Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood

30 lug · RIMScast

01:05:36

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

This episode of RIMScast is proudly sponsored by Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. For more information, visit Hillwood.com.

Justin Smulison interviews four guests today, SORM Executive Director, Stephen Volbrecht, SORM Division Chief of Strategic Programs, James Cox, SORM Chairman of the Board of Directors, Gerald Ladner, Sr., and DFW RIMS Chapter Board Member Penni Chambers. The discussion covers the various roles of Stephen, James, and Gerald in SORMS, the purpose and development of SORMS over the years, and how SORMS manages risks for all the state of TEXAS. They also speak of the upcoming RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas and what they will present there.

Listen in for ERM wisdom and a preview of the RIMS DFW 2024 Fall Conference.

Key Takeaways:

[:01] About our sponsor, Hillwood.

[:13] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Our guests are from the Texas State Office of Risk Management.

[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:01] Let’s talk about prep courses for the RIMS-CRMP. The next virtual offering will be on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:13] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:28] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. All RIMS regional conference information can be found on the Events page at RIMS.org.

[1:47] We would like to extend a big “Thank You” to today’s sponsor, Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate offices, retail, aviation, and multi-family housing developments.

[2:05] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners.

[2:23] Hillwood specializes in e-commerce industrial development, serving some of the world’s largest retailer brands. Its residential communities division is dedicated to creating truly unique, master-plan communities. In 2023, Hillwood sold 2,141 homes in its communities and delivered nearly 1,500 lots to builders with more than 3,800 lots in the pipeline for 2025.

[2:45] Hillwood is also leading the development team for Goldman Sachs’s new facility in uptown Dallas. As a privately owned company, Hillwood prioritizes long-term sustainability: social, economic, and environmental. For more information, visit Hillwood.com.

[3:05] Today we will be joined by leaders of the Texas State Office of Risk Management. They will participate in a panel discussion on September 19th at the DFW RIMS Annual Conference and Event.

[3:18] They’re a fabulous chapter and that event will be held at the Irving Convention Center in Irving, Texas. A link is in this episodes’ show notes. Visit DWWRIMS.org for sponsorship opportunities and registration information.

[3:31] Our guests today will discuss what it takes for the Texas State Office of Risk Management to function, how they prepared and reacted to Hurricane Beryl in July, and we’ll talk ERM and how some of their military experiences have enabled them throughout their risk careers and at the Texas State Office of Risk Management (SORM).

[3:55] SORM Executive Director, Stephen Volbrecht, Division Chief of Strategic Programs, James Cox, and Chairman of the Board of Directors, Gerald Ladner, Sr., welcome to RIMScast!

[4:54] Stephen Volbrecht is the State Risk Manager for Texas and Executive Director of SORM. The office administers the Enterprise Risk Management Program, the Insurance Management Program, the self-insured Workers’ Compensation Program, and the Continuity of Government Operations Program. Those are the four key missions of the Texas SORM.

[5:58] Gerald Ladner, Sr. has been in the industry for 42 years and successfully navigated four hard markets. He has played roles with global and domestic U.S. insurance companies and is still engaged with the industry even though he’s semi-retired.

[6:29] Gerald has also served as a broker. He has insured prominent clients like the Coca-Cola Company, the City of Atlanta, Fulton County, and The Southern Companies. He quoted on the Boston Artery Tunnel Project, which capped the global reinsurance industry supply. Gerald’s last assignment was as a Regional President at State Auto Insurance Company.

[6:52] Gerald is involved today in independent board work, as well as serving his Alma Mater, and has served as Insurance Commissioner Appointee for the Texas Property and Casualty Guarantee Insurance Association, as well as the Texas Medical Liability Joint Underwriting Association. Gerald’s turn as Chairman of the Board at SORM expires in 2027.

[8:01] James Cox is the Division Chief of Strategic Programs at SORM. His job is to take the vision that Gerald has and the strategic view that Stephen has and make them applicable to the Texas state agencies. He does the daily work that supports their vision and mission. He has an insurance adjuster license, an agent license, a notary, and a risk manager license.

[9:40] Stephen Volbrecht has been with SORM for more than 20 years in various roles. He joined in 2001, just before 9/11. The office was created in 1996 and went into operation in 1997. It was created to get workers’ compensation costs under control for Texas state employees.

[10:37] At that time, The Office of the Attorney General, Workers’ Compensation Division, paid Workers’ Compensation claims while the Department of Insurance, Division of Health and Safety, had the Texas Workers’ Compensation Commission. The two agencies didn’t communicate directly.

[11:38] Texas combined the Attorney General’s Workers’ Compensation Division and the Department of Insurance’s Workers’ Compensation Commission and created the State Office of Risk Management.

[11:49] Within two years, they had dropped Workers’ Compensation costs by over $30 million, and not by denying claims or cutting corners. They paid claims more timely, stopped disputing claims, and prevented injuries from happening through risk management.

[12:30] They continually put pressure on costs, even as medical inflation rises. Texas pays about $40 million a year for accidents and injuries. Because of success with Workers’ Compensation, SORM now has three additional missions, the Enterprise Risk Management Program, the Insurance Management Program, and the Continuity of Government Operations Program.

[13:42] SORM worked with the Federal government to design the Texas Continuity of Government Operations Program, helped the State Legislature adopt it, and then was tasked with implementing it. Gerald Ladner and James Cox use their industry knowledge to develop procedures and frameworks for the Insurance Management Program.

[14:58] SORM is a fundamentally different agency than the office Stephen joined in 2001 because the scope of its mission set has expanded greatly over the 20-plus years.

[15:32] SORM is a fairly large office compared to what other states might have. It’s an office of specific subject matter experts over each of the domains it covers. It has a broad scope, including Enterprise Risk Management.

[16:02] Gerald says SORM has a small board of five members responsible for strategic guidance, governance, innovation, leadership, risk management, stakeholder engagement, performance monitoring, and mentorship to the executive team. The board can decide quickly and anticipate the areas of risk they need to look at and how the organization will address them.

[16:45] Justin takes a brief break and thanks Hillwood for sponsoring this episode. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Visit Hillwood.com for more information and to seize those opportunities.

[17:08] Justin also dives deeper into the RIMS DFW 2024 Fall Conference and Spa Event that will be held on September 19th and 20th in Irving Texas. Here to tell us a little bit more about it is an omnipresent force among DFW RIMS members; Penni Chambers, welcome back to RIMScast!

[17:34] This episode is airing almost four years after Penni made her RIMScast debut. A lot has changed in four years!

[18:20] Penni is Vice President of Risk Management at Hillwood. She is in charge of a team of two that maintains, procures, and does all things insurance for all of Hillwood and its enterprise companies, including land and cattle, oil and gas, and aviation.

[18:52] Penni’s role at RIMS has changed. She is serving the constituents of the RIMS chapters and members by being a proud board director. Penni is a lifelong member of DFW RIMS and a former president, serving a term in 2019.

[19:30] Penni will moderate the kick-off session of the RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas. She will be moderating a panel with today’s guests, from the Texas State Office of Risk Management, Stephen Volbracht, Gerald Ladner, and James Cox. There will be so much talent and knowledge on that panel!

[20:09] Penni is so excited to moderate this panel. They will go through the who, what, when, where, and why for this panel. They will talk about governance and the legislative process, and how they manage and procure their liabilities and assets. Texas is huge. These gentlemen have a great responsibility. Penni is excited to get to interview them!

[21:04] Besides this panel, attendees can also expect workshops, a risk managers’ luncheon, and other speakers and presenters. On Friday, the 20th, they have a Spa Day. The Spa Day is one of the things that sets the DFW annual conference apart. Chill out a bit at the DFW RIMS Annual Conference. They go big on this deal!

[22:04] Registration is open to members and non-members. Join the DFW RIMS for two days of fantastic events! Enticed? Go to DFWRIMS.org for more information and to register.

[22:42] Penni says they are so excited to have everyone who is joining them for this event. This is going to be one of the best DFW RIMS Annual Conferences they have ever had!

[22:52] Justin thanks Penni and looks forward to seeing her at the 2024 Fall Conference and Spa Event hosted by the DFW RIMS Chapter on September 19th and 20th! Visit DFWRIMS.org for more information. A link is in this episode’s show notes.

[23:10] Let’s return to Justin’s interview with the Texas State Office of Risk Management.

[23:22] Gerald compares the challenges of his current position to those of the senior leadership roles he has held at insurance companies. It’s an opportunity to educate and inform the public in terms of what they do to deal with the issues that emerge in a new area of risk. Gerald says that fortunately, he has been able to survive all the challenges of a very tough business.

[24:02] The leadership at SORM focuses on retention, making sure that the team’s service to the state is valued and that they have unique growth opportunities. SORM is essentially an insurance company with brokered services.

[24:38] They have to make sure the products that are offered are current and forward-leaning, with the metrics in place for timely delivery of services for injured employees. Gerald speaks of how quickly SORM responded to the pandemic.

[25:10] Stephen Volbrecht adds that it’s important to understand that SORM is, at the foundation, a service organization. They exist to offer support to state agencies for their risk management concerns and objectives. SORM operates as a consultant, assessor, and advisor. SORM is not a regulatory agency, enforcement agency, or auditor. It’s 100% about service.

[27:13] Beryl was a Category 1 hurricane. James Cox says he joined SORM when Harvey was hitting the coast. That’s where the preparedness started for Beryl. Before Beryl hit land, SORM was implementing the things they did post-Harvey.

[28:05] Stephen speaks of resilience. You can’t prevent an Act of God. He cites the 9/11 Commission. Their primary finding was that the most important failure was one of imagination. Leadership failed to appreciate the gravity of the threat. SORM has the approach never to underestimate what can happen. Uncertainty is at the basis of all risk.

[29:41] Anticipate the worst-case scenario, prepare for that, and go from there. SORM ensures that every state entity under its jurisdiction has an updated and validated Continuity of Operations Plan. You can’t prevent a disaster but you can mitigate it. There are lessons learned not just from Harvey but from the freeze events that hit Texas for three years running.

[30:34] There are mitigation efforts that get put into place after we learn our lessons. Use after-action reports. What failed? Don’t do that again. What succeeded? Do more of that! Texas put in dams to prevent inundation of water. They put in automated systems for dampers on air conditioning for the freeze events.

[31:07] They went steps further in responding to situations based on risk management reviews and assessments to have product and service contracts and materials pre-staged for when these events happen so that you can bring up your services within hours, not weeks. That has a direct cost impact and an impact on the individuals that are being affected.

[31:38] SORM has saved hundreds of millions of dollars in downtime and both direct and indirect expenses compared to where they found themselves as recently as Harvey. You can value the ROI in cost avoidance by comparing years without risk management controls and the years after risk management controls have been implemented.

[32:56] James comments about Hurricane Beryl and after-action reports. An internet provider in the area went down, causing restaurants to only take cash. Agencies need the ability to switch from one carrier to another depending on if the carriers are operating.

[34:04] Gerald says the board looks forward to the strategic plan that the executive director shares with them and they have the opportunity to acid-test it to make sure they are covering all the areas so they don’t have a failure of the imagination. The board maintains the culture and listens to the employees. They invite employees to attend board meetings. They get a full house.

[34:56] It shows the employees an alignment between the board and the leadership team. The board gives the executive performance review and the employees will hear areas of outstanding work and areas to focus on in the future. The board seeks to maintain that alignment.

[35:32] It’s RIMS plug time! Webinars! Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[35:57] On September 12th, Hub International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve Staying Agile During Shifting Market Dynamics. More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Webinar registration is complimentary for RIMS members!

[36:20] We would like to express our thanks to Hillwood for sponsoring this episode of RIMScast. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Their diverse portfolio includes industrial, logistics, corporate office, retail, aviation, and multi-family housing developments.

[36:43] Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Seize those opportunities by visiting Hillwood.com.

[36:59] Let’s return to my interview with Gerald Ladner, Sr., Stephen Volbrecht, and James Cox of the Texas State Office of Risk Management.

[37:28] James is a veteran of the U.S.A.F. Stephen is a Captain in the Judge Advocate General Corps. Justin thanks them for their service and asks how those experiences lend themselves to effective risk management.

[38:02] James says no matter the specialization in the military, the military does very well operating in high- or higher-risk environments. They drill mission and safety in equal parts. The military mindset is understanding the chain of command, codes, and standards, and what you are basing your risk on. If you don’t know the accepted way to do a thing, it is a risk nightmare.

[38:49] James has found that using his military background, he knows where to look for how to treat a type of risk. That background transitions easily to risk management.

[39:18] Gerald’s father did three tours in Vietnam. His daughter went to West Point and was in Iraq. He understands the military mindset. It reflects the strengths we now find in the SORM organization with clear chains of command but also an environment where associates can come forward and bring their issues and opportunities.

[40:18] Stephen and James are on the Technical Advisory Group (TAG) for ISO 31000. Stephen says the ISO 31000 framework and other ERM frameworks are essential for SORM. Risk management is about decision-making. The ISO model is that risk is always negative. What you are trying to do is avoid the bad things.

[42:43] Stephen says the effect of uncertainty on objectives can be positive, negative, or neutral, whether it’s an opportunity, an obstacle, or an obligation. That’s where ISO 31000 comes in. For some time, Texas was the only state to adopt ISO 31000 as the state ERM standard. They did it through the utilization of guidelines written in collaboration with contributors.

[43:29] They’re called the Texas Enterprise Risk Management Guidelines. They don’t tell people what to do but they give people a framework for how to answer questions of risk and make decisions. The meta-framework of the guidelines is called Governance, Risk, and Compliance (GRC), developed by OCEG, the Open Compliance and Ethics Group.

[44:23] The meta-framework of GRC is that enterprise risk is about critical disciplines. That’s the true enterprise risk model. It deals with governance and oversight, Gerald’s role; and strategy and performance, James’s role. Risks and decisions, compliance and ethics, security and continuity, audit and assurance; each of these domains has to be integrated into an ERM model.

[45:00] SORM uses ISO 31000 as it is sufficient to their needs, but they still pull from other standards, such as COSO or SERM.

[45:58] James says it’s not necessarily the brand of framework you choose that is important. It’s the vocabulary that you need to understand. SORM picked ISO 31000 and all the state agencies they work with took a course in it so they all had the same vocabulary. As long as everyone understands the standard, they can apply it.

[46:44] The Texas Enterprise Risk Management Guidelines are known as the TERM-G or TERM Guidelines.

[47:24] Gerald has a degree in psychology. It was a soft skill that was sought when he entered the workforce. There’s a lot of stress on employees and it’s important for the leadership team to have the right skill set to work with stressed employees and meet some of their needs. Gerald recalls Enron and the need to make hard choices about ethical behavior.

[51:03] Gerald has had an extensive relationship with RIMS. He reminisces about attending RISKWORLD many times when he was with Zurich and cutting deals on the floor. We’re in a world where change is increasing and the ability to get fresh, insightful information allows organizations like SORM to think through the next round of strategies to manage the risks.

[52:23] Gerald knows the value in RIMS and looks forward to participating in this upcoming panel at DFW.

[52:33] Gerald, Stephen, and James will be at the RIMS DFW Conference in September. Gerald will discuss the macro forces at work that have the potential to impact loss cost for SORM, and the state of the reinsurance market which is linked to SORM’s ability to get property capacity.

[53:06] Gerald says they want to talk about the interplay between risk managers and the boards they report to. Boards are taking a harder look at risk managers. Boards don’t like surprises. It takes quality communication with the board. There also has to be strong orientation of new board members so they can act as proactive business partners as they face the challenges.

[53:56] Also, the an ongoing discussion about broadening risk appetite and tolerance. The importance of parametric insurance, understanding how the market is behaving. Capacity is being contracted in Florida and the Gulf states and there have to be additional ways of dealing with risk. SORM provides good advice-based education on the proper coverages needed.

[55:09] James will talk about how, when he was a new risk manager years ago and risks were new to him, through RIMS, he was connected with a host of individuals who had seen the same risks every day and were veterans of it. RIMS is a support system for a new risk manager.

[55:22] He will speak of the tools RIMS provides, like the benchmark surveys, white papers, and articles, like the Hurricane Preparedness 2024 article, that came out 15 days before Beryl was approaching across the Gulf. SORMS is similar to an insurance carrier in Texas, except they want to look at your risk model, policies, and procedures. If there’s a gap, then get insurance.

[56:31] SORMS is not in it for profit but for protection and what’s best for the state of Texas.

[56:43] Stephen will talk about the relationships with RIMS over the years the relationships established and the outstanding resources that are available. He finds the compensation report a bit of a downer, though, personally, working for the State Government!

[57:32] RIMS and associations like RIMS are essential for upholding high ethical standards and integrity in the profession and are also important for self-governance. When professionals agree on high standards of operation, that keeps the government out of your business. Stephen also talks about other aspects of SORM that people may not know about.

[59:41] There are big risks on the horizon that could be talked about, like climate change, cybersecurity, artificial intelligence, political risk, civil unrest, inflationary pressures, global market volatility and alternative risk financing, and the pandemic moving into endemic with massive economic and societal impacts.

[1:01:20] Justin thanks Gerald Ladner, Sr., Stephen Volbrecht, and James Cox for being on RIMScast. Anyone who wants to hear more from SORM will travel out to Dallas on September 19th for the DFW RIMS Annual Meeting! Justin will be there and looks forward to seeing them in person, hearing what they have to say, and shaking their hands for a big group shot!

[1:01:57] Special thanks again to all of our guests from the Texas State Office of Risk Management, Gerald Ladner, Sr., Stephen Volbrecht, James Cox, and of course, former DFW RIMS President, Penni Chambers, who was also on the RIMS Board of Directors. The DFW RIMS Fall Conference and Spa Event will be held on September 19th and on the 20th is Spa Day.

[1:02:24] Visit DFWRIMS.org to register.

[1:02:27] Extra special thanks to our sponsor Hillwood. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate, office, retail, aviation, and multi-family housing developments.

[1:02:43] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners. Visit Hillwood.com for more information.

[1:03:07] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[1:03:42] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[1:04:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[1:04:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[1:04:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[1:05:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

About our sponsor, Hillwood: Hillwood.com

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Spencer Educational Foundation — Funding Their Future Gala 2024

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Episodi

Maintaining an Award-Winning ERM Program with Michael Zuraw
17 set· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Michael Zuraw about his career in risk management, including how the CHIPS Act impacts him and what it takes to lead ERM at a semiconductor manufacturer.

Justin asks about Michael’s RIMS ERM Award win, how new leadership at Onsemi has reacted to the program, how involved new leadership is in ERM, and how the program has changed since the win. Michael tells about his ERM 2024 sessions and how he likes his work with the SERMC.

Listen for ERM tips for improvement for your organization.

Key Takeaways:

[:01] About RIMS.

[:15] About this episode. Our guest is Michael Zuraw of On Semiconductor. He’s a past recipient of the ERM Award of Distinction. We will discuss what it takes to maintain an award-winning ERM program.

[:41] Events! This is the last call for the RIMS Chicago Chapter’s Chicagoland Risk Forum, which will be held on September 19th, 2024 at the Old Post office. There is no charge for risk management professionals or risk department staff! Register at ChicagolandRiskForum.org.

[1:05] We are just a few weeks away from the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[1:19] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[1:33] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page.

[1:49] All RIMS regional conference information can be found on the Events page at RIMS.org.

[1:55] RIMS-CRMP-FED! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode’s show notes.

[2:12] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Workers’ Comp space.

[2:30] In our prior episode, we had Elise Farnham of Illumine Consulting join us. She will be leading two upcoming courses for us. On September 25th and 26th, we’ve got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management.

[2:47] Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.

[2:56] Interview! Our guest today, Michael Zuraw, is a member of our Strategic and Enterprise Risk Management Council and is the Senior Director for Global Enterprise Risk Management at On Semiconductor.

[3:16] I met Michael at the RIMS ERM Conference 2019 in New Orleans, where he accepted an ERM Global Award of Distinction honor for the program he leads at Onsemi. I wanted to catch up with him now and see how the program is evolving under new company leadership.

[3:38] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 in Boston, so we’ll talk all about that and we’ll get his philosophies on what it takes to keep an award-winning ERM program going strong in 2024. Michael Zuraw, welcome to RIMScast!

[4:21] Michael shares his memories of the RIMS ERM Conference 2019 at the Roosevelt Hotel in New Orleans. That was his first RIMS ERM event. He notes how collaborative ERM professionals are, whatever their industry or employer.

[5:30] Justin and Michael collaborated on an interview for the ERM Q&A series. A link is in this interview’s show notes. Since then, they have met at RISKWORLD and ERM Conferences. Michael feels honored to serve on the RIMS Strategic and Enterprise Risk Management Council.

[6:15] Michael is the co-author of two upcoming RIMS Executive Reports and White Papers. The first is part of a series of scenario-planning guides, about the Pre-Mortem Exercise to unlock some risk identification and help to manage biases and risks that might cause you to fail.

[7:00] The second paper is on risk interdependencies or interconnectedness. Risks don’t stay in silos. We have risk registers by which we manage and organize risks, but generally, we underestimate risk because we don’t account for the cascading effect of risk events.

[7:45] Justin will update the show notes for this episode to reflect when these two papers come out. After September, listeners can check out the show notes and download these papers.

[8:15] Michael has been in ERM at Onsemi for 10 years. His bachelor’s and master’s degrees are in electrical engineering. He worked in telecom before semiconductors. He worked on the business management side.

[8:45] When Onsemi formalized its ERM program, it named a Chief Risk Officer. Michael had a conversation with him. If risk is going to be treated as part of a strategy, Michael was interested. If it was a governance or reporting function, it wasn’t for Michael.

[9:08] The Chief Risk Officer had a similar philosophy. He delegated putting the program together to Michael and supported him with what he needed. Michael had a lot of freedom. He’s been doing it ever since.

[9:54] Michael discusses how the CHIPS Act impacts Onsemi. They have a government affairs group to focus on that. Michael is always looking at what parts of their manufacturing and infrastructure need to expand.

[10:25] The CHIPS Act provides an incentive for doing more pieces in the U.S. There are similar programs in other countries where Onsemi has a footprint. Onsemi is in 10 countries with 20-plus manufacturing sites and more, including sales and support functions.

[10:50] Michael says they’re always reviewing their footprint, where they need to expand, and how. Expanding the manufacturing of semiconductors takes tens of millions of dollars and years to build. When there is government support, every semiconductor company takes note.

[11:46] Onsemi is a tech-heavy, engineering-heavy global company with 30,000 employees. You have to get very analytical with the engineering group.

[12:33] Engineers are trained to solve problems full-speed ahead, using key assumptions they have in their heads. Michael is asking the organization to step back and hear what those assumptions are first. An assumption may be based 90% in fact but 10% in uncertainty.

[13:19] Michael asks the organization to discuss the 10% probability that the opposite is true. That’s where the risk lies. Can they make that 10% likelihood into 2%? That’s risk mitigation.

[13:34] In tech-heavy industries, we acknowledge and respect engineering training to solve problems, drive solutions, and work within their vocabulary. How do we put a risk framework into that model so the company’s risk profile can be improved? It takes time.

[14:02] Is Michael a patient person? It depends! More often than not.

[14:53] When Michael won the ERM Global Award of Distinction for the ERM program at Onsemi, the Chief Risk Officer called the Chairman of the Board and the Risk Committee to let them know of the Award. It was vindication that the company was going in the right direction.

[15:34] The Risk department felt they were seeing the positive impact of the ERM Program. They saw the industry felt the emerging risk topic they submitted with their application was innovative and positive.

[15:55] That program within the ERM Program was well-regarded within the company and led people to think about the future and get into an open discussion. People wanted to participate.

[16:30] About four years ago, Onsemi’s long-time COO retired and new leadership came in. Michael tells how the ERM Program changed with the new leadership. They were much more focused on accountability and ownership. They wanted to remove self-reporting.

[18:47] It’s RIMS Plug Time! RIMS Webinars! On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.

[19:07] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future.

[19:24] On October 24th, HUB International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures.

[19:37] On November 4th, Justin will be hosting a special RIMS Webinar Presentation, Lessons from Veterans on Strategic Risk Leadership. That session will feature insights and perspectives from risk managers who had previously served in the U.S. Armed Services.

[19:56] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.

[20:08] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[20:23] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[20:33] On that note, applications are being accepted for internship grants. Since 1999, Spenser has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda.

[20:51] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.

[21:05] Let’s Return to My Interview with Michael Zuraw!

[21:23] The program shifted with new management to an open 45-minute interview. Michael doesn’t ask individuals about any specific risk but starts them talking about their concerns relative to company strategy and execution.

[21:42] It’s much more challenging to analyze the input from the interview but it identifies items the company might otherwise miss.

[21:52] The issues are ranked and tiered. Then it comes down to assigning ownership and accountability. Leaders pick out issues each year and assign cross-functional teams with action plans to address them. Bonus goals are tied to the plans.

[22:16] Depending on what the company, the board, and the risk committees want to focus on, the teams must be comfortable with making adjustments. The program and ERM managers can be successful as the shifts happen. Be open-minded to new approaches and ideas. Be flexible.

[23:10] Onsemi just finished its fourth cycle of interviews and action teams, as the ERM program is in its 10th year. In its first five years, it had reached maturity. Then under new management, it took time to adapt to the interviews and analyze the data.

[23:48] Michael says, now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board. We have an executive risk committee that we function very well with. We’re much more efficient in doing it.

[24:11] Onsemi has integrated some AI processing of interviews. Michael has himself and a staff of two. As they get more efficient, they conduct better interviews because they’re not worried about taking notes and getting the notes right.

[24:35] As the ERM program matures, the ERM managers get better at their jobs and their interviewees get better at identifying risks.

