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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews Chris Maguire about his professional journey and what led him to focus on the intersection of legal, compliance, and innovation. This leads to a discussion about AI and predictive analytics. Chris shares examples of General Counsel and compliance offices using AI to improve risk forecasting and decision-making. Chris comments on the expanding role of Compliance in the General Counsel's office.   Listen to Chris's take on the importance of values. He shares some of the core values of Thomson Reuters.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. We will talk about how technology is driving innovation in compliance, risk, and the legal profession, with Chris Maguire of Thomson Reuters. [:41] RIMS-CRMP Workshops! The next RIMS-CRMP-FED Exam Prep will be presented in conjunction with AFERM and led by instructor Joseph Mayo. This is a two-day course, June 2nd and 3rd. Register by May 26th. [1:02] The next RIMS-CRMP Exam Prep Workshop will be presented in conjunction with NAIT on June 10th and 11th. Register by June 9th. That course will be led by former RIMS President, Nowell Seaman. [1:20] Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:27] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [1:45] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:56] We are already making preparations for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th. [2:14] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles. [2:30] These include officers, leaders, managers, and students. The link to the submission form is in this episode's show notes. If you are listening on the day of this episode's release, this is the last call for submissions, so get them in! [2:46] Let's get on with the show! How is your organization navigating regulatory uncertainty in 2025? Are you leveraging advancements in technology to help achieve your goals? Our guest this week is Chris Maguire, the General Manager for Corporates Risk at Thomson Reuters. [3:06] We are going to talk about how technology is driving innovation in compliance, risk, and legal. We will talk about how AI and predictive analytics are reshaping corporate legal and compliance functions, and more. Let's get to it! [3:22] Interview! Chris Maguire, welcome to RIMScast! [3:29] Chris Maguire started in a Big Four firm in the '90s, in the auto practice. It was a great way to learn business and how they worked, focusing on understanding financial controls and risk, and how to make sure that companies were behaving correctly. [3:59] After an MBA, Chris started working for Thomson Reuters. He has been with them for about 20 years in the legal tech space. He started on the strategy side and transitioned after several years to driving the commercial teams in the risk business. [4:24] Now, Chris has the role of looking at product and industry strategy for corporations. Thomson Reuters is at the intersection of legal, risk, and compliance, and how they affect enterprises. [5:07] Chris says that 20 years ago, AI was not a fast-moving industry. There have been dramatic changes in the last few years. AI adoption by Thomson Reuters customers has doubled in the last year. Generative AI has been seen in a wide range of tasks. It started with drafting NDAs. [5:38] Salespeople are always asking for NDAs and how they can be drafted more quickly and easily. Now AI conducts legal research or helps draft a research memo or a complaint from a particular point of view. We're seeing it in drafting HR employment policies and rote tasks. [6:21] Chris explains the use of AI prompts tied to data sources, such as your data, data from Thomson Reuters, or other data providers. Chris is also seeing big data AI used a lot in analyzing outside spending and looking for cost savings. [7:14] Chris tells how AI helps in decision-making, using the example of knowing the vendors you choose for your supply chain and knowing your customers. AI can weed through all the news out there to make sure you're not dealing with a sanctioned entity. [8:22] AI can help with reputation risk. Is there forced labor in your supply chain? That matters to your reputation. It's not just whether a country is sanctioned, but what the individual entities in your supply chain are doing. There's a lot of focus on reputation today. [9:10] Justin recently had the Chief Impact Officer of EcoVadis on RIMScast Episode 329. They talked about forced labor and human trafficking in the supply chain. Use AI to help identify where forced labor and human trafficking are big risks, avoid them, and report them. [9:35] This is important on the corporate side and the government side of the business. Chris says it will be interesting to see the effect of tariffs. Thomson Reuters has updated about 50 million changes to its global trade products so far this year, compared to 100 million in 2024. [10:16] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”. [10:33] On June 5th, Zywave joins us to discuss “Today's Escalating Risk Trajectory: What's the Cause and What's the Solution?”. [10:413] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. [10:54] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members. [11:05] Spencer Educational Foundation's Grants program is starting soon. Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [11:23] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process is now open through July 30th, 2025. [11:43] General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [11:54] Back to the Conclusion of my Interview with Chris Maguire of Thomson Reuters!  [12:27] Chris refers to RIMScast Episode 335 with Jeff from Academy Sports. Jeff talked about how the Compliance function now sits in the General Counsel's office. At Thomson Reuters, more of the Compliance group has moved into the General Counsel's office in the last year. [12:48] The General Counsels are being charged with understanding the full weight of risk across an organization, from reputational risk to who you should or should not do business with. [13:16] The Sales organization at Thomson Reuters has discussed that a lot with the GC office, from a reputation, sanctions, and everything perspective. A lot of GC offices now include the Compliance role. [13:50] Chris's ERM philosophy is Trust. Companies need to trust who they are doing business with. Companies need to trust that their employees have what they need to make decisions not to deal with a risky customer, but to follow the laws and rules of global companies. It's trust. [14:29] There is so much change going on. Chris talks about values that resonate. One Thomson Reuters value is Act Fast, Learn Fast. You have to move and learn. Companies can help you, but it is on individuals to take the responsibility to act fast and learn fast about what is changing. [14:59] Thomson Reuters is bound by the Trust Principles. It started with Reuters in the 1940s around WWII, but it goes back to its 150 years of legal content. [15:17] The information Thomson Reuters provides its customers has to be free from bias. It has to be right. It has to be updated. It can't be an opinion about a philosophy. It has to be fact-based. It has to provide customers with the information they need to get work done. [15:36] Applying AI on top of trusted, unbiased, correct, up-to-date information is going to be vital, moving forward. Act fast, learn fast, and trust. [15:57] Chris believes the legal industry hasn't always been the fastest-moving industry. The technology is now there to allow us to move more quickly and learn more quickly. That's an exciting thing! [16:23] Chris says AI is no longer a future concept. It's here. It's transforming our lives; it's starting to transform our business environment. If you don't adapt quickly, you're going to be at a significant disadvantage. [16:36] For people in General Counsel's offices, people in compliance functions, the value is your expertise, your knowledge, and you as a human, and what you can bring to the situation. [16:48] If AI can help you get there, and give you a platform on which to add your judgment and expertise, knowledge, and professional opinion, that's a hugely valuable thing. [17:01] Thomson Reuters doesn't see AI taking away jobs. We see people who use AI, potentially taking away the jobs of people who don't use AI. It all comes back to the humans and how they use it. There's never been a time when Thomson Reuter's expertise has been more important. [17:34] Chris, it has been such a pleasure to have you here on RIMScast! I do appreciate that you listened to some previous episodes! Get my unique download count up there! [I7:50] I appreciate that we're reaching a very important segment of our audience and our RIMS membership. I think they're going to learn a lot in this episode. Thank you! [18:02] Special thanks to Chris Maguire for joining us here on RIMScast. Links to RIMS coverage about AI, legal, and compliance risks are in this episode's show notes.  [18:13] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [18:41] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [19:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [19:18 ] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [19:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [19:48] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [19:55] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open. ERM Conference 2025 — Call for Submissions (Through May 20) RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine “Balancing Innovation and Compliance When Implementing AI” — Risk Management magazine, April 2025 RIMS Now The Strategic and Enterprise Risk Center Spencer Educational Foundation — General Grants 2026 — Application Deadline July 30, 2025 2025 Coast-To-Coast Risk Management Challenge — Applications Open Through May 23 RIMS Webinars: RIMS.org/Webinars “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025 “Today's Escalating Risk Trajectory: What's the Cause & What's the Solution?” | Sponsored by Zywave | June 5, 2025 “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP-FED Exam Prep with AFERM — June 2‒3, 2025 | Presented by RIMS and AFERM RIMS-CRMP Exam Prep Virtual Workshop — June 10‒11, 2025 | Presented by RIMS and NAIT Full RIMS-CRMP Prep Course Schedule “Managing Data for ERM” | June 12 | Instructor: Pat Saporito “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “(Re)Humanizing Leadership in Risk Management with Holly Ransom” “AI and Regulatory Risk Trends with Caroline Shleifer”   Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Chris Maguire, General Manager, Corporates Risk at Thomson Reuters   Production and engineering provided by Podfly.  

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

Patrick Molloy, Principal at RMI's Climate-Aligned Industries program and co-host of Everything About Hydrogen, joins the Hydrogen Innovators Podcast to explore ammonia's rapidly expanding role in the clean energy transition—as a shipping fuel, hydrogen carrier, and critical input for fertilizers. This episode also marks the debut of our new co-hosts, Stanford PhD students Milenia Rojas Mendoza and Emma Kerr, who bring fresh insight and sharp questions to the conversation. Together, they discuss the impact of recent policy developments like the IMO carbon levy, the balance between centralized and decentralized production, and the global lessons emerging from hydrogen and ammonia deployment efforts. Patrick shares his personal path into the hydrogen space and reflects on the visionary leadership of Amory Lovins, offering a wide-ranging and thoughtful discussion on where this market is headed next.

Melissa Arnot Reid is not only a mountain guide, speaker and author, but she's also an athlete. Melissa is the first American woman to successfully summit and descend Mount Everest without supplemental oxygen, a peak she has climbed a total of 6 times throughout her career. Melissa's new book, Enough: Climbing Toward a True Self on Mount Everest, released on April 1, and we had a chance to connect with her following the launch to learn more. - The three kick off their conversation with a bit of talk about running and Melissa's current running endeavors.- Melissa shares a bit about her book, the process of writing, the importance in her own healing journey, and the origins of the title Enough. - Melissa dives into her mountain experiences as a child, how she found her way into guiding through RMI, and some of the challenges of being a women in a predominantly male industry. - Melissa catches us up on life today, and raising two kids by two working mountain guide parents.You can learn more about Melissa on Instagram, @melissaarnot, and through her website www.melissaarnot.com/. Melissa's new book, Enough: Climbing Toward a True Self on Mount Everest, can be found wherever you buy your books, including on Amazon.Follow our podcast on Instagram @duffelshufflepodcast where you can learn more about us and our guests. Visit our website at www.duffelshufflepodcast.com and join our mailing list. The Duffel Shuffle Podcast is supported by Alpenglow Expeditions, an internationally renowned mountain guide service based in Lake Tahoe, California. Visit www.alpenglowexpeditions.com or follow @alpenglowexpeditions on Instagram to learn more.

