships with the operations partners across the company was key. As Walt Disney World® Resort and Disney Cruise Lines re-opened slowly and surely, they saw their guests come back to resume normalcy. [21:59] Tony says risk management was impacted by the pandemic but they still had work to do. At that time, he was still on the claims side. While the resort and cruise line were closed, they built for what they knew would come back. Claims built up slowly with attendance. [22:38] Once the hiccup of the pandemic was over, Tony says they were in a good place to be there for their guests and cast members, for worker's comp. [23:10] Tony recalls how the resorts reopened, a park or a resort at a time. Some services weren't available right at the time of the park opening. Some new experiences were added, like mobile check-in and self-check-in. They explored technology during the interruption. [24:35] Tony takes opportunities to walk the parks and the ships to see the conditions of the properties in case something comes up in a report. He wants to make sure that what he is offering his partners is what they need. [25:44] Whenever Disney gets in the news, Tony checks to see what is the context. He is confident in what Disney does and why they do it. [26:14] Quick Break! The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [26:31] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [25:42] On that note, applications are being accepted for internship grants. The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode's show notes. [27:02] We Conclude My Interview with Tony Quinones of Disney!  [27:15] Through October 15th, we are in National Hispanic Heritage Month. At Disney, there are cast-run burgs. Tony belongs to the Latin American Burg. He also does anything he can within the RISKWORLD diversity platforms and to be part of the Hispanic heritage within the industry. [28:23] Latin American professionals need to take advantage of the opportunities in risk management in general, and insurance. There are not a lot of Hispanic or Latino Americans in the industry but there are a lot of opportunities, maybe more than when he started. [28:47] There's still a way to go. There are so many specialties within risk management. It's not just a risk manager. There's insurance and so many different areas of risk. Tony wants Latinos to find a niche where their talents can grow. Maybe risk management is meant for you. [29:29] Many colleges are offering a risk management program. If you're a young Latino going into college, Tony invites you to consider risk management as an avenue for your education. [29:49] Tony is bilingual and that has served him in his career. He needed it almost daily when he was handling claims. Tony suggests that whatever other language you speak, double down on it and use it to your advantage. [30:30] Tony is on the RISKWORLD ACPC, the Annual Conference Planning Committee. They are planning RISKWORLD 2025 in Chicago. He recalls the great program and breakout sessions of RISKWORLD 2024 in San Diego. Put RISKWORLD on your bucket list! It's a great opportunity! [32:06] Tony relates the RISKWORLD DE&I Studio to the evolution of the risk profession overall. It speaks to the younger generation in risk management, just entering the workforce. The DE&I Studio was exciting and attracted many people who wanted to know more about DE&I. [33:03] The DE&I Studio is a place where different communities are immediately acknowledged and included. Tony hopes it continues to grow as they continue to put the RISKWORLD conferences together. [33:36] Any chance Tony gets, not just with the Latin American community, but in general, with the younger workforce coming into risk management, to mentor, he does it. He is involved with mentorship at Disney, called Mano a Mano, which is focused on mentoring the Latin community. [34:02] Tony is also part of Rise Professional, a mentorship program helping those just coming into the risk management profession. Anytime he can share his knowledge and experience to contribute the most, such as being on a platform like RIMScast, he will do it. [34:34] Tony thinks the most important thing for anyone who has been in the industry is to give mentorship. That's the way to give back, one-on-one with professionals entering the industry. It's the most value for your time. [35:16] Tony's advice to people entering or considering entering the risk profession is that it can provide a consistent and stable platform, similar to other traditional professions. If you're a professional looking to transition, this is a great industry. [35:46] If you're in college trying to figure out your future, take a couple of risk management courses. Look at the programs colleges have for it. Tony's great 20-plus-year career started in one little avenue of risk management. He's learned something new every year. [36:13] It's an industry that can take you to so many different places and you'll never be bored. [36:39] Tony is a big Disney fan. He has been on a couple of Disney cruises on vacation, and he loves it. Once in a while, he just wants to go to a beach somewhere and take a little different vacation so he doesn't have to worry about work. The brand is still there on a Disney Cruise. [37:19] Tony, it has been a real pleasure to meet you. Thank you for being a member of our RIMS RISKWORLD ACPC. We hope to connect at RISKWORLD 2025 in Chicago Illinois, celebrating RIMS's 75th Anniversary! We appreciate your leadership there. Thanks for joining us! [37:45] Special thanks to Tony Quinones for all of his time and insight! Special thanks to Nancy Brooks of NAMI Louisville and Britt Embry of the Greater Bluegrass Chapter of RIMS! [37:59] This is the last call for registration for the Power of Partnership Event on October 8th and 9th in Lousiville, Kentucky, hosted by the Greater Louisville Chapter of RIMS! [38:09] Email GreaterBluegrassofRIMS@gmail.com to register and be sure to tell them that you heard about the opportunity here, on RIMScast! More links about the event are in this episode's show notes. [38:24] It's RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [38:57] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [39:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [39:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [40:13] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [40:27] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [40:34] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Greater Bluegrass Chapter Annual Meeting & Conference — Oct 8‒9 | Last call for Registration | Also email here: GreaterBluegrassofRIMS@gmail.com RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS Canada Conference 2024 — Oct. 6‒9 | Last call for Registration! RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App Spencer Internship Grants — Deadline Oct. 15 The Strategic and Enterprise Risk Center RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford! NAMI Louisville National Hispanic American Heritage Month   RIMS Webinars: Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024 Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024 From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024 Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024 Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Fundamentals of Risk Management | Oct 3‒4, 2024 Fundamentals of Insurance | Oct 9‒10, 2024 Applying and Integrating ERM | Dec 4‒5 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: Applying ERM Theory with Elise Farnham Maintaining an Award-Winning ERM Program with Michael Zuraw LAAIA Atlanta Chapter President Jose Aponte   Sponsored RIMScast Episodes: “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!) “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | (New!) “Weathering Today's Property C  

In this Greatest Hits episode of Risk Management, Brick by Brick, host Jason is joined by Anne Grubish, a Risk Manager at Kraus-Anderson. Together, Jason and Anne discuss why giving COIs to inexperienced risk managers is a risk in itself, the importance of being able to speak fluent insurance, and what helps mitigate the divide between departments in insurance companies.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Michael Zuraw about his career in risk management, including how the CHIPS Act impacts him and what it takes to lead ERM at a semiconductor manufacturer. Justin asks about Michael's RIMS ERM Award win, how new leadership at Onsemi has reacted to the program, how involved new leadership is in ERM, and how the program has changed since the win. Michael tells about his ERM 2024 sessions and how he likes his work with the SERMC.   Listen for ERM tips for improvement for your organization.   Key Takeaways: [:01] About RIMS. [:15] About this episode. Our guest is Michael Zuraw of On Semiconductor. He's a past recipient of the ERM Award of Distinction. We will discuss what it takes to maintain an award-winning ERM program. [:41] Events! This is the last call for the RIMS Chicago Chapter's Chicagoland Risk Forum, which will be held on September 19th, 2024 at the Old Post office. There is no charge for risk management professionals or risk department staff! Register at ChicagolandRiskForum.org. [1:05] We are just a few weeks away from the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. [1:19] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com. [1:33] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page. [1:49] All RIMS regional conference information can be found on the Events page at RIMS.org. [1:55] RIMS-CRMP-FED! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode's show notes. [2:12] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He's very popular in the Workers' Comp space. [2:30] In our prior episode, we had Elise Farnham of Illumine Consulting join us. She will be leading two upcoming courses for us. On September 25th and 26th, we've got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management. [2:47]  Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops. [2:56] Interview! Our guest today, Michael Zuraw, is a member of our Strategic and Enterprise Risk Management Council and is the Senior Director for Global Enterprise Risk Management at On Semiconductor. [3:16] I met Michael at the RIMS ERM Conference 2019 in New Orleans, where he accepted an ERM Global Award of Distinction honor for the program he leads at Onsemi. I wanted to catch up with him now and see how the program is evolving under new company leadership. [3:38] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 in Boston, so we'll talk all about that and we'll get his philosophies on what it takes to keep an award-winning ERM program going strong in 2024. Michael Zuraw, welcome to RIMScast! [4:21] Michael shares his memories of the RIMS ERM Conference 2019 at the Roosevelt Hotel in New Orleans. That was his first RIMS ERM event. He notes how collaborative ERM professionals are, whatever their industry or employer. [5:30] Justin and Michael collaborated on an interview for the ERM Q&A series. A link is in this interview's show notes. Since then, they have met at RISKWORLD and ERM Conferences. Michael feels honored to serve on the RIMS Strategic and Enterprise Risk Management Council. [6:15] Michael is the co-author of two upcoming RIMS Executive Reports and White Papers. The first is part of a series of scenario-planning guides, about the Pre-Mortem Exercise to unlock some risk identification and help to manage biases and risks that might cause you to fail. [7:00] The second paper is on risk interdependencies or interconnectedness. Risks don't stay in silos. We have risk registers by which we manage and organize risks, but generally, we underestimate risk because we don't account for the cascading effect of risk events. [7:45] Justin will update the show notes for this episode to reflect when these two papers come out. After September, listeners can check out the show notes and download these papers. [8:15] Michael has been in ERM at Onsemi for 10 years. His bachelor's and master's degrees are in electrical engineering. He worked in telecom before semiconductors. He worked on the business management side. [8:45] When Onsemi formalized its ERM program, it named a Chief Risk Officer. Michael had a conversation with him. If risk is going to be treated as part of a strategy, Michael was interested. If it was a governance or reporting function, it wasn't for Michael. [9:08] The Chief Risk Officer had a similar philosophy. He delegated putting the program together to Michael and supported him with what he needed. Michael had a lot of freedom. He's been doing it ever since. [9:54] Michael discusses how the CHIPS Act impacts Onsemi. They have a government affairs group to focus on that. Michael is always looking at what parts of their manufacturing and infrastructure need to expand. [10:25] The CHIPS Act provides an incentive for doing more pieces in the U.S. There are similar programs in other countries where Onsemi has a footprint. Onsemi is in 10 countries with 20-plus manufacturing sites and more, including sales and support functions. [10:50] Michael says they're always reviewing their footprint, where they need to expand, and how. Expanding the manufacturing of semiconductors takes tens of millions of dollars and years to build. When there is government support, every semiconductor company takes note. [11:46] Onsemi is a tech-heavy, engineering-heavy global company with 30,000 employees. You have to get very analytical with the engineering group. [12:33] Engineers are trained to solve problems full-speed ahead, using key assumptions they have in their heads. Michael is asking the organization to step back and hear what those assumptions are first. An assumption may be based 90% in fact but 10% in uncertainty. [13:19] Michael asks the organization to discuss the 10% probability that the opposite is true. That's where the risk lies. Can they make that 10% likelihood into 2%? That's risk mitigation. [13:34] In tech-heavy industries, we acknowledge and respect engineering training to solve problems, drive solutions, and work within their vocabulary. How do we put a risk framework into that model so the company's risk profile can be improved? It takes time. [14:02] Is Michael a patient person? It depends! More often than not. [14:53] When Michael won the ERM Global Award of Distinction for the ERM program at Onsemi, the Chief Risk Officer called the Chairman of the Board and the Risk Committee to let them know of the Award. It was vindication that the company was going in the right direction. [15:34] The Risk department felt they were seeing the positive impact of the ERM Program. They saw the industry felt the emerging risk topic they submitted with their application was innovative and positive. [15:55] That program within the ERM Program was well-regarded within the company and led people to think about the future and get into an open discussion. People wanted to participate. [16:30] About four years ago, Onsemi's long-time COO retired and new leadership came in. Michael tells how the ERM Program changed with the new leadership. They were much more focused on accountability and ownership. They wanted to remove self-reporting. [18:47] It's RIMS Plug Time! RIMS Webinars! On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches. [19:07] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future. [19:24] On October 24th, HUB International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures. [19:37] On November 4th, Justin will be hosting a special RIMS Webinar Presentation, Lessons from Veterans on Strategic Risk Leadership. That session will feature insights and perspectives from risk managers who had previously served in the U.S. Armed Services. [19:56] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.  [20:08] The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [20:23] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [20:33] On that note, applications are being accepted for internship grants. Since 1999, Spenser has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda. [20:51] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode's show notes. [21:05] Let's Return to My Interview with Michael Zuraw! [21:23] The program shifted with new management to an open 45-minute interview. Michael doesn't ask individuals about any specific risk but starts them talking about their concerns relative to company strategy and execution. [21:42] It's much more challenging to analyze the input from the interview but it identifies items the company might otherwise miss. [21:52] The issues are ranked and tiered. Then it comes down to assigning ownership and accountability. Leaders pick out issues each year and assign cross-functional teams with action plans to address them. Bonus goals are tied to the plans. [22:16] Depending on what the company, the board, and the risk committees want to focus on, the teams must be comfortable with making adjustments. The program and ERM managers can be successful as the shifts happen. Be open-minded to new approaches and ideas. Be flexible. [23:10] Onsemi just finished its fourth cycle of interviews and action teams, as the ERM program is in its 10th year. In its first five years, it had reached maturity. Then under new management, it took time to adapt to the interviews and analyze the data. [23:48] Michael says, now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board. We have an executive risk committee that we function very well with. We're much more efficient in doing it. [24:11] Onsemi has integrated some AI processing of interviews. Michael has himself and a staff of two. As they get more efficient, they conduct better interviews because they're not worried about taking notes and getting the notes right. [24:35] As the ERM program matures, the ERM managers get better at their jobs and their interviewees get better at identifying risks. [24:52] At the ERM Conference on November 18th Michael will lead two sessions. He will lead the “Dancing with Uncertainty” morning session. Michael says this is a discussion on decision process, decision-making, decision quality, and risk. [25:26] It's not uncommon for executives to believe that the higher the title, the better the decision-making skill. Michael disagrees. There is an approach of discipline in decision-making that allows you to understand uncertainty and how it leads to risk. [26:00] Michael often says that if everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. So, what discipline can be applied to decision-making to reduce risk? [26:29] In the afternoon, a member of Michael's staff, Alicia Tuckett, will present “The Illusion of Insight: Why Risk Interviews Fail to Deliver,” on how to do open-ended interviews, analyze the conversational input, and turn it into risk statements, risk categories, and data to analyze. [29:23] Michael hopes to solicit the crowd for ideas to evolve the ERM program even more. [29:33] Michael will host another session that day with his SERMC colleague Denise Sobczak, “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?” on scenario planning to weed out risks by thinking of everything that might go wrong before it does. [31:11] Michael calls having a Pre-Mortem a great tool. It's efficient and not expensive to run. It doesn't take much time. It's one of the biggest bang-for-the-buck scenario approaches for risk management. [31:22] At the ERM Conference 2023, Denise co-presented on the scenario planning sessions. You are in for quality discussions at the RIMS ERM Conference 2024, for all sessions. Michael's insight will be invaluable. [32:02] Justin tells Michael it has been such a pleasure to have him here on RIMScast! Justin will update this episode's show notes with the links to Michael's two papers coming in the Fall. He looks forward to seeing Michael on November 18th and 19th. [32:19] Justin thanks Michael for being such a valuable contributor to the SERMC at RIMS. Michael says he learns something new every time he gets together with the council. [32:42] Special thanks again to Michael Zuraw for joining us here on RIMScast. Michael has two RIMS reports that will be published on the Risk Knowledge page of RIMS.org in the next couple of weeks. Check back then on this episode's show notes for the updated links. [33:03] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 on November 18th, starting in the morning with “Dancing with Uncertainty,” and then in the afternoon with “The Illusion of Insight: Why Risk Interviews Fail to Deliver.” [33:24] Michael will help close out the day with “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?” [33:31] There is also a link in this interview's show notes to Michael's ERM Q&A based on his 2019 win of the ERM Award of Distinction. [33:44] There are lots of resources here today, especially for all you ERM fans out there! Check them out! [33:50] It's RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [34:23] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [35:08] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [35:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [35:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [35:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [36:03] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20 Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024 RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open! RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open! RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RISK PAC | RIMS Advocacy Spencer Internship Grants — Deadline Oct. 15 The Strategic and Enterprise Risk Center Truly Long-Term Strategic Risk Management in Focus — RIMS Q&A with Michael Zuraw (2019)   RIMS Webinars: Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024 Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024 Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024 From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024 Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024 Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5 Fundamentals of Risk Management | Oct 3‒4, 2024 Fundamentals of Insurance | Oct 9-10, 2024 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance” with the RIMS SERMC “Climate Disclosures with Jana Utter” “Scenario Planning with the RIMS SERMC” “Recipes for Success with Wendy's CRO Bob Bowman” “All Roads Lead to ERM” “ERM's Value Proposition with Chris Mandel”   Sponsored RIMScast Episodes: “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL (New!) “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Michael Zuraw, Senior Director of Global Enterprise Risk Management (ERM) at onsemi / ON Semiconductor Tweetables (Edited For Social Media Use): Uncertainty underlies every decision. An assumption may be 90% dead-on. There's a 10% probability that exactly the opposite is true and we should discuss that. That's where the risk lies. Can we make that 10% likelihood into 2%? That's what risk mitigation is. — Michael Zuraw   Now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board, as well. We have an executive risk committee that we function very well with. We're much more efficient. — Michael Zuraw   As we mature in the program, we get better at our jobs and our interviewees get better at identifying risks. — Michael Zuraw   If everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. — Michael Zuraw