[24:52] At the ERM Conference on November 18th Michael will lead two sessions. He will lead the “Dancing with Uncertainty” morning session. Michael says this is a discussion on decision process, decision-making, decision quality, and risk.

[25:26] It’s not uncommon for executives to believe that the higher the title, the better the decision-making skill. Michael disagrees. There is an approach of discipline in decision-making that allows you to understand uncertainty and how it leads to risk.

[26:00] Michael often says that if everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. So, what discipline can be applied to decision-making to reduce risk?

[26:29] In the afternoon, a member of Michael’s staff, Alicia Tuckett, will present “The Illusion of Insight: Why Risk Interviews Fail to Deliver,” on how to do open-ended interviews, analyze the conversational input, and turn it into risk statements, risk categories, and data to analyze.

[29:23] Michael hopes to solicit the crowd for ideas to evolve the ERM program even more.

[29:33] Michael will host another session that day with his SERMC colleague Denise Sobczak, “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?” on scenario planning to weed out risks by thinking of everything that might go wrong before it does.

[31:11] Michael calls having a Pre-Mortem a great tool. It’s efficient and not expensive to run. It doesn’t take much time. It’s one of the biggest bang-for-the-buck scenario approaches for risk management.

[31:22] At the ERM Conference 2023, Denise co-presented on the scenario planning sessions. You are in for quality discussions at the RIMS ERM Conference 2024, for all sessions. Michael’s insight will be invaluable.

[32:02] Justin tells Michael it has been such a pleasure to have him here on RIMScast! Justin will update this episode’s show notes with the links to Michael’s two papers coming in the Fall. He looks forward to seeing Michael on November 18th and 19th.

[32:19] Justin thanks Michael for being such a valuable contributor to the SERMC at RIMS. Michael says he learns something new every time he gets together with the council.

[32:42] Special thanks again to Michael Zuraw for joining us here on RIMScast. Michael has two RIMS reports that will be published on the Risk Knowledge page of RIMS.org in the next couple of weeks. Check back then on this episode’s show notes for the updated links.

[33:03] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 on November 18th, starting in the morning with “Dancing with Uncertainty,” and then in the afternoon with “The Illusion of Insight: Why Risk Interviews Fail to Deliver.”

[33:24] Michael will help close out the day with “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?”

[33:31] There is also a link in this interview’s show notes to Michael’s ERM Q&A based on his 2019 win of the ERM Award of Distinction.

[33:44] There are lots of resources here today, especially for all you ERM fans out there! Check them out!

[33:50] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[34:23] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[35:08] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[35:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[35:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[35:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[36:03] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RISK PAC | RIMS Advocacy

Spencer Internship Grants — Deadline Oct. 15

The Strategic and Enterprise Risk Center

Truly Long-Term Strategic Risk Management in Focus — RIMS Q&A with Michael Zuraw (2019)

RIMS Webinars:

Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024

The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024

Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024

Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024

From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024

Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024

Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5

Fundamentals of Risk Management | Oct 3‒4, 2024

Fundamentals of Insurance | Oct 9-10, 2024

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance” with the RIMS SERMC

“Climate Disclosures with Jana Utter”

“Scenario Planning with the RIMS SERMC”

“Recipes for Success with Wendy’s CRO Bob Bowman”

“All Roads Lead to ERM”

“ERM’s Value Proposition with Chris Mandel”

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Michael Zuraw, Senior Director of Global Enterprise Risk Management (ERM) at
onsemi / ON Semiconductor

Tweetables (Edited For Social Media Use):

Uncertainty underlies every decision. An assumption may be 90% dead-on. There’s a 10% probability that exactly the opposite is true and we should discuss that. That’s where the risk lies. Can we make that 10% likelihood into 2%? That’s what risk mitigation is. — Michael Zuraw

Now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board, as well. We have an executive risk committee that we function very well with. We’re much more efficient. — Michael Zuraw

As we mature in the program, we get better at our jobs and our interviewees get better at identifying risks. — Michael Zuraw

If everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. — Michael Zuraw
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Applying ERM Theory with Elise Farnham
10 set· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Elise Farnham about how ERM has changed, how new policies like the SEC climate disclosures influence the ERM landscape, and Elise’s risk philosophy. They discuss whether organizational leaders are placing more value on ERM programs, and the biggest challenge for a risk practitioner to turn theory into practice. When did you first understand how the fundamentals of risk management can be used to form decisions beneficial to an organization? What are some commonalities among the risk professionals you've come across in the RIMS virtual workshops (or RIMS events)?

Listen for insight on risk management basics and more wisdom for your organization.

Key Takeaways:

[:01] About RIMS.

[:15] About this episode.

[:30] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.

[:49] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.

[:58] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[1:11] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[1:25] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page.

[1:40] All RIMS regional conference information can be found on the Events page at RIMS.org.

[1:46] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode’s show notes.

[2:04] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Workers’ Comp space. Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.

[2:27] Interview! We will be chatting with Elise Farnham of Illumine Consulting. Elise is very well known among the RIMS membership as she has been one of our instructors for the past 30 years!

[2:43] Elise will be leading two upcoming courses for us here at RIMS. On September 25th and 26th, we’ve got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management.

[2:57] Elise will let us in on what it takes to apply and integrate ERM into an organization’s framework and operations and we will talk about her ERM philosophies. Elise Farnham, welcome to RIMScast!

[3:24] This year, Elise celebrated her 51st year in the risk and insurance industry. It’s been an amazingly great career. She started in claims in the mid-seventies. She got involved with RIMS when she started working with large corporate clients in the late seventies and early eighties.

[3:52] Elise took an interest in what RIMS was working to accomplish, reducing claims, all while she was working for a claims management firm. Elise has been working with RIMS since 1995.

[4:51] The RIMS ERM Conference 2024 will be on November 18th and 19th in Boston, Massachusetts.

[5:06] Elise became aware of the concept of ERM in the late nineties. She thought it would be a difficult job. ERM professionals have grown, frameworks have been developed, and we’ve seen some companies that lacked ERM fail spectacularly.

[5:44] It has become evident that every company has to take the resources and strengths that they have, look at their entire risk picture, and turn what could be a bad situation into something positive for their organization.

[6:17] Elise talks a lot in her classes about how to convert a problem into an opportunity that might help an organization. ERM has changed a lot in the last five years. Justin and Elise comment on how the pandemic may have helped companies realize the importance of ERM.

[6:42] All of a sudden, companies were faced with a type of loss that came out of the blue. COVID-19 was the “black swan” that we will remember and write about for years to come.

[7:00] How companies dealt with it, the resources they had to use, and changes to their work processes were all things that ERM considers.

[7:14] Elise Farnham will be leading Applying and Integrating ERM on September 25th and 26th.

[7:27] How does the SEC climate disclosure announcement change or influence the ERM landscape? It will impact how companies report their exposure. It will probably require some new technology to bring forward all of the information they will have to submit.

[7:53] Elise thinks that will be a challenge for companies because there is a rule they will have to follow. Collecting data from every bit of an organization will be a significant challenge. It may help organizations use a good ERM program. It requires penetrating the silos to follow the law.

[8:33] ERM will help companies to see the cumulative effect of risk. What if two bad things happen at one time? Getting more companies to have an ERM program will have a positive effect. It will be a lot of work to get there.

[9:02] Elise has always been an optimist. She always tries to look at how this can benefit us. Perhaps that’s why she has embraced ERM. It’s not about how we can get hurt but how we can use a bad situation to make things better for the organization. She knows how difficult it can be.

[9:55] Elise tells risk managers, “You don’t want to be the one to go in and say, ‘We just lost all of this.’ You don’t want that to happen. That’s a horrible situation to be in.”

[10:12] It’s much better to say, ‘I just saved you this much money because we have a policy in place, our people all know what to do, and this has never happened to us as it did to that other company.’” That’s where Elise wants her risk managers to be.

[10:46] Elise believes that today, organizational leaders put more value on ERM programs. The catch is understanding the amount of work that has to go into one. It takes resources and people to explore the organization, down to the risk owner, who may be on the factory floor.

[11:17] The risk owner may not have risk management experience. Almost everybody has the philosophy that “it couldn’t happen to us.” Understanding that something bad could happen and preparing for it in advance will be a challenge for them.

[11:42] The C-Suite understands the value of ERM. It’s a matter of applying the resources and following through. In her classes, Elise goes through the steps to take along the way. The feedback she gets is often, “Whew! That will take us a lot of time and effort!” They got the point!

[12:08] It’s RIMS Plug Time! RIMS Webinars! On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[12:26] Also on September 12th is a complimentary webinar presented by the RIMS-CRMP and UCLA Extension, The Many Routes to Becoming an Enterprise Risk Management Practitioner.

[12:36] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.

[12:54] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future.

[13:11] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.

[13:23] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[13:37] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[13:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Purchase your tickets in advance because there is no guaranteed seating!

[14:03] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[14:09] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[14:26] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[14:32] Let’s Return to Our Interview with Elise Farnham!

[15:14] Elise loves this business, and helping risk managers do a better job. It’s very fulfilling.

[15:51] The philosophical aspect of risk management is very logical. The real-world work part of it is almost drudgery, pulling information from everywhere within an organization, making people understand that they could have a problem if we don’t take care of it.

[16:16] Thinking of combining several problems at once is hard for some people to imagine. Bringing people into the real world of risk is one of the biggest problems; getting them to understand that, yes, this could happen to them.

[16:40] Elise’s family members have called her for advice after some unforeseen event, saying “I didn’t know this could happen!” Yet, the stats are out there. The stories are out there. It’s just, “It could never happen to me!” Risk managers are still fighting that battle quite heavily.

[17:13] Elise will also lead the virtual workshop, Fundamentals of Risk Management on October 3rd and 4th, 2024.

[17:42] Elise first became involved with large corporate accounts in 1987. She worked with risk managers and saw how they had to identify risk, analyze that risk, come up with a solution for it, and then implement the solution. Those are the basics of risk management.

[18:03] The focus was always on hazard risk, not on opportunities that might be developed.

[18:10] Elise took the Associate in Risk Management (ARM) program, which helped her to define that knowledge and to understand better what her clients were going through.

[18:21] Then RIMS developed a program about risk management, providing fundamentals. Elise thinks the fundamentals are more important than ever, now, as there are a lot of new people in the industry, fresh out of college. They know the theory but haven’t seen it applied.

[18:43] In her workshops, Elise always tries to apply this to the real world so that the day they go back to the office they have something they can apply immediately to their organization.

[19:11] What risk managers learn in Elise’s workshops will change what they do in their organization. That’s a big challenge.

[19:50] What Elise has noticed from teaching risk managers is their energy. They are ready to go. They are thirsty for this knowledge. They know they have concerns. They know there are some things they could do better.

[20:08] They just need the resources in their brains to make that happen. Elise talks to them about that. You can only make decisions based on what you know. If you don’t know something, you can’t include that resource in your decision process.

[20:27] Elise says it’s great to see the wheels start to turn while she’s teaching. All of a sudden, the aha moment hits. They have a strong desire to go back and do good things. It’s a compliment when they tell her they have a list of things to do when they get back to the office.

[20:55] They want to have an impact within their organization. They are there to learn something new that will help their organizations. Elise loves teaching with folks who are like that. They are like sponges. It’s fun to facilitate discussions with them about how to manage risk.

[21:58] Justin says it has been such a delight to catch up with Elise Farnham. The next two courses Elise teaches are Applying and Integrating ERM on September 25th and 26th, and Fundamentals of Risk Management on October 3rd and 4th. The links are in the show notes.

[22:17] Justin looks forward to more workshops hosted by Elise Farnham and thanks her for being such a wonderful instructor.

[22:31] Special thanks again to Elise Farnham of Illumine Consulting for joining us here today. Alise will lead Applying and Integrating ERM on September 25th and 26th and December 4th and 5th and Fundamentals of Risk Management on October 3rd and 4th.

[22:54] Links are in the episode show notes, as is a link to the full virtual workshop schedule.

[23:00] RIMS members enjoy reduced rates on registration, which is yet another value-add of a RIMS membership.

[23:09] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[23:43] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[24:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[24:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[25:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9!

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024 — Last Call For Tickets

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RISK PAC | RIMS Advocacy

RIMS Webinars:

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

The Many Routes to Becoming an Enterprise Risk Management Practitioner | Presented by the RIMS-CRMP and UCLA Extension | Sept. 12, 2024

Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024

The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024

Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024

Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5

Fundamentals of Risk Management | Oct 3‒4, 2024

Fundamentals of Insurance | Oct 9‒10, 2024

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“On Risk Appetite and Tolerance”

“Climate Disclosures with Jana Utter”

“Scenario Planning with the RIMS SERMC”

“Recipes for Success with Wendy’s CRO Bob Bowman”

“All Roads Lead to ERM”

“ERM’s Value Proposition with Chris Mandel”

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Elise Farnham, Illumine Consulting

Tweetables (Edited For Social Media Use):

COVID-19 was the “black swan” we will remember for years to come. How companies dealt with it, the resources they brought to bear, and the changes to their work processes were all things that ERM considers. — Elise Farnham

I’ve always been an optimist. I always try to look at how this can benefit us. Perhaps that’s why I have embraced ERM so much. — Elise Farnham

I just love this business and I love what we do. I particularly love to help risk managers do a better job. It’s very fulfilling for me. — Elise Farnham

The stats are out there. The stories are out there. It’s just, “It could never happen to me!” I think risk managers are still fighting that battle quite heavily. — Elise Farnham

The most important thing that I have noticed from teaching risk managers is their energy. They are ready. They are thirsty. They know they have some concerns. They know there are some things they could do better. They just need the resources. — Elise Farnham
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Episodi mancanti?

Fai clic qui per aggiornare il feed.
RIMS Advocacy Updates 2024 with Mark Prysock
3 set· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews RIMS General Counsel and VP of External Affairs Mark Prysock about the RIMS Advocacy, the RIMS Legislative Summit being postponed to Q1 2025 to work with a fresh Congress and Administration. Mark covers a few of the important legislative issues potentially affecting RIMS and RIMS members, including the Tomorrow’s Workforce Act, the negative impact of increasing the tax burden on 501(c)(6) non-profit organizations like RIMS, and the national security issues at stake if nothing is done to make third party litigation funding transparent.

Listen for information and inspiration to get more involved in RIMS Advocacy.

Key Takeaways:

[:01] About RIMS.

[:15] About this episode. Justin introduces return guest Mark Prysock, RIMS General Counsel and VP of External Affairs.

[:42] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.

[1:00] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.

[1:09] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[1:21] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[1:35] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page.

[1:50] All RIMS regional conference information can be found on the Events page at RIMS.org.

[1:57] If you want to present a session at RISKWORLD 2025 in Chicago, you are in luck! The deadline to submit your session has been extended to Monday, September 9th, 2024. A link is in this episode’s notes.

[2:12] We will be bringing out Mark Prysock in just a moment but before we get started, let’s talk RIMS Webinars! All RIMS Webinars registration pages are available through RIMS.org/webinars. [2:26] On September 5th, Merrill Herzog makes their RIMS Webinars debut with the Role of Insurance in Building Resilience Against an Active Assailant Attack.

[2:35] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to explore The Future of RMIS: Beyond Traditional Approaches. Webinars for October are also available.

[2:52] Justin jumped ahead a little bit, though. On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[3:07] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast and introduces the upcoming global webinar on staying agile that Linda will host.

[3:38] The webinar will be at 1:00 p.m. Eastern Time on September 12th. Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years.

[3:52] The market needed correction after many years of unprofitability driven by weather events in the property line where rates seemed to be unsustainable. Casualty also had its issues, particularly with Directors and Officers Liability.

[4:10] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive in growing their books of business. This competition is not being seen in all lines, segments, or geographies.

[4:27] Some catastrophe-prone zones such as BC and Alberta have not seen the same level of competition across the board. As the market transitions from a hard market to a competitive environment, there is some unusual and inconsistent behavior.

[4:44] Carriers in Canada are being more flexible with their appetite. London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.

[5:02] As we transition out of what was considered to be a hard market, we see a lot of inconsistency in this market.

[5:11] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for an increase in population, it reflects that of a market in a recession.

[5:25] We, as brokers, are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunities.

[5:37] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.

[5:50] How is this going to change the availability of capacity and pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.

[6:12] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.

[6:34] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.

[6:49] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.

[7:20] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.

[7:44] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[8:02] Interview! Justin introduces Mark Prysock, RIMS General Counsel and VP of External Affairs. Mark will provide a RIMS Advocacy update and talk about the legislative issues on RIMS’s radar and the status of the next RIMS legislative summit. Mark, welcome to RIMScast!

[8:36] Mark Prysock is the hardest-working lawyer that Justin knows. Justin wants him to be on RIMScast weekly. Mark says he will try to be on at least once a quarter.

[9:13] The Legislative Summit has been postponed to Q1 2025 as the time Congress has left in 2024 is focused on passing continuing resolutions to keep the government open. It's not an ideal time for RIMS to come to D.C. with their legislative priorities.

[10:07] Q1 2025 will be great for RIMS to go to D.C. to talk about RIMS’s priorities. The new Congress will be seated with new Committee Chairs and Ranking Members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled.

[10:46] In Q4 2024, RIMS Advocacy will announce to RIMS members the date for the Legislative Summit of Q1 2025. It will be live, in person, on Capitol Hill, similar to the 2023 event.
[11:03] RIMS Advocacy hopes to set up educational sessions on Wednesday in the U.S. Chamber of Commerce building, with a reception Wednesday evening with a fund-raising event for RISKPAC. On Thursday, everyone will descend on Capitol Hill and lobby RIMS’s issues.

[11:46] RISKPAC has been going to a lot of fund-raising events for key members of Congress who sit on committees with jurisdiction over legislative issues that matter to RIMS. They focus on the Chairs, Ranking Members, and other committee members.

[12:15] RISKPAC has had some good one-on-one time with members of Congress and their key staff members to talk about RIMS’s issues.

[12:31] Greg McKenna is the Chair of the RISKPAC Trustees Committee. He supports everything RIMS is doing on the legislative front and knows that RISKPAC plays a vital role in helping RIMS accomplish those legislative objectives. Greg has been a RIMScast guest.

[13:20] Mark discusses some association-specific issues. RIMS is working in a coalition with ASAE on the Tomorrow’s Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing.

[14:21] The funds could be used for licenses and professional certifications like the RIMS-CRMP, for example. This is a successful bi-partisan, bi-cameral issue that has made good progress through the House. RISKPAC hopes something will get done by the end of 2024.

[14:53] If the Tomorrow’s Workforce Act doesn’t pass this year, RISKPAC will pursue it aggressively in the next session of Congress.

[15:05] The next issue is that Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. The idea is to start taxing non-profits on their net income.

[16:16] A lot of associations like RIMS would be significantly negatively impacted if that happened. It would have an impact on a lot of organizations’ abilities to offer programs to their members and in other ways.

[16:41] RIMS will participate actively with another ASAE coalition to educate members of Congress about why non-profits should remain untaxed. That is going to be an aggressive effort that is kicking off now and into 2025.

[17:08] Both houses of Congress have working groups figuring out the approach to this issue. When the new Congress is seated, we may see some legislative proposals. The association community thinks it is extremely important to ramp up an educational campaign now.

[17:36] RIMS has members who are part of not-for-profits or associations and they should be paying close attention to our developments and progress here. It’s another reason RIMS members should join the Legislative Summit in 2025, to learn more about this sort of issue.

[18:09] One more quick break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[18:26] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[18:37] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[18:53] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[19:10] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[19:16] Let’s Conclude Our Interview! RIMS CEO Gary LaBranche was the RIMScast guest on Episode 300. An item that was discussed on Gary’s risk radar is third-party litigation funding (TPLF). Mark Prysock dives deeper into TPLF and what it means to RIMS members.

[20:21] TPLF is when third parties, such as hedge funds, private equity groups, or sovereign funds, invest in litigation with the idea that the litigation has a positive result, such as a settlement or payout, and the investor will get a nice return.

[20:47] The problem with TPLF is that right now, it is not in any way transparent. Judges and opposing parties often have no idea who is funding litigation. RIMS’s focus has been on foreign entities’ involvement in litigation.

[21:24] There is real concern about having foreign funds invest in litigation because it presents both national security concerns and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the defense contractor.

[21:54] In some cases, foreign funds would see documents that are part of the discovery and litigation process, which could include highly confidential information. This is a matter of growing concern. Key individuals in Congress recognize that something has to be done here.

[22:22] What we’ve seen so far have been a couple of legislative proposals that focus on disclosure. Any third parties that would stand to benefit financially from any sort of contingency relationship in litigation would have to be disclosed to the judge and all parties to the case.

[22:47] If there is a litigation funding agreement, that agreement would need to be shared with the court. Mark does not think we will have much success in stopping TPLF domestically.

[23:10] RIMS’s focus will be on the aspect of foreign manipulation of our courts and the extent to which foreign funds might be behind significant and very expensive litigation here in the U.S.

[23:45] Mark believes RIMS Advocacy will try to find ways to work with its friends in the insurance industry on this issue. Mark cites Chubb Limited’s Chairman and CEO Evan Greenberg’s keynote address at RISKWORLD 2024.

[24:03] Evan Greenberg mentioned TPLF as a significant problem from the industry’s perspective but not one the industry can take the lead in addressing. It’s an opportunity for RIMS to step forward and put together a coalition to work on this issue with the insurance community.

[24:37] Key members of the House and Senate are focused on this issue. That offers RIMS Advocacy a good place to start, working with them, their committee staff, and other members of Congress who would be willing to get behind and support some changes.

[25:04] Foreign funds from sanctioned nations that we don’t want infiltrating the U.S. judicial system may be participating in TPLF.

[25:44] Justin hopes we make great progress in the next six months and that the Legislative Summit will have gone on as scheduled. Justin will keep members and listeners apprised of the date. Mark will come back to RIMScast in six months.

[26:15] Justin thanks Mark for joining us here on RIMScast.

[26:22] Special thanks again to my friend, Mark Prysock, RIMS General Counsel and VP of External Affairs. For more information about RIMS's public policy efforts, visit RIMS.org/advocacy and we will keep you updated on the RIMS Legislative Summit 2025.

[26:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[27:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[28:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[28:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[28:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[28:53] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Advocacy

RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9!

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RISK PAC

RIMS Webinars:

Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024

The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024

Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

Fundamentals of Insurance | Oct 9‒10, 2024

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“300th Episode Spectacular with RIMS CEO Gary LaBranche”

“Legal and Risk Trends with Katherine Henry”

“RIMS Public Policy and Advocacy 2023”

“Public Policy Goals with CIAB President Joel Wood” (2023)

“Keeping Up With RISK PAC” (2022)

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering’s Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Mark Prysock, General Counsel at RIMS, Inc.

Linda Regner Dykeman of Hub International, Chief Marketing Officer for Canada

Tweetables (Edited For Social Media Use):

Q1 2025 would be great for RIMS to go to D.C. to talk about legislative priorities. The new Congress will be seated with new committee chairs and ranking members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled. — Mark Prysock

RIMS is working in a coalition with ASAE on the Tomorrow’s Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing. — Mark Prysock

Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. They are suggesting taxing non-profits on their net income. — Mark Prysock

There is real concern about having foreign funds invest in litigation because it presents both national security and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the contractor. — Mark Prysock
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin
27 ago· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews National Safety Council CEO Lorraine Martin about National Preparedness Month, a new OSHA proposed statement on workplace safety in extreme heat, National Recovery Month, drug overdose deaths at work, and some related topics. Lorraine also invites you to the NSC Safety Congress & Expo from September 13th through the 19th.

Listen for information and insight from NSC CEO, Lorraine Martin.

Key Takeaways:

[:01] About RIMS.

[:14] About this episode. Justin introduces return guest National Safety Council President and CEO Lorraine Martin. She will tell us what’s going on with safety and preparedness in the U.S. and the world.

[:44] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 26th and also on December 4th and 5th.

[:58] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops.

[1:16] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.

[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:46] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.

[2:04] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.

[2:13] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[2:26] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[2:39] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page.

[2:55] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.

[3:09] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.

[3:26] Interview! I am delighted to be rejoined by National Safety Council President and CEO Lorraine Martin. Her timing is perfect for National Preparedness Month in September. We’ve got so much to discuss in the way of natural catastrophes and other risks.

[3:46] We will also talk about National Recovery Month, and how prescription opioids can impact employees and employers and why it is such an important business risk. That dovetails into last week’s episode with the NCCI.

[4:02] We’ll talk about the NSC’s Safety Congress and Expo on September 13th through the 19th in Florida and we’ll also talk a bit about Lorraine’s background in the U.S. Air Force, her decades at Lockheed Martin, and how those shaped her risk perspective.

[4:24] Lorraine Martin, welcome back to RIMScast!

[4:45] Lorraine started her career in the U.S. Air Force. Justin thanks her for her service. After the Air Force, Lorraine spent nearly 30 years at Lockheed Martin.

[5:29] The Air Force and all the armed services ask their people to do high-risk things to protect our nation and support our allies around the world. As a member of the armed services, you understand how important safety is to those you protect, and the risks that go with that.

[5:55] Lorraine started in the Air Force in the early ’80s. Being a five-foot female in the Air Force she had combat boots and survival suits that didn’t always fit. She saw the need to keep everyone safe. That means being open and expansive to make sure to cover everybody.

[6:44] At Lockheed Martin, Lorraine ran some of the aircraft manufacturing programs. There was potential for serious injury and fatality (SIF), with energy, heights, and all kinds of things that need to be done safely.

[7:08] The products being built had to go do important things around the world, so they had to meet safety standards for operation and bring everybody home. Lorraine needed to understand safety in manufacturing and in the mission.