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.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin and his guest, Kirti Mutatkar, discuss Kirti's journey to become President & CEO of UnitedAg and President of HCAA. Kirti speaks of her master's degrees in microbiology and finance, and how they work together in healthcare risk. Justin and Kirti explore stress awareness and mental health awareness and how these issues are managed at UnitedAg. Kirti tells how she wove attention to compassion and empathy into the fabric of healthcare administration at UnitedAg, and what that means for the financial success of the organization. She notes the significant growth of UnitedAg under her leadership, and how the scientific method of experimentation played a major role in that growth.   Kirti shares her advice for leading healthcare with compassion, and the roles supervisors and managers can play in looking for tell-tale signs of mental health needs. Listen to Kirti's leadership wisdom that may work in your organization. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD. [:25] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary! [:41] About this episode of RIMScast. We will talk about healthcare risk and mental health awareness with Kirti Mutatkar, CEO and President of United Ag and the President of the Health Care Administrators Association. We're going to get a unique risk philosophy, today. [1:13] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP). [1:33] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:48] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [2:05] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:16] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. The opening Keynote has been announced. It's official. Martha Stewart will kick things off in the Skyline Ballroom, on May 5th. Register at RIMS.org/RISKWORLD. [2:35] Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” and more! The links are in the show notes. [2:51] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th. [3:10] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer's Executive Director Megan Miller at MMiller@Spencered.org. [3:32] April is Stress Awareness Month and May is Mental Health Awareness Month. I wanted to get a fresh perspective through a risk management or risk-management-adjacent lens, which is why I reached out to today's guest. [3:49] Kirti Mutatkar is the President and CEO of UnitedAg in California and also the President, serving a two-year term, of the Health Care Administrators Association not for profit. [4:01] We will learn about her fascinating career journey and how leading with empathy has reduced turnover and retained value at UnitedAg. [4:10] Interview! Kirti Mutatkar, welcome to RIMScast!  [4:37] Kirti came to the U.S. to do her Master's when she was 20. She was going to study microbiology and do her PhD in genetics and biotech. Her circumstances changed and she explored getting an MBA. She got a Master's in finance. This was in Connecticut. [5:15] Kirti moved to California and looked for work. She applied at UnitedAg, to work for “a year or two.” Each year since then, UnitedAg has grown like crazy, with many innovations. Kirti has never felt that she has been there so long, she could do it in her sleep. [6:06] For Kirti, it's exciting every day to come to work. She was the CFO and transitioned  10 years ago to become the CEO. [6:25] Kirti was a member of HCAA for several years and is now President for a two-year term. The HCAA is very aligned with Kirti's thinking. She learns something with every conference she attends and every board meeting. [7:36] Kirti says, if everybody in the room feels it's their idea, and it's because of them we have succeeded, and you know you've played a role in that, that's success. [8:02] Kirti says a microbiologist, or any scientist, is constantly running experiments, and learning from experiments. Kirti says UnitedAg is a lab. HCAA is a lab. They're testing out things and trying to see what works and what does not work. [8:36] You understand the risks to the healthcare industry at a deeper level by doing experiments. You watch the results and you learn from them. You create feedback loops and grow. [8:53] Under Kirti's leadership, UnitedAg has tripled in size over the last couple of years, based on experimentation, learning, and adapting. That's what being a science student had taught her. [9:14] From the finance standpoint, in the position of impacting change, just looking at the financial statements and getting a quick picture of what's happening, was one of the best things Kirti could have done for herself in the role of CEO. [9:39] As a CEO, you have a strong CFO behind you. Understanding from a financial standpoint and a risk standpoint what that risk means to the financial, has been a big part of Kirti's success at UnitedAg. Her knowledge of science and finance works well for her organizations. [10:15] UnitedAg has around 110 employees. It has an underwriting department for its health plan. [10:45] Kirti believes her interest in the scientific method of testing hypotheses relating to the human side of risk and finance is what she brings to UnitedAg. [11:25] Kirti explains her upcoming plans for underwriting models for employer group risk and administrative costs. She is testing out opening the books, educating, and working with employer groups. [12:33] With Mental Health Awareness Month in May, Kirti discusses mental health in the agricultural community. She has been thinking of this since COVID-19. Ag workers did not have the choice of working from home. They were out in the fields. [13:15] There was a lot of uncertainty around what COVID-19 meant. In 2020, the need surfaced to provide some form of benefit for mental health. Culturally, in the ag industry, there is a stigma around mental health care. There is a lot of stress in production agriculture. [13:54] Kirti decided to run an experiment. She proposed to the board to use some of the innovation dollars set aside to offer a mental health benefit free of cost to all the members, with no copays and nothing going to the deductible, and doing it for one year. [14:28] It was a huge risk. They didn't look at the financial impact. They said, there's a need for mental health; let's do it for a year. They offered it and it became a huge impact. [14:56] A lot of people did seek out that benefit and used it. UnitedAg used Care Navigators to see what level of care a member's need was, and based on that need, provide that care. They found that some needed much care but more of the risk is in the early stages of need. [15:59] In the earlier stages, individuals may not realize they need care. Kirti stresses identifying the initial need for mental health care. Providing care initially can prevent chronic conditions. Not just for health plan cost, but from a human standpoint, you don't want that to go there. [16:33] UnitedAg spends a lot of time understanding mental health. Are you just having an anxious day today or are you having chronic anxiety? With the Chief Medical Officer, UnitedAg is spending time determining the tell-tale signs of anxiety to identify and help people with it. [16:59] Free access to mental health care, using Teladoc, Spring Health, other vendors, and the Member Advocacy Department at UnitedAg can be as simple as getting on a call and talking through anxiety, whether it's caused by environmental issues like flooding, or other stresses. [18:14] Kirti says UnitedAg is seeing anxiety around ICE deportations as labor is a big part of agriculture. There are a lot of people who come to work in the ag industry and then go back home. [18:39] Employees have anxiety over whether they will be there tomorrow. Employers have anxiety over whether they'll have access to labor tomorrow. [19:12] Uncertainty creates anxiety. The ups and downs of life create anxiety. [19:28] Plug Time! RIMS Webinars! Zurich's webinar, “Understanding Third-Party Litigation Funding” will be held on May 1st at 1:00 p.m. Eastern. Then RIMS takes a little break from webinars. [19:43] On May 22nd, webinars are back with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”. [19:55] On May 29th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. On June 5th, Zywave joins us to discuss “Today's Escalating Risk Trajectory: What's the Cause and What's the Solution?” [20:17] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members. [20:29] Spencer Educational Foundation will be present at RISKWORLD 2025. Spencer's Grants Program is starting soon. [20:38] Spencer's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [20:51] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [21:14] General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [21:25] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler's Elbow Country Club in Bedminster, New Jersey for their Annual Charity Golf/Pickleball Event. [21:37] Registration is open and the event proceeds are used to fund the chapter's Spencer and Kids' Chance Scholarships. It was the filming location for the upcoming movie sequel Happy Gilmore 2. For more information, and to register, please NewJersey.RIMS.org. [21:59] Let's Return to My Interview with Kirti Mutatkar! [22:07] Justin remarks on Kirti leading with compassion and empathy. Both at HCAA and as CEO of UnitedAg, she puts humans at the center. People remind her it's a business, but she has found that using compassion and empathy has an impact on real numbers. [23:26] Kirti reminds people she has a degree in finance and is a businessperson. UnitedAg has tripled in size. It is a quarter-billion-dollar trust. Its admin costs are very low and its loss ratio is very low. It's done very well financially. [23:53] Kirti makes a decision based on the financial aspect of it and then fits in the compassion and empathy. Eventually, compassion has a big impact on the financial. Now at HCAA, people are looking at how compassion translates into numbers. UnitedAg is a perfect example of it. [24:52] Some people may want to look at it purely from a business standpoint. Kirti feels that adding compassion and empathy manages the risk factor and has a financial impact. It's better for your business than you think it is. It's not a fluff word, you can show it in numbers. [25:52] Kirti is part of the Claims Committee at UnitedAg. Appeals come in and they make decisions on what can or cannot be approved. There is legal representation, client representation, and financial representation. Kirti shares an example of a mental health appeal. [26:41] The appeal was denied and Kirti listened to the compliance and financial positions for why it was denied. She didn't feel right about it, and after the meeting, she reached out to the employer. Then she came back to the committee and asked them to rethink it. [27:34] The committee found a solution within the compliance needs, to approve the claim. In the future, that employer will be apt to renew with UnitedAg because trust was created and help was provided to the employee. It was a financial decision that started with compassion. [29:16] UnitedAG's customer retention is over 90%. That speaks for itself. [29:26] RIMS Plug! From Ryan Harris, upcoming Keynote on the Main Stage on May 6th at RISKWORLD 2025, “Greetings RIMS members and global risk professionals! I'm Ryan Harris, Champion of Super Bowl 50, best-selling author, and award-winning broadcaster. [29:46] “I'm thrilled to be your Main Stage Keynote for RISKWORLD 2025, where we will discuss the transformative five steps to building a championship team and leading to winning! You can learn more about me and my story by listening to RIMScast. [30:01] ”And more than anything, make sure to register for RISKWORLD 2025 by visiting RIMS.org/riskworld. I'm so thrilled to see you and I'm looking forward to us building together so that you can reach your greatest success!” [30:16] Thank you, again, Ryan. We look forward to seeing you at RISKWORLD 2025 on May 6th. A link to Ryan's episode of RIMScast, #325, is in this episode's show notes. Get a preview of the Super Bowl Champion and remember to register for RISKWORLD 2025. [30:33] Let's Return to the Conclusion of Our Interview with Kirti Mutatkar! [30:46] Kirti says that bringing mental health into the Enterprise Risk Management strategy starts with the HR department. UnitedAg does a lot of training around mental health. There are good products available, but just saying we have this product, as a check mark, is not enough. [31:16] Go deeper, listen to your members, and train your supervisors and managers to identify some of the tell-tale signs of needs and bring them forward. Kirti's Chief of Staff remarked to her that physical scars can be seen, but mental scars cannot be shown. [31:49] You have to go deeper to understand mental scars. Spread the word. Talk to your employees and HR teams. Be OK with someone getting emotional at work. Give them a safe space and a trusting environment. Everybody goes through anxiety and stress. [32:20] Providing a safe space does more than providing a program. Engaging, building relationships, and having a connection would be helpful. [32:35] As a CEO, Kirti's biggest takeaway is to maintain a connection with everybody. She tries to do that as much as possible. She goes to CEO lunches and roundtables and is constantly talking to people. You never know what someone will say or do that is a tell-tale sign of need. [33:06] Kirti's advice for risk management professionals is to go a little deeper. Don't take things at face value. Take a step back and ask what is the true problem. Go one or two layers deeper looking for the real issues. Understanding the issue is good from a risk standpoint. [33:50] Are there not enough mental health professionals or should we look at the model for how we provide care for people? [34:10] Kirti also has a podcast, This Is Ag!, available on Spotify and other podcast platforms. She loves podcasting! The reason behind it is relationship and connection. It's to tell people what ag is all about. This year's focus will be on the ground workers and telling their stories. [34:58] There is so much to learn from agriculture! A lot of things still happen with a handshake in agriculture. There's a lot of trust and a lot of relationship and connection. Kirti loves working in the industry. She's very grateful for that. [35:14] Kirti tells what she likes about leading a not-for-profit organization. She runs it as a business but the core of it is the mission it serves. HCAA serves the underserved and she is testing how compassion and empathy play a role in the process. [35:44] Special thanks again to Health Care Administrators Association President and UnitedAg President and CEO, Kirti Mutatkar. There is a link to her podcast, This Is Ag!, in this episode's show notes.b Let her know you heard her first on RIMScast. [36:02] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [36:30] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [36:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [37:06] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [37:22] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [37:36] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [37:44] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app! Spencer's RISKWORLD Events — Register or Sponsor! LAST CALL! RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open. RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now The Strategic and Enterprise Risk Center Spencer Educational Foundation — General Grants 2026 — Application Dates This Is Ag! — Podcast, Hosted by Kirti Mutatkar RIMS Webinars: RIMS.org/Webinars “Understanding Third Party Litigation Funding” | Sponsored by Zurich | May 1, 2025 “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025 “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | May 29, 2025 “Today's Escalating Risk Trajectory: What's the Cause & What's the Solution?” | Sponsored by Zywave | June 5, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International Full RIMS-CRMP Prep Course Schedule “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote) “Maintaining an Award-Winning ERM Program with Michael Zuraw” “National Nurses Week 2021: How COVID-19 Has Impacted the Nursing Profession with Dr. Sophia Thomas and Vicki Good” “Mental Health in the Workplace with Darcy Gruttadaro” (2021)   Sponsored RIMScast Episodes: “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!) “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Kirti Mutatkar on LinkedIn Kirti Mutatkar, CEO and President of United Ag   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin and his guests, Denise Sobczak and Michael Zuraw, introduce the new RIMS paper: “The Pre-Mortem Method: Learning From Failure Without Actually Failing”. Unlike post-mortem analysis, a pre-mortem risk assessment attempts to learn from failure before a project even begins. This report highlights the advantages of implementing a pre-mortem risk assessment approach to strategic projects. Download the report to learn about the three steps to activate a pre-mortem assessment that fosters a better understanding of a project's overall objectives, and ultimately improves transparency, communication, and business outcomes. Justin, Michael, and Denise discuss implementation steps and frequency of pre-mortems in an organization. They cover ways of documentation and tracking insights from pre-mortem exercises, and tools for structuring an effective pre-mortem session. They explore how to involve participants and how to flip the script from naysaying to contributing insights. They consider the collateral benefits of involving your organization in a pre-mortem analysis. They share examples of how the pre-mortem works in their organizations.   Listen to gain insight into this innovative risk management tool to build upon the successes and achievements of your organization. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our topic is pre-mortem analysis, which we will explore with past and present members of the RIMS Strategic & Enterprise Risk Management Council. [:42] RIMS-CRMP Workshops! As part of RIMS's continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:01] Virtual Workshops! On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer's Liability, and Employment Practices in the U.S.” [1:14] On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”. [1:30] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:41] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. [1:59] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes. [2:18] In March, RIMS released a new professional report called “The Pre-Mortem Method: Learning from Failure Without Actually Failing.” The two authors of this report are joining me here today! They have both been RIMScast guests. [2:39] Denise Sobczak is the Director of Group Risk Management at the BIC Group and Michael Zuraw is the Senior Director of Global Enterprise Risk Management for Onsemi. [2:52] Denise is a former member and Michael is a current member of the RIMS Strategic & Enterprise Risk Management Council. Their paper, “The Pre-Mortem Method,” is available through the Risk Knowledge page of RIMS.org. Tap on the White Paper button on that page. [3:10] We're going to hear how Denise and Michael have used the pre-mortem method at their respective companies. We're going to give you tips on how to lead pre-mortem analysis discussions at your organizations whether for a big merger or unveiling a new product. [3:32] This conversation will continue on May 7th at RISKWORLD when Denise hosts “Pre-Mortem or Post-Mortem: If You Were a Patient, What Would Choose?” That session will be held in Room BC185. [3:47] Interview! Michael Zuraw and Denise Sobczak, welcome back to RIMScast! [3:55] Denise and Michael's paper is “The Pre-Mortem Method: Learning from Failure Without Actually Failing.” Pre-mortem analysis is a risk assessment approach that you apply to strategic projects. [4:13] The concept is simple. You assume that an initiative fails. Then you identify triggers of that failure and develop plans to avoid and mitigate them to achieve success. It was developed by Gary Klein and has been widely applied in the business world. [4:39] Michael says the approach was discovered by cognitive psychologists. It releases folks from some of the biases, such as groupthink and confirmation bias, that will muck up decisions. This approach encourages participation and takes risk identification to the next level. [5:07] Justin calls the paper an easy read that people can keep returning to. [5:22] The Strategic & ERM Council decided to do a track on scenario planning. One of their first shareouts was a paper on scenario planning with a segue on pre-mortem risk assessment on how to draw those scenarios. [5:44] Many things are going on, with a level of uncertainty in the external environment that drives uncertainty in the internal environment. As a risk practitioner, it's very important to have these tools. [5:59] Michael joined the Strategic & ERM Council a little over a year ago after they had started the scenario planning. He had already read the SERM Council paper on scenario planning with great interest. Michael is a fan of Gary Klein's and had used pre-mortems. [6:24] When Denise and others mentioned they were going to take the next step in their series of scenario planning to include a pre-mortem discussion, Michael immediately volunteered to be part of it. It was a topic he was familiar with and he had done some sessions on it already. [7:05] Denise explains a pre-mortem is one of many risk assessment tools available. There's no set number for how often an organization should perform one. The main attraction of this tool is its use when you are short on time and have few resources and you want a high-value output. [7:53] It's good to use a pre-mortem when there are a lot of cross-functional initiatives with interdependencies that create complexity and generate risks. [8:07] Michael thinks that for major strategic decisions, a pre-mortem should almost always be used. As you use it, you find out that it's very efficient and not complicated. You can learn from it to include contrarians in discussions to question all assumptions. It changes your risk culture. [8:52] Pieces of the pre-mortem method find their way into the way people approach everyday decisions, even without doing a formal pre-mortem analysis. A pre-mortem analysis is not difficult or expensive to do. As often as you think it provides value, have at it! [9:20] The primary thing a pre-mortem does is open the door to legitimizing doubt. It allows the group decision process to stay in inquiry not to be sucked into advocacy before all the risks are discussed and mitigated. [9:44] Michael notes that as the pre-mortem opens up concerns, they can be put on the table and discussed. The key is you have to take the next step which is to consider what you can change and improve your plan to prepare for the possibility of that risk and mitigate it. [10:08] The goal is to take what you've learned, feed it back into the decision process, and come out with a better plan than you had going in. [10:16] It's very key to get the insights and embed them into the company's core processes versus having a stand-alone tracker for the pre-mortem that you've done. If you've done a pre-mortem for a strategic initiative, integrate it into the status update reports for that initiative. [10:34] If the pre-mortem is related to an event, integrate it into regular management reviews, operating reviews, or even risk governance. Integrate insights that will help you into your core processes. [10:49] Denise and Justin discuss recording remote pre-mortem sessions on Zoom and transcribing them. Justin suggests recording even in-person sessions on Zoom for a transcript. [11:40] Michael says having a transcript of a pre-mortem helps because you want people to focus attention on the conversation and not on note-taking. Sometimes you want to go back and get some context. In-person meetings also allow seeing body language. [12:11] The point of this is to get it out there and talk about it. It's very interactive. [13:19] Pre-mortems are structured to picture a failure six months into the future. Then set a two-minute timer and ask everyone to write down what went wrong. Each one comes up with ideas without the group's influence and writes down key failure points that caused this outcome. [14:04] As a result, things that were just below the surface come out first. Even the staunchest advocate of the plan has to come up with something. The creativity of what could have gone wrong becomes an asset, not a detriment. [14:31] You're not a naysayer, you're an identifier. The basic premises of ERM are risk identification, risk prioritization, and risk response. A pre-mortem creates a more robust identification. You're a contributor. You've discussed something that you hadn't before. [14:54] Denise explains that a pre-mortem is a paradise for the naysayers because they don't have the burden to say it failed. We give that to them. It's not about being skeptical or negative but identifying the contributors that could have caused the failure and being part of the solution. [15:18] Plug Time! RIMS Webinars! On April 10th, Audit Board will present “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”. [15:30] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th. [15:45] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”. [15:54] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:05] Important Announcement! RIMS and the Institute of Internal Auditors have entered into an agreement to deliver a selection of the other group's educational programming to their members. Twenty-nine shared courses will be available to both association's members. [16:23] RIMS members can explore the IIA courses that are now available to them at See Courses Here. To access RIMS's complete selection of workshops, webinars, and courses, visit RIMS.org/Education. [16:42] Let's Get Back to our Discussion about Pre-Mortem Analysis with Michael Zurow and Denise Sobczak! [17:09] Denise says individuals who have had experience with failures can tap into that experience in new situations. Newcomers can offer a fresh perspective. The key is diversity of thought and experience. Make participants comfortable to express their opinions. [17:38] Watch out for those who would take over. As you facilitate the pre-mortem, make sure that you're engaging and that it's a responsive type of facilitation. There's no right or wrong answer when you're looking for triggers. Later on, you will prioritize. [18:22] Michael has been at Onsemi for 20 years with broad exposure in product line management and supply chain. Four and a half years ago, Onsemi had a new CO and much of the top management changed. The question was what did the stakeholders want from ERM. [18:44] There was some change in how they approached it. He did pre-mortems before and he has done them since. The key is broad participation of the players, broad perspectives, and leading it to say that we want to know what you think. We want to question our assumptions. [19:08] That basic approach is to try to make the plan better, not bring it down, trying to improve the likelihood of success. That plays through all types of corporate change. [19:35] Participants should not be in the top tier of leaders, but in middle management with some boots on the ground. The middle management group forms the culture and they know enough key details about what the planners are thinking and to ask, what if they're wrong? [20:14] Denise expects the participants to be the people who are knee-deep in the initiative and are the subject matter experts. You can also invite folks who are not in the initiative but who have a say from the legal, financial, and business support perspectives. [20:42] The number of participants depends on the setting. An in-person setting can accommodate 10 or 15. In a virtual setting, you can have eight to 10. You need to make sure that everyone can participate. [21:14] More RIMS Plugs! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [21:33] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. [21:46] Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [22:06] Spencer has several events lined up before and during RISKWORLD 2025. On May 3rd, there's the Spencer-CNA Pickle Ball Social, on May 4th, the Spencer-Gallagher Golf Tournament, on May 5th, the Spencer Soiree, and on May 6th, the Spencer-Sedgwick 5K Fun Run. [22:25] You can register for or sponsor any of these through the links on this page or by visiting SpencerEd.org/riskworld2025. [22:35] The call for submissions for the RIMS Canada Conference, which will be held in Calgary from September 14th through the 17th, 2025, is now open. We want to hear from you! We are looking for dynamic, insightful presentations on key industry topics. [22:49] Topics may include are but not limited to alternative risk transfer, insurance, legal and regulatory, risk modification and loss control, the DEI Studio, the Thought Leader Stage, corporate sustainability, ESG, and more. [23:03] Submit your proposal by the submission deadline, Wednesday, April 16th at 11:59 p.m. Eastern Time. Visit RIMSCanadaConference.ca and the link in this episode's notes for information. [23:17] If you will be in the Dallas/Fort Worth area on April 17th, be sure to stop by Lone Star Park for DFW RIMS's 7th Annual Night at the Races. It's going to be a blast! Guest, member, and student tickets are available. Visit DFWRIMS.org and the link in this episode's show notes. [23:41] Let's Return to our Discussion about Pre-Mortem Analysis with Denise Sobczak and Michael Zurow! [24:02] Denise mentions different ways to measure the ROI of a pre-mortem, in the light of inherited risk impact before mitigation versus residual risk, post-mitigation. [24:16] For a consumer goods company like BIC, Denise says it is more sensible to tie the effectiveness of the pre-mortem exercise with the overall achievement of the strategic goals or the operating targets because you are changing as you go. [24:38] Michael says it's tough to measure the effectiveness of a pre-mortem. You're asking a team that has already been assembled to spend half a day looking at the plan and, at the end, asking if they learned something that helped improve the plan. [25:30] Is the plan or decision better the day after the pre-mortem than it was the day before? Was it worth the four hours? Would you suggest doing this again? Would you recommend it to your peer? Advocating for a pre-mortem indicates its value, way beyond the cost of doing it. [26:16] Denise stresses the collateral benefits of a pre-mortem. If you are facilitating this type of risk assessment, you will reach a lot of folks in the organization and help them think differently. They will think of the risk management department or the ERM practitioner as a resource to use. [26:37] There is some amplification from a showcase of value to the organization from your function. Denise says a pre-mortem never took a day for her. Once she applied a pre-mortem in a 20-minute phone call with all the constituents. They came up with 15 reasons it could fail. [27:02] A pre-mortem can be formal or informal. The informal pre-mortem is as efficient and it is quicker. You need to understand what the culture of your organization is. If it is very formal, adapt to that. Denise tends to work in more agile organizations. [27:36] Michael works for a company that is heavy in engineering. A pre-mortem takes about two hours there. Engineers want to solve problems and tell you why their solution to the problem is awesome! They want data and rationalization justification. [28:15] Part of it is the moderation. Say the goal of this meeting is to get the concerns and issues out on the table. Afterward, we'll do a quick prioritization so we can assign owners to address the next step of how this feeds back into improving the plan. [28:32] As everybody took two minutes to write down the issues, get them out on the table and rotate through the biggest issue from each person as quickly as you can, one at a time, so no one gets into a laundry list of items. Keep the discussion moving across all the participants. [28:55] What you get is honest dialog and everyone participates. If you do that, you'll avoid overcomplicating it. It can be very simple. It's structured to help you manage that. As long as you keep it moving, it will be fine. [29:12] On 1:45 p.m., on May 7th, at RISKWORLD, in Room 185BC. Denise will be presenting “Pre-Mortem or Post-Mortem: If You Were Patient, Which One Would You Choose?” Denise will be extending the dialog from the paper and this episode. [29:37] Denise will miss Michael on stage. They had a successful session together at the RIMS ERM Fall Conference. Now that the paper is published, the presentation will be more robust. [29:55] The presentation will cover what pre-mortem risk assessment entails. You basically assume the strategic project has failed. Then you identify the triggers of that failure and develop plans to avoid and mitigate them to achieve success. Then you monitor. [30:25] Once Denise goes through the fundamentals, she will take you through a hands-on exercise of applying this technique. She will give a business case and have the audience start solving it and finding triggers. It's very easy. It will give a sense of what this is all about. [30:52] Denise's aim is that the participants, with the presentation and the white paper, will have another skillset to apply and bring value to their organization. There will be audience participation to close out the last day of the education track at RISKWORLD. [31:20] Denise will have a full hour and then there will be more audience participation when the Second City takes the stage for the Conference Finale. [31:34] Justin recommends attendees check out Denise's solid one-hour presentation. She assures you there will be no coasting in her session! [31:59] It has been such a pleasure to see you both. I appreciate you taking the time. You wrote a wonderful paper. The link is in this episode's notes. Go to RIMS.org/riskknowledge to check it out. Press the White Paper button and it will pop right up. Thank you both so much! [32:18] Special thanks again to Michael Zuraw and Denise Sobczak for joining us here on RIMScast. A link to their paper, “The Pre-Mortem Method: Learning from Failure Without Actually Failing” is available through the Risk Knowledge of RIMS.org. A link is in this episode's notes. [32:35] Beyond the pages and this episode, Denise will be extending the dialog at RISKWORLD on May 7th at 1:45 p.m. local time. She will deliver “Pre-Mortem or Post-Mortem: If You Were a Patient, Which Would You Choose?” That session will be held in room 185BC. [32:52] Register in advance through the RIMS Events App. [32:55] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [33:24] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [33:41] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [33:59] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [34:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [34:30] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [34:37] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Links: Presented by the RIMS SERMC: “The Pre-Mortem Method: Learning From Failure Without Actually Failing” RISKWORLD 2025 — May 4‒7 | Register today! Spencer Educational Foundation — General Grants 2026 — Application Dates Spencer's RISKWORLD Events — Register or Sponsor! RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Now Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education RIMS Canada Conference 2025 | September 14‒17 | Calgary | Submit a session by April 16. DFW RIMS — 7th Annual Night at the Races / Lone Star Park – April 17, 2025 Nominations for the Donald M. Stuart Award [Canada] The Strategic and Enterprise Risk Center “Truly Long-Term Strategic Risk Management in Focus” — RIMS Q&A with Michael Zuraw (2019) RIMS Webinars: RIMS.org/Webinars “What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025 “Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025 “Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025 “Understanding Third-Party Litigation Funding: Its Importance and How You Can Contribute” | Sponsored by Zurich | May 1, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA | April 22‒23 Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen “Managing Data for ERM” | June 12 | Instructor: Pat Saporito  “Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Maintaining an Award-Winning ERM Program with Michael Zuraw” “Scenario Planning with the RIMS SERMC” “Q1 2025 Risks with Morgan O'Rourke” “ERMotivation with Carrie Frandsen, RIMS-CRMP” “Risk Quantification Through Value-Based Frameworks” “Applying ERM Theory with Elise Farnham” “On Risk Appetite and Tolerance”   Sponsored RIMScast Episodes: “Understanding Third-Party Litigation Funding” | Sponsored by Zurich (New!) “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!) “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring Walmart ERM Director Michelle Black!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Denise Sobczak, Director of Group Risk Management at the BIC Group Michael Zuraw, Senior Director of Global Enterprize Risk Management for Onsemi   Production and engineering provided by Podfly.  

Australia's population grew by 1.8 per cent in the 12 months to September 2024, adding 484,000 people to the national headcount, according to the latest figures from the Australian Bureau of Statistics (ABS).  That puts our population at 27.3 million, with overseas migration once again leading the charge—albeit at a slower pace than earlier quarters. While the post-pandemic migration surge has moderated, we're still seeing 618,000 arrivals versus 238,000 departures, giving us a net overseas migration figure of 380,000.  This continues a tapering trend, but still marks a major contributor to the housing pressure being felt across the country. Western Australia led the states in population growth, rising 2.5 per cent. Victoria followed at 2.1 per cent and Queensland at 2.0 per cent. In contrast, Tasmania's population barely grew, increasing just 0.3 per cent over the same period. At the state level, New South Wales added 120,800 residents to reach 8.5 million, while Victoria added 146,700 to reach just over 7 million. Queensland's population climbed to 5.6 million, with 111,900 new residents over the year.  These increases represent real housing demand across all tenures: ownership, rental, and emergency accommodation. But while net overseas migration is slowing, a separate but related shift is gaining traction again: regional migration.  The Regional Australia Institute's (RAI) latest Regional Movers Index revealed that internal migration to regional areas, while slowing compared to the COVID boom, remains a long-term structural trend. The RMI shows a fourfold increase in migration from capital cities to places like Bendigo and Bunbury.  Sydneysiders still account for the bulk of outflows (59 per cent), although that share is falling. Melburnians, on the other hand, are rising—now making up 40 per cent of net capital outflows. Greater Geelong and Bendigo are the clear winners in Victoria. Bendigo, in particular, is surging off the charts, with a 63 per cent quarterly growth in migration and a fourfold increase year-on-year.  It's now second only to Bunbury in WA as the fastest-growing regional centre. And what happens when people move? House prices follow. Bunbury's median house price jumped 28 per cent in 2024—the highest growth of any WA regional centre. Geelong's rise in popularity is also pressuring housing stock and values. What this all signals is that the city-to-regional migration story isn't going away—it's simply evolving. And it's not just young professionals making the shift. According to new research from the Australian Housing and Urban Research Institute, older, wealthier Australians are leading the regional migration trend, motivated by lifestyle factors and affordability.  This shift has profound implications—not just for property values but for rental stress in areas traditionally considered affordable. Professor Nicole Gurran from the University of Sydney notes that regional migration creates a “ripple effect”—pushing up rents and home prices not only in high-growth towns but also in outlying areas as low-income earners are displaced. “Increased pressure on housing costs in the regions creates knock-on effects for affordability in neighbouring communities,” Gurran said. “It's especially critical that we ramp up investment in social and emergency housing to offset these shifts.” So what's the bottom line? Australia's housing supply continues to lag population growth. Migration—both international and domestic—remains a powerful driver of housing demand. And while big-city markets get the media spotlight, regional areas are where the most intense growth and pressure are now playing out. Investors, policymakers, and developers should be taking note: this isn't a COVID blip—it's a decade-long demographic realignment. Ignore it at your peril.  