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Elise Farnham about how ERM has changed, how new policies like the SEC climate disclosures influence the ERM landscape, and Elise's risk philosophy. They discuss whether organizational leaders are placing more value on ERM programs, and the biggest challenge for a risk practitioner to turn theory into practice. When did you first understand how the fundamentals of risk management can be used to form decisions beneficial to an organization? What are some commonalities among the risk professionals you've come across in the RIMS virtual workshops (or RIMS events)?   Listen for insight on risk management basics and more wisdom for your organization.   Key Takeaways: [:01] About RIMS. [:15] About this episode. [:30] Events! We've got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management. [:49] Also on September 19th is the RIMS Chicago Chapter's Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org. [:58] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. [1:11] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com. [1:25] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page. [1:40] All RIMS regional conference information can be found on the Events page at RIMS.org. [1:46] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode's show notes. [2:04] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He's very popular in the Workers' Comp space. Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.  [2:27] Interview! We will be chatting with Elise Farnham of Illumine Consulting. Elise is very well known among the RIMS membership as she has been one of our instructors for the past 30 years! [2:43] Elise will be leading two upcoming courses for us here at RIMS. On September 25th and 26th, we've got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management. [2:57] Elise will let us in on what it takes to apply and integrate ERM into an organization's framework and operations and we will talk about her ERM philosophies. Elise Farnham, welcome to RIMScast! [3:24] This year, Elise celebrated her 51st year in the risk and insurance industry. It's been an amazingly great career. She started in claims in the mid-seventies. She got involved with RIMS when she started working with large corporate clients in the late seventies and early eighties. [3:52] Elise took an interest in what RIMS was working to accomplish, reducing claims, all while she was working for a claims management firm. Elise has been working with RIMS since 1995. [4:51] The RIMS ERM Conference 2024 will be on November 18th and 19th in Boston, Massachusetts. [5:06] Elise became aware of the concept of ERM in the late nineties. She thought it would be a difficult job. ERM professionals have grown, frameworks have been developed, and we've seen some companies that lacked ERM fail spectacularly. [5:44] It has become evident that every company has to take the resources and strengths that they have, look at their entire risk picture, and turn what could be a bad situation into something positive for their organization. [6:17] Elise talks a lot in her classes about how to convert a problem into an opportunity that might help an organization. ERM has changed a lot in the last five years. Justin and Elise comment on how the pandemic may have helped companies realize the importance of ERM. [6:42] All of a sudden, companies were faced with a type of loss that came out of the blue. COVID-19 was the “black swan” that we will remember and write about for years to come. [7:00] How companies dealt with it, the resources they had to use, and changes to their work processes were all things that ERM considers. [7:14] Elise Farnham will be leading Applying and Integrating ERM on September 25th and 26th. [7:27] How does the SEC climate disclosure announcement change or influence the ERM landscape? It will impact how companies report their exposure. It will probably require some new technology to bring forward all of the information they will have to submit. [7:53] Elise thinks that will be a challenge for companies because there is a rule they will have to follow. Collecting data from every bit of an organization will be a significant challenge. It may help organizations use a good ERM program. It requires penetrating the silos to follow the law. [8:33] ERM will help companies to see the cumulative effect of risk. What if two bad things happen at one time? Getting more companies to have an ERM program will have a positive effect. It will be a lot of work to get there. [9:02] Elise has always been an optimist. She always tries to look at how this can benefit us. Perhaps that's why she has embraced ERM. It's not about how we can get hurt but how we can use a bad situation to make things better for the organization. She knows how difficult it can be. [9:55] Elise tells risk managers, “You don't want to be the one to go in and say, ‘We just lost all of this.' You don't want that to happen. That's a horrible situation to be in.” [10:12] It's much better to say, ‘I just saved you this much money because we have a policy in place, our people all know what to do, and this has never happened to us as it did to that other company.'” That's where Elise wants her risk managers to be. [10:46] Elise believes that today, organizational leaders put more value on ERM programs. The catch is understanding the amount of work that has to go into one. It takes resources and people to explore the organization, down to the risk owner, who may be on the factory floor. [11:17] The risk owner may not have risk management experience. Almost everybody has the philosophy that “it couldn't happen to us.” Understanding that something bad could happen and preparing for it in advance will be a challenge for them. [11:42] The C-Suite understands the value of ERM. It's a matter of applying the resources and following through. In her classes, Elise goes through the steps to take along the way. The feedback she gets is often, “Whew! That will take us a lot of time and effort!” They got the point! [12:08] It's RIMS Plug Time! RIMS Webinars! On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. [12:26] Also on September 12th is a complimentary webinar presented by the RIMS-CRMP and UCLA Extension, The Many Routes to Becoming an Enterprise Risk Management Practitioner. [12:36] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches. [12:54] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future. [13:11] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.  [13:23] The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [13:37] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [13:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Purchase your tickets in advance because there is no guaranteed seating! [14:03] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree. [14:09] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance. [14:26] That was a great episode, so after you finish this one, please go back and listen to Episode 293. [14:32] Let's Return to Our Interview with Elise Farnham! [15:14] Elise loves this business, and helping risk managers do a better job. It's very fulfilling. [15:51] The philosophical aspect of risk management is very logical. The real-world work part of it is almost drudgery, pulling information from everywhere within an organization, making people understand that they could have a problem if we don't take care of it. [16:16] Thinking of combining several problems at once is hard for some people to imagine. Bringing people into the real world of risk is one of the biggest problems; getting them to understand that, yes, this could happen to them. [16:40] Elise's family members have called her for advice after some unforeseen event, saying “I didn't know this could happen!” Yet, the stats are out there. The stories are out there. It's just, “It could never happen to me!” Risk managers are still fighting that battle quite heavily. [17:13] Elise will also lead the virtual workshop, Fundamentals of Risk Management on October 3rd and 4th, 2024. [17:42] Elise first became involved with large corporate accounts in 1987. She worked with risk managers and saw how they had to identify risk, analyze that risk, come up with a solution for it, and then implement the solution. Those are the basics of risk management. [18:03] The focus was always on hazard risk, not on opportunities that might be developed. [18:10] Elise took the Associate in Risk Management (ARM) program, which helped her to define that knowledge and to understand better what her clients were going through. [18:21] Then RIMS developed a program about risk management, providing fundamentals. Elise thinks the fundamentals are more important than ever, now, as there are a lot of new people in the industry, fresh out of college. They know the theory but haven't seen it applied. [18:43] In her workshops, Elise always tries to apply this to the real world so that the day they go back to the office they have something they can apply immediately to their organization. [19:11] What risk managers learn in Elise's workshops will change what they do in their organization. That's a big challenge. [19:50] What Elise has noticed from teaching risk managers is their energy. They are ready to go. They are thirsty for this knowledge. They know they have concerns. They know there are some things they could do better. [20:08] They just need the resources in their brains to make that happen. Elise talks to them about that. You can only make decisions based on what you know. If you don't know something, you can't include that resource in your decision process. [20:27] Elise says it's great to see the wheels start to turn while she's teaching. All of a sudden, the aha moment hits. They have a strong desire to go back and do good things. It's a compliment when they tell her they have a list of things to do when they get back to the office. [20:55] They want to have an impact within their organization. They are there to learn something new that will help their organizations. Elise loves teaching with folks who are like that. They are like sponges. It's fun to facilitate discussions with them about how to manage risk. [21:58] Justin says it has been such a delight to catch up with Elise Farnham. The next two courses Elise teaches are Applying and Integrating ERM on September 25th and 26th, and Fundamentals of Risk Management on October 3rd and 4th. The links are in the show notes. [22:17] Justin looks forward to more workshops hosted by Elise Farnham and thanks her for being such a wonderful instructor. [22:31] Special thanks again to Elise Farnham of Illumine Consulting for joining us here today. Alise will lead Applying and Integrating ERM on September 25th and 26th and December 4th and 5th and Fundamentals of Risk Management on October 3rd and 4th. [22:54] Links are in the episode show notes, as is a link to the full virtual workshop schedule. [23:00] RIMS members enjoy reduced rates on registration, which is yet another value-add of a RIMS membership. [23:09] It's RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [23:43] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [24:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [24:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9! DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20 Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024 RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open! RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open! Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024 — Last Call For Tickets RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RISK PAC | RIMS Advocacy   RIMS Webinars: HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 The Many Routes to Becoming an Enterprise Risk Management Practitioner | Presented by the RIMS-CRMP and UCLA Extension | Sept. 12, 2024 Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024 Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024 Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5 Fundamentals of Risk Management | Oct 3‒4, 2024 Fundamentals of Insurance | Oct 9‒10, 2024 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “On Risk Appetite and Tolerance” “Climate Disclosures with Jana Utter” “Scenario Planning with the RIMS SERMC” “Recipes for Success with Wendy's CRO Bob Bowman” “All Roads Lead to ERM” “ERM's Value Proposition with Chris Mandel”   Sponsored RIMScast Episodes: “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL (New!) “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Elise Farnham, Illumine Consulting Tweetables (Edited For Social Media Use): COVID-19 was the “black swan” we will remember for years to come. How companies dealt with it, the resources they brought to bear, and the changes to their work processes were all things that ERM considers. — Elise Farnham   I've always been an optimist. I always try to look at how this can benefit us. Perhaps that's why I have embraced ERM so much. — Elise Farnham   I just love this business and I love what we do. I particularly love to help risk managers do a better job. It's very fulfilling for me. — Elise Farnham   The stats are out there. The stories are out there. It's just, “It could never happen to me!” I think risk managers are still fighting that battle quite heavily. — Elise Farnham   The most important thing that I have noticed from teaching risk managers is their energy. They are ready. They are thirsty. They know they have some concerns. They know there are some things they could do better. They just need the resources. — Elise Farnham  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews RIMS General Counsel and VP of External Affairs Mark Prysock about the RIMS Advocacy, the RIMS Legislative Summit being postponed to Q1 2025 to work with a fresh Congress and Administration. Mark covers a few of the important legislative issues potentially affecting RIMS and RIMS members, including the Tomorrow's Workforce Act, the negative impact of increasing the tax burden on 501(c)(6) non-profit organizations like RIMS, and the national security issues at stake if nothing is done to make third party litigation funding transparent. Listen for information and inspiration to get more involved in RIMS Advocacy.   Key Takeaways: [:01] About RIMS. [:15] About this episode. Justin introduces return guest Mark Prysock, RIMS General Counsel and VP of External Affairs. [:42] Events! We've got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management. [1:00] Also on September 19th is the RIMS Chicago Chapter's Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org. [1:09] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. [1:21] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com. [1:35] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page. [1:50] All RIMS regional conference information can be found on the Events page at RIMS.org. [1:57] If you want to present a session at RISKWORLD 2025 in Chicago, you are in luck! The deadline to submit your session has been extended to Monday, September 9th, 2024. A link is in this episode's notes. [2:12] We will be bringing out Mark Prysock in just a moment but before we get started, let's talk RIMS Webinars! All RIMS Webinars registration pages are available through RIMS.org/webinars. [2:26] On September 5th, Merrill Herzog makes their RIMS Webinars debut with the Role of Insurance in Building Resilience Against an Active Assailant Attack. [2:35] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to explore The Future of RMIS: Beyond Traditional Approaches. Webinars for October are also available. [2:52] Justin jumped ahead a little bit, though. On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. [3:07] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast and introduces the upcoming global webinar on staying agile that Linda will host. [3:38] The webinar will be at 1:00 p.m. Eastern Time on September 12th. Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years. [3:52] The market needed correction after many years of unprofitability driven by weather events in the property line where rates seemed to be unsustainable. Casualty also had its issues, particularly with Directors and Officers Liability. [4:10] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive in growing their books of business. This competition is not being seen in all lines, segments, or geographies. [4:27] Some catastrophe-prone zones such as BC and Alberta have not seen the same level of competition across the board. As the market transitions from a hard market to a competitive environment, there is some unusual and inconsistent behavior. [4:44] Carriers in Canada are being more flexible with their appetite. London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive. [5:02] As we transition out of what was considered to be a hard market, we see a lot of inconsistency in this market. [5:11] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for an increase in population, it reflects that of a market in a recession. [5:25] We, as brokers, are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunities. [5:37] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent. [5:50] How is this going to change the availability of capacity and pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events. [6:12] Being informed by what is happening in the market; the trends, the opportunities, what's available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business. [6:34] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session. [6:49] Steve Pottle is the risk manager on the panel. He's been omnipresent in RIMS Canada for years. He's a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he's one of the best and Linda agrees. [7:20] Linda will moderate. She'll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged. [7:44] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB's Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. [8:02] Interview! Justin introduces Mark Prysock, RIMS General Counsel and VP of External Affairs. Mark will provide a RIMS Advocacy update and talk about the legislative issues on RIMS's radar and the status of the next RIMS legislative summit. Mark, welcome to RIMScast! [8:36] Mark Prysock is the hardest-working lawyer that Justin knows. Justin wants him to be on RIMScast weekly. Mark says he will try to be on at least once a quarter. [9:13] The Legislative Summit has been postponed to Q1 2025 as the time Congress has left in 2024 is focused on passing continuing resolutions to keep the government open. It's not an ideal time for RIMS to come to D.C. with their legislative priorities. [10:07] Q1 2025 will be great for RIMS to go to D.C. to talk about RIMS's priorities. The new Congress will be seated with new Committee Chairs and Ranking Members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled. [10:46] In Q4 2024, RIMS Advocacy will announce to RIMS members the date for the Legislative Summit of Q1 2025. It will be live, in person, on Capitol Hill, similar to the 2023 event. [11:03] RIMS Advocacy hopes to set up educational sessions on Wednesday in the U.S. Chamber of Commerce building, with a reception Wednesday evening with a fund-raising event for RISKPAC. On Thursday, everyone will descend on Capitol Hill and lobby RIMS's issues. [11:46] RISKPAC has been going to a lot of fund-raising events for key members of Congress who sit on committees with jurisdiction over legislative issues that matter to RIMS. They focus on the Chairs, Ranking Members, and other committee members. [12:15] RISKPAC has had some good one-on-one time with members of Congress and their key staff members to talk about RIMS's issues. [12:31] Greg McKenna is the Chair of the RISKPAC Trustees Committee. He supports everything RIMS is doing on the legislative front and knows that RISKPAC plays a vital role in helping RIMS accomplish those legislative objectives. Greg has been a RIMScast guest. [13:20] Mark discusses some association-specific issues. RIMS is working in a coalition with ASAE on the Tomorrow's Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing. [14:21] The funds could be used for licenses and professional certifications like the RIMS-CRMP, for example. This is a successful bi-partisan, bi-cameral issue that has made good progress through the House. RISKPAC hopes something will get done by the end of 2024. [14:53] If the Tomorrow's Workforce Act doesn't pass this year, RISKPAC will pursue it aggressively in the next session of Congress. [15:05] The next issue is that Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. The idea is to start taxing non-profits on their net income. [16:16] A lot of associations like RIMS would be significantly negatively impacted if that happened. It would have an impact on a lot of organizations' abilities to offer programs to their members and in other ways. [16:41] RIMS will participate actively with another ASAE coalition to educate members of Congress about why non-profits should remain untaxed. That is going to be an aggressive effort that is kicking off now and into 2025. [17:08] Both houses of Congress have working groups figuring out the approach to this issue. When the new Congress is