[7:30] Justin and Lorraine met after Lorraine joined the NSC as President and CEO in 2019. Less than a year later, COVID-19 hit the U.S. Lorraine has been at the NSC for five years. Time sometimes flew by and In some cases, it felt like the world stood still for everybody.

[8:13] On RIMScast in 2020, Justin and Lorraine talked about technology and the importance of reaching people, through podcasts, Zoom, or Teams. Lorraine is responsible for providing training so people can be safe. She had to learn how to do that when she couldn’t be with them.

[8:40] The NSC had to become good at virtual training and helping customers and stakeholders understand what remote and virtual learning looks like. The world has come so far in understanding what people can do virtually. It’s not everything! Human interaction is still critical.

[9:01] Lorraine says we learned so much, whether for drivers' fleet training or for folks doing CPR. The NSC was able to reach more people, which is great when you’re talking about safety. In many cases, the NSC reached them in a more cost-effective manner for all involved.

[9:27] The NSC focused on what was happening to humans as they were being buffeted during this time, from 2020. On RIMScast, Lorraine and Justin had talked about mental health. The NSC pioneered some research that looked at how psychological safety impacts physical safety.

[9:55] Lorraine believes that since 2020, we’ve come so far in understanding that physical safety can be impacted by many different aspects of your life like distraction, fatigue, or substance abuse, that can cause you not to be on your game.

[10:22] The NSC honed in on the issue of a person not being on their game as being impaired, and they shouldn’t do something that would put themselves or somebody else at risk.

[10:38] The NSC leaned into trainings around being able to identify impairment and giving people the skills to take action so they can take somebody out of harm’s way. It’s easy to say and hard to do but so critical.

[10:55] The NSC and RIMS both used the pandemic as an opportunity to dial up virtual offerings and dial back some live events. Many of the right live events have come back. There is some training that is important to be in person.

[11:18] In-person collaboration and interaction support mental health. Isolation as a result of the pandemic was a burden for many folks.

[11:47] The NSC received positive feedback on their SAFER initiative, ensuring people were safe in returning to work. A task force of stakeholders from government, non-profits, public health medical professionals, and Fortune 500 companies advised NSC and NSC advised workplaces.

[12:30] The SAFER guidelines included ventilation, vaccination, and all of the things a business would need. It was a one-stop shop for policy statements, legal statements, and other best practices for workplaces to use to safely accommodate workers at work.

[13:10] The SAFER initiative is still going on. It’s funded now by the CDC. NSC is now looking at long-term COVID, mental health and well-being, the overall long-term effects of a pandemic, and how workplaces prepare for whatever’s coming in the future.

[14:06] Lorraine just listened to a piece on NPR about COVID-19. We’re still learning. We’ve found a way so that most folks do not perish from it, but we don’t know everything about it and probably won’t for some time.

[14:28] In Long COVID there’s some inflammation or reaction that’s still happening long after the initial symptoms. Understanding it and what we can do either to prevent or treat it is still in front of us.

[14:46] Organizations that let NSC white-label guideline documents for distribution were mostly NSC member organizations. NSC has roughly 14,000 member organizations and companies. They get policies and information from NSC and they also give back so others could learn.

[16:01] All of the armed services are members of the National Safety Council. Some of them use NSC training for various things. Lorraine’s past employer, Lockheed Martin, has been a member for a long time.

[16:13] NSC has groups called networks, made up of the larger companies, that look at big trends coming, to help the government prepare and give back to small and mid-sized companies. Lockheed Martin is in many of the networks as are other Fortune 100 companies.

[16:44] It’s RIMS plug time! Webinars! On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack.

[16:57] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[17:12] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.

[17:28] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register here. Registration is always complimentary for RIMS members.

[17:50] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live.

[18:01] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode’s show notes. The deadline for submissions is August 30th.

[18:12] So review your organization’s ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[18:26] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[18:41] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[18:52] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[19:08] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[19:25] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[19:31] Let’s Conclude Our Interview! September is National Preparedness Month. NOAA has said that atmospheric and oceanic conditions continue to support an above-normal 2024 Atlantic hurricane season with a 90% probability of this result.

[20:57] Organizations must do a lot to prepare for extreme weather. Extreme weather is getting more common. It affects communities but also impacts people at work. Businesses must be prepared for their businesses to continue but also to protect their people from extreme weather.

[21:42] Businesses can act to protect their people from wildfires, tornadoes, storms, and heat. Heat is the deadliest weather event. Our world is getting hotter, the data shows. Many people work outside in extreme, dangerous heat.

[22:18] OSHA recently issued a proposed ruling, informed by input from the NSC and its members, to keep indoor and outdoor workers safe from heat injury and illness. Employers need to incorporate these weather events into their safety programs.

[22:59] You need a written heat injury and illness policy and prevention program. Document your emergency action plans. Practice them. Hold heat awareness training. Heat exhaustion and heat stress prevention is about being preventative. Know the signs, hydrate, and take shaded breaks.

[23:30] Education is hugely important to prevent heat illness. NSC has resources for employers to build their safety programs. Go to NSC.org and reach out. If you haven’t put in some of these extreme weather precautions to protect your employees, Lorraine urges you to do so.

[24:13] September is also National Alcohol and Drug Addiction Recovery Month. Overdoses are the leading cause of unintentional death in the U.S. Every day we lose 200 people to an unintentional death from an overdose, compared to 100 roadway deaths.

[25:16] Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work in the U.S. In some U.S. states the number is higher. In California, the rate of overdose deaths at work over the last 12 months was closer to 20%.

[26:09] Construction and agriculture are hard hit by overdose deaths. Sometimes it’s the type of work being done. Last year the FDA made naloxone, an opioid reversal medication, available over the counter.

[26:39] The NSC advocates that naloxone be stocked in every workplace and all employees be trained in this life-saving reversal practice, just like with CPR or AEDs. You want to be able to administer this life-saving drug on the spot to bring someone back to life if you can.

[27:03] For those workplaces where they’ve had a fatality due to an unintended overdose, it’s devastating for the workforce, the community, and families.

[27:11] We have this incredibly impactful drug and in most cases, the person has survived, and you can’t hurt someone with it, whether or not they’re overdosing or whether or not you’ve misdiagnosed them, you can’t hurt them.

[27:28] The NSC provides training on its website on how to do naloxone. It's virtual, and it is in a workplace language. NSC also has drug policies, legal briefs, and good samaritan laws, state by state. If somebody says they need some guide, NSC tries to find it to put it on the website.

[28:26] Sixty-six percent of people with a substance use disorder of any kind have a job. The workplace is a great place to be intervening for them and having their back.

[28:45] A study from the Massachusetts Dept. of Public Health found that Massachusetts working-age residents were 35% more likely to die of an opioid-related overdose if they’d previously been injured at work.

[29:06] If you get hurt at work and then get prescribed an opioid, you can sometimes be on that path to a substance use issue just because you’re trying to make sure that you can stay healthy and be at work. This is an important issue for our workplaces and employers to be part of.

[29:27] Employees in recovery are very good employees who miss fewer days of work than the average employee and they save employers money, once they are back at work. Lorraine encourages employers to ensure employee safety, help in recovery, and get them back to work.

[30:11] Labor Day is coming up. NSC offers a message for the Labor Day weekend on how many people may lose their lives if people don’t drive well this Labor Day weekend: 457 across the nation. Every single death on a roadway is preventable. When you drive, do so safely.

[31:50] Justin says to look for the link to the NSC 2024 Labor Day message in this episode’s show notes.

[31:58] The NSC Safety Congress & Expo will be held in Orlando, September 13th through the 19th. Lorraine will talk to the stakeholders and be on the stage. It’s the big NSC show of the year. There is also a fundraiser around it, the NSC board meeting, and professional development.

[32:29] The main show is on the Monday, Tuesday, and Wednesday, the 16th through the 18th. Speakers include Doug Parker, the head of OSHA, technical sessions, and a huge Expo floor.

[32:43] There will be a cool speaker who is a blind adventurer who climbs mountains, and who will share resilience and safety-related messages. Go the the NSC Safety Congress link in this episode’s notes. Lorraine looks forward to seeing everyone this year, there in Orlando.

[33:12] Everyone is definitely united at the NSC Safety Congress & Expo!

[33:14] Lorraine, it has been such a pleasure to see you again and to speak with you to get your perspective and insight. Thank you for rejoining us! Hopefully, the next time we have you on RIMScast, it won’t be four years between visits.

[33:37] Special thanks again to NSC CEO, Lorraine Martin for reasoning us here on RIMScast. We love the NSC here at RIMS; they do great work. The NSC Safety Congress & Expo will be held from September 13th through 19th in Orlando, Florida. A link is in this episode’s show notes.

[34:01] Also in our show notes, you will find the prior interview with Lorraine Martin. She is a wealth of information and perspective.

[34:09] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[34:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[35:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[35:48] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[36:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[36:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19-20

Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024

RIMS Western Regional – Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open!

Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

NSC CEO and President Lorraine Martin (NSC Bio)

NSC Safety Congress & Expo – Sept 13‒19

OSHA Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings Rulemaking

National Recovery Month

NSC 2024 Labor Day Message

RIMS Webinars:

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024

The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024

Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

Optimizing Risk Management with AI | Aug. 29, 2024

Fundamentals of Insurance | Oct 9‒10, 2024

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI

Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood

DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services

Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin [March 2020]

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Lorraine Martin, CEO, National Safety Council

Tweetables (Edited For Social Media Use):

We just said, “We’re going to be the place, if you need anything to navigate the return to work, we’re going to have it for you.” And if we didn’t have it, companies would give us theirs and enable us in many cases to white-label it and provide it to the world. — Lorraine Martin

We have a lot of resources for employers to build their heat safety programs. — Lorraine Martin

Right now, overdoses are the leading cause of unintentional death in the U.S. Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work. — Lorraine Martin

For those workplaces where they’ve had a fatality due to an unintended overdose, it’s devastating for the workforce, the community, and families. — Lorraine Martin

Driving is the most dangerous thing we do every day and it’s even more dangerous during these longer weekends. Buckle up, follow the speed limit, don’t get distracted, and drive sober. — Lorraine Martin
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI
20 ago· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Raji H. Chadarevian, Executive Director, Actuarial Research , the National Council of Compensation Insurance, or NCCI, about opioid use and related risks for injured workers. Raji and Justin talk about the statistics. The good news is that through the joint efforts of insurers, the NCCI, prescribing physicians, pharmacies, and employers, the utilization of opioids for pain management in injured workers, while appropriate in some cases, has decreased sharply in the last eight years, and continuing efforts to find alternative pain management systems should keep that trend going.

Listen in for more information about recovery awareness, and what your company can do to help injured workers avoid opioid addiction.

Key Takeaways:

[:01] About RIMS.

[:14] RISKWORLD 2025 will take place in Chicago, Illinois from May 4th through May 7th. The call for submissions is now open through August 27th. A link to the submission form is in this episode’s show notes.

[:30] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 25th and also on December 4th and 5th.

[:56] On August 29th, Pat Saporito returns to discuss Optimizing Risk Management with Artificial Intelligence.

[1:05] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops.

[1:24] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.

[1:38] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:53] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.

[2:11] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.

[2:21] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[2:33] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[2:48] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is in this episode’s show notes.

[3:04] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.

[3:16] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.

[3:32] The Interview! With National Recovery Month in September, and National Opioid Awareness Day, September 21st, I wanted to shine a light on opioid addiction and Workers’ Compensation claims with new data about opioid abuse and how it impacts the workplace.

[4:05] This is a critical risk and I wanted to speak with someone who can tell the story about the data, so I reached out to Raji Chadarevian, the Executive Director for Actuarial Research  at the National Council of Compensation Insurance, or NCCI.

[4:24] He has the insight and perspective on the new data that’s being released, so let’s hear all about it! Raji Chadarevian, welcome to RIMScast!

[5:03] Raji states that the NCCI celebrated its 100th anniversary in 2023. The mission of NCCI is to help foster a healthy workers’ compensation system. It’s an advisory agency for 38 states and the District of Columbia, serving as a comprehensive source for all things workers’ comp.

[5:47] Raji explains that as an advisory organization, the NCCI provides ratings and statistical advisory insights to the industry, as a whole. It also collects a variety of data.

[6:05] Raji is the Executive Director of Research at NCCI. He tells the story behind the numbers. The brainiacs do the research and help him tell the story.

[6:47] NCCI collects data representing $30 million in workers’ comp premium for just under four million policies a year, six million employer risk reports with detailed information about premiums, claims, and 10 million transactions with detailed information on lost-time claims.

[7:17] NCCI collects data on 52 million payments to medical providers for claims every year. The Medical Data Call, where NCCI collects this information, started in 2010. It contains meaningful information to understand the experience of the injured worker throughout the recovery process.

[8:01] Mapping the medical data, NCCI gets to understand the medical services provided, where they are provided, by what provider, and for what purpose. The data provides details of drugs prescribed and where they are dispensed, to understand the use of opioids in workers’ comp.

[8:41] Managing pain is a big part of the recovery for workers’ comp injuries. Over the years, NCCI has published opioid use for some 40 states where it collects medical data. This data details precise utilization trends, the types of narcotics used, and the frequency of use.

[9:18] The data shows carriers that cover workers’ comp for employers are able to compare their experience in any one jurisdiction to statewide trends and act on that intelligence to manage their pharmacy experience.

[9:45] In the last eight years, there has been a huge change in opioid prescribing in workers’ comp. We’ve seen a significant decrease. The NCCI data shows that in the last eight years, opioid use in the year after an injury has decreased from 42% of lost time claims to 16%.

[11:14] Raji notes this is a very important trend. Being addicted to pain medications makes it hard to manage your daily work when that addiction is taking hold. Opioid use is not opioid addiction. Opioid utilization can lead to opioid addiction.

[11:50] There are alternatives to treating pain that have come through with the greater awareness of opioid addiction.

[12:04] It’s RIMS plug time! Webinars! On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack.

[12:26] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[12:41] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register there. Registration is always complimentary for RIMS members.

[13:00] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live.

[13:12] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode’s show notes. The deadline for submissions is August 30th.

[13:22] So review your organization’s ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[13:37] Back to the Interview! The use of alternative pain medications has driven opioid utilization coming down from 42% of indemnity claims to about 16% of indemnity claims. If you look at all claims, opioid utilization is about one in 16, as opposed to one in four, 10 years ago.

[14:12] The huge decrease shows a dramatic change in the way the systems are treating the injured workers, in terms of medications provided. When NCCI first tried to address the opioid epidemic in workers’ comp, it held interviews with physicians, carriers, and regulators.

[14:50] Workers’ comp is a highly regulated system. The regulators had some say in how to manage opioids and other pain prescriptions. There was a meeting of the minds of all stakeholders: those defending the workers, prescribing physicians, carriers, and employers.

[15:30] Opioid addiction was an epidemic that impacted the workers’ comp system heavily. The conversations with stakeholders led to important insights on what the system can do to manage this experience.

[15:57] Each carrier told NCCI they were already developing a specific program to manage the prescribing patterns for injured workers. Regulators were very interested in which opioids were being prescribed. Fentanyl used to be in the top 10 but not anymore.

[17:35] The decrease in use was a result of increased awareness across the board, from patients, physicians, claims managers, and employers. Everyone was on board about the seriousness of the opioid situation.

[18:11] We have time for one more break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[18:28] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[18:39] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[18:55] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[19:12] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[19:18] Let’s conclude our interview with Raji Chadarevian of the NCCI. Justin notes that the decline in opioid utilization has been observed across all study states and the 10 most common medical conditions.

[19:53] The share of claims with high opioid usage in the first year following an injury has decreased by approximately 85%, reaching an all-time low of two percent, for injuries occurring in 2022. Opioid utilization has started to level off.

[20:17] Utilization at the early stages of the injured worker’s recovery increases the likelihood of continued use. Managing the early stage of opioid utilization is important.

[20:57] Physicians have told NCCI that one of the strategies they use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. That is effective in managing expectations.

[21:28] The more opioids you have, the more you want. Having that contract allows the prescribing physician to manage the opioid use over time. That is critical because once a person gets to a certain stage of using opioids, it’s very hard to get the person off opioids.

[21:57] Some injured workers return to work while using prescribed opioids and some do not. One side effect of opioid addiction is polypharmacy, an increase of medications being taken, and it becomes very difficult to manage from a medical perspective.

[22:49] The data has shown that if you’re able to manage opioid utilization from the beginning, the injured worker’s recovery can be managed in a predicted way.

[23:31] Risk managers need to pay great attention to the injured worker where there is opioid use, making sure that injured workers who do get on an opioid have the necessary support from a nurse case manager, along with the physician, looking out for the patient’s care.

[24:19] Opioid utilization results in an improved condition over time, so it’s tricky to manage. Measuring pain is also very difficult. Raji advises risk managers to make sure they have the right physicians and people assisting with those cases where there is an opioid prescribed.

[24:52] Pay more attention to those folks. If opioid utilization is not well-managed, the consequences can be dramatic. Besides polypharmacy, often the patient is not able to sleep, able to function or go back to work, which becomes a bigger issue.

[25:48] Raji suggests there are multiple ways to make sure your employees are well-educated from a health perspective. Part of wellness is to be educated and understand the impact of opioids, and such. There are programs to supply your employees with that information.

[26:26] HR organizations, workers’ comp management, loss control management, and insurers have the tools to help your workers and aid in awareness.

[27:00] It’s also important to know that health organizations have training for physicians about opioid addiction and alternative prescriptions for pain management. This coming year, NCCI is looking at alternative pain management techniques like behavioral therapy, and physical therapy.

[27:58] There is also virtual reality treatment that has an impact. The NCCI study will look at what is currently being used to manage pain and what alternative treatments are effective, including cannabis, depending on the state and jurisdiction.

[29:07] The use of virtual reality for treating pain is in training the brain to understand the pain messages coming through that may be associated with trauma. The pain from an injury may be associated with the psychological impact of the trauma. Virtual reality may treat that impact.

[30:19] Raji says that there are some interesting studies taking place now on treating pain with virtual reality, including one at the University of Central Florida.

[30:47] Raji contributed to a series for NCCI on the future of workplace safety technology. Raji found that technology to help with posture and carrying things is important in a warehouse. In workers’ comp, there are a lot of lower back injuries that could be avoided with proper posture.

[33:33] Justin hopes to see some unveiling of ergonomic wearable tech at RISKWORLD 2025 in Chicago.

[33:46] The NCCI has an upcoming podcast later in 2024, the NCCI State of the Line Podcast. Raji looks forward to being a regular guest on the show, “if the podcasters are like you, Justin, making the conversation as good as this.”

[35:00] Justin thanks Raji for coming on RIMScast to help raise awareness of National Recovery Month and National Opioid Awareness Day and for helping injured workers get the pain management they need and return to work safely.

[35:24] Special thanks again to Raji Chadarevian of the National Council on Compensation Insurance. Lots of NCCI links are in this episode’s show notes. Later this year, listen for Raji on the upcoming NCCI State of the Line Podcast.

[35:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[36:17] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[37:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[37:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[37:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[37:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS ERM Award of Distinction — Nominations Open Through Aug. 30, 2024!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Risk Management Monitor: “Prescription Opioid Risks to the Workplace Explored at RISKWORLD 2018”

NCCI.com article links:

“Opioid Prescribing Across Industry Groups”

“On Opioids — The Doctors’ Perspective”

“On Opioids — Claims Professionals’ Perspective”

“On Opioids — Regulators’ Perspective”

RIMS Webinars:

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Managing Data for ERM | Aug. 22, 2024

Optimizing Risk Management with AI | Aug. 29, 2024

Fundamentals of Insurance | Oct 9‒10, 2024

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Mental Health Awareness Month 2023”

“Mental Health in the Workplace with Darcy Gruttadaro”

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Raji H. Chadarevian Executive Director, Actuarial Research , of the National Council on Compensation Insurance (NCCI)

Tweetables (Edited For Social Media Use):

I’m all about telling the story behind the numbers. The research is meaningless if you can’t tell that story. My job is to let the brainiacs of NCCI do the research and help me tell the real story behind it all. — Raji Chadarevian

It’s a huge decrease in opioid use and it just means that the way the systems are treating the injured workers has changed dramatically, in terms of what medications are provided. — Raji Chadarevian

One of the strategies that physicians use to manage opioid use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. — Raji Chadarevian

Of the future of wearable workplace safety technology, what I would see as important is technology that helps with the posture in a warehouse and how you carry things; the ergonomic aspect. A lot of what we see in workers’ comp is back injuries. — Raji Chadarevian
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST
13 ago· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Daniel Eliot of NIST about NIST, its new publications on cybersecurity, including two Quick Start Guides, the Cybersecurity Framework 2.0, and more, Daniel’s history with cybersecurity for small businesses and his career-long passion for helping small businesses protect themselves against cybercrime.

Listen in for the latest information on NIST and cybersecurity guidelines for your organization.

Key Takeaways:

[:01] About RIMS.

[:14] RISKWORLD 2025 will take place in Chicago, Illinois from May 4th through May 7th. The call for submissions is now open through August 27th. A link to the submission form is in this episode’s show notes.

[:30] About this episode. We will be joined by Daniel Eliot from the National Institute of Standards and Technology, or NIST.

[:52] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th starts the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:14] Let’s talk about prep courses for the RIMS-CRMP. On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.

[1:29] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:44] We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.

[2:02] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.

[2:12] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[2:25] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.

[2:38] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is in this episode’s show notes.

[2:53] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.

[3:07] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.

[3:24] On with the show! In October, we will celebrate National Cybersecurity Awareness Month. You should observe it all year round, of course. My guest today has a lot of great insight into risk frameworks. He is Daniel Eliot, the Lead for Small Business Engagement in the Applied Cybersecurity Division of The National Institute of Standards and Technology (NIST).

[3:48] NIST is part of the U.S. Department of Commerce. Today, we will discuss some of the publicly available risk management frameworks and how they’ve evolved through the years and the new frameworks that address AI, as well.

[4:05] You may remember Daniel from his appearance on an episode in April 2020, when he was with the National Cybersecurity Alliance. He is back to provide some new tips for the global risk management community.

[4:18] Daniel Eliot, welcome back to RIMScast!

[4:42] Justin and Daniel comment on some things that have changed since April 2020. Daniel was at the National Cybersecurity Alliance (NCA).

[5:50] Now Daniel is the Lead for Small Business Engagement in the Applied Cybersecurity Division of The NIST. He shares his journey from NCA to NIST via the National Cybersecurity Center of Excellence, a NIST facility operated by Mitre.

[6:52] Daniel is happy to be back supporting the small business community.

[7:04] Daniel had worked in a small tech startup for almost seven years. He helped them scale the business and manage the development of their product. Next, Daniel joined the University of Delaware’s Small Business Development Center, helping tech businesses start and scale.

[8:16] Daniel applied for an SBA grant to help small businesses with cybersecurity. This was in 2014. The Cybersecurity Framework was published in 2014. Daniel applied the Cybersecurity Framework to small businesses. That started Daniel’s career in small business cybersecurity.

[9:32] There’s a new NIST Risk Management Framework (RMF) Small Enterprise Quick Start Guide. Daniel’s role at NIST is to coordinate across NIST, government, and the private sector, to create opportunities for the small business community to engage with NIST expertise.

[10:19] The RMF Small Enterprise Quick Start Guide is a product of that coordination across NIST, government, and the private sector community. In February, NIST produced the Cybersecurity Framework 2.0 Small Business Quick Start Guide.

[10:44] NIST decided to do a Quick Start Guide for a risk management framework for small to medium enterprises. The Risk Management Framework is a process. It’s a holistic and repeatable seven-step process for managing security and privacy risks.

[11:23] The NIST RMF Quick Start Guide provides an overview of the seven steps of the process, the foundational tasks for each step, tips for getting started with each step, a sample planning table, key terminology and definitions, questions to consider, and related resources.

[11:53] It’s RIMS plug time! Webinars! All RIMS Webinar registration pages are available at RIMS/org/Webinars. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[12:12] On September 5th, Merrill Herzog makes their RIMS Webinars debut with the Role of Insurance in Building Resilience Against an Active Assailant Attack. On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage.

[12:28] Justin jumped ahead a bit. On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[12:44] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast!

[13:13] The webinar will be at 1:00 p.m. Eastern Time on September 12th. Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years.

[13:29] The market needed correction after many years of unprofitability driven by weather events in the property line where rates seemed to be unsustainable. Casualty also had its issues, particularly with Directors and Officers Liability.

[13:47] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive in growing their books of business. This competition is not being seen in all lines, segments, or geographies.

[14:04] Some catastrophe-prone zones such as BC and Alberta have not seen the same level of competition across the board. As the market transitions from a hard market to a competitive environment, there is some unusual and inconsistent behavior.

[14:21] Carriers in Canada are being more flexible with their appetite. London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.

[14:39] As we transition out of what was considered to be a hard market, we see a lot of inconsistency in this market.

[14:48] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for an increase in population, it reflects that of a market in a recession.

[15:02] We, as brokers are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunities.

[15:13] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.

[15:27] How is this going to change the availability of capacity and pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.

[15:49] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.

[16:11] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.

[16:26] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.

[16:57] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.

[17:21] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[17:37] Let’s return to today’s interview with Daniel Eliot from NIST.

[17:53] Daniel states that the Risk Management Framework is a repeatable seven-step process for managing security and privacy risks. It starts with preparation, categorizing, and understanding the information that your organization processes, stores, and transmits.

[18:20] Then you select controls, and implement those controls to protect the security and privacy of the systems. Then you assess, authorize, and monitor the controls. Are the selected controls producing the desired results? Are there changes to the organization that require new controls?

[18:45] You follow the seven steps of the framework in order and repeat them in a cycle. Keep going through it. Every organization regularly changes. Technologies change. People change. That’s why the framework has to be repeatable and flexible.