Thousands of USDA employees terminated by the Trump Administration will return to their positions, for now, and after tariff retaliation on American goods, China is turning its attention to Canada.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Our guest, Kristen Peed, is the Chief Risk Officer of Sequoia, and RIMS 2025 President. Kristen was recently promoted to Chief Risk Officer. She tells about that role and how it differs from her other risk roles.   Kristen speaks of a few of the risks to organizations today. She shares two stories of mentorship from her past and her efforts to provide mentorship today. Kristen shares thoughts about the evolving role of the risk manager and her pathway to the C-Suite for a seat at the table. She discusses the legislative summit, the topic of third-party-funded litigation, and the need for transparency and regulation.   Justin and Kristen discuss how every day is a brand new day for RIMS, what will be celebrated at RISKWORLD 2025, and a couple of new RIMS initiatives you can expect to learn about there. Kristen shares her gratitude to all the RIMS volunteers who make her job as 2025 president possible.   Listen for Kristen's career advancement advice and her final suggestion for growth. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2025! Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:31] About this episode of RIMScast. We will be joined by RIMS President Kristen Peed. [:48] RIMS-CRMP Workshops! The next workshop will be March 19th and 20th. Register by March 12th. As part of our continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. [1:03] Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:10] Virtual Workshops! On March 26th, Pat Saporito will host “Generative AI for Risk Management”. [1:18] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer's Liability, and Employment Practices in the U.S.”. [1:31] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [1:40] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. [1:57] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes. [2:17] Our guest today is the Chief Risk Officer at Sequoia and the RIMS 2025 President, Kristen Peed. We're going to talk about her risk management career journey, what it took for her to ascend to the level of Chief Risk Officer, and what that means for her organization. [2:38] We will also talk about the power of mentorship, networking, and what's in store for us at RISKWORLD 2025 and throughout the year as we celebrate the 75th anniversary of RIMS. [2:50] Interview! RIMS 2025 President, Kristen Peed, welcome to RIMScast! [3:07] This is Kristen's eighth year on the RIMS Board. It's been an amazing journey! Most of her best friends are RIMS staff members or RIMS members, all over the globe. RIMS is a huge part of her life! Justin joined RIMS almost eight years ago. They have known each other for years. [3:33] Justin shares a memory with Kristen in Halifax. Kristen took part in an impromptu presentation, in the role of a petulant child. [4:06] Kristen wears sneakers; she has branded herself as the sneaker queen. She has stopped counting how many pairs of sneakers she has. [4:34] This year is the 75th anniversary of RIMS. There is a big RISKWORLD in May; its theme is Engage Today and Embrace Tomorrow with RIMS. [4:54] Kristen Peed was recently promoted to Chief Risk Officer of Sequoia. Sequoia has ambitious growth goals, which is one of the reasons Kristen joined it. In her new role, Kristen has oversight of all corporate risks. [5:27] These include enterprise risks, IT risks, security risks, property & casualty risks, and E&O risks. It's overarching. [5:46] Kristen sees there has been a slow transition for risk managers in general, from a transactional, procurement role to a strategic role, where they see opportunities with risk. Where they see places where they can offer value and insight. [6:07] Sequoia is a client-based company. Clients are reaching out to Kristen for help dealing with deep-fake interviews. Kristen looked to the RIMS Board of Directors and Cherise Papadopolo, RIMS VP of DEI, People, & Culture, and got some helpful HR information. [6:48] Kristen was able to provide strategic advice to a Sequoia client's Chief People Officer. It's a perfect example of how RIMS helps risk managers to be viewed as strategic. The RIMS community is part of the reason Kristen was able to take on the role of Chief Risk Officer. [7:13] The role is something Kristen has been preparing for ever since she started as a risk analyst. Every step has been more of a strategic and leadership role rather than being in the weeds doing stuff. The Chief Risk Officer helps navigate and chart the map for the “captain.” [7:55] Kristen's career advancement came both from having a plan and from being seen for her hard work. She has learned to ask for things more. She was fortunate to have some success early in her career and capitalized on it. A new boss provided amazing mentorship for Kristen. [8:41] She asked, “What's the next role for Kristen?” Kristen realized she would like to be considered for a Chief Risk Officer role. Kristen's boss understood her value and wanted to make sure she felt appreciated. Six months later, Kristen was offered the role if she wanted to take it. [9:45] Part of it is making your leadership aware that these titles exist, showing your value, and asking for it. [10:05] One of Kristen's early successes at Sequoia involved using her RIMS network to put together a presentation on using surplus funds from the captive PEO insurer to fuel additional risk management activities. Leadership was excited and Kristen implemented it right away. [11:03] Another success was the consolidation of insurance programs. Sequoia had grown quickly and had renewal dates in different places. Kristen showed her market savvy and leveraged her relationships with carriers to bring down some initial premium costs. [12:00] Kristen says that putting the C-level title on a risk officer differentiates it. When she partners with the CISO or the Chief Data Officer, they are on equal footing. The C-level carries more weight. It also helps carriers in the marketplace see her as being in company leadership. [12:42] When Kristen meets with underwriters and carriers, they have a greater sense of comfort knowing she has a seat at the table and understands the direction of the company and how to mitigate against risk before it hits insurance. [13:01] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”. [13:15] On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”. [13:30] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 3rd, join Zurich for “Understanding Third-Party Litigation Funding”. [13:43] On April 10th, Audit Board will present, “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”. [13:51] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th. [14:07] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”. [14:40] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [14:26] Let's Return to Our Interview with RIMS 2025 President Kristen Peed! [14:37] As a follow-up to the RIMScast episode with Mark Prysock on RIMS's legislative priorities, Kristen talks about third-party-funded litigation. It affects risk managers, carriers, and brokers because of premium pricing. [15:06] It's necessary to have transparency around third-party-funded litigation and eliminate the ability of foreign entities to fund and profit from it. The concern is around nuclear verdicts that are detrimental to the industry as a whole. [15:39] Nuclear verdicts will impact pricing, not only for that one company but for all risk managers. These verdicts are not sustainable. We need transparency. We want Congress to act upon this. We can all get behind this. Kristen doesn't think this is a partisan issue. [15:58] Being able to partner with our carriers and brokers to have a strong message on the Hill is critical to the success and continuation of our industry. [16:08] Time and money are finite resources. There is no bottomless pit of money. [16:30] Kristen will soon be going to Capitol Hill with fellow risk practitioners for the RIMS Legislative Summit. [16:43] Kristen got involved in legislative advocacy after getting a mailer for the Legislative Summit. She attended and met the staff, including Robert Cartwright. She saw It was an amazing platform for risk managers to have their voices heard by the people they elect. [17:17] The RIMS Legislative Summit is one of Kristen's favorite annual events. It can be so impactful to the community as a whole. It will be March 19th and 20th. This is your last chance to register for it. Prepare for the trip to D.C. [17:54] March is Women's History Month. Kristen says she was lucky to have some key female leaders placed in her life at critical moments, that helped her down this path. [18:15] At CBIZ, Nancy Mallard was the GC for CBIZ's Benefits and Insurance Division. She was the first female chair of the CIAB (The Council). Kristen saw Nancy's leadership throughout the years in the industry. Kristen used her great example to figure out how to get involved at RIMS. [19:15] Kristen's new boss, Kathy Ross, is amazing. She's been a great advocate for Kristen and it has been awesome to learn from her how to elevate her leadership skills. Kristen feels blessed to have had these two impactful women in her life. [19:47] Sequoia's culture is paramount to its people. One of its service commandments is “Be of extraordinary value to others.” Sequoia's mission is “Coming through for others that put their trust in us.” Kristen takes these values to heart, whether in mentoring or calling on the phone.  [20:39] Kristen looks at how she can help create career paths for people and develop them, at Sequoia and in the risk community, as well. Kristen brings together interns and “externs” from other companies and stays in touch with them. She always asks them to pay the help forward. [21:35] Plug Time! Kristen Peed was a board member of the Spencer Educational Foundation. [21:41] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [21:59] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. [22:13] Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer's General Grants through the Programs tab of SpencerEd.org. [22:31] Spencer has several events lined up before and during RISKWORLD 2025. On May 3rd, there's the Spencer-CNA Pickle Ball Social, on May 4th, the Spencer-Gallagher Golf Tournament, on May 5th, the Spencer Soiree, and on May 6th, the Spencer-Sedgwick 5K Fun Run. [22:51] You can register for or sponsor any of these through the links on this page or by visiting SpencerEd.org/riskworld2025. [23:00] The Conclusion of My Interview with RIMS 2025 President, Kristen Peed! [23:27] Kristen's theme for her presidency is Brand New Day. Every day is a brand new day of risks. Every day, new risks are popping up. Whether AI, advancements in cyber threats, wildfires, or climate change, everything is changing. [24:12] It's a brand new day for risk managers. We have to be more nimble and strategic. That means it's a brand new day for RIMS. It's about how RIMS is going to support us in this moment and also as we move into the future, making sure we stay relevant for the next 75 years and on. [24:41] A new track, Alternative Risk Transfer, highly focused on captives, is being presented at RISKWORLD 2025. This is something risk managers have been asking to learn more about. It's part of the strategic conversation; how do you start to offer value back to your company? [25:09] How do you more strategically look at risk from a long-term perspective? That dovetails with Enterprise Risk Management. RIMS ERM content is relevant and has evolved over time. Captives will continue to be a value-generating part of the profession. [26:06] The 75th anniversary of RIMS is special for Kristen because it shows that RIMS has come so far. This year, RIMS is launching the RIMS Foundation to create opportunities for early-career students. That's the critical time to help them stay in the profession. [26:47] The RIMS Foundation will provide them with opportunities for growth, learning, and networking. This is a graying industry. We need to attract the next generation of talent to the industry and fill the pipeline with lots of people to backfill when current risk professionals retire. [27:21] Also in 2025, RIMS has a brand new Texas regional conference from August 4th through the 6th, on the San Antonio River Walk. People are reaching out to Kristen to submit sessions. It's exciting to see all the buzz around that conference. [28:35] Kristen's concludes: “Never quit learning. In my role, I've been doing this for two-plus decades, but I learn something new every day. When I took the RIMS-CRMP, I learned even more. It's the only risk management credential accredited by ANSI. Go and get your RIMS-CRMP.” [28:56] “It is one of the best educational opportunities you will have to demonstrate your proficiency and excellence and show your senior leadership team that you have the skills to elevate and provide strategic direction to your company.” [29:18] Justin notes that later this year, you can look for a RIMS-CRMP story, featuring RIMS 2025 President Kristen Peed. [29:23] Kristen, it is such a pleasure to see you! I'm so happy that you're our president this year and I'm happy for your continued success. I look forward to being able to celebrate with you in May at RISKWORLD 2025! [29:35] Kristen says she is honored to lead RIMS this year but it wouldn't be possible without all the other volunteer risk professionals around the world, all our chapter leaders, all committee members, and all our council volunteers. [29:53] Kristen wants to thank everybody who donates their time and energy to making RIMS so relevant and future-thinking. I could not do what I do without your support. [30:10] Special thanks again to RIMS 2025 President, Kristen Peed. Be sure to catch her at RISKWORLD 2025. She will have a presence on the main stage and during many of the ceremonies. Be sure to register for RISKWORLD 2025 at RIMS.org/riskworld. [30:23] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [30:48] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [31:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [31:21] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [31:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [31:48] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [31:54] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2025 — May 4‒7 | Register today! RIMS Legislative Summit — March 19‒20, 2025 Nominations for the Donald M. Stuart Award [Canada] Spencer Educational Foundation — General Grants 2026 — Application Dates Spencer's RISKWORLD Events — Register or Sponsor! RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine RIMS Leadership Corner — Featuring Kristen Peed RIMS Webinars: RIMS.org/Webinars “How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025 “Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025 “Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025 “Understanding Third-Party Litigation Funding” | Sponsored by Zurich | April 3, 2025 “What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025 “Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025 “Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP | March 19‒20 | Register by March 12 RIMS-CRMP Exam Prep with PARIMA | April 22‒23 Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Generative AI for Risk Management” | March 26 | Instructor: Pat Saporito “Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Kicking off 2025 with RIMS CEO Gary LaBranche” “RIMS Legislative Priorities in 2025 with Mark Prysock” “(Re)Humanizing Leadership in Risk Management with Holly Ransom” (RISKWORLD Keynote) “Risk and Relatability with Rachel DeAlto, RISKWORLD Keynote” “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote)   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Kristen Peed, Chief Risk Officer at Sequoia and the RIMS 2025 President   Production and engineering provided by Podfly.  

Nizza24: Ubisoft, a processo i fondatori - Esercito europeo, chi paga ? - Incendi nel sud della Francia - Cinquanta anni di Radio Private, omaggio a RMI

Nancy is a Co-Founder and Managing Partner atRallyday Partners, a private equity firm built byfounders for founders, focused on lower middlemarket growth companies.Nancy's experience as an entrepreneur informs her role as an investor at Rallyday Partners. Nancy and thefounding team at Rallyday wanted to build the private equity firm that they would have wanted to partnerwith on their own entrepreneurial journeys. In practice, this involves a multi-stakeholder approach and anintense focus on purpose, culture, leadership development alongside the typical focus on growth and financialreturns. Rallyday's purpose statement is to Empower leaders to go even bigger, create the most value for themost people, and share in the experience of a lifetime. As Managing Partner, Nancy leads efforts to identifynew investment opportunities and guides value creation efforts in partnership with portfolio companyleadership teams. Nancy leads Rallyday's investments in Highbar Health, Livefront, Nimble Gravity, andKicksaw and supported Pyx Health to a successful exit in 2023.Nancy is a 35 year + veteran of the telecommunications and IT infrastructure industry. She has spent herentire career building and growing service-focused organizations demonstrating the power of people in atechnical world. A longtime leader in Denver's tech industry, she co-founded ViaWest in 1999 and served as itsPresident & CEO, successfully scaling the company to become one of the largest colocation and cloudproviders in the industry. In 2017, the company was acquired by GI Partners for $1.675 billion and combinedwith Peak10, another IT infrastructure powerhouse. Now called Flexential, the company is a leading providerof data center solutions spanning colocation, connectivity, cloud, managed solutions and security services.Nancy served as chair of the board until the end of 2024.Previously, Nancy served as president of Shaw Business Infrastructure Services, a division of ShawCommunications (NYSE:SJR). Nancy held founder and executive leadership positions with numeroustechnology companies, including TSC, ConferTech International, ITC, RMI.net and Intrepid Communications,where she enabled significant growth while maintaining a deep customer-centric focus. She has raised over$1.1B in equity during her career and consistently provided strong returns to her shareholders.Nancy is a passionate supporter of the Colorado entrepreneurial community as well as furthering theparticipation and advancement of women in computer science. She serves on the boards of the NationalCenter for Women and Information Technology, where she is chair; Blackstone Entrepreneurs Network; EspireDental; Highbar Health; Livefront; Nimble Gravity; and Kicksaw and formerly served on the NationalCybersecurity Center as well as the University of Denver Board of Trustees.Nancy has received numerous accolades for her visionary leadership and, in 2016, was honored with theinaugural Colorado Governor's Citizenship medal for Growth and Innovation, which recognized her as anentrepreneur with exceptional ingenuity who seeks to inspire and create new possibilities for others. She alsowas selected as the 2016 EY Entrepreneur of the Year in Technology Services for the Mountain Desert Region.Nancy has also been recognized in the global technology community when she received the CanadianGovernor General's Medallion in recognition of her distinguished track record building technology businesses.Nancy embraces the best of Colorado by spending time with family including her beloved black lab, Brooklyn,in the mountains skiing, cycling and hiking. A native of Toronto, Nancy received a Bachelor of Arts degree fromQueens University in Canada. Michelle Collie is a Physical Therapist and business owner who grew her company from one location to 35 and has now partnered with RallyDay to continue growth in the the Northeast United States.  She has been a Board Member of the American Physical Therapy Private Practice Association and has received numerous awards as a Best Employer!  Her company is now Highball Health.

An airhacks.fm conversation with Kevlin Henney (@KevlinHenney) about: first computer was a Sinclair ZX81 with 1K of memory, programming in Basic and later Z80 assembly language, creating simulations like volcano explosions and n-body problems as a teenager, transitioning to the ZX Spectrum and other early home computers, studying physics at university but becoming more interested in programming, learning fortran, getting his first programming job at a small software house in Bristol where his boss had a wall of books on programming languages and paradigms, becoming self-taught through reading these books, developing an interest in AI and philosophy of mind which led to pursuing a master's degree in parallel computer systems, creating a virtual machine for a Lisp-based actor model, learning about the occam programming language based on Communicating sequential processes (CSP) for transputers, discovering Object-oriented programming and being fascinated by modularity and encapsulation, encountering Java in the mid-90s as a free downloadable language with platform independence, appreciating Java's familiar C-like syntax while offering object orientation without low-level concerns, using Java primarily for training and consultancy work rather than application development, discussing the evolution of Java features like inner classes (Java 1.1) and interfaces, explaining his unique perspective on interfaces coming from distributed systems experience with IDLs, reflecting on his work with various distributed Java technologies like RMI, Jini and JavaSpaces, continuing his career as an independent consultant, trainer and speaker with strong involvement in the patterns community Kevlin Henney on twitter: @KevlinHenney