seated, we may see some legislative proposals. The association community thinks it is extremely important to ramp up an educational campaign now. [17:36] RIMS has members who are part of not-for-profits or associations and they should be paying close attention to our developments and progress here. It's another reason RIMS members should join the Legislative Summit in 2025, to learn more about this sort of issue. [18:09] One more quick break! The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [18:26] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [18:37] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree. [18:53] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance. [19:10] That was a great episode, so after you finish this one, please go back and listen to Episode 293. [19:16] Let's Conclude Our Interview! RIMS CEO Gary LaBranche was the RIMScast guest on Episode 300. An item that was discussed on Gary's risk radar is third-party litigation funding (TPLF). Mark Prysock dives deeper into TPLF and what it means to RIMS members. [20:21] TPLF is when third parties, such as hedge funds, private equity groups, or sovereign funds, invest in litigation with the idea that the litigation has a positive result, such as a settlement or payout, and the investor will get a nice return. [20:47] The problem with TPLF is that right now, it is not in any way transparent. Judges and opposing parties often have no idea who is funding litigation. RIMS's focus has been on foreign entities' involvement in litigation. [21:24] There is real concern about having foreign funds invest in litigation because it presents both national security concerns and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the defense contractor. [21:54] In some cases, foreign funds would see documents that are part of the discovery and litigation process, which could include highly confidential information. This is a matter of growing concern. Key individuals in Congress recognize that something has to be done here. [22:22] What we've seen so far have been a couple of legislative proposals that focus on disclosure. Any third parties that would stand to benefit financially from any sort of contingency relationship in litigation would have to be disclosed to the judge and all parties to the case. [22:47] If there is a litigation funding agreement, that agreement would need to be shared with the court. Mark does not think we will have much success in stopping TPLF domestically. [23:10] RIMS's focus will be on the aspect of foreign manipulation of our courts and the extent to which foreign funds might be behind significant and very expensive litigation here in the U.S. [23:45] Mark believes RIMS Advocacy will try to find ways to work with its friends in the insurance industry on this issue. Mark cites Chubb Limited's Chairman and CEO Evan Greenberg's keynote address at RISKWORLD 2024. [24:03] Evan Greenberg mentioned TPLF as a significant problem from the industry's perspective but not one the industry can take the lead in addressing. It's an opportunity for RIMS to step forward and put together a coalition to work on this issue with the insurance community. [24:37] Key members of the House and Senate are focused on this issue. That offers RIMS Advocacy a good place to start, working with them, their committee staff, and other members of Congress who would be willing to get behind and support some changes. [25:04] Foreign funds from sanctioned nations that we don't want infiltrating the U.S. judicial system may be participating in TPLF. [25:44] Justin hopes we make great progress in the next six months and that the Legislative Summit will have gone on as scheduled. Justin will keep members and listeners apprised of the date. Mark will come back to RIMScast in six months. [26:15] Justin thanks Mark for joining us here on RIMScast. [26:22] Special thanks again to my friend, Mark Prysock, RIMS General Counsel and VP of External Affairs. For more information about RIMS's public policy efforts, visit RIMS.org/advocacy and we will keep you updated on the RIMS Legislative Summit 2025. [26:44] It's RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [27:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [28:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [28:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [28:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [28:53] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Advocacy RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9! DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20 Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024 RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open! RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open! Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024 RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RISK PAC   RIMS Webinars: Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024 HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024 Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Fundamentals of Insurance | Oct 9‒10, 2024 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “300th Episode Spectacular with RIMS CEO Gary LaBranche” “Legal and Risk Trends with Katherine Henry” “RIMS Public Policy and Advocacy 2023” “Public Policy Goals with CIAB President Joel Wood” (2023) “Keeping Up With RISK PAC” (2022)   Sponsored RIMScast Episodes: “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL (New!) “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Mark Prysock, General Counsel at RIMS, Inc. Linda Regner Dykeman of Hub International, Chief Marketing Officer for Canada Tweetables (Edited For Social Media Use): Q1 2025 would be great for RIMS to go to D.C. to talk about legislative priorities. The new Congress will be seated with new committee chairs and ranking members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled. — Mark Prysock   RIMS is working in a coalition with ASAE on the Tomorrow's Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing. — Mark Prysock   Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. They are suggesting taxing non-profits on their net income. — Mark Prysock   There is real concern about having foreign funds invest in litigation because it presents both national security and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the contractor. — Mark Prysock  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews National Safety Council CEO Lorraine Martin about National Preparedness Month, a new OSHA proposed statement on workplace safety in extreme heat, National Recovery Month, drug overdose deaths at work, and some related topics. Lorraine also invites you to the NSC Safety Congress & Expo from September 13th through the 19th. Listen for information and insight from NSC CEO, Lorraine Martin.   Key Takeaways: [:01] About RIMS. [:14] About this episode. Justin introduces return guest National Safety Council President and CEO Lorraine Martin. She will tell us what's going on with safety and preparedness in the U.S. and the world. [:44] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 26th and also on December 4th and 5th. [:58] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops. [1:16] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th. [1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode's show notes. [1:46] Events! We've got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management. [2:04] Also on September 19th is the RIMS Chicago Chapter's Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org. [2:13] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. [2:26] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com. [2:39] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page. [2:55] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode's show notes. [3:09] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode's show notes. All RIMS regional conference information can be found on the Events page at RIMS.org. [3:26] Interview! I am delighted to be rejoined by National Safety Council President and CEO Lorraine Martin. Her timing is perfect for National Preparedness Month in September. We've got so much to discuss in the way of natural catastrophes and other risks. [3:46] We will also talk about National Recovery Month, and how prescription opioids can impact employees and employers and why it is such an important business risk. That dovetails into last week's episode with the NCCI. [4:02] We'll talk about the NSC's Safety Congress and Expo on September 13th through the 19th in Florida and we'll also talk a bit about Lorraine's background in the U.S. Air Force, her decades at Lockheed Martin, and how those shaped her risk perspective. [4:24] Lorraine Martin, welcome back to RIMScast! [4:45] Lorraine started her career in the U.S. Air Force. Justin thanks her for her service. After the Air Force, Lorraine spent nearly 30 years at Lockheed Martin. [5:29] The Air Force and all the armed services ask their people to do high-risk things to protect our nation and support our allies around the world. As a member of the armed services, you understand how important safety is to those you protect, and the risks that go with that. [5:55] Lorraine started in the Air Force in the early '80s. Being a five-foot female in the Air Force she had combat boots and survival suits that didn't always fit. She saw the need to keep everyone safe. That means being open and expansive to make sure to cover everybody. [6:44] At Lockheed Martin, Lorraine ran some of the aircraft manufacturing programs. There was potential for serious injury and fatality (SIF), with energy, heights, and all kinds of things that need to be done safely. [7:08] The products being built had to go do important things around the world, so they had to meet safety standards for operation and bring everybody home. Lorraine needed to understand safety in manufacturing and in the mission. [7:30] Justin and Lorraine met after Lorraine joined the NSC as President and CEO in 2019. Less than a year later, COVID-19 hit the U.S. Lorraine has been at the NSC for five years. Time sometimes flew by and In some cases, it felt like the world stood still for everybody. [8:13] On RIMScast in 2020, Justin and Lorraine talked about technology and the importance of reaching people, through podcasts, Zoom, or Teams. Lorraine is responsible for providing training so people can be safe. She had to learn how to do that when she couldn't be with them. [8:40] The NSC had to become good at virtual training and helping customers and stakeholders understand what remote and virtual learning looks like. The world has come so far in understanding what people can do virtually. It's not everything! Human interaction is still critical. [9:01]  Lorraine says we learned so much, whether for drivers' fleet training or for folks doing CPR. The NSC was able to reach more people, which is great when you're talking about safety. In many cases, the NSC reached them in a more cost-effective manner for all involved. [9:27]  The NSC focused on what was happening to humans as they were being buffeted during this time, from 2020. On