[19:05] NIST published this Risk Management Framework Smal Enterprise Quick Start Guide as a tool to raise awareness within the Small and Medium Enterprise (SME) Community about what the Risk Management Framework is and how to get started with it.

[19:26] This Quick Start Guide is not intended to guide you on your journey from start to finish for a comprehensive risk management implementation. It is a starting point.

[19:41] The Guide has an overview of the steps of the Risk Management Framework, some foundational tasks for each of the RMF steps, some tips for getting started, some sample planning tables, and graphics to help people understand concepts that might be new to them.

[20:02] NIST spent a lot of time defining key terminology, extracting terms out of the Risk Management Framework, and highlighting them in this Quick Start Guide. There are phrases and terms in the Risk Management Framework that some people new to it might not understand.

[20:24] For example, “authorization boundary.” The Guide highlights and illustrates what these terms mean in the Risk Management Framework and adds questions for organizations to consider and use internally for discussion. The answers may be different for every organization.

[21:12] This Guide is a derivative tool from the existing publication that went out for public comment. The Quick Start Guide did not go out for public comment but NIST has circulated Quick Start Guides to some small businesses they know to make sure it’s hitting the right note.

[21:56] Daniel monitors commentary and looks at how the Guide is received out in the world once it’s published. In every Quick Start Guide, there is an opportunity for people to contact NIST if they have questions or if there is an error. NIST is always open to feedback.

[23:03] In small businesses, Daniel finds the owner or operator is the Chief Risk Officer, the Janitor, the CISO, and the Chief Marketing Officer. Anyone can use the Risk Management Framework. It’s a process.

[23:25] Federal agencies, contractors to the federal government, and other sources that use or operate a federal information system typically use the suite of NIST Risk Management Standards and Guidelines to develop and implement a risk-based approach.

[23:48] A lot of the audience for this Small Enterprise Quick Start Guide might be small universities, small municipalities, or small federal agencies implementing this Risk Management Framework.

[24:27] We have time for one more break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.

[24:45] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[24:55] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[25:11] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[25:28] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[25:34] Let’s conclude our interview with Daniel Eliot of NIST.

[26:10] Daniel introduces the U.S. AI Safety Institute, housed within NIST. It’s tasked with advancing the science, practice, and adoption of AI safety across the spectrum of risks, including those to national security, public safety, and individual rights.

[26:39] The efforts of the U.S. AI Safety Institute initially focused on the priorities assigned to NIST under President Biden’s Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.

[26:51] On July 26th, 2024, they released resources for a variety of aspects of AI technology. Two are new to the public. The first is an initial public draft of a guidance document intended to help software developers mitigate the risks of generative AI and dual-use foundation models.

[27:19] The other is a testing platform intended to help AI system users and developers measure how certain types of attacks can degrade the performance of an AI system. These are two opportunities for the public to provide comments on these publications and tools.

[27:49] There is a link to the call for comments in this episode’s show notes.

[28:03] At NIST, foundational publications go out for public comment. NIST wants to hear from U.S. citizens and people all over the world to get their perspectives on NIST’s approach to what they’re addressing. This is a community effort. Comment periods are important.

[28:37] From Daniel’s perspective of small business, he seeks the comments of small businesses on these publications. Authors need to hear from organizations, large and small.

[28:53] These two new publications are open for public comment.

[28:59] three releases are final publications. One is The AI Risk Management Framework Generative AI Profile, which helps organizations identify unique risks posed by generative AI. It includes actions for generative AI risk management.

[29:34] A second publication is the Secure Software Development Practices for Generative AI and Dual Use Foundation Models. It addresses concerns about Generative AI systems being compromised with malicious training data that would adversely affect system performance.

[30:16] The third publication is A Plan for Global Engagement on AI Standards. It’s intended to drive worldwide development and implementation of AI-related consensus standards. Standards require global input from businesses, governments, non-profits, and academia.

[30:57] These three final publications have been informed by public comment periods. They’re ready to hit the ground running and people can put them into action.

[31:15] Daniel is part of the Applied Cybersecurity Division of NIST. The U.S. AI Safety Institute is a different part of NIST.

[31:44] Every once in a while, public comments receive spammy messages.

[32:23] Daniel says all cybersecurity and privacy risk management comes back to governance and having policies and procedures in place, knowing your contractual and legal responsibilities. Organizations need policies that guide behavior for the appropriate use of AI in their business.

[32:59] Individuals in companies have pasted confidential company information into publicly available AI systems. That creates a vulnerability. Have a policy around the use of these tools.

[33:31] Criminals have used AI to upgrade phishing scams, reduce grammatical errors, and craft more convincing appeals.

[35:00] NIST is raising awareness of different ways of identifying phishing attacks besides looking for grammatical errors, such as looking at the links and the calls to action and other factors that show it is a phishing scam. AI is contributing to their increasing sophistication.

[35:43] Daniel shares his tip for new risk professionals. Familiarize yourselves with the suite of resources that NIST has available for cybersecurity and privacy risk management. They have a broad variety of risk management frameworks and resources, like the Quick Start Guide.

[36:42] There are online courses, extensive FAQs with answers, and archived talks from SMEs. Take advantage of these resources. Also, let NIST know what other resources might be helpful to you. The core of NIST guidance for any framework is good governance.

[37:21] Understand your mission and requirements. Create and maintain policies for good behavior. Understand your supply chain dependencies and vulnerabilities. Good governance sets your organization up for success when implementing and monitoring risk-mitigating controls.

[37:56] NIST offers consistent, clear, concise, and actionable resources to small businesses. Since 2018, they have maintained a website, NIST Small Business Cybersecurity Corner, with over 70 resources on the site, all tailored to small businesses. The Quick Start Guides are there.

[38:32] The resources include short videos, tip sheets, case studies, and guidance organized by both topic and industry. All the resources are free and produced by federal agencies, such as NIST, FBI, CISA, as well as nonprofit organizations. It’s a one-stop shop for this information.

[39:04] The resources are regularly updated and expanded to keep the content fresh and relevant. The resource library has the Cybersecurity Basics Section, with eight basic steps businesses can inexpensively implement to reduce cybersecurity risks.

[39:28] The Cybersecurity Framework Page highlights the CSF and small business resources related to the CSF. There is topical guidance on Multi-Factor Authentication, Ransomware, Phishing, Government Contracting Requirements, and Choosing a Vendor or Service Provider.

[39:53] All the resources are available at NIST.gov/ITL/SmallBusinessCyber. The link is in this episode’s show notes. The resources are there for you to use in your organization.

[40:30] Justin says, “It has been such a pleasure to reconnect with you here on RIMScast! I always love it when you post on LinkedIn! I think you’re great! You’re keeping me informed. Happy National Cybersecurity Awareness Month to you!”

[40:55] With developments in tech and AI, cybersecurity has taken a back seat, but Justin says it will come back pretty hard. Justin feels it will be sooner than four-and-a-half years for Daniel to return to RIMScast.

[41:23] Whatever new technology comes out, cybercriminals are looking at it to see how they can exploit it. There will always be a cybersecurity component to it.

[42:05] Daniel Eliot, thank you so much for rejoining us here on RIMScast!

[42:10] Special thanks again to Daniel Eliot of NIST for rejoining us here on RIMScast. Lots of links are in this episode’s show notes to aid small enterprise owners and risk professionals.

[42:25] These resources are publicly available and complimentary, so by all means, use them and leverage them to ensure your organization’s cyber resilience. I’ve got lots of links in this episode’s show notes for more cybersecurity coverage from RIMS, as well.

[42:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[43:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[44:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[44:20] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[44:36] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[44:58] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS ERM Award of Distinction — Nominations Open Through Aug. 30, 2024!

RISKWORLD 2025 will be in Chicago! May 4‒7

Education Content Submissions for RISKWORLD 2025

NIST Risk Management Framework Small Enterprise Quick Start Guide
Cybersecurity Framework 2.0 Small Business Quick Start Guide

NIST Small Business Cybersecurity Corner

U.S. Artificial Intelligence Safety Institute

New Guidance and Tools to mitigate AI Risks

Managing Misuse Risk for Dual-Use Foundation Models

Testing How AI System Models Respond to Attacks

Users can send feedback to: [email protected]

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS Webinars:

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Daniel Eliot’s 2020 RIMScast Debut: Cybersecurity Tips for Small Businesses”

“300th Episode Spectacular with RIMS CEO Gary LaBranche”

“Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”

“Emerging Cyber Trends with Davis Hake”

“Cybersecurity Awareness Month with Pamela Hans of Anderson Kill”

Sponsored RIMScast Episodes:

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)

“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Daniel Eliot, Lead for Small Business Engagement

Small Business Cybersecurity Corner
Applied Cybersecurity Division
National Institute of Standards and Technology

U.S. Department of Commerce

Linda Regner Dykeman, HUB International, Chief Marketing Officer for Canada

Tweetables (Edited For Social Media Use):

I’m happy to be back at NIST, supporting the small business community. — Daniel Eliot

The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line. — Linda Regner Dykeman

Follow the seven steps of the framework in order and repeat them in a cycle. Keep going through it. Every organization regularly changes. Technologies change. People change. That’s why it has to be repeatable and flexible. — Daniel Eliot

There are phrases and terms associated with the Risk Management Framework that some people who are new to this might not understand. — Daniel Eliot

When talking about small businesses, the owner or operator is the Chief Risk Officer, the Janitor, the CISO, and the Chief Marketing Officer. — Daniel Eliot

An AI system is only as good as the information that’s put into it. — Daniel Eliot
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
300th Episode Spectacular with RIMS CEO Gary LaBranche
6 ago· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews RIMS CEO, Gary Labranche about what’s coming up for RIMS, and also Linda Regner Dykeman, the Chief Marketing Officer for Canada at HUB International, about a Webinar she is moderating on September 12th, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. Listen in for details about the webinar.

Justin and Gary discuss the popularity and success of RIMScast, now in its 300th episode, the diversity it represents from the global risk community, and some of the events coming up in RIMS, including the 75th Anniversary Celebration, centered on RISKWORLD 2025 in Chicago. Gary shares his wisdom on trends in risk, what RIMS is promoting in legislation, and how RIMS is growing in influence. Gary introduces the joint production of the Associations’ Guide to Risk and Crisis Management toolkit which he coauthored and how it came to be.

There is much more to learn from this spectacular 300th episode, so listen in.

Key Takeaways:

[:01] About RIMS.

[:15] About this special episode, Number 300, of RIMScast, coming to you from RIMS Headquarters in New York, featuring RIMS CEO Gary Labranche and a special guest from HUB.

[:36] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th starts the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:00] Let’s talk about prep courses for the RIMS-CRMP. On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.

[1:14] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:29] We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. We learned all about it in Episode 299. Be sure to check it out!

[1:47] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[1:59] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there!

[2:14] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination is in this episode’s show notes. If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. All RIMS regional conference information can be found on the Events page at RIMS.org.

[2:49] I’m so excited to share this special 300th episode of RIMScast with you all. There’s no better guest for me to bring out than RIMS CEO Gary Labranche! He’s a busy man. It’s very difficult to book an interview with Gary. It’s been about seven months and we finally got him!

[3:11] We’re going to talk about the trends impacting the risk profession, from active shooter preparedness and flood insurance to third-party litigation funding. We’re also going to talk about all the different ways in which RIMS is expanding and partnering with other organizations. We are delighted to share this special 300th episode with you all!

[3:39] RIMS CEO Gary Labranche, welcome back to RIMScast!

[4:00] Gary says it’s great to be back and congratulates Justin on 300 episodes of RIMScast. Gary talks about the effort that goes into each episode of the podcast. Justin notes there have been almost 175,000 unique downloads of the 300 episodes.

[5:21] Justin thanks Gary for the kind words. Justin says the podcast is the most rewarding thing he has ever done. It changed the trajectory of his career, it has provided wonderful opportunities and it’s a great way for Justin to keep in touch with RIMS members and other risk professionals who have an interest in the podcast. He’s always loved it.

[5:47] The advice Justin got when launching the podcast was to stick to a frequency. With a very minor exception over the past six years, Justin has stuck to a weekly episode. That, and the support of the RIMScast audience, RIMS leadership, and the many sponsors over the years, have contributed to the success of the podcast. Last week was the first sponsored episode.

[6:25] The sponsor, Hillwood, will sponsor another episode in September when Justin is on-site at the DFW RIMS 2024 Fall Conference and Spa Event.

[6:38] Gary attributes the success of RIMScast to perseverance, good quality, and great, diverse content with lots of different voices. That’s what people appreciate the most. Gary loves it because it shows the scope, breadth, depth, and variations of the global community, with guests from all over the world.

[7:07] Having guests from many nations and areas of practice is one of Justin’s favorite aspects of the show.

[7:42] Gary shares an overview of RIMS since January 2024 when he was last on the show. I February Gary went to Australia to visit with the chapter board there. From there he flew to New Zealand and attended the New Zealand and Pacific Island Chapter’s Embrace the Unknown event. Gary recommends visiting both nations.

[8:59] Next, Gary went to Singapore and hosted the first RIMS-CRMP Networking Reception in Singapore. It was a good crowd and the first time most of them had met each other. Gary visited two universities that support the RIMS-CRMP by providing the RIMS-CRMP Prep course, which is one reason why RIMS-CRMP is growing so well in Singapore.

[10:03] RIMS-CRMP in general is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but close on the heels of Canada is Singapore. There are more RIMS-CRMP applicants from outside of the United States than in the United States.

[10:38] Gary enjoyed his international trip. It was an opportunity to develop a better sense of how to serve those communities, internationalize RIMS content, and make the RIMS-CRMP a global standard. It’s the only risk management credential accredited to an international standard by ANSI, the credentialing body.

[11:43] RIMS just went through the audit to renew that credential. Making it a global standard will require RIMS to continue to develop, evolve, and improve, asking questions, and involving and engaging people from all over the world.

[12:16] It’s RIMS plug time! Webinars! All RIMS Webinar registration pages are available at RIMS/org/Webinars. Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[12:46] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[13:01] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast!

[13:37] Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line where rates seem to be unsustainable. Casualty also had its issues, particularly with Directors and Officers liability.

[14:05] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive, to grow their books of business. This competition is not being seen in all lines, segments, or geographies. Some zones have not seen the same level of competition across the board.

[14:29] As markets transition from a hard market to a competitive environment, there is some unusual and inconsistent behavior. Carriers in Canada are being more flexible with their appetite.

[14:41] London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.

[14:56] As we transition out of what was considered a hard market, we see a lot of inconsistency in this market.

[15:05] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for increase in population, it reflects that of a market in recession.

[15:19] We, as brokers are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunity.

[15:30] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.

[15:44] How is this going to change the availability of capacity of pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.

[16:07] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.

[16:28] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.

[16:43] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.

[17:22] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.

[17:38] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[17:54] Let’s return to today’s interview with RIMS CEO, Gary Labranche.

[18:48] Gary explains the importance of regional conferences. Not everyone can attend RISKWORLD. RIMS serves a large community. People are at different places in their careers with different budgets.

[19:09] One of RIMS’s goals is to be as accessible as possible in terms of content and the opportunity to engage. They depend on the chapters and groups of chapters to work together and create educational and engagement opportunities.

[19:27] The Florida RIMS Educational Conference is a great example of that. It has been going for decades. It’s a wonderful, unique RIMS experience put on by the chapters of Florida. The same with the Western Regional Conference, which Gary is looking forward to.

[19:47] The Canada Conference has been going on for decades. Chapters like Chicago, DFW, Atlanta, and others do terrific jobs that provide a really accessible opportunity. People can drive from their homes. It’s a lower-priced product. It’s very grassroots.

[20:18] RIMS announced at RISKWORLD that they will be launching a Texas Regional Conference in August 2025. It’s a joint venture between RIMS and the four chapters of Texas. Gary is excited about it!

[20:44] RIMS continues to look for ways to create more opportunities for engagement, more accessibility of content, and continue to build the brand.

[21:03] Justin speaks of the joint effort of ASAE, ASIS International, and RIMS to produce the Associations’ Guide to Risk and Crisis Management toolkit. This was somewhat inspired by the active shooter incident when RIMS RISKWORLD was in Atlanta in 2023.

[21:52] Gary describes the event. On the last afternoon of RISKWORLD, there was a mass shooting in midtown Atlanta. Five people were shot; one person was killed. The gunman was at large. Because of the shooting, RIMS canceled the closing session and the evening party.

[23:25] RIMS implemented its crisis response plan and learned a lot from doing so. Afterward, RIMS did a complete After Action Analysis. They started thinking through the implications of mass shootings on the entire convention industry.

[23:56] Hundreds of thousands of people attend association-sponsored events every year. Gary has run hundreds of conventions, including the convention for the convention industry. Large gatherings are opportunities for violence. We need to take that responsibility more seriously.

[24:32] Associations like RIMS have the great privilege of being able to convene people together with the reciprocal responsibility to care for, protect, and secure the convened. RIMS joined with two other organizations to create a risk and crisis management toolkit for conferences.

[25:03] Gary explains how RIMs worked with ASIS, a group focused on corporate security, and ASAE, the American Society of Association Executives to produce the toolkit. AON sponsored the project with ASAE Business Services.

[25:26] Gary Labranche was honored to contribute and coauthor the toolkit, with Josh Salter and Stuart Rothlein. He describes the content of the toolkit. ASAE just released it and it is the first risk management toolkit in the association space.

[26:38] Associations employ a million people and impact hundreds of millions of people through programs and conferences. Gary is happy that RIMS was able to collaborate in this guide, which is available free. It’s dedicated to the entire community and those who attend conferences.

[27:13] The guide with be shared with RIMS chapters and groups that put on regional conferences. We collectively have a responsibility to those who trust us to convene them and to keep them safe at conventions.

[27:32] The link to the toolkit is in this episode’s show notes. Justin encourages you to check it out, after you listen to this full interview with RIMS CEO Gary Labranche!

[28:37] Gary explains third-party litigation funding. It is a growing source of concern to all in the risk management community. The concern is that funding could be coming from unidentified sources, including parties hostile to the national security interests of the United States.

[30:12] It could be laundered money. We don’t know the source of the funds. There have been efforts in some states to get more transparency on the sources of funding and what the intention is behind the funding.

[30:48] Justin believes there are plenty of plaintiff’s law firms that are fighting against third-party litigation funding to maintain the integrity of their practice areas. RIMS’s Public Policy Committee is looking at this funding.

[31:21] Gary notes that we are at the end of this session of Congress. No legislation on third-party litigation funding has moved forward. There is an opportunity to build toward legislation, in the next session of Congress.

[31:41] There has been some successful legislation passed in some states. The public policy community feels there might be more opportunity to pursue this kind of legislation at the state level. Third-party litigation funding is becoming RIMS’s number one public policy issue.

[32:16] RIMS is also still focusing and working on flood insurance reauthorization. Gary guesses it will be reauthorized at the 11th-and-a-half hour in a big appropriations omnibus package.

[33:24] Third-party litigation funding is here to stay. Gary suggests there is opportunity for RIMS to build a coalition and create funding through the RISK PAC to get allies on both sides of the aisle in both bodies of Congress, for a level playing field and judicial system transparency.

[34:19] It’s RIMS Plug Time! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by collaborating with risk management and insurance educators across the U.S. and Canada.

[34:36] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[34:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[35:04] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[35:20] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[35:27] Let’s conclude our interview with RIMS CEO, Gary Labranche.

[35:54] Gary says 2025 is the 75th anniversary of RIMS. It’s a great opportunity to celebrate the past and focus on the future. RIMS is launching a 75th anniversary effort, the highlight of which will be RISKWORLD 2025, in Chicago at McCormack Place.

[36:42] We’re going into RISKWORLD 2025 with enormous momentum from RISKWORLD 2024. Attendance was up 21% from RISKWORLD 2023. The international headcount grew 35%. The number of countries represented grew by 14%. We’re sailing into 2025 with the wind in our sails.

[37:25] RISKWORLD takes a lot of effort and many years of preparation. Gary says we’re very excited about RISKWORLD 2025. Justin notes that the 75th Anniversary celebration is all year long and RISKWORLD 2025 is one event in the celebration. There will be content along the way.

[38:11] RISKWORLD has nine to 11 thousand people attending. It takes a lot of space at a convention center and lots of rooms in hotels around the city. The target time is early May. There is competition for hotels at that time of year.

[38:58] As a result, RIMS selects the city more than eight to 10 years in advance. Right now, RIMS is working on RISKWORLD 2034. They have to anticipate the growth of the convention over the decade. Six years in advance, they have a soft contract.

[39:51] There aren’t that many cities that can host RISKWORLD. It’s a math problem of square feet and the number of hotel rooms that can be committed. What’s the flight lift into that city? What international flight lift do they have? How many connections?

[41:12] Gary shares that there is so much wisdom in the RIMS community. We’re in the era of polycrisis. The world is more risk-aware than ever before. We all have a sense of risk being all around us. Never before has risk management been as visible and as valued by organizations.

[41:54] Gary states that this is a discipline that makes the world safer, more secure, and more sustainable. Gary talks to students and young professionals about how exciting that is. If you want to make a difference in the world, a way to do that is to be involved in this community.

[43:01] Risk management is a job that sees everything, knows everything, and connects to everything in the organization. A risk manager is at the center of the matrix of knowledge. You’re in a position to influence and direct the outcomes in many different aspects.

[43:38] Risk management is a cool space that will continue to grow in appeal. RIMS’s job is to continue to make risk management more attractive and visible to students and early career professionals. Most people come to risk management through insurance and other places.

[44:18] RIMS wants to attract and retain the talent we need to ensure the work of risk management well into the future. There will be increasing competition for talent. RIMS needs to be competitive to win the war for talent.

[44:48] In the 75th-anniversary efforts, RIMS will ramp up the Foundation for Risk Management, which will help win the competition for talent, increase the inclusivity of the community, advance knowledge and research, and sustain and accelerate the knowledge of the profession.

[45:19] This will help ensure the sustainability of the community and the future of risk management.

[45:40] Special thanks again to RIMS CEO, Gary Labranche for joining us here on RIMScast! When you see Gary at a RIMS event, by all means, go introduce yourself. He is one of the most personable people that you can meet. He would love to hear from you.

[45:58] As we mentioned, Gary contributed to the Associations’ Guide to Risk and Crisis Management toolkit, which is available at the link in this episode’s show notes.

[46:10] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[46:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[47:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[47:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[48:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[48:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

DFW RIMS 2024 Fall Conference and Spa Event | Sept. 19‒20

Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024

RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open!

Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024!

RISKWORLD 2025 will be in Chicago! May 4‒7

Associations’ Guide to Risk and Crisis Management toolkit | Co-Authored by RIMS, ASAE, ASIS International, and Aon

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 – Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood”

“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”

“Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”

“DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services”

Sponsored RIMScast Episodes:

“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Gary Labranche, RIMS CEO

Linda Regner Dykeman, HUB International Chief Marketing Officer for Canada

Tweetables (Edited For Social Media Use):

RIMScast has perseverance, good quality, and great, diverse content with lots of different voices, which I love because it shows the scope and variation of the global community. You have guests from around the world. It’s pretty cool, I have to say. — RIMS CEO Gary Labranche

The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line. — Linda Regner Dykeman

RIMS-CRMP is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but Singapore is close on the heels of Canada. There are more RIMS-CRMP applicants from outside the U.S. than in the U.S. — RIMS CEO Gary Labranche

If you want to make a difference in the world, a way to do that is to be involved in this community. — RIMS CEO Gary Labranche
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood
30 lug· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

This episode of RIMScast is proudly sponsored by Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. For more information, visit Hillwood.com.

Justin Smulison interviews four guests today, SORM Executive Director, Stephen Volbrecht, SORM Division Chief of Strategic Programs, James Cox, SORM Chairman of the Board of Directors, Gerald Ladner, Sr., and DFW RIMS Chapter Board Member Penni Chambers. The discussion covers the various roles of Stephen, James, and Gerald in SORMS, the purpose and development of SORMS over the years, and how SORMS manages risks for all the state of TEXAS. They also speak of the upcoming RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas and what they will present there.

Listen in for ERM wisdom and a preview of the RIMS DFW 2024 Fall Conference.

Key Takeaways:

[:01] About our sponsor, Hillwood.

[:13] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Our guests are from the Texas State Office of Risk Management.

[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:01] Let’s talk about prep courses for the RIMS-CRMP. The next virtual offering will be on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:13] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:28] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. All RIMS regional conference information can be found on the Events page at RIMS.org.

[1:47] We would like to extend a big “Thank You” to today’s sponsor, Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate offices, retail, aviation, and multi-family housing developments.

[2:05] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners.

[2:23] Hillwood specializes in e-commerce industrial development, serving some of the world’s largest retailer brands. Its residential communities division is dedicated to creating truly unique, master-plan communities. In 2023, Hillwood sold 2,141 homes in its communities and delivered nearly 1,500 lots to builders with more than 3,800 lots in the pipeline for 2025.

[2:45] Hillwood is also leading the development team for Goldman Sachs’s new facility in uptown Dallas. As a privately owned company, Hillwood prioritizes long-term sustainability: social, economic, and environmental. For more information, visit Hillwood.com.

[3:05] Today we will be joined by leaders of the Texas State Office of Risk Management. They will participate in a panel discussion on September 19th at the DFW RIMS Annual Conference and Event.

[3:18] They’re a fabulous chapter and that event will be held at the Irving Convention Center in Irving, Texas. A link is in this episodes’ show notes. Visit DWWRIMS.org for sponsorship opportunities and registration information.

[3:31] Our guests today will discuss what it takes for the Texas State Office of Risk Management to function, how they prepared and reacted to Hurricane Beryl in July, and we’ll talk ERM and how some of their military experiences have enabled them throughout their risk careers and at the Texas State Office of Risk Management (SORM).