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Our guest, Nicole Sherwin, Chief Impact Officer of EcoVadis, explains her ESG philosophy, and how her role as EcoVadis Chief Impact Officer works with sustainability, including climate-related risks, human rights, transparency in supply chains, and sustainability supply chain regulations. Nicole and Justin discuss each of these topics and how companies can improve their sustainability metrics. Nicole points out the incentives companies have to demonstrate to investors and institutions more transparency in their supply chains. She notes tools and frameworks companies can use for supply chain ESG and sustainability reporting. Listen for a perspective on adding sustainability compliance to your organization's supply chain. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:30] About this episode. We will discuss sustainability and supply chain risk with our guest, EcoVadis Chief Impact Officer Nicole Sherwin. [:55] RIMS-CRMP Workshops! The next workshop will be March 19th and 20th. Register by March 12th. As part of our continuing strategic partnership with Purima, we have a two-day course coming up April 22nd and 23rd. [1:12] LInks to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:20] Virtual Workshops! “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. On March 26th, Pat will also host “Generative AI for Risk Management.” [1:38] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer's Liability, and Employment Practices in the U.S.”  [1:51] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:02] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. [2:20] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes. [2:43] Between tariffs, climate threat, and geopolitical instability, now is a good time to reexamine your supply chain risk management practices, especially in front of April, which is Supply Chain Integrity Month. [2:57] Joining us today to discuss the role that sustainability efforts can play in managing supply chain risk is Nicole Sherwin, the Chief Impact Officer at EcoVadis, a provider of business sustainability ratings and insights. There's much to discuss about sustainability, ESG, and more! [3:17] Interview! Nicole Sherwin, welcome to RIMScast! [3:40] Nicole holds that businesses have a unique opportunity to magnify the positive social and environmental impacts of the things they do and where they engage. [3:56] Nicole is especially passionate about sustainable supply chains and the B2B relationship between buyers and suppliers. Procurement, the function that works with suppliers, holds a lot of power, in deciding which suppliers to spend money with. [4:13] Procurement wants to work with suppliers who can demonstrate they are strong partners in all senses of the word, but increasingly in managing their business's sustainability. [4:22] It can reduce risk, increase resilience, and open collaboration opportunities for procurement teams to drive growth and value for their business. [4:35] Procurement can leverage sustainability innovations of products and services of their suppliers into the design and selling of their products and services, which helps them meet the demands of customers and unlock new markets. That excites Nicole. [4:59] EcoVadis is a purpose-driven company, as stated in its corporate bylaws. Its purpose is to guide all companies toward a sustainable world. [5:14] Nicole's role as Chief Impact Officer is similar to a Chief Sustainability Officer. Part of her role is responsibility for implementing best-in-class sustainability practices internally. Some of those practices are set science-based carbon reduction targets. [5:31] EcoVadis runs a program with its suppliers to engage them in sustainable practices. [5:35] The bigger impact EcoVadis can have is via its solutions and driving sustainability transformation with its customers. EcoVadis is dedicated to embedding sustainability data and intelligence into business decisions. [5:50] EcoVadis has sustainability ratings and data it provides to help businesses benchmark themselves and improve their performance on environmental and social topics. It focuses on global supply chains and procurement organizations that engage their suppliers. [6:08] The impact EcoVadis has is as an enabler to guide companies to improve their practices on decarbonization, working conditions, and human rights, to create stronger sustainability performance with more resilient supply chains. [6:19] KPIs are important ways to measure. Action can be even more important. Don't wait to get the right measurement or figure out how to measure. Get to action, maybe specifically on decarbonization, where some of the metrics and KPIs might be hard to get to. [6:46] Nicole believes there are many risks to global supply chains. Some are geopolitical instability, tariffs impacting trade, and increased cyber attacks on critical infrastructure as things are becoming more digitalized. [7:05] Nicole mentions four sustainability topics. The first is climate-related risks, including extreme weather events, natural disasters, and long-term climactic changes, like rising temperatures and sea levels. Climate impacts raw material availability or shortages. [7:27] Droughts and changes in weather affect agricultural productivity. Weather could be linked to transportation and distribution disruption with infrastructure damages and closure of routes that impact business continuity. [7:45] The second sustainability topic is human rights and forced labor risks. These can be hard to detect. EcoVadis customers, working with their supply chain, have a strong focus on identifying and remediating those risks. [8:02] The third sustainability topic is the lack of transparency in the supply chain. Many companies are only scratching the surface of the potential risks as they engage their direct or tier-one suppliers. Behind the tier-one supplier are different products and raw materials. [8:23] How do you understand who those suppliers are and what are their ethical standards for sourcing and labor practices? [8:30] The fourth sustainability topic is ESG or sustainability supply chain regulations. Supply chains are complex. They're global. They could go deep into the multi-tier. Getting supply chain data needed for compliance is also complex. [8:45] The ESG regulation space is evolving. It's a moving target, both in the U.S. and in Europe. Being late or not being prepared for these regulations is a risk. [9:01] Plug Time! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [9:21] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. [9:35] Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer's Grants through the Programs tab of SpencerEd.org. [9:54] Spencer Day is an annual virtual event where the risk management and insurance communities come together to celebrate the Spencer Educational Foundation and the incredible work they do to attract and retain talent in the risk management and insurance professions. [10:10] It's never too late to donate. You can send a belated Spencer Day card. This year, the Foundation is seeking donations of $46 in honor of Spencer's 46th year of operations. Visit SpencerEd.org/spencer-day for more details and donate. [10:34] Every contribution is an investment in the future of risk management. We appreciate your support. [10:40] Let's Get Back to Our Interview with Nicole Sherwin of EcoVadis! [11:02] Organizations can focus on sustainable procurement, creating an end-to-end program with suppliers, identifying where the risk is, assessing the performance, closing the gaps, and driving improvements on ethical, social, and environmental topics. That's a key foundation. [11:22] This can be done with on-site audits, online questionnaires, certifications that can be collected, and verification technology. Companies are deploying targeted engagements with suppliers that align with their corporate sustainability goals. [11:39] Decarbonization of the supply chain is a key sustainability goal. It starts by understanding a supplier's carbon footprint. [11:47] A vast majority of the supply chain is small-to-medium companies (SMEs) in emerging markets. They don't know where to start calculating their Scope 1 and Scope 2 indirect emissions. There are a lot of carbon estimators that can support suppliers to calculate those. [12:03] These estimates can be used by procurement organizations to calculate their Scope 3 emissions. [12:11] Nicole talks of transitioning to renewable energy sources, energy-efficient buildings, and manufacturing equipment, depending on the industry, optimizing transport, and localizing sourcing. Can you get closer to the source from the suppliers you're working with? [12:34] Look for eco-friendly materials that can be reused and recycled at the end of life. Use life-cycle assessments (LCA). Some tools can be used to support sustainable product design. [12:58] Life cycle assessments require a level of expertise. Tools and technologies for LCA are becoming much more advanced and make it easier for SMEs to adopt at-scale deployments across multiple product areas. [13:26] Dimensions of ROI can be incorporated into sustainability. The centerpiece of sustainability is looking at the environmental and social impacts of materials. Figuring ROI on a sustainability initiative is complex. [14:12] EcoVadis did a report with Bain, “ESG Financial Performance.” Companies at the forefront of working on sustainable procurement have a profitability margin of three percentage points above those who don't focus on their suppliers' environmental and ethical practices. [14:32] That research also showed that companies in natural resources, transportation, or industrial goods that had a high EcoVadis rating on their sustainability performance had higher EBITDA margins. [14:53] Nicole says, succeeding with sustainability means thinking about it as an integrated approach to solving these core business challenges. Sustainability can reduce risk, increase resilience, and drive innovation and sales revenue through the offering of sustainable solutions. [15:24] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”. [15:30] On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”. [15:53] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 10th, Audit Board will present, “What Non-CISO Risk Executives Should Know about Cyber Risks in 2025.” [16:09] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th. [16:24] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:36] The Conclusion of My Interview with EcoVadis Chief Impact Officer, Nicole Sherwin! [16:51] Nicole shares some sustainability plan pointers. Having a data-driven approach is key, using accurate, verified data to measure progress and inform decision-making. EcoVadis issues a Sustainable Procurement Barometer every three years. It was updated at the end of 2024. [17:10] Companies that were showing a high level of maturity in sustainability and ESG were more than two times more likely to engage key stakeholders strategically with data. The C-Suite cares about KPIs. Being able to show performance and outputs catches their attention. [17:33] Taking a data-driven approach, even if it's starting with a small set of data from proof of concept of deployment can be a way to get their attention and bring in additional investment. Cross-department collaboration is key. Sustainability is a responsibility across the organization. [17:55] We increasingly see that sustainability is integrated into performance bonuses, not just for senior executives, but also for managers across departments. It's a company-wide initiative to drive sustainability. [18:06] In the Sustainable Procurement Barometer, 45% of the suppliers say that they see sustainability as important to their customers and are engaged about it as partners. However, 46% see it as important to their customers but don't find it in their relationship. [18:28] Sometimes Procurement can see a risk in the supply chain we see as important but they don't have enough of a program around embedding collaboration with a supplier. [18:40] Collaboration can be putting it in contract clauses, setting sustainability targets to where they want to see them improve, and running capability building and training in decarbonization. [19:13] Forced labor can lie under the surface if you don't look for it. EcoVadis customers are looking to understand where human rights and forced labor are happening in the supply chain.  [19:29] One effective technology is engaging workers through automated worker surveys and grievance mechanisms, directly to workers through SMS or WhatsApp. It's been extraordinarily powerful, allowing companies to work on remediation efforts. [20:47] Nicole thinks the SEC's decision to pause indefinitely its Climate Disclosure Rules will have an impact on corporate accountability. Companies are not being mandated to disclose on climate. However, from an investor perspective, the demand for disclosure is still there. [21:08] For investors, these regulations are seen in a positive light for those assessing climate-related risk, and wanting to accelerate investment toward a more sustainable economy. They want standardized and comparable data to manage these risks and impacts. [21:27] Companies face a potential loss of investment opportunities if they don't disclose climate impact data in a common format. [21:36] Companies will have to decide if they're going to voluntarily disclose climate-related information or not. They will have to if they want to be considered by investors, or even financial institutions, who are increasingly requesting this kind of information for lending or underwriting. [21:54] There are international standards that continue to emphasize consistent reporting. The Task Force on Climate-Related Financial Disclosures (TCFD) is one. The Sustainability Standards Board offers The Climate-Related Risk Disclosure Framework. [22:15] Companies can voluntarily report their climate-related risk using the available frameworks. [22:27] Companies know that there is a reputation risk to transparency. For some companies, up to 90% of their carbon footprint is in their supply chain. Getting that data and driving reductions in their supply chain is complicated. [22:52] The economic driver of investors and access to finance are incentives for companies to disclose climate-related risk data. Each company has to decide. [23:41] Nicole thinks that ESG is under fire in the U.S. However, she believes that the ESG frameworks supported by the risk community help businesses anticipate and manage risks. That's not going anywhere. There's a business imperative here. [24:17] Companies that get this understand and have the experience of how sustainability interconnects to core business goals of risk, resilience, competitiveness, and unlocking new market share, driving new sales with demand for sustainability solutions and products. [24:38] The market's focus on long-term resilience will keep it at the forefront. Those companies that are committing to it will be able to demonstrate resilience and transcend other companies that drop ESG for now. [24:49] We're ending on a hopeful note. Nicole, it's been a pleasure, of course, and it's very insightful to get a glimpse into your mind and perspective. Thank you so much for joining us here on RIMScast! Happy Supply Chain Integrity Month to you! [25:11] Special thanks again to Nicole Sherwin of EcoVadis for joining us here on RIMSCast! Links to RIMS resources about sustainability and supply chain risk are in this episode's show notes. [25:24] We've got more supply chain coverage coming up ahead of Supply Chain Integrity Month in April. Stay tuned! [25:31] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [25:59] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [26:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [26:34] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [26:50] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [27:04] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [27:12] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2025 — May 4‒7. | Register today! RIMS Legislative Summit — March 19‒20, 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Risk Management magazine www.EcoVadis.com RIMS Webinars: RIMS.org/Webinars “How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025 “Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025 “Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025 “Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP | March 19‒20 | Register by March 12 RIMS-CRMP Exam Prep with PARIMA | April 22‒23 Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Managing Data for ERM” | March 12 | Instructor: Pat Saporito “Managing Worker Compensation, Employer's Liability and Employment Practices in the US” | April 16‒17 | Instructor: Chris Hansen See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Kicking off 2025 with RIMS CEO Gary LaBranche” “RIMS Legislative Priorities in 2025 with Mark Prysock” “(Re)Humanizing Leadership in Risk Management with Holly Ransom” (RISKWORLD Keynote) “Risk and Relatability with Rachel DeAlto”, RISKWORLD Keynote “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote) “Kicking off 2025 with RIMS CEO Gary LaBranche”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Nicole Sherwin, Chief Impact Officer of EcoVadis   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Our guest, Holly Ransom, an internationally acclaimed speaker and leadership trailblazer, will be a keynote speaker on May 6th at RISKWORLD 2025 in Chicago. Holly previews her keynote as well as shares nuggets of risk knowledge she has collected throughout her career. Holly gives tips for leadership qualities and skills that are needed more than ever in this uncertain environment. She speaks of resilient leadership and confidence in crises. She tells how to recover a strong brand from a crisis when handled properly. She speaks of the importance of lifelong learning, not as an ideal but as a practice. Listen for Holly's keynote theme and her advice for leaders today in this insightful episode. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:29] Register now! The Super Savings Rate ends on February 28th! [:37] About this episode. We will be joined by Holly Ransom, who is one of the keynote speakers who will be on the main stage at RISKWORLD 2025 on May 6th. We will get a preview of her session, “Humanizing Leadership in a Tech-Enhanced World.” [1:10] RIMS-CRMP Workshops! RIMS will partner with Purima once again on March 5th and 6th to deliver a virtual RIMS-CRMP Prep Course. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:30] Virtual Workshops! “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. On March 26th, Pat will also host “Generative AI for Risk Management.” [1:52] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer's Liability, and Employment Practices in the U.S.”  [2:05] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:16] RISKWORLD registration is open. Take advantage of our Super Savings Rate by February 28th. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. [2:34] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes. [2:55] Our guest today is Holly Ransom, and she is one of the keynote speakers who will be on the main stage on May 6th at RISKWORLD. She will lead the session “Humanizing Leadership in a Tech-Enhanced World.” We're going to get a preview of her presentation. [3:08] Holly will also talk about some of the world leaders she has shared the stage with and why she found them impactful. [3:17] Interview! Holly Ransom, welcome to RIMScast! [3:24] At RISKWORLD 2025, on May 6th, Holly Ransom will present a TED-style talk, “Humanizing Leadership in a Tech-Enchanced World.” [3:41] Holly can't wait to be there in Chicago. She is excited that so many will be attending! Her keynote goal is to explore how important authenticity, empathy, and purpose in leadership are amid technological change. [3:59] It's easy to lose sight of authenticity in an industry that's all about metrics and frameworks. We need to maintain that focus on building resilient teams that can navigate uncertainty with confidence and clarity. That's what Holly will share at RISKWORLD. [4:34] Holly will be diving into the high-performing culture element. A lot of Holly's work with high-performing sports teams and in the corporate landscape is about how to get collective effectiveness. [4:45] Holly's keynote will pull on those insights to ask what it looks like to influence positively the environment to get the best out of the people around her, maximize creativity, and seize the innovation opportunity. That will be where it comes together in her conversation. [5:22] Holly discusses the metrics of success. It depends on the organization. There are performance metrics for revenue and reputation that show how effective a business is. She talks about looking beyond traditional KPIs to other ways to measure effectiveness. [5:51] These other measures may include new products to market, rate of innovation, successful growth of new products versus legacy brands, psychological safety scores, team engagement, and recognition. [6:12] Holly looks for proactive measures and team collaboration quality. That's a combination of metrics beyond what organizations have traditionally measured. Pick out of the KPI soup the ones that benefit you. Which ones measure the needle moving in your organization? [7:01] Holly has spoken at events within the risk industry. RISKWORLD will be her largest risk management speaking event. [7:23] Holly sees the risk profession as having an incredibly important role, making sure that safety is maintained and people safely get to where they want to go, inside their organizations.  [7:39] These are the people laying down strategy and setting the innovation roadmap, and how we get there while maintaining the expectations of our customers, standards for our employees, and the license we have to operate within our community and the broader society. [8:05] Holly says risk management is one of the most complex jobs inside an organization. Holly worked in large corporations in mining and banking early in her career. She spent a lot of time with CROs. Their risk reports to the board were around 150 pages, before cyber frontier. [8:44] Holly has empathy for risk managers who must influence other executives to understand the risk agenda and embrace and support it. The skills of risk professionals have probably never mattered more as we navigate the complexity. [9:30] The 150-page risk reports Holly saw in her corporate career were filled with information, including heatmaps. It was important to call attention to what mattered most and report it realistically while discharging risk duties responsibly. It's an interesting tightrope to walk. [10:22] Holly mentions the role that smart risk plays in innovation and progress. In high-performing teams, if you keep doing the same thing, you can't maintain your competitive edge. There is always an element of risk in the evolution of strategy and approach. [10:49] Netflix embraced risk in its strategy of pivoting away from rental to streaming, first with owned content and now into live sports. There were difficulties, but now Netflix is one of the most successful stories of the last 20 years. [11:52] Netflix was prepared to “cannibalize” itself and jump on what it saw as an emerging technology opportunity to stake out a new business model. Netflix continues to add new subscribers. [12:40] What can leaders learn from Netflix? Ask yourself what you are doing as a leader to build your peripheral vision. How do you make sure you're not getting caught in the way you do things or the way your industry operates? [13:02] How do you expand your view so change does not catch you off-guard and the opportunities and threats that come are things that you as a leader are beginning to think about? AI could be an example of something relevant to leaders at the moment. [13:21] Ask what's the question you need to be reflecting on. What's the strategic question you can take to your leadership team or board that allows you to get into a “meaty” conversation on the topic with ideas on how the board wants to respond to it, proactively versus reactively? [13:40] How are you keeping your finger on the pulse? Do you have a source outside your deep industry expertise or outside where you operate? Are you having periodic conversations with a leader in another industry sharing observations and data points? [14:06] How do you turn an observation into a question that sparks the thinking and the conversation that can be the catalyst for transformation? Get into conversations with your colleagues. What does this mean for us and how can we do something significant for us with it? [14:27] Netflix started very early in strategic conversation and prepared to take strategic bets on what part of its portfolio and what allocation of its resources to give to this new idea. [14:41] You see this process in a range of businesses, however they structure it. Some businesses have an innovation arm. Other places have a budget allocation per department for new ideas each year. [15:05] There needs to be a meaningful skin in the game each year, building the muscle of working up an idea and attempting execution. That allows you to get real opportunities, rather than just intellectualizing risk. What will you learn in the process to try better next time? [15:35] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”. [15:49] On a unique day and time, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”. [16:07] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:19] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. [16:27] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [16:46] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. [16:59] Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer's Grants through the Programs tab of SpencerEd.org. [17:18] The Conclusion of My Interview with Upcoming RISKWORLD 2025 Keynote, Holly Ransom! [17:37] Holly has been to Chicago and loves it, but not Chicago winters! This will be Justin's first time in Chicago. He'll do the generic bucket list Chicago stuff when he finds a couple of pockets of time, to enhance the experience. [18:34] During the pandemic, there were studies done on leadership communication during a crisis. There was a difference between leaders in companies who performed well in the face of adversity, versus others. [18:58] There was a big piece around leaders who could demonstrate authentic concern. An example of this was New Zealand's former Prime Minister, Jacinda Ardern, after the terrorist attack in Christchurch. [19:14] She had an incredible ability to show empathy and to see it as a moment of extreme sadness; an opportunity to bring the nation together. [19:31] Successful leaders in crisis focus on what they can control and communicate with a transparent confidence. Ed Bastian at Delta did a good job managing the 2017 system outage across Delta. He appeared in a video message to customers within hours and took ownership. [20:12] He offered compensation proactively versus reactively, making it right for his customers, knowing that how he handled the situation would set Delta's reputation and make the comeback stronger. [20:29] You can build back a stronger brand and reputation by how you handle a crisis. You can have a higher brand score after a crisis you've handled well. Your relationships need to be in hand before the crisis. Be proactive in stakeholder relations so there are credits “in the bank.” [21:08] Then, when the crisis comes, you can call in favors and ask people to come in, in support. Those people show up. [22:04] Holly describes her feelings on giving a keynote. She loves it. She says she's on the strange end of the psych profile, in liking to be in front of an audience and talking. Holly says that for her, there is nothing more precious than people's time. [22:25] She calls it a privilege to have time to impart a message. Her goal is always to give the audience practical tools and new ideas that leave them feeling empowered and less overwhelmed, with things they can immediately put to work to enhance their effectiveness. [22:56] Holly wants to practically equip leaders as she feels we are in desperate need of new tools to help us overcome the overwhelm, make sense of the complexity, and find our way through the uncertainty. [23:23] Justin checked out Holly's highlight reel where she has hosted sessions with major world leaders, including former President Barack Obama. Of everyone she has shared a stage with, who stood out to her as a magnetic personality? [24:06] Matthew McConaughey comes to mind as someone who has real confidence in himself, doesn't take himself too seriously, is very funny, engaging, extroverted, and is a natural storyteller. He is as delightful offstage as he is on. [24:25] Without exception, the world leaders Holly has had the privilege of interviewing and hosting, tend to be incredible communicators and have an “X” factor to them. [24:57] Brené Brown was warm, authentically passionate about the work that she does, and genuine in her desire to connect and converse. Holly said Brené Brown was everything you would hope she would be. [25:55] Holly's last thoughts for leaders of the risk profession: There is an increasing communication demand on every leader to be a storyteller, to be able to cut through because the world has never been noisier, and to help people make sense of what they're saying. [26:20] People feel overloaded. Uncertainty leads to a bias of inaction rather than action. Risk professionals need to cultivate the skill of storytelling and influencing to convey the critical information they have to stakeholders who don't have the same depth of understanding. [26:55] We give a lot of lip service to life-long learning. We need to start practicing what we preach, getting “in the gym” and building that new muscle, whatever you can do to widen your view into topics that may not have been traditionally part of your wheelhouse, like AI. [27:23] AI is becoming increasingly important to understand opportunities and risks. Have you humbled yourself and been a beginner and gotten on the tools, played with them, and taken a master class, to get your hand around it and think about what it means for your organization? [27:52] It could be GenZ coming in. Do you have a mentor under the age of 26? Think about that if you haven't. There could be a whole range of factors that are looming as things that are going to reset the table. What are you doing to build your understanding and experience? [28:36] Holly, it has been such a pleasure to speak with you and meet you, in advance of your presence at RISKWORLD 2025. I can't wait to see you on May 6th! You're going to be fantastic, along with Ryan and Rachel! It's been insightful to speak with you, I appreciate you very much! [29:02] Special thanks again to Holly Ransom for joining us on RIMScast! You can learn more about her at HollyRansom.com. We look forward to seeing Holly at RISKWORLD 2025 on the main stage on May 6th. [29:15] Remember to register for RISKWORLD at RIMS.org/RISKWORLD. Recent episodes with the other keynote speakers, Ryan Harris and Rachel DeAlto, are now in this episode's show notes. Remember to lock in that Sweet Super Rate for RISKWORLD 2025 before March 1st! [29:35] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [30:04] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [30:22] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [30:40] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [30:56] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [31:10] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [31:17] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2025 — May 4‒7 | Register today! | Super savings rate ends Feb. 28. RIMS Legislative Summit — March 19‒20, 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP)RISK PAC | RIMS Advocacy RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24. RIMS Risk Management magazine Hollyransom.com RIMS Webinars: RIMS.org/Webinars “How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025 “Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep with PARIMA | March 5‒6 and April 22‒23 | Virtual Full RIMS-CRMP Prep Course Schedule   Upcoming Virtual Workshops: “Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham “Managing Data for ERM” | March 12 | Instructor: Pat Saporito “Managing Worker Compensation, Employer's Liability and Employment Practices in the US” | April 16‒17 | Instructor: Chris Hansen See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “Risk and Relatability with Rachel DeAlto, RISKWORLD Keynote” “Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote) “Kicking off 2025 with RIMS CEO Gary LaBranche”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Holly Ransom, internationally acclaimed speaker and leadership trailblazer   Production and engineering provided by Podfly.  