RIMScast, Lorraine and Justin had talked about mental health. The NSC pioneered some research that looked at how psychological safety impacts physical safety. [9:55] Lorraine believes that since 2020, we've come so far in understanding that physical safety can be impacted by many different aspects of your life like distraction, fatigue, or substance abuse, that can cause you not to be on your game. [10:22] The NSC honed in on the issue of a person not being on their game as being impaired, and they shouldn't do something that would put themselves or somebody else at risk. [10:38] The NSC leaned into trainings around being able to identify impairment and giving people the skills to take action so they can take somebody out of harm's way. It's easy to say and hard to do but so critical. [10:55] The NSC and RIMS both used the pandemic as an opportunity to dial up virtual offerings and dial back some live events. Many of the right live events have come back. There is some training that is important to be in person. [11:18] In-person collaboration and interaction support mental health. Isolation as a result of the pandemic was a burden for many folks. [11:47] The NSC received positive feedback on their SAFER initiative, ensuring people were safe in returning to work. A task force of stakeholders from government, non-profits, public health medical professionals, and Fortune 500 companies advised NSC and NSC advised workplaces. [12:30] The SAFER guidelines included ventilation, vaccination, and all of the things a business would need. It was a one-stop shop for policy statements, legal statements, and other best practices for workplaces to use to safely accommodate workers at work. [13:10] The SAFER initiative is still going on. It's funded now by the CDC. NSC is now looking at long-term COVID, mental health and well-being, the overall long-term effects of a pandemic, and how workplaces prepare for whatever's coming in the future. [14:06] Lorraine just listened to a piece on NPR about COVID-19. We're still learning. We've found a way so that most folks do not perish from it, but we don't know everything about it and probably won't for some time. [14:28] In Long COVID there's some inflammation or reaction that's still happening long after the initial symptoms. Understanding it and what we can do either to prevent or treat it is still in front of us. [14:46] Organizations that let NSC white-label guideline documents for distribution were mostly NSC member organizations. NSC has roughly 14,000 member organizations and companies. They get policies and information from NSC and they also give back so others could learn. [16:01] All of the armed services are members of the National Safety Council. Some of them use NSC training for various things. Lorraine's past employer, Lockheed Martin, has been a member for a long time. [16:13] NSC has groups called networks, made up of the larger companies, that look at big trends coming, to help the government prepare and give back to small and mid-sized companies. Lockheed Martin is in many of the networks as are other Fortune 100 companies. [16:44] It's RIMS plug time! Webinars! On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack. [16:57] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. [17:12] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches. [17:28] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register here. Registration is always complimentary for RIMS members. [17:50] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live. [18:01] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode's show notes. The deadline for submissions is August 30th. [18:12] So review your organization's ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [18:26] The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [18:41] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [18:52] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree. [19:08] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance. [19:25] That was a great episode, so after you finish this one, please go back and listen to Episode 293. [19:31] Let's Conclude Our Interview! September is National Preparedness Month. NOAA has said that atmospheric and oceanic conditions continue to support an above-normal 2024 Atlantic hurricane season with a 90% probability of this result. [20:57] Organizations must do a lot to prepare for extreme weather. Extreme weather is getting more common. It affects communities but also impacts people at work. Businesses must be prepared for their businesses to continue but also to protect their people from extreme weather. [21:42] Businesses can act to protect their people from wildfires, tornadoes, storms, and heat. Heat is the deadliest weather event. Our world is getting hotter, the data shows. Many people work outside in extreme, dangerous heat. [22:18] OSHA recently issued a proposed ruling, informed by input from the NSC and its members, to keep indoor and outdoor workers safe from heat injury and illness. Employers need to incorporate these weather events into their safety programs. [22:59] You need a written heat injury and illness policy and prevention program. Document your emergency action plans. Practice them. Hold heat awareness training. Heat exhaustion and heat stress prevention is about being preventative. Know the signs, hydrate, and take shaded breaks. [23:30] Education is hugely important to prevent heat illness. NSC has resources for employers to build their safety programs. Go to NSC.org and reach out. If you haven't put in some of these extreme weather precautions to protect your employees, Lorraine urges you to do so. [24:13] September is also National Alcohol and Drug Addiction Recovery Month. Overdoses are the leading cause of unintentional death in the U.S. Every day we lose 200 people to an unintentional death from an overdose, compared to 100 roadway deaths. [25:16] Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work in the U.S. In some U.S. states the number is higher. In California, the rate of overdose deaths at work over the last 12 months was closer to 20%. [26:09] Construction and agriculture are hard hit by overdose deaths. Sometimes it's the type of work being done. Last year the FDA made naloxone, an opioid reversal medication, available over the counter. [26:39] The NSC advocates that naloxone be stocked in every workplace and all employees be trained in this life-saving reversal practice, just like with CPR or AEDs. You want to be able to administer this life-saving drug on the spot to bring someone back to life if you can. [27:03] For those workplaces where they've had a fatality due to an unintended overdose, it's devastating for the workforce, the community, and families. [27:11] We have this incredibly impactful drug and in most cases, the person has survived, and you can't hurt someone with it, whether or not they're overdosing or whether or not you've misdiagnosed them, you can't hurt them. [27:28] The NSC provides training on its website on how to do naloxone. It's virtual, and it is in a workplace language. NSC also has drug policies, legal briefs, and good samaritan laws, state by state. If somebody says they need some guide, NSC tries to find it to put it on the website. [28:26] Sixty-six percent of people with a substance use disorder of any kind have a job. The workplace is a great place to be intervening for them and having their back. [28:45] A study from the Massachusetts Dept. of Public Health found that Massachusetts working-age residents were 35% more likely to die of an opioid-related overdose if they'd previously been injured at work. [29:06] If you get hurt at work and then get prescribed an opioid, you can sometimes be on that path to a substance use issue just because you're trying to make sure that you can stay healthy and be at work. This is an important issue for our workplaces and employers to be part of. [29:27] Employees in recovery are very good employees who miss fewer days of work than the average employee and they save employers money, once they are back at work. Lorraine encourages employers to ensure employee safety, help in recovery, and get them back to work. [30:11] Labor Day is coming up. NSC offers a message for the Labor Day weekend on how many people may lose their lives if people don't drive well this Labor Day weekend: 457 across the nation. Every single death on a roadway is preventable. When you drive, do so safely. [31:50] Justin says to look for the link to the NSC 2024 Labor Day message in this episode's show notes. [31:58] The NSC Safety Congress & Expo will be held in Orlando, September 13th through the 19th. Lorraine will talk to the stakeholders and be on the stage. It's the big NSC show of the year. There is also a fundraiser around it, the NSC board meeting, and professional development.  [32:29] The main show is on the Monday, Tuesday, and Wednesday, the 16th through the 18th. Speakers include Doug Parker, the head of OSHA, technical sessions, and a huge Expo floor. [32:43] There will be a cool speaker who is a blind adventurer who climbs mountains, and who will share resilience and safety-related messages. Go the the NSC Safety Congress link in this episode's notes. Lorraine looks forward to seeing everyone this year, there in Orlando. [33:12] Everyone is definitely united at the NSC Safety Congress & Expo! [33:14] Lorraine, it has been such a pleasure to see you again and to speak with you to get your perspective and insight. Thank you for rejoining us! Hopefully, the next time we have you on RIMScast, it won't be four years between visits. [33:37] Special thanks again to NSC CEO, Lorraine Martin for reasoning us here on RIMScast. We love the NSC here at RIMS; they do great work. The NSC Safety Congress & Expo will be held from September 13th through 19th in Orlando, Florida. A link is in this episode's show notes. [34:01] Also in our show notes, you will find the prior interview with Lorraine Martin. She is a wealth of information and perspective. [34:09] It's RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [34:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [35:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [35:48] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [36:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [36:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: DFW RIMS 2024 Fall Conference and Spa Event | Sept 19-20 Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024 RIMS Western Regional – Sept 29‒Oct 1, Oregon | Registration is open! RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open! Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024 RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024! RISKWORLD 2025 will be in Chicago! May 4‒7 RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App NSC CEO and President Lorraine Martin (NSC Bio) NSC Safety Congress & Expo – Sept 13‒19 OSHA Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings Rulemaking National Recovery Month NSC 2024 Labor Day Message   RIMS Webinars: How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024 Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024 HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024 Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Optimizing Risk Management with AI | Aug. 29, 2024 Fundamentals of Insurance | Oct 9‒10, 2024 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin [March 2020]   Sponsored RIMScast Episodes: “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL (New!) “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Lorraine Martin, CEO, National Safety Council Tweetables (Edited For Social Media Use): We just said, “We're going to be the place, if you need anything to navigate the return to work, we're going to have it for you.” And if we didn't have it, companies would give us theirs and enable us in many cases to white-label it and provide it to the world. — Lorraine Martin   We have a lot of resources for employers to build their heat safety programs. — Lorraine Martin   Right now, overdoses are the leading cause of unintentional death in the U.S. Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work. — Lorraine Martin   For those workplaces where they've had a fatality due to an unintended overdose, it's devastating for the workforce, the community, and families. — Lorraine Martin   Driving is the most dangerous thing we do every day and it's even more dangerous during these longer weekends. Buckle up, follow the speed limit, don't get distracted, and drive sober. — Lorraine Martin  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Raji H. Chadarevian, Executive Director, Actuarial Research , the National Council of Compensation Insurance, or NCCI, about opioid use and related risks for injured workers. Raji and Justin talk about the statistics. The good news is that through the joint efforts of insurers, the NCCI, prescribing physicians, pharmacies, and employers, the utilization of opioids for pain management in injured workers, while appropriate in some cases, has decreased sharply in the last eight years, and continuing efforts to find alternative pain management systems should keep that trend going.   Listen in for more information about recovery awareness, and what your company can do to help injured workers avoid opioid addiction. Key Takeaways: [:01] About RIMS. [:14] RISKWORLD 2025 will take place in Chicago, Illinois from May 4th through May 7th. The call for submissions is now open through August 27th. A link to the submission form is in this episode's show notes. [:30] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 25th and also on December 4th and 5th. [:56] On August 29th, Pat Saporito returns to discuss Optimizing Risk Management with Artificial Intelligence. [1:05] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops. [1:24] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th. [1:38] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode's show notes. [1:53] Events! We've got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management. [2:11] Also on September 19th is the RIMS Chicago Chapter's Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org. [2:21] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. [2:33] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com. [2:48] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is in this episode's show notes. [3:04] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode's show notes. [3:16] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode's show notes. All RIMS regional conference information can be found on the Events page at RIMS.org. [3:32] The Interview! With National Recovery Month in September, and National Opioid Awareness Day, September 21st, I wanted to shine a light on opioid addiction and Workers' Compensation claims with new data about opioid abuse and how it impacts the workplace. [4:05] This is a critical risk and I wanted to speak with someone who can tell the story about the data, so I reached out to Raji Chadarevian, the Executive Director for Actuarial Research  at the National Council of Compensation Insurance, or NCCI. [4:24] He has the insight and perspective on the new data that's being released, so let's hear all about it! Raji Chadarevian, welcome to RIMScast! [5:03] Raji states that the NCCI celebrated its 100th anniversary in 2023. The mission of NCCI is to help foster a healthy workers' compensation system. It's an advisory agency for 38 states and the District of Columbia, serving as a comprehensive source for all things workers' comp. [5:47] Raji explains that as an advisory organization, the NCCI provides ratings and statistical advisory insights to the industry, as a whole. It also collects a variety of data. [6:05] Raji is the Executive Director of Research at NCCI. He tells the story behind the numbers. The brainiacs do the research and help him tell the story. [6:47] NCCI collects data representing $30 million in workers' comp premium for just under four million policies a year, six million employer risk reports with detailed information about premiums, claims, and 10 million transactions with detailed information on lost-time claims. [7:17] NCCI collects data on 52 million payments to medical providers for claims every year. The Medical Data Call, where NCCI collects this information, started in 2010. It contains meaningful information to understand the experience of the injured worker throughout the recovery process. [8:01] Mapping the medical data, NCCI gets to understand the medical services provided, where they are provided, by what provider, and for what purpose. The data provides details of drugs prescribed and where they are dispensed, to understand the use of opioids in workers' comp. [8:41] Managing pain is a big part of the recovery for workers' comp injuries. Over the years, NCCI has published opioid use for some 40 states where it collects medical data. This data details precise utilization trends, the types of narcotics used, and the frequency of use. [9:18] The data shows carriers that cover workers' comp for employers are able to compare their experience in any one jurisdiction to statewide trends and act on that intelligence to manage their pharmacy experience. [9:45] In the last eight years, there has been a huge change in opioid prescribing in workers' comp. We've seen a significant decrease. The NCCI data shows that in the last eight years, opioid use in the year after an injury has decreased from 42% of lost time claims to 16%. [11:14] Raji notes this is a very important trend. Being addicted to pain medications makes it hard to manage your daily work when that addiction is taking hold. Opioid use is not opioid addiction. Opioid utilization can lead to opioid addiction. [11:50] There are alternatives to treating pain that have come through with the greater awareness of opioid addiction. [12:04] It's RIMS plug time! Webinars! On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack. [12:26] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. [12:41] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register there. Registration is always complimentary for RIMS members. [13:00] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live. [13:12] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode's show notes. The deadline for submissions is August 30th. [13:22] So review your organization's ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [13:37] Back to the Interview! The use of alternative pain medications has driven opioid utilization coming down from 42% of indemnity claims to about 16% of indemnity claims. If you look at all claims, opioid utilization is about one in 16, as opposed to one in four, 10 years ago. [14:12] The huge decrease shows a dramatic change in the way the systems are treating the injured workers, in terms of medications provided. When NCCI first tried to address the opioid epidemic in workers' comp, it held interviews with physicians, carriers, and regulators. [14:50] Workers' comp is a highly regulated system. The regulators had some say in how to manage opioids and other pain prescriptions. There was a meeting of the minds of all stakeholders: those defending the workers, prescribing physicians, carriers, and employers. [15:30] Opioid addiction was an epidemic that impacted the workers' comp system heavily. The conversations with stakeholders led to important insights on what the system can do to manage this experience. [15:57] Each carrier told NCCI they were already developing a specific program to manage the prescribing patterns for injured workers. Regulators were very interested in which opioids were being prescribed. Fentanyl used to be in the top 10 but not anymore. [17:35] The decrease in use was a result of increased awareness across the board, from patients, physicians, claims managers, and employers. Everyone was on board about the seriousness of the opioid situation. [18:11] We have time for one more break! The Spencer Educational Foundation's goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada. [18:28] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org. [18:39] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree. [18:55] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance. [19:12] That was a great episode, so after you finish this one, please go back and listen to Episode 293. [19:18] Let's conclude our interview with Raji Chadarevian of the NCCI. Justin notes that the decline in opioid utilization has been observed across all study states and the 10 most common medical conditions. [19:53] The share of claims with high opioid usage in the first year following an injury has decreased by approximately 85%, reaching an all-time low of two percent, for injuries occurring in 2022. Opioid utilization has started to level off.  [20:17] Utilization at the early stages of the injured worker's recovery increases the likelihood of continued use. Managing the early stage of opioid utilization is important. [20:57] Physicians have told NCCI that one of the strategies they use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. That is effective in managing expectations. [21:28] The more opioids you have, the more you want. Having that contract allows the prescribing physician to manage the opioid use over time. That is critical because once a person gets to a certain stage of using opioids, it's very hard to get the person off opioids. [21:57] Some injured workers return to work while using prescribed opioids and some do not. One side effect of opioid addiction is polypharmacy, an increase of medications being taken, and it becomes very difficult to manage from a medical perspective. [22:49] The data has shown that if you're able to manage opioid utilization from the beginning, the injured worker's recovery can be managed in a predicted way. [23:31] Risk managers need to pay great attention to the injured worker where there is opioid use, making sure that injured workers who do get on an opioid have the necessary support from a nurse case manager, along with the physician, looking out for the patient's care. [24:19] Opioid utilization results in an improved condition over time, so it's tricky to manage. Measuring pain is also very difficult. Raji advises risk managers to make sure they have the right physicians and people assisting with those cases where there is an opioid prescribed. [24:52] Pay more attention to those folks. If opioid utilization is not well-managed, the consequences can be dramatic. Besides polypharmacy, often the patient is not able to sleep, able to function or go back to work, which becomes a bigger issue. [25:48] Raji suggests there are multiple ways to make sure your employees are well-educated from a health perspective. Part of wellness is to be educated and understand the impact of opioids, and such. There are programs to supply your employees with that information. [26:26] HR organizations, workers' comp management, loss control management, and insurers have the tools to help your workers and aid in awareness. [27:00] It's also important to know that health organizations have training for physicians about opioid addiction and alternative prescriptions for pain management. This coming year, NCCI is looking at alternative pain management techniques like behavioral therapy, and physical therapy. [27:58] There is also virtual reality treatment that has an impact. The NCCI study will look at what is currently being used to manage pain and what alternative treatments are effective, including cannabis, depending on the state and jurisdiction. [29:07] The use of virtual reality for treating pain is in training the brain to understand the pain messages coming through that may be associated with trauma. The pain from an injury may be associated with the psychological impact of the trauma. Virtual reality may treat that impact. [30:19] Raji says that there are some interesting studies taking place now on treating pain with virtual reality, including one at the University of Central Florida. [30:47] Raji contributed to a series for NCCI on the future of workplace safety technology. Raji found that technology to help with posture and carrying things is important in a warehouse. In workers' comp, there are a lot of lower back injuries that could be avoided with proper posture. [33:33] Justin hopes to see some unveiling of ergonomic wearable tech at RISKWORLD 2025 in Chicago. [33:46] The NCCI has an upcoming podcast later in 2024, the NCCI State of the Line Podcast. Raji looks forward to being a regular guest on the show, “if the podcasters are like you, Justin, making the conversation as good as this.” [35:00] Justin thanks Raji for coming on RIMScast to help raise awareness of National Recovery Month and National Opioid Awareness Day and for helping injured workers get the pain management they need and return to work safely. [35:24] Special thanks again to Raji Chadarevian of the National Council on Compensation Insurance. Lots of NCCI links are in this episode's show notes. Later this year, listen for Raji on the upcoming NCCI State of the Line Podcast. [35:44] It's RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [36:17] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [37:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [37:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [37:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [37:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20 Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024 RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open! RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open! Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024 RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now RIMS ERM Award of Distinction — Nominations Open Through Aug. 30, 2024! RISKWORLD 2025 will be in Chicago! May 4‒7 RIMS DEI Council RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App Risk Management Monitor: “Prescription Opioid Risks to the Workplace Explored at RISKWORLD 2018”   NCCI.com article links: “Opioid Prescribing Across Industry Groups” “On Opioids — The Doctors' Perspective” “On Opioids — Claims Professionals' Perspective” “On Opioids — Regulators' Perspective”   RIMS Webinars: How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024 Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024 HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: Managing Data for ERM | Aug. 22, 2024 Optimizing Risk Management with AI | Aug. 29, 2024 Fundamentals of Insurance | Oct 9‒10, 2024 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Mental Health Awareness Month 2023” “Mental Health in the Workplace with Darcy Gruttadaro”   Sponsored RIMScast Episodes: “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL (New!) “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Raji H. Chadarevian Executive Director, Actuarial Research , of the National Council on Compensation Insurance (NCCI) Tweetables (Edited For Social Media Use): I'm all about telling the story behind the numbers. The research is meaningless if you can't tell that story. My job is to let the brainiacs of NCCI do the research and help me tell the real story behind it all. — Raji Chadarevian   It's a huge decrease in opioid use and it just means that the way the systems are treating the injured workers has changed dramatically, in terms of what medications are provided. — Raji Chadarevian   One of the strategies that physicians use to manage opioid use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. — Raji Chadarevian   Of the future of wearable workplace safety technology, what I would see as important is technology that helps with the posture in a warehouse and how you carry things; the ergonomic aspect. A lot of what we see in workers' comp is back injuries. — Raji Chadarevian    

Live from Stadium Swim inside Circa Las Vegas, ESPN host and reporter, Harry Lyles Jr. joins Cofield & Co. to talk Deion Sanders' relationship with the media, UNLV football's potential in 2024, and the current state of college football with realignment. Risk Manager at Circa Sports Jamey Pileggi joins Cofield & Co. to talk Circa's football preview, J.J. McCarthy's injury impact on the Minnesota Vikings' win totals, and talks Circa Million and Circa Survivor contests $16 million-worth prizes. College Football bettor, Brad Powers joins Cofield & Co. to talk the potential of Group of five schools implementing a post season invitational for teams who don't make the College Football Playoff, DraftKings' announcement of taxing bettor's winnings, and gives his top picks for college football conference winners.

Dive into Episode #107 of the Psych Health and Safety USA Podcast, featuring host Dr. I. David Daniels, PhD, CSD, VPS, and special guest Dr. Jermaine Hunter, an Occupational Safety and Risk Manager, who administers a grant funded by OSHA to provide basic safety-related training to primarily young workers, and workers with disabilities. In 2022, Travelers, the largest workers' compensation insurer in the United States, released a 2022 Injury Impact Report that analyzed more than 1.5 million workers' compensation claims over five years from 2015 to 2019. The study revealed that 35% of workplace injuries occur during a worker's first year on the job, highlighting the importance of comprehensive onboarding and training programs for employees, especially in the pandemic era when there has been considerable movement in the labor market. New workers are often exposed to both psychosocial and physical hazards because they don't know how to recognize either. Over the four years of the grant, Dr. Hunter and his team have provided approximately 3,500 students with basic safety training, many before they graduate high school, arming them to work physically and psychologically safer when they enter the workforce.

In this Greatest Hits episode of Risk Management, Brick by Brick, Jason talks to Diana Rich, Director of Risk Management at Foundation Building Materials. Diana is a seasoned risk management professional who has developed and managed insurance programs for several industries. The scope of her responsibilities includes selecting and managing partners for all lines of insurance, negotiating premiums, and collaborating in the design and implementation of risk management information systems.

On the latest episode of Risk Management: Brick by Brick, Jason Reichl is at RISKWORLD 2024 speaking to Laura Hatton, Risk Manager at Burnham Holdings.

In this episode, our guest is Heather Westermeyer, a Patient Safety and Risk Manager with COPIC, and the topic is documentation. Heather highlights the role documentation plays in continuity of care—from ensuring an accurate medical history to supporting communication among providers. She also talks about how documentation serves a key purpose in legal protection/defense in medical liability issues and the importance of articulating your thought process. In addition, the discussion touches on best practices, standardized templates and protocols, and the dangers of copying and pasting. Feedback or episode ideas email the show at wnlpodcast@copic.com Disclaimer: Information provided in this podcast should not be relied upon for personal, medical, legal, or financial decisions and you should consult an appropriate professional for specific advice that pertains to your situation. Health care providers should exercise their professional judgment in connection with the provision of healthcare services. The information contained in this podcast is not intended to be, nor is it, a substitute for medical diagnosis, treatment, advice, or judgment relative to a patient's specific condition.

In this episode, we talk with Carrie Beth Roddy, a COPIC Patient Safety and Risk Manager, who joins Dr. Zacharias for a conversation on Just Culture. Carrie starts with defining the concept of Just Culture, explaining how it is being integrated into traditional medical culture, and the importance of using it to create opportunities to prevent future medical errors. We dig into the difference between human and system errors, factors that contribute to Just Culture's success, how it facilitates more open discussions among providers while ensuring the highest level of safe treatment for patients, and ways that it supports meaningful interactions in the healthcare workplace. Feedback or episode ideas email the show at wnlpodcast@copic.com Disclaimer: Information provided in this podcast should not be relied upon for personal, medical, legal, or financial decisions and you should consult an appropriate professional for specific advice that pertains to your situation. Health care providers should exercise their professional judgment in connection with the provision of healthcare services. The information contained in this podcast is not intended to be, nor is it, a substitute for medical diagnosis, treatment, advice, or judgment relative to a patient's specific condition.

In hour three of VSiN PrimeTime, Tim Murray and Jonathan Von Tobel are joined by Jonny Lazarus, VSIN Hockey Betting Analyst to share his plays for tonight's NHL Playoff action and any bets for upcoming games as well. Dylan Sullivan, Risk Manager at Circa Sports joins the show to share his betting insights on tomorrow's NFL Draft. Lastly, Tim and JVT go over if their NFL Draft Primetime portfolios are correct or incorrect. See omnystudio.com/listener for privacy information.