[3:55] SORM Executive Director, Stephen Volbrecht, Division Chief of Strategic Programs, James Cox, and Chairman of the Board of Directors, Gerald Ladner, Sr., welcome to RIMScast!

[4:54] Stephen Volbrecht is the State Risk Manager for Texas and Executive Director of SORM. The office administers the Enterprise Risk Management Program, the Insurance Management Program, the self-insured Workers’ Compensation Program, and the Continuity of Government Operations Program. Those are the four key missions of the Texas SORM.

[5:58] Gerald Ladner, Sr. has been in the industry for 42 years and successfully navigated four hard markets. He has played roles with global and domestic U.S. insurance companies and is still engaged with the industry even though he’s semi-retired.

[6:29] Gerald has also served as a broker. He has insured prominent clients like the Coca-Cola Company, the City of Atlanta, Fulton County, and The Southern Companies. He quoted on the Boston Artery Tunnel Project, which capped the global reinsurance industry supply. Gerald’s last assignment was as a Regional President at State Auto Insurance Company.

[6:52] Gerald is involved today in independent board work, as well as serving his Alma Mater, and has served as Insurance Commissioner Appointee for the Texas Property and Casualty Guarantee Insurance Association, as well as the Texas Medical Liability Joint Underwriting Association. Gerald’s turn as Chairman of the Board at SORM expires in 2027.

[8:01] James Cox is the Division Chief of Strategic Programs at SORM. His job is to take the vision that Gerald has and the strategic view that Stephen has and make them applicable to the Texas state agencies. He does the daily work that supports their vision and mission. He has an insurance adjuster license, an agent license, a notary, and a risk manager license.

[9:40] Stephen Volbrecht has been with SORM for more than 20 years in various roles. He joined in 2001, just before 9/11. The office was created in 1996 and went into operation in 1997. It was created to get workers’ compensation costs under control for Texas state employees.

[10:37] At that time, The Office of the Attorney General, Workers’ Compensation Division, paid Workers’ Compensation claims while the Department of Insurance, Division of Health and Safety, had the Texas Workers’ Compensation Commission. The two agencies didn’t communicate directly.

[11:38] Texas combined the Attorney General’s Workers’ Compensation Division and the Department of Insurance’s Workers’ Compensation Commission and created the State Office of Risk Management.

[11:49] Within two years, they had dropped Workers’ Compensation costs by over $30 million, and not by denying claims or cutting corners. They paid claims more timely, stopped disputing claims, and prevented injuries from happening through risk management.

[12:30] They continually put pressure on costs, even as medical inflation rises. Texas pays about $40 million a year for accidents and injuries. Because of success with Workers’ Compensation, SORM now has three additional missions, the Enterprise Risk Management Program, the Insurance Management Program, and the Continuity of Government Operations Program.

[13:42] SORM worked with the Federal government to design the Texas Continuity of Government Operations Program, helped the State Legislature adopt it, and then was tasked with implementing it. Gerald Ladner and James Cox use their industry knowledge to develop procedures and frameworks for the Insurance Management Program.

[14:58] SORM is a fundamentally different agency than the office Stephen joined in 2001 because the scope of its mission set has expanded greatly over the 20-plus years.

[15:32] SORM is a fairly large office compared to what other states might have. It’s an office of specific subject matter experts over each of the domains it covers. It has a broad scope, including Enterprise Risk Management.

[16:02] Gerald says SORM has a small board of five members responsible for strategic guidance, governance, innovation, leadership, risk management, stakeholder engagement, performance monitoring, and mentorship to the executive team. The board can decide quickly and anticipate the areas of risk they need to look at and how the organization will address them.

[16:45] Justin takes a brief break and thanks Hillwood for sponsoring this episode. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Visit Hillwood.com for more information and to seize those opportunities.

[17:08] Justin also dives deeper into the RIMS DFW 2024 Fall Conference and Spa Event that will be held on September 19th and 20th in Irving Texas. Here to tell us a little bit more about it is an omnipresent force among DFW RIMS members; Penni Chambers, welcome back to RIMScast!

[17:34] This episode is airing almost four years after Penni made her RIMScast debut. A lot has changed in four years!

[18:20] Penni is Vice President of Risk Management at Hillwood. She is in charge of a team of two that maintains, procures, and does all things insurance for all of Hillwood and its enterprise companies, including land and cattle, oil and gas, and aviation.

[18:52] Penni’s role at RIMS has changed. She is serving the constituents of the RIMS chapters and members by being a proud board director. Penni is a lifelong member of DFW RIMS and a former president, serving a term in 2019.

[19:30] Penni will moderate the kick-off session of the RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas. She will be moderating a panel with today’s guests, from the Texas State Office of Risk Management, Stephen Volbracht, Gerald Ladner, and James Cox. There will be so much talent and knowledge on that panel!

[20:09] Penni is so excited to moderate this panel. They will go through the who, what, when, where, and why for this panel. They will talk about governance and the legislative process, and how they manage and procure their liabilities and assets. Texas is huge. These gentlemen have a great responsibility. Penni is excited to get to interview them!

[21:04] Besides this panel, attendees can also expect workshops, a risk managers’ luncheon, and other speakers and presenters. On Friday, the 20th, they have a Spa Day. The Spa Day is one of the things that sets the DFW annual conference apart. Chill out a bit at the DFW RIMS Annual Conference. They go big on this deal!

[22:04] Registration is open to members and non-members. Join the DFW RIMS for two days of fantastic events! Enticed? Go to DFWRIMS.org for more information and to register.

[22:42] Penni says they are so excited to have everyone who is joining them for this event. This is going to be one of the best DFW RIMS Annual Conferences they have ever had!

[22:52] Justin thanks Penni and looks forward to seeing her at the 2024 Fall Conference and Spa Event hosted by the DFW RIMS Chapter on September 19th and 20th! Visit DFWRIMS.org for more information. A link is in this episode’s show notes.

[23:10] Let’s return to Justin’s interview with the Texas State Office of Risk Management.

[23:22] Gerald compares the challenges of his current position to those of the senior leadership roles he has held at insurance companies. It’s an opportunity to educate and inform the public in terms of what they do to deal with the issues that emerge in a new area of risk. Gerald says that fortunately, he has been able to survive all the challenges of a very tough business.

[24:02] The leadership at SORM focuses on retention, making sure that the team’s service to the state is valued and that they have unique growth opportunities. SORM is essentially an insurance company with brokered services.

[24:38] They have to make sure the products that are offered are current and forward-leaning, with the metrics in place for timely delivery of services for injured employees. Gerald speaks of how quickly SORM responded to the pandemic.

[25:10] Stephen Volbrecht adds that it’s important to understand that SORM is, at the foundation, a service organization. They exist to offer support to state agencies for their risk management concerns and objectives. SORM operates as a consultant, assessor, and advisor. SORM is not a regulatory agency, enforcement agency, or auditor. It’s 100% about service.

[27:13] Beryl was a Category 1 hurricane. James Cox says he joined SORM when Harvey was hitting the coast. That’s where the preparedness started for Beryl. Before Beryl hit land, SORM was implementing the things they did post-Harvey.

[28:05] Stephen speaks of resilience. You can’t prevent an Act of God. He cites the 9/11 Commission. Their primary finding was that the most important failure was one of imagination. Leadership failed to appreciate the gravity of the threat. SORM has the approach never to underestimate what can happen. Uncertainty is at the basis of all risk.

[29:41] Anticipate the worst-case scenario, prepare for that, and go from there. SORM ensures that every state entity under its jurisdiction has an updated and validated Continuity of Operations Plan. You can’t prevent a disaster but you can mitigate it. There are lessons learned not just from Harvey but from the freeze events that hit Texas for three years running.

[30:34] There are mitigation efforts that get put into place after we learn our lessons. Use after-action reports. What failed? Don’t do that again. What succeeded? Do more of that! Texas put in dams to prevent inundation of water. They put in automated systems for dampers on air conditioning for the freeze events.

[31:07] They went steps further in responding to situations based on risk management reviews and assessments to have product and service contracts and materials pre-staged for when these events happen so that you can bring up your services within hours, not weeks. That has a direct cost impact and an impact on the individuals that are being affected.

[31:38] SORM has saved hundreds of millions of dollars in downtime and both direct and indirect expenses compared to where they found themselves as recently as Harvey. You can value the ROI in cost avoidance by comparing years without risk management controls and the years after risk management controls have been implemented.

[32:56] James comments about Hurricane Beryl and after-action reports. An internet provider in the area went down, causing restaurants to only take cash. Agencies need the ability to switch from one carrier to another depending on if the carriers are operating.

[34:04] Gerald says the board looks forward to the strategic plan that the executive director shares with them and they have the opportunity to acid-test it to make sure they are covering all the areas so they don’t have a failure of the imagination. The board maintains the culture and listens to the employees. They invite employees to attend board meetings. They get a full house.

[34:56] It shows the employees an alignment between the board and the leadership team. The board gives the executive performance review and the employees will hear areas of outstanding work and areas to focus on in the future. The board seeks to maintain that alignment.

[35:32] It’s RIMS plug time! Webinars! Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[35:57] On September 12th, Hub International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve Staying Agile During Shifting Market Dynamics. More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Webinar registration is complimentary for RIMS members!

[36:20] We would like to express our thanks to Hillwood for sponsoring this episode of RIMScast. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Their diverse portfolio includes industrial, logistics, corporate office, retail, aviation, and multi-family housing developments.

[36:43] Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Seize those opportunities by visiting Hillwood.com.

[36:59] Let’s return to my interview with Gerald Ladner, Sr., Stephen Volbrecht, and James Cox of the Texas State Office of Risk Management.

[37:28] James is a veteran of the U.S.A.F. Stephen is a Captain in the Judge Advocate General Corps. Justin thanks them for their service and asks how those experiences lend themselves to effective risk management.

[38:02] James says no matter the specialization in the military, the military does very well operating in high- or higher-risk environments. They drill mission and safety in equal parts. The military mindset is understanding the chain of command, codes, and standards, and what you are basing your risk on. If you don’t know the accepted way to do a thing, it is a risk nightmare.

[38:49] James has found that using his military background, he knows where to look for how to treat a type of risk. That background transitions easily to risk management.

[39:18] Gerald’s father did three tours in Vietnam. His daughter went to West Point and was in Iraq. He understands the military mindset. It reflects the strengths we now find in the SORM organization with clear chains of command but also an environment where associates can come forward and bring their issues and opportunities.

[40:18] Stephen and James are on the Technical Advisory Group (TAG) for ISO 31000. Stephen says the ISO 31000 framework and other ERM frameworks are essential for SORM. Risk management is about decision-making. The ISO model is that risk is always negative. What you are trying to do is avoid the bad things.

[42:43] Stephen says the effect of uncertainty on objectives can be positive, negative, or neutral, whether it’s an opportunity, an obstacle, or an obligation. That’s where ISO 31000 comes in. For some time, Texas was the only state to adopt ISO 31000 as the state ERM standard. They did it through the utilization of guidelines written in collaboration with contributors.

[43:29] They’re called the Texas Enterprise Risk Management Guidelines. They don’t tell people what to do but they give people a framework for how to answer questions of risk and make decisions. The meta-framework of the guidelines is called Governance, Risk, and Compliance (GRC), developed by OCEG, the Open Compliance and Ethics Group.

[44:23] The meta-framework of GRC is that enterprise risk is about critical disciplines. That’s the true enterprise risk model. It deals with governance and oversight, Gerald’s role; and strategy and performance, James’s role. Risks and decisions, compliance and ethics, security and continuity, audit and assurance; each of these domains has to be integrated into an ERM model.

[45:00] SORM uses ISO 31000 as it is sufficient to their needs, but they still pull from other standards, such as COSO or SERM.

[45:58] James says it’s not necessarily the brand of framework you choose that is important. It’s the vocabulary that you need to understand. SORM picked ISO 31000 and all the state agencies they work with took a course in it so they all had the same vocabulary. As long as everyone understands the standard, they can apply it.

[46:44] The Texas Enterprise Risk Management Guidelines are known as the TERM-G or TERM Guidelines.

[47:24] Gerald has a degree in psychology. It was a soft skill that was sought when he entered the workforce. There’s a lot of stress on employees and it’s important for the leadership team to have the right skill set to work with stressed employees and meet some of their needs. Gerald recalls Enron and the need to make hard choices about ethical behavior.

[51:03] Gerald has had an extensive relationship with RIMS. He reminisces about attending RISKWORLD many times when he was with Zurich and cutting deals on the floor. We’re in a world where change is increasing and the ability to get fresh, insightful information allows organizations like SORM to think through the next round of strategies to manage the risks.

[52:23] Gerald knows the value in RIMS and looks forward to participating in this upcoming panel at DFW.

[52:33] Gerald, Stephen, and James will be at the RIMS DFW Conference in September. Gerald will discuss the macro forces at work that have the potential to impact loss cost for SORM, and the state of the reinsurance market which is linked to SORM’s ability to get property capacity.

[53:06] Gerald says they want to talk about the interplay between risk managers and the boards they report to. Boards are taking a harder look at risk managers. Boards don’t like surprises. It takes quality communication with the board. There also has to be strong orientation of new board members so they can act as proactive business partners as they face the challenges.

[53:56] Also, the an ongoing discussion about broadening risk appetite and tolerance. The importance of parametric insurance, understanding how the market is behaving. Capacity is being contracted in Florida and the Gulf states and there have to be additional ways of dealing with risk. SORM provides good advice-based education on the proper coverages needed.

[55:09] James will talk about how, when he was a new risk manager years ago and risks were new to him, through RIMS, he was connected with a host of individuals who had seen the same risks every day and were veterans of it. RIMS is a support system for a new risk manager.

[55:22] He will speak of the tools RIMS provides, like the benchmark surveys, white papers, and articles, like the Hurricane Preparedness 2024 article, that came out 15 days before Beryl was approaching across the Gulf. SORMS is similar to an insurance carrier in Texas, except they want to look at your risk model, policies, and procedures. If there’s a gap, then get insurance.

[56:31] SORMS is not in it for profit but for protection and what’s best for the state of Texas.

[56:43] Stephen will talk about the relationships with RIMS over the years the relationships established and the outstanding resources that are available. He finds the compensation report a bit of a downer, though, personally, working for the State Government!

[57:32] RIMS and associations like RIMS are essential for upholding high ethical standards and integrity in the profession and are also important for self-governance. When professionals agree on high standards of operation, that keeps the government out of your business. Stephen also talks about other aspects of SORM that people may not know about.

[59:41] There are big risks on the horizon that could be talked about, like climate change, cybersecurity, artificial intelligence, political risk, civil unrest, inflationary pressures, global market volatility and alternative risk financing, and the pandemic moving into endemic with massive economic and societal impacts.

[1:01:20] Justin thanks Gerald Ladner, Sr., Stephen Volbrecht, and James Cox for being on RIMScast. Anyone who wants to hear more from SORM will travel out to Dallas on September 19th for the DFW RIMS Annual Meeting! Justin will be there and looks forward to seeing them in person, hearing what they have to say, and shaking their hands for a big group shot!

[1:01:57] Special thanks again to all of our guests from the Texas State Office of Risk Management, Gerald Ladner, Sr., Stephen Volbrecht, James Cox, and of course, former DFW RIMS President, Penni Chambers, who was also on the RIMS Board of Directors. The DFW RIMS Fall Conference and Spa Event will be held on September 19th and on the 20th is Spa Day.

[1:02:24] Visit DFWRIMS.org to register.

[1:02:27] Extra special thanks to our sponsor Hillwood. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate, office, retail, aviation, and multi-family housing developments.

[1:02:43] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners. Visit Hillwood.com for more information.

[1:03:07] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[1:03:42] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[1:04:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[1:04:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[1:04:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[1:05:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20

About our sponsor, Hillwood: Hillwood.com

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Spencer Educational Foundation — Funding Their Future Gala 2024

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Sponsored RIMScast Episodes:

“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Stephen Volbrecht, Executive Director for the State Office of Risk Management (SORM)

James Cox, Division Chief of Strategic Programs (SORM)

Gerald Ladner, Sr., Chairman of the Board of Directors (SORM)

Penni Chambers, former DFW RIMS president and RIMS Board Chairperson

Tweetables (Edited For Social Media Use):

The cheapest injury that you ever have is the one that doesn’t happen. — Stephen Volbrecht

Our approach is never to underestimate what can happen. Uncertainty is at the basis of all risk; not understanding what the consequences may be. So what you do is you anticipate the worst-case scenario, you prepare for that, and then you go from there. — Stephen Volbrecht

No matter the specialization in the military, the military does very well operating in high- or higher-risk environments. They drill mission and safety in equal parts. — James Cox

We’re in a world where change is increasing and the ability to get fresh, insightful information allows organizations like SORM to think through the next round of strategies so that we can manage the risks. — Gerald Ladner, Sr.
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Exploring Risk in Extreme Environments with Kevin Vallely
23 lug· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Kevin Vallely, an explorer, architect, mentor, and author, about his early life, his career, his risk philosophy, and a hint of his upcoming keynote speech at the RIMS Canada Conference 2024, from October 6th through 9th in Vancouver, B.C.

Listen in for the steps to building the skill of resilience.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Today we will discuss strategic risk management with architect and world-renowned adventurer, Kevin Vallely, who will also be one of the RIMS Canada 2024 keynotes.

[:43] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:07] Let’s talk about prep courses for the RIMS-CRMP. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:22] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:38] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes.

[1:53] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[2:06] Exhibitor’s space is still available at the RIMS Canada Conference 2024. This is your chance to get in front of risk professionals from around the world. To learn more about how to become an exhibitor at the RIMS Canada Conference 2024, click the link in the show notes. All RIMS regional conferences information can be found through the Events page at RIMS.org.

[2:29] The first of two guests today, Aaron Lukoni, is the Manager of Risk Services for Emergency Management in British Columbia, and the National Conference Chair for the RIMS Canada Council. Aaron is making this cameo appearance on RIMScast to tell you what’s coming up for the RIMS Canada Conference 2024. This may be the best RIMS Canada Conference ever!

[3:01] Aaron Lukoni, welcome to RIMScast!

[3:32] Aaron Lukoni is a Manager of Risk Services for Emergency Management, British Columbia. She handles wildfires, floods, and national events. She is a professional problem-solver for the Province of British Columbia.

[3:52] By night, Aaron is the National Conference Chair for the RIMS Canada Council. Eight years ago, she started on a subcommittee. She has a passion for volunteering. Aaron will be hosting the RIMS Canada Conference in Vancouver B.C. from October 6th through 9th, 2024.

[4:51] This RIMS Canada Conference will be great. It’s in stunning Vancouver! It will be a dynamic program filled with insightful presentations and interactive thought leadership sessions. There will be a huge exhibitor hall and amazing networking opportunities! There will be extra Plenary sessions with coverage of risk management critical topics.

[5:46] There will be expert speakers and a diverse lineup of educational sessions to allow attendees to dive deeper into their areas of interest. There will be something for everybody at the RIMS Canada Conference 2024!

[6:22] The keynotes are Kevin Vallely, Jody Wilson-Raybould, Jon Montgomery, and Jay Kiew, our guest on RIMScast Episode 296 (Check it out!). The speakers will highlight emerging trends from technological advancements and regulatory changes to evolving best practices and leadership considerations, all to motivate and inspire you and set the tone for the conference.

[9:37] Thank you, Aaron! We look forward to seeing you at the RIMS Canada Conference 2024 in Vancouver, from October 6th through the 9th.

[9:45] Our next guest is an explorer, architect, and author. He is Kevin Vallely, who is renowned for his adventurous spirit and compelling storytelling. He holds a Guinness World Record for the fastest unsupported trek to the South Pole and has led numerous expeditions around the globe.

[10:06] He’s the author of Rowing the Northwest Passage, about an unprecedented journey through one of the world’s most challenging environments. In 2025, he will trek to the Arctic in a way that no one has ever done. We’re going to hear about it and his risk philosophies for strategic risk management, with a preview of his RIMS Canada Conference 2024 keynote.

[10:40] Kevin Vallely, welcome to RIMScast!

[10:50] Kevin is in Vancouver today, and it is hot there this July! It’s 35 Celsius or around 100 degrees Fahrenheit. He enjoys the heat.

[11:53] Kevin has been undertaking major expeditions for almost three decades. It started when he was a child, one freezing February night in Montreal. He was nine years old and his brother was five. They were separated from their parents in a department store, and a security guard put them out on the street instead of finding their parents. Kevin’s brother cried to go home.

[13:31] At that point, Kevin, being the big brother, started the journey home with his little brother. Finding landmarks, he got to a familiar street and followed it for several hours, stepping into apartment buildings on the way to warm up, and made it home to their relieved parents and police searching for them.

[14:22] That had been the riskiest and most uncertain moment in Kevin’s life and he effectively overcame it. It was an empowering moment. It wasn’t long after that, Kevin had this dream to ski to the South Pole, which he did, thirty-five years later.

[14:47] Having been thrown into an unsettled and risky situation he didn’t want to be in, and overcoming it, Kevin realized he was good at pushing through and coming out the other end, having successfully taken care of his brother and himself. It was an aha moment and the beginning of his adventuring career.

[15:22] There is no adventuring degree. You just put yourself out there. The degree is that you survive and succeed. People who don’t succeed in that world either deal with very bad consequences or their expeditions fail. Having broken the Guinness World Record to the South Pole is indicative that Kevin is doing something right. He has many expeditions under his belt.

[15:50] A successful adventurer understands how to deal with risk, effectively manage it, and move forward. Kevin is a member of The Explorer’s Club, based in New York. It’s an elite club.

[16:39] An adventurer always has to adjust. On September 10, 2001, Kevin and a teammate were summitting 10,000-foot-plus volcanoes in Java and Indonesia, two Muslim countries with very friendly people. Then September 11th happened and in a short time, Kevin and his teammate were not wanted.
[17:39] They were warned by the Canadian Embassy to get out of the country but they kept going. They began to see this change. Then someone tried to drive them off the road, cursing at the “Americans.” Police officers told them to be very careful and recommended they leave. So they made an adjustment and left.

[18:09] Kevin has been back to Indonesia a number of times since, and he says it’s the most wonderful country with the most wonderful people. But there was that moment in history when they were in the wrong place at the wrong time and they knew to get out. Their appearance as Westerners was held against them with hostility. It was vital to adjust and leave.

[19:25] Resilience is a fundamental facet of every occupation. Studies indicate that resilience is as important as whatever it is in your job that you are doing, in terms of career success. Resilience is a skill you can build, develop, and train. Push yourself and build that strength with small things so when something big happens, you can deal with it.

[20:11] The three Ps of resilience are a strong sense of Purpose, Partnership with a team, and Perspective on the situation. Be conscious of these three things all the time to build your resilience.

[21:32] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[21:57] On September 12th, Hub International returns to deliver the third part of their Ready for Tomorrow series. It’s titled Pivot and Swerve Staying Agile During Shifting Market Dynamics. More webinars will be announced soon and added to the Webinars page. Register at RIMS.org/Webinars. Webinar registration is complimentary for RIMS members!

[22:23] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda is live and soon we will have a call for nominations for the ERM Award of Distinction. I’ll have that link up soon in an upcoming episode.

[22:43] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[22:57] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals; that is achieved in part by a collaboration with risk management and insurance educators across the United States and Canada. The call for General Grant applications is open now through July 30th.

[23:18] General Grant Awardees are typically notified at the end of October. The link to the application criteria is in this episode’s show notes.

[23:28] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray will be our Honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services.

[23:54] Lilian will be honored for her valuable contributions to supporting the future of risk management and insurance. That was a great episode, so after you finish this one, go back and listen to Episode 293!

[24:08] Let’s conclude our interview with RIMS Canada Conference 2024 Keynote Kevin Vallely!

[24:50] Kevin explains that team alignment and managing risk effectively together is all around communication. If you’re not communicating, you don’t know if you’re aligned.

[25:09] Before you head into a difficult situation, come up with some key principles to display when you’re out there: your decision-making model, your guiding principles for this journey, your goals, and your definition of success, with all team members being on the same page with these principles throughout the journey.

[25:38] Kevin explains how the key principles work in practice on the journey.

[27:01] The decision-making process is to be determined and agreed upon by the members of the expedition before the journey begins. When things are happening quickly, you don’t debate how to make a decision. You make the right decision when you need to.

[27:57] Kevin compares architecture to adventuring. It’s an uncertain landscape in many ways. Liability, creativity, and innovation relate to the wild as well as to architecture. The wild wisdom he learns on adventures helps his architecture and what he learns in architecture helps his expeditions.

[29:56] Kevin went into architecture as a wonderful opportunity to express himself. He is doing contemporary modern homes. He has worked in every aspect of the business but has worked for himself for 13 years. His architecture is a passion project and he likes to do things that are a little bit different, with the risks that involves.

[30:34] Kevin discusses some of the homes he has designed for clients. His clients become his friends as they work together for years from start to finish. The Bridge House is one he loves. His job is to create the client’s dream space with his vocabulary.

[32:01] Kevin’s upcoming expedition for March 2025 is called The Coldest Journey in the World. They first tried it in 2022. It lasted two weeks, due to conditions that were colder than anticipated. It was too cold for the machines. After two weeks they recognized they were putting themselves in danger so they paused to rethink it and came back.

[33:30] Their process now is innovative thinking, rethinking, and dynamically changing, based on the risk profile. The plan now is to go by ski and dog team. Dogs survive wonderfully in that environment. They love it, in coid worse than snowmobiles can take. They have a team of four traveling with two sets of dog teams. It’s an Inuit and non-Inuit team coming together.