In this episode, Dana Herrera, Chief Commercial Officer of The Regenerative Medicine Institute, shares insights into the latest advancements in stem cell therapy, the evolving regulatory landscape, and the importance of patient education in regenerative medicine. Tune in to learn how RMI is pioneering innovative treatments to enhance healing and longevity.

Send us a textJoin Kevin Lawton in this episode of The New Warehouse Podcast as he talks racking with two industry experts: Amit Kutumbale, Director of Engineering at Steel King, and John Schmidt, CEO at Rack Builders. This episode, part of a series with MHI and industry groups, delves into the Rack Manufacturers Institute (RMI), its history, the evolution of racking standards, and insights into the future of racking in warehousing. Discover the importance of RMI's certifications, the impact of automation on racking, and safety considerations for today's and tomorrow's warehouse operations.Learn more about RMI here: https://www.mhi.org/rmiLearn more about Big Joe Forklifts here.Learn more about Nucor Warehouse Systems here. Take your sales to the next level with MPC! Follow us on LinkedIn and YouTube.Support the show

In this episode, we speak with Dick Benschop, Chair of the Board at Mission Possible Partnership (MPP), an alliance of climate leaders focused on supercharging efforts to decarbonise hard-to-abate sectors.Benschop discusses:The challenge of decarbonising aviation amid rapid growth with focus on both efficiency and sustainable fuels.How blending mandates can break the “chicken and egg” problem between SAF suppliers and airlines, with Europe's 2% mandate in 2025 serving as a catalyst for market development. Currently, there are 40 SAF plants in operation and 10 with Final Investment Decision (FID), representing about 50% of 2030 capacity needs, with 143 more plants announced*.The importance of smart environmental constraints over simple capacity caps, advocating for declining noise and CO2 emission limits that allow airlines to “earn their place” through innovation.The potential for electric and hydrogen aircraft to serve up to one-third of aviation energy demand by 2050, with electric planes operational by 2030 and hydrogen aircraft following by 2035.How breaking down silos between sectors can accelerate decarbonisation, using lessons from aviation's blending mandates to inform solutions in other industries like green fertiliser production.Benschop emphasises that achieving net-zero aviation requires looking beyond individual sectors to system-wide solutions, highlighting the need for coordinated action across industry, government and consumers. *Note: The podcast mentions different figures for the number of SAF plants needed. The numbers cited above reflect MPP's latest analysis, which shows that actual plants are larger than initially assumed, meaning fewer total plants are needed to meet 2030 capacity targets. If you LOVED this episode, you'll also love the conversation we had with Andrew Chen, Principal for Aviation Decarbonisation at RMI, who shares the non-profit's multi-faceted approach to aviation decarbonisation. Check it out here. Learn more about the innovators who are navigating the industry's challenges to make sustainable aviation a reality, in our new book ‘Sustainability in the Air'. Click here to learn more.Feel free to reach out via email to podcast@simpliflying.com. For more content on sustainable aviation, visit our website green.simpliflying.com and join the movement. It's about time.Links & More:Mission Possible PartnershipAviation - Mission Possible Partnership Aviation Net Zero Explorer - Mission Possible PartnershipMission Possible Partnership unveils how three of the most carbon intensive industries can reach net zero This episode is brought to you by 4AIR. 4AIR is leading the way with the industry's first framework to address aviation's climate impact—offering clear, verifiable pathways to reduce and counteract aircraft emissions. For more information, please visit: https://www.4air.aero/