[34:08] It will be a seamless, cross-cultural collaboration. They will be learning from one another in this environment. There will be a camera team, independent of them, for a period of time, as the camera team endures. Kevin is trying to push the boundaries of what is possible in that environment. No one has been there in that time of year.

[35:00] Kevin is not looking for world records. This is a much more meaningful process for him. They are going to the Northern terrestrial edge of the planet, as far North as you can go before stepping onto the sea ice heading for the North Pole. They are going there and back on a 1,200-mile (2,000-Km) journey through the coldest, most hostile environment on the planet.

[35:31] They will see things few people get to see, including lots of polar bears, wolves, and musk oxen. It will be fascinating to see how those creatures survive in that environment. They estimate the trip will take 45 to 60 days. Last year, on Baffin Island, they did a quick, two-week test journey. At one point it was minus 47 degrees Celsius with 110 Kph winds.

[36:11] The temperature felt like minus 87 Celcius or about minus 125 Fahrenheit. Kevin bit into a Fig Newton, and his front tooth snapped off at the gum. He’s getting an implant put in. It’s cold and things get really brittle. It’s a different world. The team understands the environment and has been in it. Someone who’s never been in the environment could die quickly in it.

[36:53] Kevin’s team is able to push that boundary with their experience. For them, the risk is manageable and they know what to do when things don’t turn out right. They adjust to that.

[37:15] When you’re out there, the first couple of weeks are nasty but then your body starts to adapt to using food to generate heat. When they skied to the South Pole, they ate 8,500 calories a day, taking a special lipase to digest the extra fat. Normally, the human body maxes out at metabolizing 5,500 calories. Kevin still lost weight. Extreme cold is the ultimat diet.

[38:27] At the RIMS Canada Conference 2024 in Vancouver, Kevin will talk about a planned rowing journey, attempting to traverse the Canadian High Arctic in a small boat solely under human power, with all the risks associated with that and how to manage them, including things happening that you couldn’t anticipate, and how you deal with that,

[38:51] There's a lot of learning around risk management and also courage in that environment. There’s risk in life. It’s about having the right mindset, being courageous, and moving forward through whatever you are thrown. Kevin will use multimedia visuals with videos to illustrate his address. There will be opportunities for audience involvement.

[39:54] That sounds like it’s going to be great. We look forward to seeing you there. I really appreciate you making the time for us here today. We will see you at the RIMS Canada Conference 2024 in Vancouver. Kevin Vallely, thank you so much! This has been a lot of fun!

[40:08] Special thanks again to Kevin Vallely, for joining us here on RIMScast! He will be one of the conference keynotes, at the RIMS Canada Conference 2024 in Vancouver from October 6th through the 9th. Visit RIMSCanadaConference.ca to register.

[40:25] By all means, check out KevinVallely.com. He’s got some great stuff on his site. Learn more about that expedition scheduled for 2025.

[40:34] Check out RIMScast Episode 296 with Jay Kiew for more insight from RIMS Canada Conference 2024 keynotes.

[40:42] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[41:16] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[42:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[42:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[42:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[42:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RIMS Canada Exhibitor Opportunities

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!

Spencer Educational Foundation — Funding Their Future Gala 2024

Kevinvallely.com

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Jay Kiew, RIMS Canada Conference Keynote 2024”

“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”

Sponsored RIMScast Episodes:

“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Kevin Vallely, Lead Facilitator/Keynote Speaker/Expedition Manager of Peak Teams Global

Tweetables (Edited For Social Media Use):

There is no adventuring degree. You just put yourself out there. The degree is that you survive and succeed. — Kevin Vallely

As an adventurer, you understand how to deal with risk; there’s always a risk, but how you can effectively manage it and move forward. — Kevin Vallely

Adaptability is vital; this ability to adjust. You’re always adjusting. I’ve done many expeditions over the years where things have gone sideways you didn’t expect. You have to adjust. — Kevin Vallely

I’m not looking for world records. This is way bigger than that. It’s a much more meaningful process and I could go into it in detail; I won’t here. — Kevin Vallely
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Thoughts and IDEAs on Inclusivity with Michael Bach
16 lug· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Aaron Lukoni about the RIMS Canada Conference 2024, from October 6th through 9th in Vancouver, B.C., and IDEA thought leader Michael Bach about Inclusion, Diversity, Equity, and Accessibility. Michael opens up on his perspective on anti-racism and inclusion, and how to slow down the swinging pendulum so good practices can take hold. He shares how organizations can start with a diversity committee, but eventually, it has to be a paid role to create change in the organization.

Listen in for thoughts on following the data instead of opinionated pushback.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Our topic is diversity, equity, and inclusion, and our guest is IDEA thought leader, Michael Bach.

[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 23rd and 24th, our good friend, Elise Farnham returns to teach Claims Management. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management.

[1:01] Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:47] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.

[2:07] The DFW RIMS Annual Conference will be held on September 19th. Registration is open. Visit DFWRIMS.org.

[2:17] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[2:29] The first of two guests today, Aaron Lukoni, is the Manager of Risk Services for Emergency Management in British Columbia, and the National Conference Chair for the RIMS Canada Council. Aaron is making this cameo appearance on RIMScast to tell you what’s coming up for the RIMS Canada Conference 2024. This may be the best RIMS Canada Conference ever!

[3:01] Aaron Lukoni, welcome to RIMScast!

[3:32] Aaron Lukoni is a Manager of Risk Services for Emergency Management, British Columbia. She handles wildfires, floods, and national events. She is a professional problem-solver for the Province of British Columbia.

[3:52] By night, Aaron is the National Conference Chair for the RIMS Canada Council. Eight years ago, she started on a subcommittee. She has a passion for volunteering. Aaron will be hosting the RIMS Canada Conference in Vancouver B.C. from October 6th through 9th, 2024.

[4:51] This RIMS Canada Conference will be great. It’s in stunning Vancouver! It will be a dynamic program filled with insightful presentations and interactive thought leadership sessions. There will be a huge exhibitor hall and amazing networking opportunities! There will be extra Plenary sessions with coverage of risk management critical topics.

[5:46] There will be expert speakers and a diverse lineup of educational sessions to allow attendees to dive deeper into their areas of interest. There will be something for everybody at the RIMS Canada Conference 2024!

[6:22] The keynotes are Kevin Vallely, Jody Wilson-Raybould, Jon Montgomery, and Jay Kiew, our guest on RIMScast Episode 296 (Check it out!). The speakers will highlight emerging trends from technological advancements and regulatory changes to evolving best practices and leadership considerations, all to motivate and inspire you.

[9:04] Thank you, Aaron! We look forward to having you back on RIMScast. I’ve got a full interview with Aaron on the RIMS Canada Conference 2024 Registration Page. Check it out there!

[9:17] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. More webinars will be announced soon. Register at RIMS.org/Webinars.

[9:51] Webinar registration is complimentary for RIMS members!

[9:55] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon in an upcoming episode.

[10:14] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[10:31] My next guest, Michael Bach, is a leader in Inclusion, Diversity, Equity, and Accessibility, or IDEA. He has advised thousands of clients, served as the National Leader of DE&I for KPMG Canada, and was Deputy Chief Diversity Officer for KPMG International. He was named one of the 10 Most Influential DE&I Leaders Revamping the Future by CIO Views Magazine.

[10:56] Michael was also honored as a Canadian Diversity Champion and Catalyst Canada Honors Human Resources and Diversity Leader. His best-selling books, Birds of All Feathers and Alphabet Soup, have received widespread acclaim. I am so excited to speak with him about all things IDEA and DE&I!

[11:19] Michael Bach, welcome to RIMScast!

[11:58] About Michael’s name and Bach jokes. There is no known family relationship between Michael Bach and Johann Sebastian Bach.

[12:50] Michael doesn’t look at the work of Inclusion, Diversity, Equity, and Accessibility as a social justice agenda but as a means to solve problems. How can Inclusion, Diversity, Equity, and Accessibility be applied to solve the challenges an industry faces?

[13:12] Michael likes that the first letters of Inclusion, Diversity, Equity, and Accessibility make the word IDEA.

[13:56] Michael was brought up to recognize his privilege as a “cisgender white man” walking through the world with a level of access that wasn’t experienced by a lot of people and that he had the responsibility to leverage that privilege to the benefit of others. He learned what that meant when he got into the corporate world and a variety of roles, and then his role at KPMG.

[15:05] Michael realized that the organization was having challenges with talent retention and engagement and that the way to improve those things was through a focus on IDEA (Inclusion, Diversity, Equity, and Accessibility). Michael was head of Diversity for eight years. It was a new role at KPMG. He then became the Deputy Chief Diversity Officer for KPMG globally.

[16:11] After two years, Michael moved on to create The Canadian Centre for Diversity and Inclusion and led that organization for 10 years.

[16:50] Some employers understand that this is not a social justice agenda or about doing the “right thing”; it’s good people management. It’s a smart way to run your business.

[17:16] Some organizations have done nothing about DE&I. Other organizations have dipped their toe in the water and backed away because of pushback from customers. You will always make some people unhappy. If your value statements mean anything to you, then a focus on IDEA should connect to those values and matter to you as an organization.

[19:04] Michael talks about the approach TD Bank took with the LGBTQ market. They wanted to own the “pink dollar.” They spent a fortune sponsoring Pride festivals across the country. While some customers pulled away, TD Bank won a large percentage of the LGBTQ community. TD Bank is near the top financially in the country.

[21:19] Michael does not think this is a worrisome time. He sees a natural progression of change. He brings up the Civil Rights Act of 1964 in the United States. Canada has the Employment Equity Act of 1984. This isn’t a new conversation and these aren’t new problems that will go away quickly.

[21:49] Some organizations are backing away and Michael thinks they will regret it because they will have higher voluntary turnover rates, lower engagement scores, lower productivity rates, and higher rates of safety incidents. The data proves that if you’re not focused on the diversity of your people and good people management, they’re going to leave. Your costs will go up.

[22:39] The organizations that back away from IDEA are going to be at Michael’s doorstep in five to 10 years asking for his help. The organizations that haven’t taken their foot off the pedal will be crushing their competition. This work requires you to constantly have your foot on the gas pedal, or you will roll backward.

[24:05] How do organizations today compare to how they were in 2019? Michael talks about 2020 with George Floyd and thousands of bodies of Indigenous children found in unmarked graves at the sites of residential schools across Canada. Those were pivotal moments when, for the first time, people wanted to talk about anti-racism. Those moments drive change.

[24:56] Four years later, people are saying we don’t need anti-racism. Governments are banning DE&I offices. Within a week after George Floyd was killed, Michael’s phone at CCDI, where he was working, was lighting up with employers asking for help with anti-black racism. CCDI put out extensive training programs and policies. But the pendulum swings back.

[26:18] Michael’s goal is to keep the pendulum from swinging that far. We want it to swing slowly. That allows for the change to take hold. Right now, the pendulum has swung too far. Michael advises every employer to turn to the numbers before taking a step back from IDEA. Look at what the data tells you.

[27:10] A recent study posted on CNN found that 76% of Americans believe in LGBTQ+ equality. Look at that number when you decide if you should be supporting a Pride festival. Use data to prove points. Do not use opinion. We have more data now that answers the questions.

[28:54] Time for more RIMS Plugs! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals; that is achieved in part by a collaboration with risk management and insurance educators across the United States and Canada. The call for General Grant applications is open now through July 30th. General Grant Awardees are typically notified at the end of October.

[29:22] The link to the application criteria is in this episode’s show notes.

[29:28] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray will be our Honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services.

[29:53] Lilian will be honored for her valuable contributions to supporting the future of risk management and insurance. That was a great episode, so after you finish this one, go back and listen to Episode 293!

[30:07] Let’s conclude our interview with Michael Bach!

[30:44] Diversity Committees are a great place for organizations to start in the IDEA world. You’re taking a group of people from across the organization and giving them the reins of change. Institutional knowledge is important for this effort because you know how things happen in your organization. You don’t have to be an expert in IDEA.

[31:41] Committees need to be formalized and span the entire organization. Committees are working bodies, they are not governing bodies. You need people on the committee who can do the work. You want to consider every aspect of diversity on the committee and have somebody from every department and every area branch.

[33:08] Make sure that you formalize the committee in such a way that they don’t get out of control. Give them rules to follow so they know where they can draw the lines. What are the roles on the committee? How do people get on the committee? How are people recognized for their participation on the committee? What is their authority level? To whom do they report?

[33:48] Some committees don’t have that kind of structure and they go off the rails and do things that the organization desperately tries to undo. This could be a sponsored event that doesn’t align with the strategy of the organization or education programs that HR doesn’t know about. You have to put lines around the committee so they know what is out of their scope.

[34:40] Connect the committee with all departments of the organization, such as HR, so the committee is working with them and not against them.

[35:09] Eventually, an organization outgrows a volunteer-run committee. Make sure there is turnover on the committee to avoid burnout. At some point, you will have to hire someone like Michael to do the work. Work is done for pay.

[36:35] Michael’s thoughts on Pride Month, 2024. There are so many speaking events in June, that every July 1st, Michael says he just has to “wash the gay off,” because it is at such a high level. He is seeing something he’s been hoping to see for some time: organizations that are recognizing they need to talk about the inclusion of the LGBTQ+ community outside of June.

[37:51] It’s important to have designated months as visible symbols of inclusion to recognize communities, but people belong to their community all year, not just during one month. We need to be inclusive year-round. There is an extensive calendar of things that we could be celebrating so it doesn't become a thing where we change our logo for a month. Be broadly inclusive.

[39:24] Special thanks again to the IDEA man, Michael Bach, for joining us here on RIMScast! For more information, visit MichaelBach.com, Thank you again to Aaron Lukoni for joining us here on RIMScast!

[39:36] Be sure to register for the RIMS Canada Conference 2024 at RIMSCanadaConference.ca. Interviews with more RIMS Canada Conference 2024 speakers are on the way.

[39:47] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[40:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[41:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:18] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[41:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[41:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!

Spencer Educational Foundation — Funding Their Future Gala 2024

Spencer Educational Foundation General Grants

MichaelBach.com

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

Claims Management — July 23‒24

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Jay Kiew, RIMS Canada Conference Keynote 2024”

“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”

“Equality and the Risk Profession with Elisa Stampf”

“Including Disability In DEI Efforts with Alycia Anderson”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“Mental Health Awareness Month 2023”

Sponsored RIMScast Episodes:

Partnering Against Cyberrisk | Sponsored by AXA XL (New!) [Link will be sent on 7/15]

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Aaron Lukoni, Risk Management Consultant, Ministry of Finance, British Columbia

Michael Bach, IDEA Thought Leader

Tweetables (Edited For Social Media Use):

I handle a lot of wildfires, floods, national events, and things like that. I am a professional problem-solver for the Province of British Columbia. By night, I am the National Conference Chair for the RIMS Canada Council. — Aaron Lukoni

Thought leadership is the backbone of the conference and with more keynotes, we have more opportunities to spotlight pioneering research, innovative strategies, and success stories. — Aaron Lukoni

I don’t look at Inclusion, Diversity, Equity, and Accessibility as a social justice agenda but as a means to solve problems. I look at the challenges in an industry and ask how Inclusion, Diversity, Equity, and Accessibility can play a role in addressing them. — Michael Bach

If your value statements mean anything to you, then a focus on IDEA should connect to those values and should matter to you as an organization. — Michael Bach

This is something I don’t share with people a lot, but I am gay almost every day of the year. I take the high holidays off, for obvious reasons. I’m going to be gay in October. I’m going to be gay in January. — Michael Bach
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote
9 lug· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Jay Kiew, one of the keynotes for the RIMS Canada Conference 2024; the first of several Canada Conference keynotes who will appear on RIMScast. Justin and Jay discuss what is a change navigation strategist, how a risk or insurance professional could benefit from the perspective of a change navigation strategist, and what a licensed Insights psychometric practitioner does.

Listen in for a contemporary bonus definition of innovation.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:21] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by change navigation strategist, Jay Kiew, who will be one of the keynotes for the RIMS Canada Conference 2024.

[:44] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 23rd and 24th, our good friend, Elise Farnham returns to teach Claims Management. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management.

[1:08] Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:16] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:38] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:53] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.

[2:14] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!

[2:27] Our guest today is Change Navigation Strategist, Jay Kiew. He is one of the keynotes appearing at the RIMS Canada Conference on October 7th. Read his bio on the RIMS Canada Conference registration page or visit JayKiew.com.

[2:46] Jay has over 13 years of experience with Deloitte, TELUS, and ADP, leading mission-critical strategic transformations with over two billion dollars worth of impact. We will discuss those experiences and the roles risk professionals played, hear from this Vancouver native on his risk philosophies, and get a sense of the energy he will bring to the RIMS Canada Conference 2024.

[3:20] Jay Kiew, welcome to RIMScast!

[3:58] Jay Kiew has a podcast, Mavericks and Machetes, about navigating and hacking through the thick of change. Mavericks blaze trails in their organization. Organizations also can be mavericks. The podcast digs into exploring how people impact and drive behavioral change. Justin offers a joke about the title.

[5:27] Jay saw a Toastmasters booth at his college welcome day. He joined before he knew what it was, a weekly event where he could test the art and science of public speaking. That translates well to his full-time job today. Toastmasters got him going, in terms of his fear of speaking in public. It was scary but he decided to lean into it.

[7:13] At that time, Toastmasters didn’t accept members under age 18. Jay had just turned 18 when he joined. He participated in leadership offices. While he developed his skills as a speaker he contributed to the chapter. At 19, he became the world’s youngest Distinguished Toastmaster. When that became an article on Wikipedia, other young people copied him.

[8:53] Justin tells of his experience doing standup comedy for about 18 months, helping him remove his prior fear of public speaking.

[11:41] Jay grew up with parents who were hosts and DJs in Singapore. That entertainment background helps Jay in his career. His father had passed before Jay started college but his mother was very supportive of Jay joining Toastmasters.

[14:29] Jay graduated college with a political science degree and a minor in business. He joined the payroll company ADP and helped companies move internationally, combining HR, legal, and tax matters in one role. He was facilitating the process but he knew he wasn’t at the table making any of the decisions. He wanted to be involved.

[15:45] Asking himself how a company decides to move internationally, he found out about management consulting. He went back to school for an MBA. He joined Deloitte in their organizational transformation practice for a few years. Then he shifted to a digital healthcare company where he worked in strategy and transformation.

[16:38] Jay describes a change navigation strategist as a blend of strategy and change management. It starts with creating a vision of where the organization could go, planning how to bring people on the journey, and changing people’s behaviors to go with the vision. It includes buy-in, alignment, and moving with purpose and mission.

[17:11] The job title is vague enough that a lot of Jay’s family and friends have no idea what he does but specific enough that he can ask a CEO or CXO about what problem they are trying to solve and then focus on that problem using an applied behavioral science lens. This brings Jay into touch with healthcare, insurance, and financial services.

[18:08] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. More webinars will be announced soon. Register at RIMS.org/Webinars.

[18:41] Webinar registration is complimentary for RIMS members!

[18:46] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[19:04] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[19:18] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. The call for general grant applications is open now through July 30th.

[19:40] General grant awardees are typically notified at the end of October. The link for the application criteria is in this episode’s show notes.

[19:50] On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City.

[20:00] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.

[20:23] That was a great episode, so after you finish this one, go back and listen to Episode 293!

[20:29] Let’s return to my interview with RIMS Canada Conference 2024 Keynote Jay Kiew.

[20:59] Jay believes risk professionals are not averse to change. They are the ones driving the most change across their organizations as their markets shift. They are the most concerned with how organizations and team members adapt. If their roles change, they will feel resistance.

[21:34] Jay sees the intersection between risk and change management to be in how risk professionals think through behavioral nudges, gamification, dashboards, and leaderboards.

[21:59] When Jay keynotes on October 7th, it will be his first time at the RIMS Canada Conference.

[22:18] Justin notes that RIMS Canada is big on innovation. Jay defines innovation as a spectrum. It can change how a product or service is delivered. The financial services industry changing to digital and adding new products is an example. That’s organizational innovation.

[22:43] Individual innovation is adaptive by applying new technologies that help individuals to be more productive, such as by automating some of their work.

[23:23] Jay comments on Generative AI and its effect on financial services/insurance, healthcare, architecture/engineering/construction, and filmmaking/videography. Those four industries are being the most disrupted. Jay shares some instances of AI innovation.

[25:46] Jay speaks of slop AI, where it’s obvious no human wrote it. He asks, how do we differentiate instead of being derivative?

[26:55] Matrix talk!

[27:55] What is a licensed Insights Psychometric Practitioner? Jay can read people.

[28:19] Jay’s tips for learning to read people, even remotely: People are not just in one mode. In this podcast, there are moments of Justin joking and Justin being thoughtful. Observe and ask where his head is, and what concerns him the most. Is he analytical at this moment or having fun? Where do you meet his energy levels? To match him, fall into the same energy level.

[31:37] It’s important to see people where they are and then shift with them into a different state. Empathy is the starting point. Use intentional observation.

[34:06] Jay’s words about RIMS Canada attendance: “Hey! Sign up if you haven’t registered yet. I think it’s going to be so much fun! It’s hosted in my hometown! How much better could it be? Right downtown, waterfront Vancouver. One of the best places in the world! Not only do we promise a good time, but you’ll also have peaceful walks with nature.”

[34:32] Go to JayKiew.com for more about him and his fantastic work and his podcast, Mavericks and Machetes. Justin thanks Jay and looks forward to seeing him at the RIMS Canada Conference 2024.

[35:10] Special thanks again to Jay Kiew for joining us here on RIMScast! This officially kicks off my pre-conference coverage of the RIMS Canada Conference 2024. The conference kicks off on Sunday night, October 6th, 2024 and Jay will be one of the first keynotes, delivering his address on October 7th. Check out Mavericks and Machetes at JayKiew.com.

[33:33] Be sure to register for the RIMS Canada Conference 2024 at RIMSCanadaConference.ca. Interviews with more RIMS Canada Conference 2024 speakers are on the way.

[35:43] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[36:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[37:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[37:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[37:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[37:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!

Spencer Educational Foundation — Funding Their Future Gala 2024

JayKiew.com

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

Claims Management — July 23‒24

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“On Risk Appetite and Tolerance”

“Live Again from RISKWORLD 2024!”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“Water and Women in Risk with Sarah Mikolich”

“Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire”

“The Future of AI and Work with Sinead Bovell”

“Crisis-Ready with RIMS Canada Plenary Melissa Agnes”

“Mental Health Awareness Month 2023”

Sponsored RIMScast Episodes:

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Jay Kiew, Change Navigation Strategist

Tweetables (Edited For Social Media Use):

As the students are clamoring to join their clubs, the one that stuck out was Toastmasters. What is that? Little did I know, I stumbled upon this weekly recurrence where I could test the art and science of speaking in public, which translates well to my work of today. — Jay Kiew

Change navigation is a combination of strategy and change management. It starts with casting a vision of where the organization could go, planning how to bring people on the journey, and changing people’s behaviors to match the vision.— Jay Kiew

It’s important to see people where they are and then shift with them into a different state. Empathy is the starting point. Use intentional observation. — Jay Kiew

Ask where is this person’s head right now. Are they more thoughtful, are they quick? Are they trying to get to the point quicker or are they totally talking about something else? Where is their mind? — Jay Kiew
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle
2 lug· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews RIMS Director Of Publications Morgan O’Rourke and RIMS Risk Management Magazine Senior Editor Hilary Tuttle about RIMS Risk Management Magazine, including its recent Azbee awards for design, changes to its format, and the second quarterly issue. Hilary and Morgan share insight into supply chain, pirates, geopolitical conflict, heat domes, a forecasted active hurricane season, elections in many nations, AI gender bias, and what they expect to see for the rest of 2024.

Listen for guidance on preparing your risk management strategy for the second half of 2024.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by two of my favorite guests, Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine.

[:38] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.

[:57] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.

[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:46] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.

[2:07] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!

[2:23] Every July, we like to kick off the Summer with a Mid-Year Risk Report from our friends in the RIMS Publications Department, RIMS Publications Director and Editor-in-Chief of Risk Management Magazine, Morgan O’Rourke, and the magazine’s Senior Editor, Hilary Tuttle.

[2:45] I thought it would be fun to hear what’s shaking the landscape in risk management. Morgan and Hilary are the best in risk management reporting. We’ll talk about risk management trends, some of their favorite topics to cover, and even some of the accolades that the magazine and website have won.

[3:08] Hilary Tuttle and Morgan O’Rourke, welcome back to RIMScast!

[3:26] RIMS Risk Management Magazine has won three design awards this year from the American Society of Business Publication Editors, known as the Azbee Awards. Congratulations to our friend, Art Director, Andrew Bass.

[4:20] RIMS Risk Management Magazine is digital-first, publishing new articles weekly, sometimes a couple a week. It has quarterly digital-only issues and newsletters. The issues look like the former print edition but use technology in new ways to publish content. They are seeking contributions of articles from risk professionals. Contact them if you have a risk article to write!

[6:27] The Q2 issue of RIMS Risk Management Magazine addresses the impact of AI on insurance underwriting. It covers geopolitical issues for the rest of the year. AI and geopolitics are dominant issues now. It also contains guidance on things like document retention policies for litigation and the uses of parametric insurance to address earthquake risk.

[8:05] The issue presents news on the growing copyright infringement claims from the use of social media content and information on third-party risk management issues.

[8:21] Russ Banham wrote an article in this issue about supply chains. Hilary also recently wrote content about shipping. There is a record low of ship losses but a notable increase in threats to shipping. Geopolitics, including the conflict between Israel and Gaza, and conflict in the Red Sea are driving the threats. The majority of cargo ships are being rerouted around Africa.

[9:51] This rerouting affects supply chains greatly. It also affects the environment. By the end of 2023, after about two months of conflict, emissions were up 14%. Ships add 10 days of sailing time to go around Africa. The emergency infrastructure is strained for the route around Africa when ships that are built to stay in coastal waters are rerouted.