Today Colin and Justin break down some recent headlines to come out of the outdoor adventure community.First up is the news that Black Diamond is partnering with Rainier Mountaineering, Inc to help with their product development. This is a reunion between BD president Neil Fiske and RMI owner Peter Whittaker who teamed up at Eddie Bauer to create First Ascent.Next the boys make a stop at Housman's House to talk about Justin's story covering the efforts to get single use plastics out of our National Parks.Then they talk about the reports that the world's largest glacier could potentially collide with South Georgia Island. Lastly they of course wrap things up with The Parting Shot!Check out hundreds of wildly cool products by visiting and shopping at Garage Grown Gear!Help those who have been impacted by the Los Angeles wildfires by clicking here.Thanks for listening! The Rock Fight is a production of Rock Fight, LLC. Sign up for NEWS FROM THE FRONT, Rock Fight's weekly newsletter by heading to www.rockfight.co and clicking Join The Mailing List.Please follow and subscribe to The Rock Fight and give us a 5 star rating and a written review wherever you get your podcasts.Want to pick a fight with The Rock Fight? Send your feedback, questions, and comments to myrockfight@gmail.com.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews CISA Chief Privacy Officer James Burd about data privacy and protection. Topics include how CISA protects agencies and critical infrastructure, how they responded to a recent data attack, and what risk professionals and data privacy professionals can work together to ensure their organization is resistant to data breaches.   Listen for actionable ideas to improve the cyber security at your organization. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:32] About this episode. We will discuss data privacy with James Burd, the Chief Privacy Officer of The Cyber Infrastructure Security Agency (CISA) here in the U.S. [:58] RIMS-CRMP Workshops! On February 19th and 20th, a two-day virtual workshop for the RIMS-CRMP will be led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:20] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:36] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:59] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. [2:22] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:34] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community. [2:51] This event is open for RIMS members only so if you're not a member, join now! Visit RIMS.org/advocacy for registration details. [3:02] Interview! It is Data Privacy Week here in the U.S., through January 31st. This is an annual effort to promote data privacy awareness and education. Its events are sponsored by the National Cybersecurity Alliance. This week's theme is Take Control of Your Data. [3:23] Here to discuss how to take control of your data, and the best practices that risk professionals and business leaders need to know, is Chief Privacy Officer of CISA, James Burd. [3:36] James is the senior agency leader responsible for managing and overseeing CISA's privacy, external civil rights, civil liberties, and transparency programs. [3:46] We're going to talk about some of the big events that made headlines in late December and early January around cybersecurity and data privacy and the frameworks and strategies that risk professionals can implement to take control of their data. [4:02] CISA Chief Privacy Officer James Burd, welcome to RIMScast! [4:18] James has a fantastic team of privacy, transparency, and access professionals who provide transparency to the American public while integrating full privacy rights, liberties, and protections into the management of a safe, secure, and resilient infrastructure. [4:48] As Chief Privacy Officer, James Burd's primary responsibility is to ensure that privacy is at the forefront and integrated into every initiative, program, and policy CISA undertakes, regardless of whether it's by policy, process, or technical solutions. [5:00] This includes ensuring compliance with Federal privacy laws and embedding privacy considerations in the agency's operations and partnerships. [5:08] Protecting critical infrastructure inherently involves safeguarding sensitive and critical information that any organization holds, whether it's CISA or any of the many stakeholders of CISA. Privacy and cybersecurity are inherently interconnected. [5:21] CISA ensures its cybersecurity programs focus on protecting systems, networks, and data from unauthorized access while the privacy portion ensures that personal and sensitive data are handled responsibly, ethically, and securely. [5:39] What are the keys to a strong cybersecurity strategy? [5:52] The work CISA does in the privacy world is to ensure that the information CISA is holding is secure and safeguarded and also to tell the public how exactly they do that. [6:14] In the early days of CISA, it was a Computer Emergency Readiness Team (CERT). CERTs respond to major cybersecurity incidents at a state, local, national, or international level. A cybersecurity incident in the U.S. is similar to a cybersecurity incident in any nation. [6:50] All nations are facing the same cybersecurity issues. CISA's international work is about information sharing and helping each other understand what threats we all face. [7:19] Integrating privacy into risk management frameworks is a core consideration. A lot of the privacy work CISA does with risk managers is for ERM, identifying privacy risks and impacts and ensuring that mitigation strategies align with goals. [7:42] Risk managers are key partners in implementing strong data governance practices. CISA works with them to establish policies for data handling, access, and usage that align with the security needs and privacy protection of an agency or organization. [7:56] Risk managers have the opportunity to help privacy officers identify a privacy problem or privacy risk all across the organization. That's part of the risk manager's job as a point person. [9:13] CISA wants to do this privacy protection work with organizations before a breach. Many privacy professionals have learned the hard way that if you don't collaborate up front, you have to collaborate later, as a result of your emergency. That's not a great day. [9:29] Risk professionals have different viewpoints to consider. They may see that some privacy risks overlap with some financial risks, depending on the risk owner's point of view. It doesn't make sense to solve the same problem in 10 different ways. [10:30] The National Institute of Standards and Technology (NIST) is a valuable partner of CISA's. NIST can see what works or doesn't work as a conceptual or technical framework. NIST studies a problem from several angles and gives CISA an effective solution for the framework. [11:23] Daniel Elliott of NIST has been on RIMScast. James has collaborated with Daniel. [11:49] CISA is a collaborative agency. It does not exist without its partners and stakeholders. When NIST facilitates conversations between CISA and other stakeholders, it helps CISA figure out, of all the problems in the world, which critical problem we need to solve right now. [12:17] CISA has Cyber Performance Goals or CPGs, which are a subset of the NIST Cybersecurity Framework. CISA will tell a small business that they should start with the CPG and get it right, and then expand to everything else. [12:38] CPGs are not a substitute for a risk management framework, but they are a starting point. The CPGs would not exist if not for the work NIST had done in talking to small, medium, and large businesses and figuring out all the different issues they face. [13:08] In December, Chinese cyber attackers infiltrated U.S. agencies. When there is a major incident like that, there is a whole-government response. CISA plays an important role in that response, like a firefighter. Law enforcement plays the role of investigator. [14:16] CISA and its interagency partners are heavily involved in responding to recent Chinese activity associated with both Salt Typhoon and Volt Typhoon. They've been working very closely with the Treasury Department to understand and mitigate the impacts of the recent incident.  [14:35] There's no indication that any other Federal agency has been impacted by the incident but CISA continues to monitor the situation and coordinate with other authorities, like the FBI, to ensure that there's a comprehensive response. [14:50] The security of federal systems and data is of critical importance to national security. CISA is working aggressively to safeguard any further impacts. The People's Republic of China is a persistent threat, specifically, the GRC and related entities, who perform these activities. [15:12] They're one of the most persistent and strategically sophisticated adversaries we face in cyberspace today. The PRC has decades of experience in conducting rampant cyber espionage against U.S. businesses and critical infrastructure. [15:26] CISA has become increasingly concerned over the last year that the PRC is not just doing espionage but is trying to burrow into the critical infrastructure for a rainy day. These state-sponsored activities are coming from campaigns like Volt Typhoon and Salt Typhoon. [15:45] What happened to Treasury provides a stark example of these types of tactics. These tactics target critical infrastructure such as telecommunications, aviation, water, and energy. [15:56] Their goal, as far as we can tell, is not to cause immediate damage but to gain persistent access to those systems and remain undetected until they want to do something. [16:08] CISA has been very involved, not just responding to these incidents, but deeply studying these incidents to understand what is happening and what we need to do as a government and nation to protect ourselves from these burrowing activities. [16:27] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”. [16:39] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [16:55] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [17:07] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [17:20] Let's Return to My Interview with James Burd of the Cyber Infrastructure Security Agency!   [17:42] Whether talking about AI, IoT, or 5G, the issues are hardware problems and software problems. [18:02] The issues of the 1970s are similar to the issues of the 2020s, regarding vulnerabilities, exposure, and unsafe practices when developing software and hardware. [18:20] What we're seeing in the emerging technology space with AI, IoT, and 5G is an increase in the volume and velocity of data. The improvement of technology in this space is based on power and efficiency. Software improvement is based on the reach of interconnectivity. [18:34] Privacy and cybersecurity risks do not just appear. We're seeing existing risks and issues increasing in size and complexity. What we previously thought of as a perceived risk is now a real risk, thanks to advances in computational power and the amount of data available. [18:54] It's always been a risk but it was less likely to occur until this point where there's more data, more volume, and more complexity. AI systems rely on a vast amount of personal data, raising concerns about data security, algorithmic bias, and a lack of transparency. [19:11] We've heard about these risks with machine learning and big data databases. They require governance frameworks that address how data is collected, stored, and used in systems, or, in this case, AI models. [19:28] Those frameworks should be familiar to anyone working in the data protection space or the risk management space for the last three decades. Insurers getting into the cybersecurity space have been paying stark attention to this. [19:58] We've found out that IoT devices are probably the easiest and most risky entrance points within networks into homes and critical infrastructure devices. The biggest risks they create are unauthorized access, data breaches, and potential surveillance. [20:19] These are not new risks. They're existing risks that are promulgated because of the new avenue to get in. It used to be that the worst thing that could happen to an IoT device like a router is that it gets compromised and becomes part of a botnet to take down websites. [20:38] Today, that still happens, but that IoT device is looked at as the back door for entering someone's network if it's not properly secured. [20:49] In itself, 5G is awesome. There are fantastic things to do with increased data flow. With increased speed and connectivity come the ability to move more data at a time and we're facing data being transferred in an insecure manner. People don't know what data they're sharing. [21:15] We're running into the same classic issues but they're exacerbated by something we view as a major success, access. Access should be celebrated but we shouldn't open doors because we can open them. We need to be able to make sure those doors are secured. [21:48] James paraphrases Mark Groman, a privacy expert formerly with the FTC. “Privacy and cybersecurity are sometimes viewed as competing priorities. They are two sides of the same coin. I refuse to live in a world where you compromise security for privacy or vice versa.” [22:11] We live in a world where you can have both. The great thing about advancing technologies is that we can do both. Both cybersecurity and privacy aim to protect sensitive data and systems, just from slightly different angles and for different reasons. [22:31] There has to be a collaborative approach between cybersecurity and privacy. An intermediary like a risk professional can help cybersecurity and privacy teams work together. [22:41] By leveraging things privacy-preserving technologies and designing privacy into cybersecurity measures, organizations can bridge the gap and achieve harmony between the two essential functions. This strengthens the organization and its overall risk management. [22:58] When a risk is realized in one area, it's common for it to be a harmonious risk with another risk in a different area. In the privacy and cybersecurity space, risks overlap often. Conflicts between cybersecurity and privacy are easily bridged. [23:24] Cybersecurity professionals want to collect more data; privacy professionals want you to minimize the amount of data you collect. [23:34] Cybersecurity relies on extensive data collection to detect, monitor, and respond to threats. Privacy wants to collect only what's necessary and maintain it for a minimum time. [23:46] Security monitoring tools like intrusion detection systems may gather logs or metadata that could include personal data, creating potential privacy risks, especially for an insider threat. [24:00] Organizations can implement privacy-aware cybersecurity solutions that anonymize or pseudo-anonymize data where possible, allowing cybersecurity professionals to get to the root of the problem they're trying to solve while masking sensitive data. [24:13] If you're investigating an insider threat, you can unmask the data. Do you need that data to do the job that you're tasked to do? If not, why run the risk of inappropriately accessing it? [24:53] Privacy frameworks will always encourage transparency about data usage and sharing, especially by private entities doing consumer business and handling personal information. [25:07] The public needs to know what you are collecting from them, how you are using it, and whether are you sharing it. They need to know if you are handling their data securely. [25:38] James would tell cybersecurity professionals that if they think obscurity is security, they should find another job. Obscurity is typically the worst way to secure things. [25:51] There are ways to describe how data is being held or secured by an organization without compromising the cybersecurity tools or techniques used to monitor or look for vulnerabilities. [26:03] Transparency can be maintained without compromising security and can be used in a way to assure the public that an organization is keeping serious security techniques in mind when handling the public's data. James tells how to share that message with the public. [27:08] When James opens software, he reads the Third Party Agreements. He knows most people don't. Government agencies include a plain language version of the agreement. Some private companies are doing the same to help people understand how their data is being used. [28:40] Quick Break for RIMS Plugs! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through August 6th, 2025. [28:58] This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world! Also known as the Risk Management Roundup in San Antonio, you can join as a speaker!  [29:11] The Conference planning committee is interested in submissions that explore technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and other trending now sessions. [29:28] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode's show notes. Go check it out! [29:39] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [29:58] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [30:20] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the Programs tab at SpencerEd.org. [30:30] Let's Return to the Conclusion of My Interview with the Chief Privacy Officer of CISA, James Burd! [31:00] A lot of ERM frameworks exist because they were required by regulation or law. [31:10] Privacy professionals are starting to see the same risks that risk management and compliance professionals have been dealing with for decades. The big tools that privacy professionals use are called Data Privacy Impact Assessments (DPIA). [31:29] DPIAs vary, depending on the regulatory framework or law. DPIAs do two things: they identify what data assets you have and they examine the risks that are associated with the handling of those data assets and what mitigations must be in place to buy down those risks. [31:48] That assessment can populate half of an ERM framework's register. Getting involved with your privacy program manager as they do these DPIAs may first cause the privacy program manager to resist your risk assessment, but a risk in one space is a risk in another space. [32:21] The DPIA is a valuable source of information for a risk manager. You can see the risks earlier. You can identify with the privacy program manager what some of the major risks might become. That means both realized and unrealized risks, which are equally important. [33:06] A privacy program manager will be preoccupied with a lot of the perceived risks. A risk manager wants to know which risks are more likely and identify them early. [33:40] A likelihood assessment will help the privacy officer identify how many “calories” to spend on this risk. The risk manager and privacy manager have a mutually beneficial relationship. They help each other. [34:17] CISA provides cybersecurity education, news on vulnerabilities and cyber threats, threat intelligence, and service to critical infrastructure providers once there is an incident of some sort. The CISA website shows cyber threat indicators of what a compromise might look like. [35:40] CISA has found novel patterns on networks that make it hard to tell that your network has been compromised. CISA calls those things “Left of Doom.” On the “RIght of Doom,” CISA prioritizes the incidents that it responds to. [36:02] CISA focuses primarily on critical infrastructure. If you have a situation CISA cannot respond to, they will assist you by a local field office to find the people to help you, whether it's law enforcement, local cyber security service providers, or a local Emergency Response Team. [37:03] Companies are involved in the California wildfires. Could an incident like that distract them that they might become susceptible to data breaches? James notes that you can't address every problem at the same time. Prioritize, rack, and stack. [37:17] Incidents are going to happen. CISA asks agencies and companies to take the time and spend the resources to knock out all the low-hanging fruit. The great majority of incidents CISA sees are bad actors exploiting very simple, easy-to-fix vulnerabilities. [37:55] It might be companies not using encrypted traffic, or only using a password to secure access to a server. The fix is relatively low cost or low impact. It takes time to figure out how to do the fix, but you'll be grateful that you took the time and spent the money to implement it. [38:24] The cost of a greater fix from the breach of a simple vulnerability will be far greater than the resources you'd spend to address it in the first place. Establishing that floor will help you focus on other “fires” that pop up while assuring you won't get “popped” for a silly reason. [38:49] If somebody's going to get you, make sure they've tried their hardest to get you. [38:58] It's Data Privacy Day today, as this episode is released! It's the start of Data Privacy Week! The theme is Take Control of Your Data!  [39:22] Robust privacy governance tips: Figure out where your data asset inventory is for your organization. Keep track of it and keep track of the risk associated with each data asset, Each data asset may have a different set of risks. [39:47] Every organization should maintain a comprehensive inventory of data assets, detailing what data is collected, where it is stored, who has access to it, and how it's used. [39:56] The risk professional probably isn't the one who takes the inventory, but they should have access to it and they should be evaluating that inventory.  [40:06] The risk professional can help the privacy manager by helping them establish clear policies and procedures for handling data, access control, and breach response, based on real risk. A privacy officer sometimes has difficulty identifying a real risk over a perceived risk. [40:23] By focusing on real risks, you avoid the problem where privacy officers spend too much energy coming up with solutions for the most unlikely scenarios, leaving organizations unprepared for what's likely to happen. [40:42] Special thanks again to James Burd of CISA for joining us here on RIMScast! There are lots of links about Data Privacy Day and Data Privacy Week in this episode's show notes. [40:54] Also see links to RIMS Risk Management magazine coverage of data privacy through the years and links to some RIMScast episodes that touch upon the topic. Be sure to tune into last week's episode with Tod Eberle of the Shadowserver Foundation on cyber risk trends of 2025! [41:18] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. [41:47] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [42:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [42:23] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.  [42:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [42:53] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [43:00] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Risk Management magazine RISKWORLD 2025 — May 4-7. | Register today! RIMS Legislative Summit — March 19‒20, 2025 Cyber Infrastructure Security Agency National Cybersecurity Alliance | Data Privacy Week 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24. RIMS Webinars: RIMS.org/Webinars “4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025 “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025   Upcoming RIMS-CRMP Prep Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel Full RIMS-CRMP Prep Course Schedule Upcoming Virtual Workshops: “Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen “Fundamentals of Insurance” | Feb. 19‒20, 2025 | Instructor: Gail Kiyomura “Applying and Integrating ERM” | Feb. 26‒27, 2025 | Instructor: Elise Farnham “Managing Data for ERM” | March 12, 2025 | Instructor: Pat Saporito See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Upcoming RIMS-CRMP Prep Virtual Workshops: “Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter” February 19‒20, 2025 | Instructor: Chris Mandel Full RIMS-CRMP Prep Course Schedule Full RIMS-CRMP Prep Course Schedule   Related RIMScast Episodes: “Cyberrisk Trends in 2025 with Shadowserver Alliance Director Tod Eberle” “Kicking off 2025 with RIMS CEO Gary LaBranche” “Year In Risk 2024 with Morgan O'Rourke and Hilary Tuttle” “AI and Regulatory Risk Trends with Caroline Shleifer” “Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST” (2024) “Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance”| Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: James Burd, Chief Privacy Officer, Cyber Infrastructure Security Agency (CISA)   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Shadowserver Foundation Alliance Director Tod Eberle about cybersecurity. Tod tells how his background as a prosecutor led to his interest in cybersecurity, how he encountered the non-profit Shadowserver Foundation, and how he left the public sector to work with them. He explains how Shadowserver provides actionable data to alert network owners and law enforcement of network vulnerabilities that need to be mitigated. He discusses trends in malware attacks, especially in ransomware. He shares his thoughts on ransomware threats of 2025 and the years to come. He provides tips on preparing your network against ransomware.   Listen to how you can harden your organization's network against malware attacks. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode's show notes. [:33] About this episode. We will discuss cybersecurity with Tod Eberle, the Alliance Director of the Shadowserver Foundation. [:55] RIMS-CRMP Workshops! On February 19th and 20th, there will be a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:18] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode's show notes. [1:34] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:58] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. [2:20] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's show notes. [2:31] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community. [2:49] This event is open for RIMS members only so if you're not a member, join now! Visit RIMS.org/advocacy for registration details. [3:02] Interview! Our guest Tod Eberle is the Alliance Director of the Shadowserver Foundation, a non-profit security organization working altruistically behind the scenes to make the internet more secure for everyone. [3:15] Tod Eberle is with us to discuss the cybersecurity trends on his risk radar and the threats he wants risk professionals to be aware of as 2025 kicks into high gear. Shadowserver Alliance Director, Tod Eberle, welcome to RIMScast! [3:41] Justin saw that Shadowserver Foundation was promoted by the National Cybersecurity Alliance and he thought it would be great to have a follow-up on his appearance there. [3:54] Tod says the National Cybersecurity Alliance is a great organization. After working together with them for a year, they invited Tod to do a webinar. It was a great experience. [4:28] Tod's background is as a career prosecutor, starting as a county prosecutor in Western Pennsylvania in 1997. In 2004, Tod became a Federal Prosecutor in Pittsburgh for the U.S. Department of Justice. [5:00] In 2014, He transitioned over to the National Security and Cybercrime section in Pittsburgh. Pittsburgh was at the forefront of cyber investigations by both the U.S. Attorney's Office and the FBI. Tod wanted to be a part of that. [5:34] The Pittsburgh office has run investigations and issued indictments against Chinese Military Intelligence officers and Russian GRU officers for hacking. In 2014, Pittsburgh had the first criminal indictment of nation-state threat actors. [6:00] In that case, Chinese Military Intelligence PLA officers hacked into Pittsburgh companies Westinghouse, ALCOA, U.S. Steel, and United Steel Workers. Some forward-thinking folks at the FBI and the U.S. Attorney's Office, particularly U.S. Attorney David Hickton, focused on cyber. [6:29] That continued over the years until the present. [6:46] To begin an investigation, the FBI and U.S. Attorney's Office in Pittsburgh, need to have some aspect of an organization's criminal activity touch that district, the Western District of Pennsylvania. A national ransomware case with one victim in Pittsburgh can be investigated. [7:16] In the investigation of Russian GRU actors responsible for the destructive NotPetya malware attack, a district hospital's network was attacked and destroyed. They expanded the investigation and charging documents to include other attacks around the country. [7:58] In 2015 Tod was a prosecutor working with the FBI on an investigation. He was at Europol at the Hague in the Netherlands, a center that brings together investigators and prosecutors from different countries who investigate the same threat group through Europol and Eurojust. [8:33] Tod met the Shadowserver Foundation non-profit group at the Hague in 2015. They were helping, through free technical support to the takedown operation, to dismantle the infrastructure of a crime group, using sinkholing and other security measures. [9:08] Tod Joined the Shadowserver Foundation in January of 2023. He is the Shadowserver Alliance Director. As a small non-profit, everyone wears many hats. The Shadowserver Foundation is a 501(c)(3) in the U.S. and a separate non-profit legal entity in the Netherlands. [9:47] The Shadowserver Foundation started about 2004. It celebrated its 20th anniversary in 2024. It began as a loose group of volunteers made up of cybersecurity researchers and technical experts who came together to help network owners and law enforcement. [10:15] Over the years they became more structured and became a non-profit organization. It's an unusual non-profit organization working 100% in operations. It works in three core areas. First, it's the world's largest provider of free, actionable cyber threat intelligence. [10:45] Second, the Shadowserver Foundation does cybersecurity capacity-building around the world. Third, it also provides free support to law enforcement investigations and disruption operations with technical support and expertise. Those three things are its core mission. [11:07] Justin notes commonalities between RIMS cyber risk reporting and the Shadowserver Foundation's work. Shadowserver collects a vast amount of threat data daily. What are the patterns it sees for 2025? [11:29] Shadowserver Foundation can help organizations mitigate risks. It collects cyber threat data at its data center in California through internet-wide scanning, honeypot sensors, sinkholing operations, and collecting and analyzing malware samples. [11:57] Every day for free the Shadowserver Foundation takes that data and provides it to over 9,000 organizations around the world and to 201 National C-CERTs that cover about 176 countries. [12:13] These reports identify exposed, misconfigured, vulnerable, compromised instances or devices on networks that need patching. [12:25] The organizations that get Shadowserver's data can be anything from banks to hospitals, universities, K-12 school districts, ISPs, local, state, and federal governments, small, medium, and large businesses, Fortune 500s, and NGOs; just about anyone can sign up. [12:46] The idea behind this is that cyber security should be available to everyone, regardless of the ability to pay. Organizations can sign up at the Shadowserver Foundation website, and provide their contact information and network information with IP ranges and ASNs. [13:12] The Shadowserver Foundation does its due diligence and if everything checks out, it automates those reports to go out to the organization daily. About 9,000 organizations sign up directly to receive daily reports. [13:22] The Shadowserver Foundation also sends out data for entire countries to the national C-CERT designated to handle that in those countries. In the U.S., CISA gets hundreds of millions of events from them every day for all the U.S. It is the same around the world. [13:52] Tod says that some things never change. Networks are breached primarily through phishing attacks, malicious links or attachments, and social engineering. [14:09] One trend is a focus on vulnerabilities. Criminals exploit vulnerabilities in the network that aren't timely patched and before they are patched. Shadowserver gives organizations an external snapshot view of their networks just as criminals are scanning for themselves. [14:52] Cybercriminal groups increasingly leverage zero-day vulnerabilities to breach a network. A zero-day vulnerability is a flaw in software or hardware that's unknown to the vendor and has no patch. The vendor has had zero days to fix the vulnerability after it has been discovered. [15:16] That was the case with the Clop ransomware gang. In 2024, they started exploiting zero-day vulnerabilities in Fortra's GoAnywhere software. That continued in May, with them exploiting Progress Software's MOVEit file transfer application. [15:38] Very recently, in December, the Clop Ransomware group claimed responsibility for using a zero-day vulnerability in Clio's file transfer platform that breached victims' networks. [15:49] Cyber criminals extort victims and steal data with ransomware attacks. Risk managers in cybersecurity need to stay on top of critical vulnerabilities that often go unpatched. Those are often the easiest gateway into a network. [16:26] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”. [16:38] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [16:54] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [17:06] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [17:17] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [17:35] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [17:58] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the Programs tab at SpencerEd.org. [18:08] Let's Return to the Conclusion of My Interview with Tod Eberle of Shadowserver! [18:49] Justin notes that In December of 2024, China attackers breached the Committee on Foreign Investment in the U.S. That is the government office that assesses foreign investments for national security risks. [18:58] China also targeted the Treasury's Sanctions Office after it sanctioned a Chinese company for its alleged role in cyberattacks. [19:14] Tod thinks we should acknowledge that this is nothing new and nothing we should be surprised about. It's been going on for many years and it's going to continue. Justin was in the Federal government in 2013 and 2014. [19:32] In 2015, it was announced that the U.S. Office of Personnel Management had been breached. Personal sensitive data for 42 million people were stolen. [19:44] In May 2014, five Chinese military officers were indicted for computer hacking and economic espionage against companies based in Pittsburgh. This is nothing out of the ordinary. Unfortunately, indictments don't seem to have a deterrent effect. [20:21] Countries can deny the charges of hacking even with strong evidence of their involvement. [20:37] There are different types of hacking, with different types of motivation. There is traditional espionage against U.S. government agencies. There is theft of intellectual property with nation-states trying to gain a commercial advantage in business. [21:23] There are destructive hacks by nation-state actors, like the NotPetya attack, or attacks on the Ukrainian power grid and banking systems in 2015 and 2016. [21:36] The Volt Typhoon threat actor group and its access to the U.S. critical infrastructure is one of the greatest national security concerns because of its potential to disrupt everything from water to power, to food, to transportation. [22:10] The ripple effect that can come from those disruptions would be enormous. The Colonial Pipeline ransomware attack of a few years ago affected fuel supplies, commerce, and the prices of goods. [22:31] Nation-state hacking is no longer just a concern for government agencies and companies that do business internationally, but it's now a concern for all of society. There's the potential to affect the daily lives of innocent civilians through attacks on critical infrastructure. [23:16] Tod mentions another 2014 indictment out of Pittsburgh, on the GameOver Zeus Botnet takedown. Part of that was a crypto locker ransomware disruption. This was in the infancy of ransomware, for $300 ransoms. Now ransom demands are in the tens of millions of dollars. [23:53] We have seen a huge evolution in ransomware. It's not going away. One thing we're seeing is bypassing data encryption and focusing on data theft. It's easier and less time-consuming for the threat actors because they don't have to map out the network. [24:41] If a victim company had good backups and easy restoration, that was an issue ransomware actors had to deal with, so why would the threat actors bother with that? They just focus on easy data theft and extortion of ransom for the data. [25:04] Tod thinks we will continue to see extortion. Ransomware continues to be the greatest concern for companies. The use of AI has been increasing both for defenders and attackers.  [25:14] A new ransomware group, FunkSec, is claiming large numbers of victims of extortion, encryption, and data theft. They seem to have ransom demands of less than $10,000. They have sold stolen data. Researchers think this is a less experienced group using AI to write code. [27:22] Shadowserver's very talented team collects the data. It's free. They want to get it into the hands of those who can use it. The reports identify things that are seen to be misconfigured or unnecessarily exposed to the internet. Sometimes they can show if something is compromised. [28:12] Shadowserver designates the events by severity level so the end user can prioritize their patching and address first the ones that are most critical and severe. The reports act both as an early warning system and a victim notification system if a device is seen to be compromised. [28:59] The network owner needs to remediate that and patch it before further exploitation like a ransomware attack can occur. [29:07] Shadowserver has two ways to detect that a device is compromised. The first is if they have indicators that tell them a device on the network is compromised. The second is with their support for law enforcement, law enforcement may share sensitive data with Shadowserve. [29:32] When law enforcement does a takedown and they get victim identification data like IP addresses, they must do victim notification. Law enforcement isn't scaled to do victim notification for hundreds of thousands of users. Shadowserver helps them with notifications. [30:48] Shadowserver is very careful to share data responsibly. Company A will get the data they have for Company A and it won't be shared with Company B and vice versa. Shadowserver views the data as belonging to that network owner. [31:08] If a company authorizes Shadowserver and wants them to share their data with a third party, Shadowserver will happily do it. There are several companies with MSSPs to manage their security. If the company asks, Shadowserver will send the data to their MSSP. [31:43] As a small, non-profit organization, not everyone has heard of the Shadowserver Foundation. They want people to know they have this data and they want to share it. It could be relevant for cyber insurance companies' due diligence, with the insurance applicant's consent. [32:20] It's important because those reports can show whether a network has remained healthy and secure over time. Tod would love to see Shadowserver be able to help more in the risk mitigation areas. [32:56] Special thanks again to Shadowserver Foundation's Tod Eberle for joining us here on RIMScast! Check out this episode's show notes for links to the Shadowserver reports we mentioned. [33:07] Be sure to tune in next week for Data Privacy Day! We've got a special episode with James Burd, Chief Privacy Officer of the Cybersecurity and Infrastructure Security Agency (CISA). That's going to be a good one! [33:22] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. [33:50] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [34:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [34:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.  [34:41] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [34:55] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [35:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Risk Management magazine RISKWORLD 2025 — May 4‒7 | Register today! RIMS Legislative Summit — March 19‒20, 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy Shadowserver Foundation National Cybersecurity Alliance RIMS Webinars: RIMS.org/Webinars “4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025 “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025 Upcoming Virtual Workshops: “Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen “Fundamentals of Insurance” | Feb. 19‒20, 2025 “Applying and Integrating ERM” | Feb. 26‒27 “Managing Data for ERM” | March 12, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Upcoming RIMS-CRMP Prep Virtual Workshops: “Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter” February 19‒20, 2025 | Instructor: Chris Mandel Full RIMS-CRMP Prep Course Schedule Full RIMS-CRMP Prep Course Schedule   Related RIMScast Episodes: “Kicking off 2025 with RIMS CEO Gary LaBranche” “Year In Risk 2024 with Morgan O'Rourke and Hilary Tuttle” “AI and Regulatory Risk Trends with Caroline Shleifer” “Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST” (2024)   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail' | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Tod Eberle, Shadowserver Foundation   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews RIMS CEO Gary LaBranche about what you can expect from RIMS in 2025. This value-packed discussion offers Gary's comments on 2025 RIMS President Kristen Peed, RIMS' 75th Anniversary events, possible insurance impacts of proposed trade tariffs, nuclear verdicts, and third-party litigation. Gary encourages you to join RIMS Advocacy and the RIMS Legislative Summit on March 19th and 20th, 2025 to lobby on Capitol Hill. He shares insights on public safety, security, and of course, news of RISKWORLD 2025 and more.   Listen for how you can participate in 2025 RIMS events. Key Takeaways: [:01] About RIMS. [:16] About this episode, coming to you from RIMS headquarters in New York, kicking off 2025 with RIMS CEO Gary LaBranche! Gary, welcome back to RIMScast! [:59] Interview! Gary had a quiet, fun New Year's Eve at home, dining on Asian sea bass with champagne and watching television. [1:39] This is a big year for RIMS. RIMS has a new president, Kristen Peed. Justin has known her since he started with RIMS. Kristen is a long-time volunteer, very positive, and great at representing RIMS. She continues in a long line of volunteer leaders who have built RIMS. [2:29] Gary reports that RIMS 2024 president David Arick had a wonderful term. On David's last day, the Wall Street Journal published an interview with him; a wonderful capstone to his year. [2:49] RIMS board presidents serve as unpaid volunteers. They travel for board meetings and events, taking time away from their families and jobs. Gary says everyone should appreciate what the board president and officers, chapter leaders, and other volunteers do to help RIMS. [3:35] Reading the history of RIMS, Gary is struck with and inspired by the long line of volunteers who put their shoulders to the wheel, creating this organization. [3:59] RIMS is delighted to have Kristen. Kristen is with Sequoia. You'll get to meet her at RISKWORLD, the RIMS Canada Conference, and other activities in 2025. Kristen embodies the spirit of the RIMS community. [4:29] This year is the 75th anniversary of RIMS. It's a good opportunity to reflect and appreciate all that came before us. RIMS New York traces its roots to the 1930s. Later, four groups came together to create the National Association of Insurance Buyers, today known as RIMS, in 1950. [5:44] The NAIB provided networking and learning opportunities for commercial buyers of corporate insurance. They saw that it would be helpful to have a national view and ultimately, an international view of the issues and trends in the commercial side of insurance. [6:26] Reading the history gives you a better sense of how RIMS has played a key role in creating today's insurance world. Justin points out that they organized RIMS without email or interstate highways! They worked hard to make the organization happen. [8:31] RIMS will celebrate its 75th anniversary throughout the year. Chapter leaders will soon attend the Annual Leadership Forum to kick things off. At the RIMS Canada Conference 2024, RIMS unveiled the 75th Anniversary logo and themes. RISKWORLD 2025 will be the tent pole event. [9:21] This will be the biggest RISKWORLD in history! The biggest RIMS annual conference was held in Chicago 20 years ago. RISKWORLD 2025 will be in Chicago from May 4th to May 7th and RIMS is expecting to see well over 11,000 attend. Other events will also feature the anniversary. [9:53] RIMS is launching the Texas Regional Conference, with the four Texas chapters, in August, in San Antonio. It's a wonderful opportunity for folks in that region to gain access to the power and value represented in the RIMS community. [11:04] About trade tariffs: Gary recently spent an hour at a U.S. Chamber of Commerce meeting, talking with top trade policy experts. U.S. President-elect Donald Trump has mentioned tariffs. How would new tariffs impact consumers? What might they do to the cost of insurance? [13:05] If any goods go up in cost, that could potentially have an effect on the cost of insurance, just as inflation causes prices to go up. If you're insuring a fleet of trucks, where do you get the parts to fix those vehicles? Will the cost of those parts go up? [14:05] Right now, we don't know. There are differences of opinion. Some 60% of replacement truck and auto parts are made outside of the United States. If tariffs are imposed on those, and if those costs are passed on to consumers, that will raise the cost of insurance. [14:56] Justin sees tariffs impacting insurance rates, the supply chain, and decisions risk professionals make about materials to use. Tariffs may not have their intended effect of having you “buy American” if you're in America. It may not work that way. [15:28] Gary notes that tariffs, historically, have had the long-term effect of spurring domestic production. The question is, how fast will that happen? How long will it take to create the infrastructure to create more cement or truck parts? Where will the workers come from? [16:16] If there are price increases for supplies and materials or if there are disruptions in the supply chain, that will have a dragging effect in terms of the cost of insurance. RIMS publications will tackle this topic and report on it as they have done for 75 years. [17:08] Dave Arick was interviewed in the Wall Street Journal, He discussed how “nuclear verdicts” of $10 million or more are influencing what happens in the insurance markets. Nuclear verdicts create higher costs. [17:47] If insurance companies are paying out more and more for those claims, they're going to try to recoup that cost through higher premiums in the future. RIMS is concerned about the runaway growth of nuclear verdicts. [18:11] Ultimately,  the claims bar pumping up the demands for recompense is having an impact on cost. When someone is hurt, there should be recompense for that. The issue is the significant growth in multi-million dollar verdicts that are outside of what is reasonable and fair. [18:53] If that happens, it simply drives up the cost for businesses to do business. If people are getting 10 times the reasonable recompense for their injuries, it starts to add up significantly. [19:35] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be announced. [19:42] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [19:58] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [20:10] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode's show notes. [20:21] Congratulations to my RIMS colleagues! RISKWORLD 2024 was honored with the 2024 TSNN Trade Show News Network Award for Outstanding Commitment to Advancing DE&I in the Risk Management Community Through Intentional Programming and Representation! [20:44] The programming included real-time translation technology and partnerships with DE&I organizations NAAIA, AAIN, and APIW, fostering a globally inclusive environment, and keynote speaker Academy Award-winning actress, Marlee Matlin, on inclusion and accessibility. [21:10] The TSNN Award is a huge honor and RIMS is so pleased that our continued DE&I efforts are being recognized by various industries, specifically in events and exhibitions. [21:23] Of course, a big shout-out to the RIMS DE&I Advisory Council for their unwavering commitment to helping advance DE&I initiatives at our conferences and RIMS events throughout the risk management community. [21:36] There are still DE&I sponsorship opportunities available for RISKWORLD 2025 in Chicago. You can visit the link in this episode's show notes for more details. [21:51] Back to My Interview with RIMS CEO Gary LaBranche! [22:03] Justin and Gary consider third-party litigation, which impacts the courts, laws, and legislation. Gary will attend the RIMS Legislative Summit, to be held on March 19th and 20th. [22:39] Gary says the plaintiffs' bar has discovered the power of investment. They have learned they can gather investors who will back a potential lawsuit and fund lawsuits that come along, in return for a share of the proceeds of that suit. That has always been concerning. [23:13] Something that has become an additional concern is the lack of transparency as to where those investment funds are coming from. They could be coming from anywhere, inside or outside the U.S. They could be from sources that could be illegal. It's unknown. [23:45] As a matter of national security and public policy, RIMS thinks it's time we have better insight into the sources of funds for third-party litigation. Gary will be on Capitol Hill, lobbying with members of Congress for transparency in funding third-party litigation. [24:09] A link to the RIMS.org/advocacy page is in the show notes. If you're a RIMS member and want to go to Capitol Hill for a couple of days with the very knowledgeable RIMS staff and have a chance to meet with your Representatives in Congress, that's the way to do it. [24:26] Gary will be there, RIMS General Counsel, Mark Prysock, will be there, and a few other very knowledgeable folks will help you prepare for these fun “pitches.” Gary says it's a blast. You're telling your story and why this is something of concern to you. [25:12] Typically you'll be meeting with staff members who are directly involved in the public policy process. They want to hear your story, especially if you're from their district. It's a lot of walking, listening, and talking along with your peers. You'll appreciate what you've done. [25:56] Going from office to office on the Hill, you're seeing other people doing the same thing; ranchers, flight attendants, and more. It's an interesting cross-section of America. You're seeing the Constitutional freedom of speech. It gives you a perspective on the public policy process. [26:51] Gary has led other organizations for 25 years, so he has been to Capitol Hill a few dozen times. He worked in Washington D.C. for years. He loves gathering a group of members, having a reception and a briefing, and walking around Capitol Hill. By lunchtime, people are excited. [27:53] At the end of the day, there's a sense of relief and satisfaction; most of the members want to know when they can do it again! Justin did it in 2018 and it made an impression on him. He also loves speaking with the people who are involved in it. [28:25] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [28:43] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer's 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [29:07] General grant awardees are typically notified at the end of October. Learn more about Spencer's general grants through the Programs tab at SpencerEd.org. [29:18] Let's Return to the Conclusion of My Interview with RIMS CEO Gary LaBranche! [29:31] Justin describes the horrific terrorist act in New Orleans on New Year's. Someone circumvented the meager barriers, drove onto the Bourbon Street sidewalk, ran over several people, and exchanged fire with the police. The police neutralized him. [30:11] He had killed 14 people and disrupted everything going on there. This also affected the local economy. RISKWORLD 2023 was affected by an issue in the host city. RIMS has had other issues with public safety. Gary mentions the car bomb in Las Vegas and RIMS' security plans. [32:26] For conferences like RISKWORLD, 30 to 50 hotels are used. You have to look at the security measures already in place for each hotel. That sort of thing keeps Gary up at night. [32:54] Before lunch on his first day back, Gary was on the phone with staff to restart their thinking about RISKWORLD security, in light of the attacks in New Orleans and Las Vegas. RIMS is well advanced on plans for RISKWORLD 2025. Security will be even more on their minds. [33:37] RISKWORLD has no big outdoor events for this year. Chicago in May is not necessarily warm and sunny, so they will be inside. RIMS has a responsibility as event organizers to think about the risks. Every event organizer must do the same. [34:33] RISKWORLD 2025 keynotes and speakers have been announced. Find them at RIMS.org/RISKWORLD. Chicago is a Mecca for the risk management and insurance community. Gary can't think of a better place to have the 75th Anniversary RISKWORLD convention. [35:43] RISKWORLD 2025 will be held at the McCormick Convention Center, in one of the most beautiful cities in the country. It has a great, diverse culture with 77 unique neighborhoods. [36:01] The RISKWORLD 2025 program is very exciting, being built by great risk professionals who are contributing their time and talent to sharing their knowledge and insight. It's a lot of fun and it's a “heck of an event!” Gary is thrilled about the whole thing! [36:26] A huge team works so hard on creating RISKWORLD. It is so much work and there is so much work on-site. At the end of it, the team is exhausted, and so sad that it's over! It's a wonderful, fun, safe, educational experience, and then it's gone. RIMS works on it year-round. [37:15] Three of the keynotes will be delivering TED talks on the main stage on Tuesday, May 6th. Rachel DeAlto, Ryan Harris, and Holly Ransom. It's called “Triple Vision, Leadership Insights.” RISKWORLD has never done anything like that before. [37:34] These will be short, punchy, to-the-point talks showing a diversity of perspectives, and touching on more topics, and it's more in keeping with how people obtain and consume information today. Gary is very excited about them. He's watching to see how it works. [38:18] The RISKWORLD 2025 opening reception will be on Sunday, May 4th, at the Field Museum of Natural History. Gary calls it one of the greatest museums in North America and it's a great place to have an event. Gary has done black-tie events there. It has a wonderful view. [39:47] Public registration is open. Go to RIMS.org/RISKWORLD and register today! [40:01] This episode with RIMS CEO Gary LaBranche has given us a great glimpse into 2025. Gary will be back on RIMScast sometime after RISKWORLD 2025. [40:53] Gary says RIMS has an extraordinary IT team and they are always drilling on avoiding phishing and cyber-attacks. Risk management is important. When he looks a the RIMS logo, he is reminded that the wind is in our sails. Risk management could not be hotter, now! [41:39] Gary ranks hot, sexy jobs now: astronaut, firefighter, and risk manager! He hopes people take pride in their risk manager jobs. There's a lot of demand. Salaries have been going up, according to the RIMS salary survey. There are more people attracted to the profession. [42:01] At RISKWORLD, we get 250 or more students. It's fun to watch them compete in the Spencer Risk Management Challenge. It's fun to see the support that Spencer and the community give them. It's fun to see them engage with our professionals and want to learn. [42:39] RIMS CEO Gary LaBranche, thank you so much. It's always a pleasure! [42:46] Special thanks, as always, to RIMS CEO Gary LaBranche for stopping by and keeping us informed. Be sure to check out all the links in this episode's show notes to learn more about RISKWORLD 2025, RIMS advocacy, and other RIMS initiatives and events. [43:06] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. [43:32] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [43:51] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [44:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.  [44:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [44:39] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [44:47] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RIMS Risk Management magazine RISKWORLD 2025 — May 4‒7 | Register today! RIMS Legislative Summit — March 19‒20, 2025 Nominations for the Donald M. Stuart Award Spencer Educational Foundation — General Grants 2026 — Application Dates RIMS-Certified Risk Management Professional (RIMS-CRMP) Kristen Peed named 2025 President of RIMS ‘Nuclear Verdicts' Driving Up Costs of Doing Business, Says Risk Management Society's Head — The Wall Street Journal, Dec. 30, 2024 — an interview with former RIMS President David Arick RIMS DEI Council | Learn more about DEI Inclusivity Partnership opportunities at RISKWORLD RIMS Webinars: RIMS.org/Webinars “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025 Upcoming Virtual Workshops: “Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen “Fundamentals of Insurance” | Feb. 19‒20, 2025 “Applying and Integrating ERM” | Feb. 26‒27 “Managing Data for ERM” | March 12, 2025 See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Upcoming RIMS-CRMP Prep Virtual Workshops: “Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter February 19‒20, 2025 | Instructor: Chris Mandel Full RIMS-CRMP Prep Course Schedule   Related RIMScast Episodes: “Year In Risk 2024 with Morgan O'Rourke and Hilary Tuttle” “300th Episode Spectacular with RIMS CEO Gary LaBranche” “RIMS Advocacy Updates 2024 with Mark Prysock” “Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote” “On Risk Appetite and Tolerance” “Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)   Sponsored RIMScast Episodes: “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!) “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL ”Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!    RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Gary LaBranche, FASAE, CAE, CEO of RIMS   Production and engineering provided by Podfly.  

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

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

In this final episode of Season 8, I connect with Miguel Moravec, a Senior Associate with the Rocky Mountain Institute (RMI), for an in-depth discussion about the opportunities to curb the negative climate impacts of our current car-dependent approach to transportation by providing more sustainable mobility mode choices, such as walking, biking, and transit.Thank you so much for tuning in! If you enjoyed this episode, please share it with a friend and subscribe to the podcast on your preferred listening platform. Also, don't forget to check out the Active Towns Channel for more video content.Helpful Links (note that some may include affiliate links to help me support the channel):- RMI website  - My episode with Wes Marshall - Killed By A Traffic Engineer Book- Ep 242 with Bryn Grunwald w/ RMI - Ep 83 Ben Holland July 2021 - Ep 237 Megan Kimble - Prof. Peter Norton - Fighting Traffic- My School Street video with Billy Fields- RMI Smarter Modes Calculator - Holiday Livestream with Ryan Van DuzerIf you are a fan of the Active Towns Podcast, please consider supporting the effort as an Active Towns Ambassador in the following ways:1. Join our Patreon community. Contributions start at just $1 per month(Note: Patron benefits include early, ad-free access to content and a 15% discount in the Active Towns Merch Store)2. If you enjoyed this episode, you can also "leave a tip" through "Buy Me a Coffee"3. Pick up some Active Towns #StreetsAreForPeople Merch at my storeCredits:- Video and audio production by John Simmerman- Music via Epidemic SoundResources used during the production of this video:- My recording platform is Ecamm Live- Editing software Adobe Creative Cloud Suite- Equipment: Contact me for a complete listFor more information about the Active Towns effort or to follow along, please visit our links below:- Active Towns Website- Active Towns on Twitter- Periodic e-NewsletterBackground:Hi Everyone! My name is John Simmerman, and I'm a health promotion and public health professional with over 30 years of experience. Over the years, my area of concentration has evolved into a specialization in how the built environment influences human behavior related to active living and especially active mobility.Since 2010,  I've been exploring, documenting, and profiling established, emerging, and aspiring Active Towns wherever they might be while striving to produce high-quality multimedia content to help inspire the creation of more safe and inviting, environments that promote a "Culture of Activity" for "All Ages & Abilities."The Active Towns Channel features my original video content and reflections, including a selection of podcast episodes and short films profiling the positive and inspiring efforts happening around the world as I am able to experience and document them.Thanks once again for tuning in! I hope you find this content helpful and insightful.Creative Commons License: Attributions, Non-Commercial, No Derivatives, 2024 ★ Support this podcast on Patreon ★

Our guest in this episode is Amory Lovins, a distinguished environmental scientist, and co-founder of RMI, which he co-founded in 1982 as Rocky Mountain Institute. It's what he calls a think do and scale tank, with 700 people in 62 countries, and a budget of well over $100m a year.For over five decades, Amory has championed innovative approaches to energy systems, advocating for a world where energy services are delivered with least cost and least impact. He has advised all manner of governments, companies, and NGOs, and published 31 books and over 900 papers. It's an over-used word, but in this case it is justified: Amory is a true thought leader in the global energy transition.Selected follow-ups:Inside Amory's Brain - RMIGet to know us - RMIBooks by Amory B. Lovins - GoodreadsReinventing Fire - RMIIntegrative Design: A Practice to Tackle Complex Challenges - Stanford d.schoolWhat is Integrative Design? - RMIMusic: Spike Protein, by Koi Discovery, available under CC0 1.0 Public Domain Declaration

In this episode of the Passive House Podcast, Zack Semke talks with Chris Magwood of RMI. Chris shares his journey from running a design-build company and school in Ontario to becoming a leading voice in embodied carbon and sustainable building practices. The conversation delves into the evolution of green building, the importance of upfront carbon reduction, and the potential of biomaterials to achieve net-zero carbon construction. Chris also highlights tools, research, and insights for advancing climate-positive solutions in residential building.https://rmi.org/https://www.reimaginebuildings.com/Thank you for listening to the Passive House Podcast! To learn more about Passive House and to stay abreast of our latest programming, visit passivehouseaccelerator.com. And please join us at one of our Passive House Accelerator LIVE! zoom gatherings on Wednesdays.

Let us know how we're doing - text us feedback or thoughts on episode contentSince the 1990's, electricity demand has remained relatively flat despite the economic growth of the country. But as increased electrification and demand for new data centers intensifies, that demand for new power is changing. Utilities are having to adapt to market conditions that demand faster, more flexible additions of power capacity to the grid.But changing existing utility processes and models is tougher than it looks. In this episode, Paul discusses how utilities may be underestimating the load growth in their areas, and the implications that this bottleneck may have on climate action and the energy transition.For more research:"Reality Check: Electricity Load Growth Does Not Have to Undermine Climate Goals" - RMI"What's the State of Utility Planning Halfway through 2024?" - RMI"US utilities to face significant challenge as power demand surges for the first time in decades" - Wood Mackenzie"Gridlock: the demand dilemma facing the US power industry" - Wood MackenzieFollow Paul on LinkedIn.

You've heard that the transition to clean energy is going too slowly, and it may be too late. But what if everything you've heard...is wrong! While some may paint a depressing picture of a sluggish transition, the real story is far more optimistic. On this episode, Barbara and her guest Jon Creyts, CEO of RMI, pull back the curtain on the staggering developments that no one has told you about. From game-changing technology that sounds like science-fiction (but it's real!), to surprising reasons the market will help us get to clean energy faster, you'll get useful and actionable insights about the hidden POSITIVE tipping point we're rapidly approaching. This episode delivers paradigm-shifting information about how our world will transform to clean energy faster than anyone has predicted. (Please note that the company H2 Green Steel mentioned by Jon Creyts now goes by Stegra.)   Show notes: Barbara's newsletter: https://www.linkedin.com/newsletters/optimistic-outlook-7171212265625374720/ Global Cooling Prize: https://www.cleancoolingcollaborative.org/super-efficient-air-conditioning/ Sustainable Aviation Buyers Alliance: https://flysaba.org/ Sustainable Steel Buyers Platform: https://rmi.org/our-work/climate-aligned-industries/sustainable-steel-buyers-platform/

In this episode of Better Buildings for Humans, Joe Menchefski is joined by Craig Schiller, Executive Director of the Collaborative for High Performance Schools (CHiPs). Together, they delve into the importance of creating high-performance schools that prioritize student and teacher well-being, productivity, and safety while addressing climate resilience. Craig shares his journey from environmental studies to leading CHiPs and explains the organization's mission to establish school-specific building standards. They explore what defines a high-performance school, emphasizing factors like daylighting, mental health, and safety. Craig also discusses the challenges of balancing energy efficiency with creating environments that support learning and wellness. The conversation highlights CHiPs' three key programs—Design, Verified, and Minor Renovations—and their goal to evolve beyond building certifications to support school districts more comprehensively. Craig calls for collaboration among stakeholders, from architects to manufacturers, and outlines the "Raise the Floor Initiative," aimed at uniting resources for sustainable school design. Tune in to learn how thoughtful design and collaboration can transform schools into inspiring spaces for future generations. About Craig Schiller Craig Schiller began his career as a researcher and sustainability advocate who focused on how schools could be used as sustainability teaching tools while improving the health and performance of their students. He came to CHPS after a decade designing, administering, and growing decarbonization programs in the higher education, climate policy, building, and aviation sectors for the climate-focused think-tank RMI in the District of Columbia.​ Craig has B.S. Degrees in Geology & Geophysics and Environmental Studies from the University of Wisconsin and a M.S. in Sustainable Design from Carnegie Mellon University. CONTACT: https://www.linkedin.com/in/craig-a-schiller https://chps.net/craig-schiller Where To Find Us: https://bbfhpod.advancedglazings.com/ www.advancedglazings.com https://www.linkedin.com/company/better-buildings-for-humans-podcast www.linkedin.com/in/advanced-glazings-ltd-848b4625

An airhacks.fm conversation with Phillip Krueger (@phillipkruger) about: early programming experiences with Visual Basic and Java, transition from actuarial science to computer science, first job at a bank working with Java Swing and RMI over CORBA, experience with J2EE and XML technologies, working with XML and XSLT, development of open-source Swing components, work on dotMobi sites for mobile phones in Africa, creation of API extensions for Java EE and MicroProfile, involvement in the MicroProfile GraphQL specification, joining Red Hat and working on quarkus, development of SmallRye GraphQL, improvements to OpenAPI support in Quarkus, work on Quarkus Dev UI, discussion about the evolution of Java application servers and frameworks, comparison of REST and GraphQL, thoughts on Java development culture in South Africa Phillip Krueger on twitter: @phillipkruger

As policy changes course in the US, is energy efficiency the key that can unlock a sustainable future?In our latest episode from the COP29 climate talks in Baku, Azerbaijan, host Ed Crooks talks to our guests about the challenges facing the energy transition, including the far-reaching implications of a second Trump administration, as asks whether getting smarter about the ways we use energy can be part of the solution.In the first part of the show, Ed welcomes back Vijay Vaitheeswaran, Global Energy and Climate Innovation Editor at The Economist. He and his team have a couple of big pieces in the latest edition, giving their views on the outlook for the transition in the US and around the world. They are joined by Zach Friedman, Senior Director of Federal Policy at Ceres, which is a US-based group that works with investors and businesses in sustainability issues.The trio discuss how US energy policy is likely to change under the Trump administration and a Republican-controlled Congress. They debate whether innovative mechanisms such carbon tariff for the US that is like the European carbon border adjustment mechanism could help align the administration's economic objectives with climate goals. They highlight some hopeful signs for clean energy development, including the prospect of permitting reform that could expedite infrastructure projects. And they also explore why energy efficiency—a critical yet often overlooked component of the energy transition—could unlock massive cost and emissions savings while paving the way for renewable energy growth. Later in the episode, Ed speaks with Jon Creyts, CEO of RMI, which describes itself as a “think-tank, a do-tank and a scale-tank”. He makes a compelling case for why energy efficiency is the "first fuel" of the transition: the best fuel of all is the fuel you don't need. He argues for the central role of efficiency in reducing emissions, lowering costs, and supporting renewable energy targets. At COP28 in Dubai a year ago, the world agreed a goal of doubling of global energy efficiency improvement rates by 2030. So far it has not made any progress towards that goal. But with innovative approaches such as modular retrofits for housing, Jon illustrates how leadership and vision can dismantle structural barriers, making energy efficiency a linchpin of the low-carbon transition.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This bonus episode of S/GWI's Innovation Station was recorded on November 15, 2024, during a live event at the UN Climate Change Conference (COP29)'s U.S. Center. The event, titled “With Equality and Resilience for All: Women Influencing Climate Action,” brought together Victoria Salinas, Federal Emergency Management Agency (FEMA), and Dr. Aubrey Paris, U.S. Department of State, to discuss gender-responsive climate resilience planning. RMI federal policy manager and television personality Taylor Krause kicked off the event by spotlighting the role of women scientists in advancing resilience. (The views expressed by non-U.S. Government officials in this episode are those of the speakers and do not necessarily reflect the views of S/GWI, the Department of State, or the U.S. Government.) 