[10:34] Somali pirates are back. International regulations on patrolling for piracy expired. Patrolling has been redirected to the Red Sea for the conflict there. Ships navigating the Horn of Africa cross through Somali waters. These factors provide opportunities to the pirates. Since December there have been several boardings.

[12:38] “Ghost ships,” a fleet of unregistered ships, are shipping oil from Russia to countries that are still doing business with Russia. These are older boats that are poorly maintained that can’t be insured and are likely to leak, break, or catch on fire in port. The costs are borne by local governments and property owners wherever the ship docks.

[15:01] Hilary brings up the Captain Phillips movie, where the Somali pirates kept mentioning insurance payouts.

[15:26] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinars debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[15:50] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[16:09] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[16:24] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada.

[16:40] The Spencer Educational Foundation’s Risk Manager on Campus Program brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.

[17:06] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City.

[17:31] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.

[17:55] That was a great episode, so after you finish this one, go back and listen to Episode 293!

[18:01] Let’s return to my interview with Morgan O’Rourke and Hilary Tuttle of the Azbee Award-winning RIMS Risk Management Magazine.

[18:30] July is the start of severe weather seasons across the globe. The forecasts are terrible. The East Coast is facing a heat dome. It becomes an issue for businesses of protecting their workers. In a recent survey, 65% of small business owners said they plan heat safety measures to protect employees; 35% of small business owners have no plan for such measures.

[19:24] There are some severe consequences if you have employees working outside without any consideration for their safety. OSHA has raised extreme heat safety as an enforcement priority. If you are in the 35% not planning or employee safety in the heat, reconsider your plan.

[19:53] The Workers Compensation Research Institute recently did a study that found that the probability of work-related accidents increases by five to six percent over 90 degrees. The effect is strongest in the South. This relates to heat stroke but also to extreme heat’s effects on cognitive function, reflexes, and reaction time. There is an increase in incidents like falling.

[20:39] There is also a correlation between excessive heat and more significant injuries like traumatic injuries, dislocations, lacerations, and more. Some claims are a lot bigger.

[21:27] Morgan notes some recommendations employers can follow for providing and enforcing planned breaks, water, and shade. They should have a thought-out process and strategy. If an employer sees obvious effects, they must get employees immediately out of harm’s way into a colder place. If someone is confused or vomiting, get them medical attention immediately.

[22:38] It’s helpful to educate the workforce to know what symptoms to look out for in themselves and others, especially heat stroke symptoms that may not be obvious. This is a great mitigation option.

[22:59] Employers can use technology to monitor people’s temperature and the temperature of the environment where they work. This includes wearables.

[23:31] Mitigation protocols apply both to extreme cold and extreme heat. Both can cause great harm. A sports drink is not all that is needed.

[23:48] There is a new hurricane season outlook and infographic with the 2024 forecast on the Risk Management Magazine website. Hilary reviewed 10 detailed meteorological research studies and all of them predicted an above-average active season.

[24:21] Some called it a hyperactive or supercharged storm season. People are expecting quite a lot of storms and worse storms, with a higher risk of making landfall this year. There are a lot of cautions out there. We’ve had 14 straight months of record-high ocean surface temperatures, and storms that form above warmer, deeper water tend to be worse.

[25:00] Not only are the ocean surface temperatures above average, they are above average in a way mimicking the temperatures of the worst earlier hurricane seasons. Ocean temperatures are already as high as normal September ocean temperatures. About 95% of hurricanes happen in September and October in a normal year.

[25:52] The second factor is we are shifting from El Niño to La Niña conditions. In La Niña conditions, the wind shear that would typically break up storms doesn’t occur so storms are more severe. Justin notes even the water at the beach is warmer this year, from taking his family to the beach. Be prepared for hurricanes.

[28:26] Hilary discusses gender-based bias in AI large language models. The models mimic human traits. Large language models are trained on human writings so they have the biases that humans have. It can pick resumes that match the employees you already have, which may be predominantly white men. At Amazon, AI systematically disadvantaged women applicants.

[30:06] Scientists haven’t figured out all of the reasons large language models make the choices they make. Even the use of pronouns in questionnaires changes how the answers are valued. Male-pronoun questionnaires valued achievement while female-pronoun questionnaires valued security. AI disadvantages the use of non-binary pronouns or statements on gender identity.

[31:08] June is Pride Month. Is technology the next frontier of where we need to be conscious of inherent bias and how we actively fight that in the workplace? Look at technology with a grain of salt. If scientists can’t tell why bias is in AI, don’t assume you know why it’s in there. Watch for it.

[32:24] The year 2024 will have the most people voting in elections around the world ever. New leadership will come up with new standards. Change or uncertainty will lead to volatility. A rise in populist nationalism is happening in many countries, involving different trade dynamics. You should already have started to prepare for changes if you have international operations.

[35:23] Morgan hopes that all the things we are preparing for this year don’t happen. Risk managers hope none of the measures they put in place have to be enacted. The status quo is success but be prepared. Morgan says that from 2020 until now has just been tiring!

[36:45] Hilary hopes for more interesting data breaches; she’s tired of exposed S3 buckets, failures of basic MFA implementation, and people making dumb mistakes. She gets very excited about hefty SEC fines over cyber failures. She supports businesses learning one way or another. She says there has been a 12-fold increase in cyber disclosures in the first quarter of SEC filing.

[38:08] Seeing progress there and seeing large fines translate into better risk management is exciting. Businesses are following the regulations.

[39:12] Justin congratulates Morgan and Hilary on the Azbee wins. Any listener who wants to read more can go to RMMagazine.com. The special digital edition is for members only. It’s another value of RIMS.org/membership.

[39:50] Special thanks, again, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine, for extending the dialog beyond the pages of RIMS Risk Management Magazine, which is now available at RMMagazine.com. Be sure to check out the Q2 issue. Members have the benefit of that fantastic page-flipping edition.

[40:13] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[40:46] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[41:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:45] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[42:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[42:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

“Addressing Supply Chain Challenges Amid Rising Geopolitical Tensions”

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!
Contribute to RIMS Risk Management Magazine

Spencer Educational Foundation — Funding Their Future Gala 2024

RIMS Webinars:
RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“On Risk Appetite and Tolerance”

“Live Again from RISKWORLD 2024!”

“Climate Disclosures with Jana Utter”

“Supply and Bike Chains with Emily Buckley”

“Kicking off the new year with RIMS CEO Gary LaBranche”

“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”

“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”

“Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine”

Sponsored RIMScast Episodes:

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Morgan O’Rourke, RIMS Director Of Publications

Hilary Tuttle, RIMS Risk Management Magazine Senior Editor

Tweetables (Edited For Social Media Use):

RIMS Risk Management Magazine is primarily digital-first, publishing new articles on a weekly basis, sometimes a couple a week. We are also doing quarterly digital-only issues. — Hilary Tuttle

A recent survey said that of small business owners, 65% said they are going to add heat safety measures to protect their employees; that means there are 35% that are not doing that and there are some pretty severe consequences of heat injuries through neglect. — Morgan O’Rourke

Scientists can’t entirely figure out all of the reasons that some of these large language models make the biased choices they make. — Hilary Tuttle

I would hope that all the things we are preparing for this year don’t happen; that hurricane season is not terrible, and the election season doesn’t create all sorts of instability. Risk managers hope none of the measures they put in place have to be enacted. — Morgan O’Rourke
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products
25 giu· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Mrunal Pandit of Tata Consumer Products about being the RIMS Risk Management Honor Roll Inductee 2024, having math in her DNA and how that relates to risk management and insurance, her role at Tata Consumer Products. They discuss how “once-in-a-lifetime” catastrophic flood events seem to be happening regularly, and how to proactively and prudently prepare for them. Mrunal tells how she developed Tata’s risk framework playbook for natural catastrophes and how risk management is supported by Tata’s philosophy of social responsibility.

Listen in to for experienced advice on proactively preparing your business to mitigate the risks of climate change.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I am excited to be joined by RIMS Risk Management Honor Roll Inductee for 2024 Mrunal Pandit of Tata Consumer Products.

[:40] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Workers’ Compensation, Employer's Liability and Employment Practices in the U.S.

[58] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:11] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session with Parima on July 18th and 19th. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and a RIMS-CRMP Exam Prep with Utah Valley University on August 7th and 8th.

[1:32] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certifications Page of RIMS.org and in this episode’s show notes.

[1:47] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.

[2:08] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode’s show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more!

[2:38] You can also head over to RMmagazine.com.

[2:41] In next week’s episode, we will have our mid-year update with RIMS Publications Director Morgan O’Rourke and Risk Management magazine Senior Editor, Hilary Tuttle.

[2:56] My guest today is Mrunal Pandit. She is the Global Head of Insurance at Tata Consumer Products in India. She is the first person to hold that position at Tata. She has made some outstanding achievements in her role and that is why she was named the RIMS Risk Management Honor Roll Inductee for 2024. There is so much to discuss about her impact!

[3:29] Her profile in RIMS Risk Management magazine’s Awards Edition was a great read and we wanted to extend that, here on RIMScast. The link to the article is in this episode’s show notes.

[3:40] RIMS Risk Management Honor Roll Inductee for 2024, Mrunal Pandit, welcome to RIMScast!

[4:07] It was a very happy moment for Mrunal and her family when she was awarded as the Risk Management Honor Roll Inductee for 2024. It represents a significant milestone in her professional career as an insurance and risk management professional and recognition for the work she has done so far. What better validation could she ask for than from RIMS?

[5:25] Mrunal is a numbers person. She addresses the significant role of math in the risk profession, such as in decisions about retaining a risk or transferring it to insurance, based on a quoted premium. It’s all numbers to Mrunal and factoring in the data is intriguing and exciting. She says she “speaks in numbers.”

[6:31] The article, written by Russ Banham, is available in the Awards Edition of Risk Management magazine. A link is in this episode’s show notes.

[6:57] Mrunal calls risk management interesting and dynamic. The world’s risk landscape is constantly changing, with global supply chain risks, geopolitical scenarios, and emerging risks like cyber. Challenges keep changing year after year, which keeps Mrunal on her toes and leads her to many learning opportunities.

[7:28] Mrunal refers to Tata Consumer Products. When she started, it was a plantations company, then a beverage company, and now a fast-moving consumer goods (FMCG) company. This has added to the complexities of the risks, allowing Mrunal to implement the risk management framework prudently. She has found that to be gratifying.

[8:03] The organization grew; with that, the risk complexity grew and Mrunal’s knowledge as a risk manager grew.

[8:36] Mrunal drinks Tetley Tea and a lot of the Indian-made Tata Tea, two of Tata’s products. Tata Tea is a different blend from tea sold in the United States. The teas are blended for the geographic market. Mrunal recommends Justin try Masala chai or Mumbai chai teas.

[9:30] Are these once-in-a-lifetime weather events that now happen frequently in India attributable to climate change? Mrunal says climate change has evolved from one of the ten most important risks to the first or second most important risk in India. It plays a significant role in Mrunal’s risk management strategy today.

[10:21] Climate change creates risks to manufacturing, storage, business operations, the supply chain, and business. It is prudent to take the necessary proactive steps to ensure that the overall losses due to climate change are reduced or mitigated. Climate change is becoming an integral part of every business risk. Every risk manager should view it very prudently.

[11:38] Mrunal joined Tata Beverages, as it was called, in December 2017. They were proud of having few claims in most locations. A devastating flood in 2018 with many human casualties and much asset damage led Mrunal to build a disaster playbook for settling calamitous claims.

[13:05] Tata now has a framework and playbook for what needs to be done before any natural catastrophe, including earthquake, floods, and cloudbursts, and what steps need to be taken before the catastrophe happens. Technology gives some warning time before most natural catastrophes. Tata sends notifications to the affected teams about what they need to do.

[13:44] The playbook also covers what needs to be done at the time of the event, and post-catastrophe, if there are losses, the necessary steps for mitigating the risk and recovering prudently, step by step.

[14:12] Mrunal talks about monsoon seasons. Before the monsoon season, Tata sends a detailed note to the affected geographic areas about monsoon preparedness and the “dos and don’ts.” Every year there are cloudbursts, which happen any time of year. Those are also captured in the disaster playbook.

[15:32] Mrunal uses the RIMS Risk Maturity Model as an important tool in Tata’s risk management. It helped her to understand what risks Tata needed to self-insure and what risks it needed to transfer to insurance.

[16:58] Justin mentions an upcoming audio and possibly video series about the Five Pillars of the Risk Maturity Model.

[17:30] Risk mitigation and disaster management are huge, going forward. Mrunal believes there are no geographic areas that will be spared the effects of climate change. We may see nothing is happening today, but tomorrow we don’t know what will happen. With data analytics, AI is going to play a very significant role, telling us the data patterns, going forward.

[18:02] It is prudent for us, as risk managers, to understand that we are going to have our businesses and operations, maybe not tomorrow but three or five years down the line, affected by flooding or another natural catastrophe that would hamper the business.

[18:19] So it is prudent to inform our business that this is the trend, going forward. Necessary steps need to be taken from the business continuity perspective. It’s a process to prepare for catastrophe in your geographies where you have a lot of operations. Come up with a business continuity plan.

[19:06] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinar debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[19:28] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[19:47] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[20:02] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[20:21] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[20:39] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.

[21:01] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City.

[21:26] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.

[21:50] That was a great episode, so after you listen to this episode, go back and listen to Episode 293!

[21:55] Back to my interview with RIMS RiIsk Management Honor Roll Inductee 2024, Mrunal Pandit!

[23:09] Tata has always given preference to its employees in taking care of them, concerning the death claims from catastrophic events, irrespective of the fact that they were insured or not, Tata ensured that the families were taken care of. The head of HR is quite involved in this assistance. Tata supports employees, even advising them on pension plans to sustain families.

[24:38] Mrunal talks about ensuring that death claims are handled with care and respect. These are the people who have given a lot to the company. Tata takes care of the families when they need it the most. They push the insurers to pay the claim to the next of kin within 10 to 12 working days after the documents are given.

[25:52] For a catastrophic event, Mrunal separates it into baskets: the claims for physical assets, covered by the property policy; human capital, covered by a policy and by trusts; students who were studying there were originally not covered, and the flood in 2018 happened before they were covered by insurance. Mrunal had told senior management there was a coverage gap.

[27:14] Senior management paid attention and was receptive to Mrunal’s points about a coverage gap. In risk management, the risk manager has to proactively understand the risks for the business and provide solutions ahead of the events. You also have to have empathy for the employees working for you. Tata values its employees as an integral part of the organization.

[28:28] The empathy and philosophy of the organization require spending money to take care of employees.

[28:57] Mrunal tells how she supported her proactive strategy and theory with numbers about the human capital and how death and disability trends in their industry and their organization could affect their business. This led to decisions by senior management about what to insure.

[29:58] Mrunal has been in the insurance and risk management profession for almost two decades. She has no plans to retire as she still finds this field quite interesting.

[30:34] Mrunal’s last words to early risk management professionals: “Some of the professionals in my organization have told me, ‘Mrunal, insurance is an evergreen field. People, even after they retire, continue to keep on working, so there must be something interesting in this field.’ I said, yes, absolutely!”

[30:53] “Risk management today is much more complex. For the young professionals who love to look at data and who love numbers, these are exciting times! For those who want to learn how to tackle complex multi-phasic challenges, this is a great time. For those who look at risk management as a career and not just another job, there is no better period than now.”

[31:28] “I alluded to cyberrisk, climate change, the changes in regulations worldwide, and conflicts between geographies. Each brings with it its own set of opportunities. For example, technology has made a significant impact on asset mapping, tracking, valuations, weather modeling and forecasting, and setting up early warning systems, which we also use.”

[32:01] “These are the hard skills but there’s also a softer side to it. In order to have a fulfilling career, we need to bear in mind that the work we do involves people and impacts people's lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field.”

[32:30] Justin tells Mrunal, It has been such a pleasure to meet you and I’m so happy for all your success. Congratulations again on this wonderful achievement. I hope we have a chance to meet in person. Maybe you’ll come to RISKWORLD 2025 in Chicago. Mrunal says Yes, and Chicago happens to be her husband’s favorite place. He studied at the University of Illinois.

[33:06] Special thanks, again, to RIMS Risk Management Honor Roll Inductee 2024, Mrunal Pandit. You can read her profile in the special Awards Edition of RIMS Risk Management magazine and learn more about her experience with the RIMS-CRMP through the RIMS-CRMP Stories feature available through RIMS.org. Links to both are in this episode’s show notes.

[33:30] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[34:05] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[33:50] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[35:08] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[35:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[35:47] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS-CRMP Stories — “Mrunal Pandit: RIMS 2024 Risk Management Honor Roll Inductee”
Spencer Educational Foundation — Funding Their Future Gala 2024

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!

RIMS Webinars:

RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“RIMS 2024 Risk Manager of the Year, Steve Robles”

“Julie Bean, 2024 Heart of RIMS Award Winner”

Sponsored RIMScast Episodes:

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit and RIMS Treasurer Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Mrunal Pandit of Tata Consumer Products

Tweetables (Edited For Social Media Use):

This award represents a significant milestone in my career as an insurance and risk management professional. It’s a recognition, I feel, by the global leaders and professionals in this field for the work I have done so far. — Mrunal Pandit

The organization grew; with that, the risk complexity grew and my knowledge as a risk manager grew. — Mrunal Pandit

It is prudent to take the necessary steps, proactively, to ensure that the overall losses due to climate change are reduced or mitigated. — Mrunal Pandit

The way the climate patterns are evolving worldwide, I would not say there is any geography that is spared; each and every location. Today we may see that there is nothing that’s happening, but tomorrow we don’t know what’s going to happen. — Mrunal Pandit

We need to bear in mind that the work we do involves people and impacts people’s lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field.. — Mrunal Pandit
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services
18 giu· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Lilian Vanvieldt-Gray of Alliant Insurance Services about her risk and insurance career journey, what DE&I initiatives mean in her growth, the sorts of programs she has launched, and how she proves their worth on social and financial levels. She tells how a professor tried to steer her to trade school so she wouldn’t fail in the big university and how the lack of inclusion at her first job limited her career opportunities until a boss who saw her potential nudged her firmly ahead. She is passionate about the power of DE&I to do moral good and grow business profits.

Listen in to learn what diversity, equity, and inclusion can mean for your company.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services! We will discuss what it takes to launch and measure the effectiveness of a DE&I Initiative.

[:47] Lillian will also be the honoree at this year’s Spencer Educational Foundation Funding Their Future Gala on September 12th in New York City.

[:58] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 26th and 27th, our friend Elise Farnham leads the two-day course, Captives as an Alternate Risk Financing Technique. On July 9th and 10th, we have Managing Workers’ Compensation.

[1:18] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:31] Let’s talk about prep courses for the RIMS-CRMP. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th.

[1:53] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NSE Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode’s show notes.

[2:14] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode’s show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more!

[2:44] You can also head over to RMmagazine.com.

[2:49] Lilian Vanvieldt-Gray is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services. She is also this year’s honoree for the Spencer Funding Their Future Gala, which will be held, on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City.

[3:15] We are going to hear about her risk and insurance career journey, how DE&I initiatives have played a part in her growth, the sorts of programs she has launched, how she measures them, and how she’s able to prove their worth on social and financial levels.

[3:36] Lilian Vanvieldt-Gray, welcome to RIMScast!

[4:02] Lilian says that being the 2024 Honoree for the Spencer Funding Their Future Gala feels amazing, phenomenal, and stupendous! She says she’s at a time in her life when she’s happy doing the things she wants to do and she’s making a difference. This honor helped her get there.

[4:50] Lilian’s risk and insurance career started in 1988. After she graduated from UCLA in 1987, she worked for a financial planner in Beverly Hills. In October of 1987, the stock market crashed. It was a disaster for the small firm where she worked and Lilian decided she wanted to have a different career.

[5:38] Lilian’s girlfriend worked at an insurance company. She told Lilian they were hiring interns. It would be a boost from her current $18K a year to $28K a year. Insurance had her at “Hello.”

[6:43] About 22 years ago, Alliant came to Lilian’s attention in a bad renewal market when they “stole” one of her clients. Listen in for details. Then Alliant offered Lilian a job and she accepted.

[8:23] Lilian tells how she moved into the EVP and Chief DE&I Officer roles she holds with Alliant. After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure all of their employees had a space and a sense of belonging. They created the DI department.

[9:05] The conversation Alliant initially had with Lilian was about leading the Alliant Charitable Foundation. The foundation’s goal is to bring people in to expand the industry, make it more accessible to everyone, recognize the contributions of marginalized communities, and reward them for their contributions to the industry.

[9:32] Internally, the foundation wanted to recognize Alliant employees, to ensure they have a safe space to be their authentic selves, and have opportunities to advance within the organization. Lilian was asked to help the foundation raise money and get the message out.

[9:52] As that work progressed, Alliant asked Lilian to do more. So she moved some accounts around to be able to do more.

[10:41] Lilian says Alliant has always had a commitment to DE&I. They haven’t wavered from it. That commitment to DE&I comes from the top leadership. With commitment from the top, everything falls into place. If Lilian gets pushback from a department, when she goes to leadership about it, they’ll have a conversation with them about why DE&I is important.

[11:27] DE&I initiatives are morally right and also financially smart and good decisions for business. When done properly, from an authentic place, they can drive your bottom line.

[11:59] Lilian’s challenge is measuring her initiatives. Alliant’s 2024 push is to get everyone’s self-identification to be able to track how doing X results in Y.

[13:35] Alliant has a six-pillar strategy to change the culture within the organization through a series of trainings, bringing in speakers on well-being and mental health, financial literacy, a 401(k), investing, and FICO. It’s a culture where your employer supports your whole being, including professional development and mentoring for career advancement.

[14:53] Alliant is evaluating external mentoring and internal mentoring to find which is more effective, having the employees help them come to that conclusion. They also use peer coaching, giving people different entry points to grow professionally. They also work with training agencies and industry DE&I associations such as NAAIA.

[16:04] Lilian feels synergy with these associations. DE&I isn’t just for marginalized people but also for their allies. Everyone grows when something is diverse. One learns when different ideas come to the table. You don’t know what you don’t know until you bring diverse people in, have those conversations, and get those perspectives.

[17:00] Being able to show the value of that to everyone is how you move the needle and it’s also how you make a lot of money.

[17:09] It’s RIMS plug time! Webinars! Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green, featuring insight from former RIMS President, Chris Mandel. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[17:36] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[17:55] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[18:10] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[18:30] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[18:46] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.

[19:10] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified by the end of September. Be sure to apply by June 30th, 2024. On September 12th, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our guest today, Lilian Vanvieldt-Gray, is the honoree.

[19:38] Back to the interview with Lilian Vanvieldt-Gray!

[20:18] Lilian is one of six on her DI team. One has the charitable foundation as her sole responsibility, including the Fellows program, one of Alliant’s hallmark programs from the foundation. There is an internal side of DI and several employee resource groups.

[21:18] Lilian calls the managers of these programs “best in class,” which has led to Alliant receiving recognition for these programs.

[21:59] Lilian says women are all over the insurance industry, in roles without opportunities for advancement. For a woman to get into leadership, she has to have someone looking out for her, and sponsoring her.

[23:12] When Lilian went into the insurance industry, she went into training. At the end of the training program, they assigned people to departments. All women and people of color went into claims and all men went into leadership and sales. Lilian had a boss who believed in her. He created a position for her in account support.

[23:50] Lilian didn’t take the job because she didn’t believe she could do it. Someone else took the job. The boss asked her what was going on. He said he had created that job for her. He created another account support position for her.

[24:29] Had he not created that opportunity for her, Lilian believes she would still probably be a claims supervisor.

[25:49] Lilian says in DE&I, helping women and other marginalized employees up through the ranks is called allyship. There are programs to teach about the value and benefits of allyship. Allies can move the needle faster than anyone else can.

[26:11] If you are considering joining a group, you can join as an ally without being a part of that community. Being an ally means you’re not part of that community. Join and bring your influence to help them do better in their career.

[27:54] A Fearless Fund case ruled that it is discriminatory to set aside funds for loans just to African-American women’s businesses. That could affect many types of programs, like internships and fellowships. DE&I is working to change the mindset of a lot of people. DI has become a “bad word.”

[29:48] Lilian stresses that DE&I helps a business financially. DE&I is right morally. Lilian wants to help people understand why being an ally is going to be an advantage to them.

[30:33] Some high-profile DE&I leadership positions have been eliminated recently. Lilian speaks to this for DE&I in the risk and insurance space. DE&I might be rebranded to Engagement or a People Office. DE&I is for all employees. If there are nine ERGs, everyone in the company will have been touched by or associated with someone from one of them.

[32:01] Lilian wants people to understand that DE&I impacts everyone and it’s not anything they need to fear.

[32:44] Lilian’s DI department has partnered with the Spencer Educational Foundation to help manage an Alliant Foundation insurance degree grant program for Southern University, an HBCU in Louisiana. Lilian tells how that came to be. It’s been a great partnership.

[34:32] Lilian will accept a special honor at the Spencer Educational Foundation 2024 Funding Their Future Gala on Thursday, September 12th, 2024 at the Cipriani 42nd Street, in New York City. Lilian invites all podcast listeners in the New York area to attend.

[35:25] The proceeds go toward scholarships for students coming into the insurance industry and programs like the grant at Southern University, bringing the insurance industry to communities that are not familiar with it and normally are marginalized out of it.

[35:46] If you look at the videos of last year’s scholarship two recipients, after you finish crying, you will want to send them a check.

[35:55] For sponsorship and tickets, you can contact [email protected]. A link is in this episode’s show notes to the email address, as well as to the Gala’s page.