What's at stake for climate and nature in the current political environment? Listen to Jason Mitchell discuss with Paul Bodnar, Bezos Earth Fund, about the vital role of philanthropic capital; the mission of the Bezos Earth Fund; and how its thinks about funding efforts across mitigation and adaptation as well as the Global North and Global South.   Note: This episode was recorded prior to the recent US election. Paul Bodnar is the Director of Sustainable Finance, Industry, and Diplomacy at the Bezos Earth Fund. He most recently served as Global Head of Sustainable Investing at BlackRock, where he helped build the firm's $500 billion sustainable funds business. Prior to Blackrock, Paul was Chief Strategy Officer and Executive Council member at RMI (formerly Rocky Mountain Institute), where he founded the Center for Climate-Aligned Finance. Paul served in the Obama White House as Special Assistant to the President and Senior Director for Energy and Climate Change at the National Security Council. Prior to that, Paul served at the State Department as US lead negotiator for climate finance.

The bad news: The refrigerants we use in air conditioners, fridges, and vehicles absorb hundreds to thousands of times more heat than carbon dioxide does. The good news: We're in the middle of a global effort to replace them with lower impact alternatives.  Will we replace them fast enough to hit climate targets? And in the meantime, can we prevent them from leaking into the atmosphere? In this episode, Shayle talks to Ian McGavisk, senior advisor at RMI for carbon-free buildings. An industry veteran, he recently co-authored a report on recovering residential AC refrigerants in the U.S., which have the carbon equivalent of 1.7 million cars. (Ian also works in business development at Transaera. Energy Impact Partners, where Shayle works, invests in Transaera.). Shayle and Ian cover topics like: The sources of emissions in the refrigerant lifecycle  The economics of recovering and reclaiming refrigerants Alternatives with low global warming potential and their tradeoffs, such as efficiency, flammability and concerns about forever chemicals Recommended resources RMI: Refrigerant Reclamation Project Drawdown: Refrigerant Management Project Drawdown: Alternative Refrigerants EPA: Transitioning to Low-GWP Alternatives in Commercial Refrigeration UN Environmental Programme: Montreal Protocol On Substances That Deplete The Ozone Layer, Report Of The Technology And Economic Assessment Panel, May 2024  Catalyst is brought to you by EnergyHub. EnergyHub is working with more than 70 utilities across North America to help scale VPP programs to manage load growth, maximize the value of renewables, and deliver flexibility at every level of the grid. To learn more about their Edge DERMS platform and services, go to energyhub.com. On December 3 in Washington, DC, Latitude Media is bringing together a range of experts for Transition-AI 2024, a one-day, in-person event addressing both sides of the AI-energy nexus: the challenges AI poses to the grid, and the opportunities. Our podcast listeners get a 10% discount on this year's conference using the code LMPODS10. Register today here!

[HECMWorld] The HECM's 10-Year CMT Rate Climbs After Fed Funds Rate Cut. [Reverse Market Insight] RMI's Jon McCue returns for this month's installment of RMI's Market Minute. Watch our video podcast here!

Our Season One finale brings you a debate about the pace of the energy transition that was recorded live at NYC Climate Week three weeks ago.  How fast is the transition progressing, really?  And why might there be divergent opinions on the subject? The debate was co-moderated by James Lawler and Dina Cappiello (RMI), and features RMI's Kingsmill Bond and Bain's Aaron Denman. We look forward to your thoughts and questions, as always, and we look forward to being in touch with all of you again in 2025.Follow us on Twitter, LinkedIn, Facebook, and Instagram.Contact us at contact@climatenow.comVisit our website for all of our content and sources for each episode.

In this episode, we talk to Lee Beck, Senior Director for Europe and the Middle East, and Thomas Walker, Transportation Technology Manager at Clean Air Task Force (CATF), who share insights into innovative solutions for decarbonising the aviation industry.Beck and Walker discuss CATF's role as a global climate organisation focused on overlooked solutions for decarbonisation and provide a forward-looking perspective on the future of sustainable aviation. They highlight several key issues:The potential of synthetic fuels to make up over 50% of aviation fuel by 2050, and the policy measures necessary to achieve this ambitious goal.The limitations of biofuels in meeting long-term aviation demand, and the need to explore alternative fuel sources.The promise and challenges of hydrogen-powered aircraft, particularly for regional flights, and the significant infrastructure changes required.The potential of ammonia as an aviation fuel, its advantages over hydrogen, and the hurdles to its adoption.The current limitations of electric aircraft due to battery energy density constraints, and their potential niche applications.The importance of carbon capture and storage in producing synthetic fuels and decarbonising the aviation industry.The need for an options-based approach to decarbonisation, maintaining multiple technological pathways to address the complex challenge of aviation emissions.Throughout the conversation, Beck and Walker advocate for a diverse portfolio of solutions and strong international collaboration to address aviation's environmental impact, while expressing cautious optimism about the sector's ability to achieve significant emissions reductions in the coming decades.If you LOVED this episode, you'll also love the conversation we had with Andrew Chen, Principal for Aviation Decarbonisation at RMI, who shares the RMI's multi-faceted approach to aviation decarbonisation. Check it out here. Learn more about the innovators who are navigating the industry's challenges to make sustainable aviation a reality, in our new book ‘Sustainability in the Air'. Click here to learn more.Feel free to reach out via email to podcast@simpliflying.com. For more content on sustainable aviation, visit our website green.simpliflying.com and join the movement. It's about time.Links & More:About Us – Clean Air Task Force Decarbonizing Aviation: Enabling Technologies for a Net-Zero Future - CATFDecarbonizing Aviation: Challenges and Opportunities for Emerging Fuels - CATF For October 2024, we're pleased to feature SITA as our exclusive Sponsor of the Month. SITA is a global IT provider for the air transport industry, helping airlines navigate complex environmental regulations. Discover how their Eco Mission tool can simplify compliance, reduce costs, and provide real-time insights to support your sustainability goals.

Subscribe to our Clean Energy Africa newsletter: https://mailchi.mp/dc168bd41a97/sign-up-hereRecorded live during the Energy Access Investment Forum in May, this 2 part mini-series covers the African Mini-Grid Program (AMP). The AMP is a USD 50 million country-led technical assistance program designed to stimulate the solar-battery mini-grids market to boost electricity access in 21 countries, its mission is to enhance economic development and improve livelihoods through increased financial investment and innovative business models.The first episode in the seriesFor feedback and inquiries please reach out to the podcast team: energytalkpodcast@gmail.com  The Energy Talk is a platform dedicated to telling the energy transition story of Sub-Saharan Africa, focusing first on the perspective of Financiers, Policymakers, and Operators devoted to pushing the continent towards a sustainable energy future. This podcast is hosted by Olubunmi Olajide and produced by Chigozie Ubah.

As airlines look to decarbonize and governments crack down on heavy industry carbon emissions, some in the aviation industry are turning to sustainable aviation fuel (SAF). In this episode, correspondents Camellia Moors and Camilla Naschert speak with experts from across the SAF industry about what SAF is, how it's being used, its potential to curb carbon emissions and the biggest challenges and opportunities in its global uptake. Today's guests are Andrew Chen, principal for aviation decarbonization at RMI; Dick Benschop, board member and senior fellow at the Mission Possible Partnership; Phil Moore, global head of sustainable aviation fuel at EcoCeres; and Daniel Chereau, head of fuel at the International Air Transport Association. Subscribe to Energy Evolution to stay current on the energy transition and its implications. Veteran journalists Dan Testa and Taylor Kuykendall co-host the show, which routinely features regular correspondents Camilla Naschert and Camellia Moors.

As airlines look to decarbonize and governments crack down on heavy industry carbon emissions, some in the aviation industry are turning to sustainable aviation fuel (SAF). In this episode, correspondents Camellia Moors and Camilla Naschert speak with experts from across the SAF industry about what SAF is, how it's being used, its potential to curb carbon emissions and the biggest challenges and opportunities in its global uptake. Today's guests are Andrew Chen, principal for aviation decarbonization at RMI; Dick Benschop, board member and senior fellow at the Mission Possible Partnership; Phil Moore, global head of sustainable aviation fuel at EcoCeres; and Daniel Chereau, head of fuel at the International Air Transport Association. Subscribe to Energy Evolution to stay current on the energy transition and its implications. Veteran journalists Dan Testa and Taylor Kuykendall co-host the show, which routinely features regular correspondents Camilla Naschert and Camellia Moors.

ExxonMobil forecasts 2050 Oil demand be the same as today. We believe that they are just “talking their books.”To discuss the future of the Energy system as well as the fight against Climate Change, we bring in a very respected expert and friend of the show: Kingsmill Bond, Energy Strategist at RMI. Kingsmill has been digging deep into the data and has realized that the fossil fuel cohort simply cannot fathom the speed of the Energy Transition.Gerard and Laurent have a lengthy debate about the trends, the adoption of clean energy, not only in the OECD, but also what is now referred as the “Global South” and deliver an optimist message about the future.  In the present, the pessimists always sound smarter, but in the long-term optimists are always right.------- RMI is a global NGO transforming the global energy system to secure a clean, prosperous, zero-carbon future for all.RMI:  https://rmi.org/the-world-re-energized/RMI report: https://rmi.org/insight/the-cleantech-revolution/Nick Eyre work: https://link.springer.com/article/10.1007/s12053-021-09982-9?utm_source=substack&utm_medium=email

[CNBC] Here's where home values are rising and falling nationwide. [CNBC] The Federal Reserve slashed the Fed Funds Rate by 50 basis points. How will this impact the HECM's 10-Year CMT index?  [Reverse Market Insight] Our monthly installment of RMI's Market Minute with Jon McCue for all the latest HECM origination and endorsement trends. Watch our video podcast here!

Join CCL's Research Coordinator Dana Nuccitelli for a training that will provide updates to what the emission reductions potential is for the Energy Permitting Reform Act of 2024 based on modeling by Resources For the Future, RMI, Jesse Jenkins, and Third Way. Senators Manchin (I-WV) and Barrasso (R-WY) introduced a bipartisan permitting reform bill called the Energy Permitting Reform Act. This bill is a significant advancement in CCL's clean energy permitting reform policy agenda, that we have been advocating for over the past two years. Skip ahead to the following section(s): (0:00) Intro & Agenda (1:51) What's In The Bill? (5:18) Transmission Provisions (17:06) Fossil Fuel Provisions  (29:37) The Bill's Climate Pollution Cuts & Other Concerns Presentation Slides: https://cclusa.org/energy-permitting-slides  Research Summary: https://www.thirdway.org/memo/quantifying-the-emissions-impacts-of-the-energy-permitting-reform-act-of-2024  Training Page: https://community.citizensclimate.org/events/item/24/16643  Log Your Training: https://community.citizensclimate.org/log_training?sf_id=a5y8X000000lMgFQAU 

At-home charging is the most common charging method among current EV drivers in the United States. It is convenient and reliable and less expensive than buying gasoline. However, people who live in apartments or condos often do not have access to a home charger, making EV ownership significantly more challenging. In order to achieve an equitable transition to EVs, these residents need convenient, reliable, and affordable charging options. In this episode, Malcolm Johnson from UC Berkeley and Ellen Kennedy from RMI discuss recent research their organizations published on EV charging at multifamily housing, including barriers, equitable solutions, and examples. 

Maybe you've never heard of it. Maybe you know it too well. But to a certain type of clean energy wonk, it amounts to perhaps the three most dreaded words in climate policy: the interconnection queue. The queue is the process by which utilities decide which wind and solar farms get to hook up to the power grid in the United States. Across much of the country, it has become so badly broken and clogged that it can take more than a decade for a given project to navigate. On this week's episode of Shift Key, Jesse and Rob speak with two experts about how to understand — and how to fix — what is perhaps the biggest obstacle to deploying more renewables on the U.S. power grid. Tyler Norris is a doctoral student at Duke University's Nicholas School of the Environment. Claire Wayner is a senior associate at RMI's carbon-free electricity program, where she works on the clean and competitive grids team. Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University.Mentioned: Tyler's study on “energy only” interconnection rulesHeatmap's Matthew Zeitlin on the big problems with PJMFERC Order 2023Advanced Energy United's report on unsnarling the gridSubscribe to Heatmap PlusRob's downshift; Jesse's upshift.--This episode of Shift Key is sponsored by …Watershed's climate data engine helps companies measure and reduce their emissions, turning the data they already have into an audit-ready carbon footprint backed by the latest climate science. Get the sustainability data you need in weeks, not months. Learn more at watershed.com.As a global leader in PV and ESS solutions, Sungrow invests heavily in research and development, constantly pushing the boundaries of solar and battery inverter technology. Discover why Sungrow is the essential component of the clean energy transition by visiting sungrowpower.com.Antenna Group helps you connect with customers, policymakers, investors, and strategic partners to influence markets and accelerate adoption. Visit antennagroup.com to learn more.Music for Shift Key is by Adam Kromelow. Hosted on Acast. See acast.com/privacy for more information.

Subscribe to our Clean Energy Africa newsletter: https://mailchi.mp/dc168bd41a97/sign-up-hereRecorded live during the Energy Access Investment Forum in May, this 2 part mini-series covers the African Mini-Grid Program (AMP). The AMP is a USD 50 million country-led technical assistance program designed to stimulate the solar-battery mini-grids market to boost electricity access in 21 countries, its mission is to enhance economic development and improve livelihoods through increased financial investment and innovative business models.For feedback and inquiries please reach out to the podcast team: energytalkpodcast@gmail.com The Energy Talk is a platform dedicated to telling the energy transition story of Sub-Saharan Africa, focusing first on the perspective of Financiers, Policymakers, and Operators devoted to pushing the continent towards a sustainable energy future. This podcast is hosted by Olubunmi Olajide and produced by Chigozie Ubah.

In this episode of The Human Upgrade, recorded live from Costa Rica, Dave Asprey sits down with Dr. Vince from the Regenerative Medicine Institute (RMI) to delve into the groundbreaking world of regenerative medicine. Dr. Vince shares his expertise on how advanced therapies, including stem cell treatments and personalized regenerative protocols, are paving the way for enhanced longevity and optimal health. Listeners will gain insight into how these cutting-edge treatments can address chronic pain, accelerate recovery, and combat aging at the cellular level. Dr. Vince also emphasizes the importance of personalized medicine, where treatments are tailored to each individual's unique biological needs. This episode is a must-listen for anyone interested in exploring the future of regenerative health and how to apply these innovations to improve their own healthspan and lifespan. Timestamps: 00:00:01 — Opening 00:02:44 — Introduction to Dr. Vincent Giampapa 00:05:50 — Dr. Giampapa's Morning Cognitive Enhancement Protocol 00:09:23 — The Role of Brain Imaging in Personalized Medicine 00:13:09 — Stem Cell Therapy: The New Frontier in Longevity 00:19:29 — The Importance of Banking Stem Cells for Future Use 00:32:35 — Groundbreaking Anti-Aging Treatments at RMI 00:42:43 — Focused Ultrasound and Reprogramming the Hypothalamus 00:50:16 — The Role of Peptides in Muscle Growth and Cognitive Function 01:06:42 — How to Get Started with Longevity Treatments 01:12:24 — Ethical Considerations in Longevity Science 01:23:47 — Future of Gene Therapy and Mitochondrial Enhancement 01:30:02 — Final Thoughts and Closing Remarks Sponsors: Quantum Upgrade | Go to QuantumUpgrade.io/Dave for a free trial Timeline Nutrition | Head to TimelineNutrition.com/Dave to get 10% off your first order. Resources: For RMI Treatment: https://daveasprey.com/clock/ Learn more about RMI: https://rmi.life/Dave Follow Dr. Giampapa on Instagram: @drgiampapa Dr. Giampapa's website: https://drgiampapa.org/ Dave's Linktree: linktr.ee/daveasprey Dave Asprey's Book ‘Smarter Not Harder' is out now: daveasprey.com/books Follow Dave on Instagram: @Dave.Asprey Want to join The Human Upgrade Podcast Live? Join Our Upgrade Collective: ourupgradecollective.com Danger Coffee by Dave Asprey: @dangercoffeeofficial Supplements by Dave Asprey: shopsuppgradelabs.com Own an Upgrade Labs: ownanupgradelabs.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe Daniel is a Principal on the Carbon-Free Electricity Team at RMI.Our topic today is coal, specifically the "non-economic dispatch" of coal. This phenomenon occurs when coal-fired power plants deliver power to electricity grids even when their electricity is not the most cost-effective option, thereby disrupting the "merit order" of electricity dispatch. This complex topic is explored with Joe's help, as he provides insights into this intricate issue. The US electric grid is notoriously difficult to understand, and there may be moments when the conversation becomes challenging. However, Joe and Cody consistently strive to make the concepts clear and accessible.The complexity of the system contributes to the problems Joe highlights. Information asymmetry creates economic friction, which disadvantages renewables, despite their general economic superiority. Joe's work at RMI involves developing and deploying quantitative tools, such as RMI's Economic Dispatch Hub, which he will discuss. These tools aim to accelerate affordable and equitable utility de-carbonization pathways.In this episode, we cover: [2:42] Joe's background and work at RMI[4:25] Seasonality and cyclical trends in coal usage[6:20] Operation and flexibility of coal plants[10:05] Merit order and prioritizing resources based on cost[12:25] Types of resources and their cost ranking[16:01] Dispatching resources and electricity sources[21:03] Non-economic dispatch of coal and cost impacts[25:02] Public utility commissions' role in regulation[29:23] Need for transparency and market price signals[33:31] Smooth energy transition and coal's future role[39:09] RMI's role in providing expertise and assistance[40:30] Cost implications and solutions for non-economic dispatch[43:49] Public engagement in utility commission hearings[46:16] Policy and local engagement in clean energy adoptionEpisode recorded on July 18, 2024 (Published on Aug 4, 2024) Get connected with MCJ: Jason Jacobs X / LinkedInCody Simms X / LinkedInMCJ Podcast / Collective / YouTube*If you liked this episode, please consider giving us a review! You can also reach us via email at content@mcjcollective.com, where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Estimates for the cost of decarbonising could be inaccurate. What does that mean for investment and policy-making? About $1.2 trillion is invested annually in climate technology and infrastructure worldwide, with significant portions allocated to China due to its accelerated decarbonization goals. However, experts argue that about $9 trillion could be needed annually to effectively counter climate change, indicating a substantial gap in current funding​. Debate continues over the economic feasibility of such costs, to the detriment of progress, but what if the cost was actually far less? RMI, the research and clean energy advocacy group, says that this may indeed be the case. These forecasts could be overinflated by trillions of dollars. If that's true, what will it mean for investors, markets and policy? Host David Banmiller is joined by Dan Goldman, managing partner at Clean Energy Ventures, a VC that funds startups developing early stage breakthrough technologies. He says the there's a significant investment shortfall – regardless of the total cost of decarbonising – currently to stabilise global temperatures. He discusses a downturn in venture capital investments in climate tech, particularly affecting early-stage companies and innovation in new technologies. Challenges remain in scaling up clean energy technologies due to a combination of high interest rates, inflationary pressures, and supply chain disruptions, which increase costs and complicate project implementations.There's a specific shortfall in investment for infrastructure necessary for large-scale renewable energy implementations, like wind and solar, which are essential for a robust energy transition. David and Dan discuss how this could be addressed, and analyse the current economic environment, characterized by high costs and uncertain returns. Is it these barriers that are hindering significant capital flow into this sector, or the forecasted cost for decarbonising global energy systems? How can global financial strategies be adjusted to accelerate the necessary investments in clean energy and technology? Find out on the show.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.