[36:43] Lilian’s advice for young risk professionals: “When you think about insurance; when you got up, the bed you were lying in is insured, the street you drove to work on was insured; the trees that were being cut, and the person cutting the trees that you saw are insured. The car you were in is insured. The building you walked in… Insurance is everywhere.”

[37:14] “It’s in your home, your apartment. Insurance drives the world. You can come in and it’s not just going from door to door selling. It can be analytics, marketing, or social media; it can be any number of things. Think about insurance and think about the future you can create for yourself. There’s lots of money in this industry. Don’t leave it on the table.”

[37:52] “I do this because I had a professor one year tell me when I was graduating from high school, and I was an honor student, ‘I think you should consider going to a trade school because I don’t want you to fail and I think going to this big school you’re going to struggle and fail. I’m doing what’s best for you,’ and he tried to talk me out of going to the UC system.”

[38:38] He couldn’t see the value of what she brought to the table. Lilian is now the broker for the community college system the professor wanted her to attend. You have to believe in yourself. Don’t let anyone else define who you are. Define yourself in the brightest of lights because you can’t achieve it if you can’t see it or dream it. Define your dreams for yourself.

[39:14] Special thanks, again, to Lilian Vanvieldt-Gray. A link to the Spencer Educational Foundation’s Funding Their Future Gala 2024 on September 12th is in this episode’s show notes. Buy tickets; reserve a table. We want to see you there.

[39:30] Final reminder: June 30th is the deadline to apply for the Spencer Educational Foundation’s Risk Manager on Campus Grant. A link is in this episode’s show notes.

[39:47] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[40:21] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[41:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:23] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[41:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[42:01] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

Spencer Educational Foundation — Funding Their Future Gala 2024

[email protected]

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS Webinars:

Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Spencer’s 2024 Outlook”

“LAAIA Atlanta Chapter President Jose Aponte”

“Giving Back with APIW President Liz Kramer”

“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”

“Solving Wicked Problems with Dr. Gav Schneider”

“Equality and the Risk Profession with Elisa Stampf”

“Pride Month with the Rainbow Risk Alliance”

Sponsored RIMScast Episodes:

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RMMagazine.com

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interviews featuring RIMS Treasurer Manny Padilla!

Spencer Educational Foundation

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Lilian Vanvieldt-Gray of Alliant Insurance Services

Tweetables (Edited For Social Media Use):

Insurance had me at “Hello.” — Lilian Vanvieldt-Gray

After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure that all of their employees had a space and a sense of belonging. — Lilian Vanvieldt-Gray

Do we do things because they're morally right? 100%. Do we do them because it’s financially a smart decision and a good business decision? 100%. DE&I is not just about doing the feel-good thing. If you’re doing it properly, it can drive your bottom line. — Lilian Vanvieldt-Gray

When I came into the insurance industry, at the end of the training program, they had to assign us to different departments and all of the women and all of the people of color went into claims and all of the men went into leadership and sales. — Lilian Vanvieldt-Gray

What makes me sad is that now DI has become a bad word. — Lilian Vanvieldt-Gray

Define yourself in the brightest of lights because you can’t achieve it if you can’t see it. You can’t achieve it if you can’t dream it and don’t let anyone else define your dreams. Define them for yourself. — Lilian Vanvieldt-Gray
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Unbottling Risk Management with Victoria Ogbuehi of Coca-Cola
11 giu· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Victoria Ogbuehi of Coca-Cola about her education, her aspirations, her 12 years in public security, and her move into risk management. She describes the personality traits that are most helpful in an ERM career, such as a learning mindset and a habit of hard work. She describes winning her awards, as well as the importance of the RIMS-CRMP to her career and even her confidence. She cautions young professionals that if they are lazy, they should not try to work in risk management.

Listen in to learn about a fascinating career move from security to risk management.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Victoria Ogbuehi, RIMS-CRMP. She is the Senior Risk and Resilience Manager for Coca-Cola Hellenic Bottling Company in Nigeria and a four-time Outstanding Security Performance Award winner! Lots to discuss!

[:51] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 18th and 19th, we have Fundamentals of Risk Management. On July 9th and 10th, we have Managing Workers’ Compensation.

[1:07] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:20] Let’s talk about prep courses for the RIMS-CRMP. Our guest today is a beneficiary of the RIMS-CRMP Exam Prep Course. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th.

[1:50] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NST Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode’s show notes.

[2:11] Victoria Ogbuehi is the Senior Risk and Resilience Manager for the Coca-Cola Hellenic Bottling Company, based in Nigeria. I know her from being a RIMS-CRMP holder. She has a fascinating career I wanted everyone to hear about, including 12 years at the Nigerian Security and Civil Defense Corps!

[2:40] Victoria was risk-adjacent and then made her way over to full-time risk management. I can’t wait for all of you to hear what her risk journey has been like.

[2:52] Victoria Ogbuehi, welcome to RIMScast!

[3:25] Victoria’s 12 years with the Nigerian Security and Civil Defense Corps, coming right out of school, were the most stressful years of her life. Entering the real world, she saw her school days seemed to be out of reality. The 12 years were hectic but they were a cherished time and a learning process that made her find her footing in her risk role today.

[4:14] Victoria started as a core inspector and grew in rank. She had never intended to be a security professional.

[4:48] Victoria studied economics in her undergraduate years. She had wanted to work in the Central Bank of Nigeria, the World Bank, or the Securities and Exchange Commission. She wanted to help grow economies.

[5:27] Victoria has never worked at a financial center or in the field of economics. In her third year as a public security professional, she felt stuck and she knew it was time to pursue a career in security. In Nigeria, some job applications are restricted to an age window and she wanted to make a change. She wanted security to be her calling for life.

[6:40] Victoria went back to school to study law enforcement and criminal justice. With that degree, she felt more confident and motivated. She went back again to study law. She understood that knowing the law would help her be a better law enforcer. She got certificates for security management and operations. It was her journey of building for 12 years until she left.

[8:08] Security is a male-dominated field, globally. For Victoria, it was not about men dominating the field but about the passion for what she did.

[9:08] There were so many challenges for Victoria in Security. One of the biggest challenges was inadequate training. She is very studious and doesn’t like to go a year without taking a course in something. For three years, she wasn’t exposed to any courses. Then she took them at her own expense without support. She had to beg her employer to acknowledge her studies.

[10:12] Another big challenge for Victoria was that there was no motivation. She felt stuck all the time. Simply put, there were few opportunities for growth.

[11:00] Victoria had heard about risk and insurance at school. As a student, she did not see herself as becoming a risk manager. However, when the opportunity to become a risk manager eventually came, she applied. The application process was tough. The position was strategic and she had to appear before the Managing Director and the Group Chief Risk Officer.

[12:21] Victoria had the advantage of her knowledge of economics and 12 years of security operations experience. She saw this opening more as an opportunity to learn something new than as a job. The people who hired Victoria saw potential in her. She didn’t have confidence in herself but relied on her economics education. That was Victoria’s journey to risk management.

[13:38] It’s RIMS plug time! Webinars! On June 13th, our friends from Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management.

[13:52] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[14:08] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[14:28] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[14:42] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[15:02] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[15:18] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes. This year’s honoree will be Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services.

[15:41] Lilian Vanvieldt-Gray will appear on an upcoming RIMScast episode. Be sure to subscribe to RIMScast through your favorite podcasting app to make sure you catch that episode and the 291-plus other episodes that antedate it.

[15:58] Back to the interview with Victoria Ogbuehi! In addition to being an employee of Coca-Cola, Victoria is involved in ERM. Victoria says applying ERM at her group in Coca-Cola is not difficult but complex. The group has well-developed guidelines for enterprise risk management. Over 80% of what you do are deterrents. They have robust processes in place.

[17:24] Victoria engages every risk-accountable leader. She notes four serious security risks across the business: kidnapping, terrorism, crime, and internal fraud. Other functions, such as supply chain, finance, procurement, and so on, each have specific risks they are looking out for. Victoria’s duty is to coordinate the risk management efforts of the different functions.

[18:34] Victoria facilitates Risk Review Sessions and ensures that all the accountable risk owners understand the expectations, especially when reviewing the effectiveness of the measures they put in place. She helps evaluate risk response plans and contingency plans and helps the risk owners understand what is expected of them. It’s a gradual process.

[19:16] When there’s a change in leadership, Victoria onboards them on the expectations. Risk is not managed by one person or department but is a cross-functional collaborative effort. That is what ERM is all about. Victoria works to understand each group’s processes and operations so she can advise them in the best way.

[20:01] Victoria would not say that Coca-Cola HBC in Nigeria is targeted directly for risks or threats. Nigeria is a very diverse country and the most populous in Africa. Because of the diversity, the crimes committed differ across regions. Coca-Cola HBC is one of the biggest companies in the country and has operations across the country.

[21:15] Coca-Cola HBC ensures that they identify all of the crime hot spots and proactively advise their employees on the safe places to go and unsafe places to avoid, how they can avoid those places, and how to conduct themselves in the event they find themselves in those environments unexpectedly, or anything happens. Environments continue to evolve.

[22:09] The ERM group continually monitors the threat velocity and gives advice based on their findings. It is an ongoing activity. Nowhere in the world is completely safe. They do assessments, giving their employees priority and keeping everyone as safe as possible.

[24:07] Victoria has been the honoree of the Outstanding Security Performance Award four times. She considers how far she has come. She used to sleep eight hours a night; now, she sleeps six because she wants to keep getting results. She keeps telling herself to work hard. Her work has been appreciated and honored. That’s what the OSPAs mean to her.

[24:55] Victoria speaks of adding the impact of the RIMS-CRMP certification to her title. RIMS is powerful! The certification is one of the best things to happen in her career. She looked for the best single certification available and saw that the RIMS-CRMP was it, so she worked hard for it. She was concerned about passing the exam but the course curriculum was well put together.

[26:03] RIMS-CRMP magnified Victoria’s confidence level because she knows what she talks about is correct. Her confidence has been building up since earning it.

[27:14] Victoria’s advice to young professionals considering entering the risk management field: “Please don’t even venture if you are a lazy person! You can’t try it, OK? You have to be very hard-working, tolerant, and patient. These are some of the qualities that will help you accomplish your purposes as a risk manager. You’re going to be working cross-functionally.”

[27:47] “You cannot wake up one day and say this is what I want to do today and I want to do it alone. It is difficult to manage risk alone. It’s something you do cross-functionally. You need collaborative and persuasive skills and know-how to talk to people and have them listen to you; how to engage people naturally.”

[28:18] “For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how far they will go to respond to you. You are accountable for those risks. You need a lot of endurance, patience, and tolerance. You have to be hardworking and studious.”

[28:53] “Every day you have to be learning new things because the risk landscape continues to evolve. You cannot be a lazy person.”

[29:09] Special thanks, again, to Victoria Ogbuehi. You can learn more about Victoria and her fascinating career through the RIMS-CRMP Stories feature. A link is in this episode’s show notes.

[29:24] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[29:56] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[30:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[30:58] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[31:14] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[31:35] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS-CRMP Stories — New interviews featuring today’s guest Victoria Ogbuehi and RIMS Treasurer Manny Padilla!

“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report

RIMS Webinars:

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024

Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Live Again from RISKWORLD 2024!”

“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”

“Solving Wicked Problems with Dr. Gav Schneider”

“Safety and International Risk Leadership with Franck Baron”

“Active Shooter Preparedness and Insurance with Paul Marshall”

Sponsored RIMScast Episodes:

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!

Spencer Educational Foundation

Leveraging Insurance and Risk Management to Address Political Risk — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Victoria Ogbuehi of Coca-Cola Hellenic Bottling Company

Tweetables (Edited For Social Media Use):

It was very stressful. It was very hectic. But it happened to be one of the most cherished times of my life because it was a time when I had to go through the learning process that made me find my footing so easily in my role today. — Victoria Ogbuehi, Ph.D.

One of the biggest challenges for me was inadequate training. I’m a very studious person. I’m not the kind of person who just wants to go a year without intentionally undertaking a course of studying something. — Victoria Ogbuehi, Ph.D.

You find us everywhere you go in Nigeria. You can’t stop refreshing Nigeria. Everybody wants to drink our water. You can’t go a day without taking a bottle of Coke! — Victoria Ogbuehi, Ph.D.

For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how they will respond to you. — Victoria Ogbuehi, Ph.D.
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Julie Bean, 2024 Heart of RIMS Award Winner
4 giu· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Julie Bean, 2024 Ron Judd Heart of RIMS Award Winner about her career in risk management, including how she ended up at seven companies in her first two years, and about her extensive involvement in RIMS Chapter committee leadership, chairing three committees and co-chairing a fourth committee at the same time. Her advice to new risk managers: Get involved in your RIMS Chapter, join committees, and build your network. Networking builds your career.

Listen in for risk management insight and thoughts about being involved.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by the Ron Judd Heart of RIMS Award winner for 2024, Julie Bean!

[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.

[:59] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:16] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.

[1:46] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at [email protected] or [email protected].

[2:12] The Ron Judd Heart of RIMS Award recognizes the volunteer contributions of a RIMS member who serves as a role model while keeping the chapter and the society vibrant and resilient, truly exemplifying the heart of RIMS. Julie Bean is best known as an omnipresent force in the RIMS Chicago Chapter. She is this year’s recipient.

[2:38] We saw her take to the stage in San Diego during RISKWORLD 2024. We had a chance to connect afterward and I’m so glad to present this interview where she will share some of her insight and knowledge on her work as a risk professional and her illustrious career, and what it took to balance being a RIMS chapter and a risk professional.

[3:06] 2024 Ron Judd Heart of RIMS Award winner, Julie Bean, welcome to RIMScast!

[3:38] Julie says it was an amazing feeling to receive the Ron Judd Heart of RIMS Award at RISKWORLD 2024. She worked for a month on her acceptance speech, but then the presenters told her there would not be time for remarks. She was just happy to walk across the stage with an enormous headshot behind her! The San Diego Convention Center has a huge stage.

[4:49] Julie takes a moment to reflect on the award. When her chapter nominated her and she saw the letters of recommendation, she was touched. She had never felt she was going over and above; it’s in her DNA to be part of the chapter, one of the largest next to New York. The chapter’s energy is so exciting! Julie always felt it an honor to be a part of it.

[5:46] Julie says, “Thank you to my incredible chapter and all of the risk professionals whom I’ve had the honor of meeting over these 20-something years. It was an honor to be there.”

[6:15] Julie was a Marketing and English double major, with no risk or insurance classes. In the working world, she was expecting to go into marketing but worked in companies that either shut down or were bought by somebody else. In two years, she was at seven companies. Through all that, she learned about resilience in companies and within herself.

[6:58] After her sixth company, Julie went to her headhunter to reinvent herself and find something else. That has helped her a lot in the risk management world because resilience is what it takes to protect the company and make it stronger.

[7:30] Julie is at the Chamberlain Group; in July it will be 19 years. She joined at the level of the parent company, the Duchossois Group. It’s a family-owned company. The Duchossois Group bought and sold several companies. Julie ended up at the Chamberlain Group once the other companies were divested. She has always been doing risk management for Chamberlain.

[8:03] Chamberlain is the access solutions company with the garage door operators LiftMaster and Chamberlain and MyQ Technology. Julie has always been a department of one, so she has learned to surround herself with people who help her in her profession and help her company.

[8:35] To work as a department of one, Julie created her path forward in a family business. The Duchossois Group gave her flexibility and autonomy in her role. She understood there was no vertical mobility.

[10:17] Julie learned early that she needed to surround herself with a network of smart people. Her broker and professional networks are extensions of her department.

[11:04] Julie is risk-averse. She looks for the worst thing that could happen and asks if they want to take that risk. There are upsides to taking risks. Her RIMS committee work allowed her to lead and taught her to delegate. Once you delegate, your committee is much stronger.

[12:22] Julie tells about her RIMS journey. Dan Morris, a one-time RIMS chapter president, and Julie’s boss at ServiceMaster, encouraged Julie to attend RIMS chapter meetings and serve on committees. In the Chicago Chapter, there are many opportunities because many things are going on. At one time, she was chairing three committees and co-chairing a fourth.

[14:15] Julie is thankful that her boss at the time, Colleen O’Connor, found it valuable for Julie to spend time on committees because of the networking and the knowledge she gained from her involvement with RIMS.

[14:49] Julie speaks of the benefits to her career she derives from networking. People she knows at RIMS are the most brilliant minds in the risk community and they are so willing to share their thoughts. When she has a problem, she asks for help and the answers come quickly.

[17:09] For several years, Julie had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have different, unique challenges than a large public Fortune 500 company. Julie says those sessions were incredible. She could always reach out to any of those peers to get good advice.

[17:54] It’s RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management.

[18:18] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[18:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[18:54] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[19:09] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[19:29] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[19:45] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.

[20:06] Back to the interview with the Ron Judd Heart of RIMS Award winner Julie Bean!

[20:29] Julie is in Oakbrook, Illinois, where the Chamberlain Group resides. It’s a suburb outside of Chicago. RIMS will be in Chicago for RISKWORLD 2025 in May 2025. In May, there’s a good chance of having good weather in Chicago! Julie will most definitely be there!

[22:20] Julie’s biggest challenge over the years has been to show the value proposition of the risk management role. If it’s done correctly, nobody notices you. You’re not a profit center. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening because you had good risk control?

[22:58] What is the value of putting the correct insurance in place so that you’re covered and protected when there are losses? Julie tries to encourage people in the organization to understand that risk is everybody’s responsibility. The risk manager does not own risks. A risk manager gets involved with the other departments to understand the risks in the organization.

[24:20] When Julie lost her first job for reasons beyond her control, she was shocked. She says you have to think about what you offer a company, not what companies are going to offer you. After the third and fourth job losses, she switched her mindset. In those experiences, she had learned what she didn’t want to do: crunch numbers in spreadsheets with no human interaction.

[25:16] The roles Julie enjoyed were solving problems and interacting with people; understanding the situation and figuring out how to fix it or make it better. No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be.

[25:49] Have your network of peers and be involved with it. That’s how you’ll find your next job; that’s how Julie found Duchossois, 19 years ago. Her peers told her, “Take a chance, you might like the culture.”

[26:42] Julie explains the end of REBEX as ties were cut between the Milwaukee Wisconsin Chapter and the Chicago Chapter. Chicago RIMS Chapter joined forces with the Mid-Illinois RIMS Chapter to rebrand REBEX as Chicagoland Risk Forum and stay a regional conference.

[27:45] The move carried a lot of risk but it was needed to revitalize the conference. Julie made many conference calls with chapter leaders. It almost didn’t work but everyone on the committee was energized and determined to make it happen. When it did, Julie felt like she was walking into RISKWORLD. It was a definite success in the first year and it is a big moneymaker.

[29:45] Julie talks about managing expectations. She does this from day to day in her job. That gets people to trust you. You can’t always deliver good news but you can manage expectations and that gives credence to your role.

[30:37] Julie’s advice to the next generation of risk managers: “I would just say that what they get out of participation in RIMS will far outweigh any expectation they have, without question. The people are so willing to give of themselves. Get involved. Be the one in the room to raise your hand and say, ‘I think I want to be a part of that.’ Start small. Take manageable bites.”

[31:18] “As soon as they get in, I would guarantee that they will be hooked by the exuberance and the energy of the group.”

[31:32] Julie, it has been such a pleasure to meet you. I look forward to seeing you next year at RISKWORLD 2025, for our 75th anniversary. It’s a big deal; we’re already planning for it.

[31:46] A quick plug for the 2024 Chicagoland Risk Forum, hosted by the Chicago RIMS Chapter. It’s the Ninth Annual Chicagoland Risk Forum, on September 19th, 2024. It’s a big day; 8:00 a.m. to 7:00 pm. It’s at The Old Post Office, an incredible venue with a rooftop bar. It’s free for risk managers and staff! Please sign up and join us! A link to register is in this episode’s show notes.

[33:49] Julie, thank you so much for joining us here on RIMScast!

[33:52] Special thanks, once again, to Heart of RIMS Award winner Julie Bean, for joining us here today. There are so many great takeaways from her insight! Be sure to learn even more about her in the special Awards Edition of Risk Management magazine. The link is in this episode’s show notes.

[34:08] On September 19th, 2024, the RIMS Chicago Chapter Chicagoland Risk Forum 2024 will be held at The Old Post Office. Visit ChicagolandRiskForum.org for more information. Remember, it’s free if you are a risk manager!

[34:27] Let’s continue with the plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[35:01] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[35:45] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[36:03] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[36:19] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[36:40] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS Risk Management Awards Edition 2024 (featuring Julie Bean)

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RISKWORLD 2024 Show Daily — May 6, May 7, May 8

RIMS Webinars:

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024

Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“RIMS 2024 Risk Manager of the Year, Steve Robles”

Sponsored RIMScast Episodes:

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!

Spencer Educational Foundation

Leveraging Insurance and Risk Management to Address Political Risk — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Julie Bean, ARM, CRM, Head of Risk Management at Chamberlain Group

Tweetables (Edited For Social Media Use):

If you’re the smartest person in the room, you need to find another room. — Julie Bean

For several years I had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have very different, unique challenges than a large public Fortune 500 company. — Julie Bean

If risk management is done correctly, nobody notices you. You’re not a profit center. You don’t sell or manufacture anything. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening? — Julie Bean

No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be. — Julie Bean
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
On Risk Appetite and Tolerance
28 mag· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews three of his favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, who are the three authors of the new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance. They discuss how the executive report was conceived and written, and what the challenges were in writing it. The report contains insight and direction on the need for a clear and accessible risk appetite statement and risk tolerance in any organization using ERM. They speak of challenges risk professionals face in setting a risk appetite statement, and why risk appetite is essential for organizations today,

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by past and present members of the RIMS Strategic and Enterprise Risk Management Council to discuss their new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance.

[:47] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.

[1:09] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:27] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.

[1:57] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at [email protected] or [email protected].

[2:23] The RIMS Canada Conference 2024 will be held in Vancouver from October 6th through October 9th. The deadline for session submissions has been extended through May 30th! Visit RIMSCanadaConference.ca or the link in this episode’s show notes to learn more about how you can submit your educational session for consideration at RIMS Canada Conference 2024.

[2:54] As mentioned, RIMS has a new Executive Report called Developing and Refining Risk Appetite and Tolerance. It is available through the link in this episode’s show notes and through the Risk Knowledge page at RIMS.org. The report was jointly authored by three of my favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt.

[3:19] All have been featured in the ERM Q&A Series. Trisha and Lorie have both been featured here on RIMScast, and Lianne is making her debut. We’re going to talk all about this wonderful new Executive Report that was just released. We’ll see where we can extend the dialog beyond the report.

[3:43] Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, welcome to RIMScast!

[3:53] I am joined by three of my favorite RIMS members. Two of you are returning to RIMScast. One is making your RIMScast debut, Dr. Lianne Appelt. People might know Dr. Lianne Appelt from RIMS-CRMP Stories, earlier this year.

[4:36] Trisha Sqrow of Marsh is next. Trisha says it’s great to be part of the Strategic and Enterprise Risk Management Council. Trisha was with DFW Airport when they received Honorable Mention for the ERM Award of Distinction in 2021.

[5:38] Lorie Graham is “the leading Oracle of ORSA.” Lorie was the Vice-Chair and Chair of the RIMS Strategic and Enterprise Risk Management Council. As the former Chair, Lorie kept her word and helped see this paper through.

[6:23] Lianne says that putting together a risk appetite statement or devising risk tolerance levels or the other elements described in this paper are some of the hardest things we do as risk professionals. When this was discussed in the Council, Lianne saw potential value in having a guide with examples for risk practitioners to learn from and use to grow their programs.

[7:54] This paper was Trisha’s first project on the Strategic and Enterprise Risk Management Council (SERMC). Through working on this paper, Trisha got to know Lorie and Lianne. She used her knowledge and grew a lot in the knowledge gained from Lorie and Lianne. They divided and conquered, each doing an aspect of the project.

[8:43] Lorie says working on the paper was a shared responsibility. They each had a different perspective, coming from different industries, having different roles, and facing different challenges in their organizations. It was fun to learn from each other.

[9:30] Developing and Refining Risk Appetite and Tolerance is available through a link in the show notes. Lorie says that risk appetite is the direction your company wants to go and tolerance is the amount of variability around that target that you are willing to accept. Tolerance statements are like guard rails. Lorie explains more about risk appetite.

[11:15] Lianne talks about when and how to start developing risk appetite and tolerance. It is discussed in detail in the paper. It depends on the circumstances, your stakeholders, and your leadership team. It can take a lot of input, iterations, and time. Use the guidance of your risk culture and make sure you achieve your objectives as a risk practitioner.

[13:04] Lianne says a big part is understanding the culture and the organization. Risk appetite is usually one of the last things an organization addresses because it is hard. Your impact statements can inform your appetite and tolerance statements.

[14:53] Lorie says the words of the risk appetite statement need to reflect metrics that are important to your business, in the language of the business, and connect to your business goals so people see why it is important. People need to understand the statements. Keep them fresh as the business evolves and the environment changes.

[15:55] Whittling the statements down to one or two sentences can be hard, but it is important. It won’t be perfect the first time. See how people translate it into the business.

[16:27] It’s RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. There are more to be announced for June and July!

[16:52] Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[16:59] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[17:17] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[17:32] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[17:51] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[18:07] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.

[18:43] Dr. Lianne Appelt is featured now on the RIMS-CRMP Stories. A link is in the show notes. Lianne speaks of common challenges risk professionals face when developing risk appetite and tolerance statements. A lot of the challenges are interdependent. One challenge is where setting a risk appetite statement and developing tolerance ends up being a compliance activity.

[19:28] For many, it is a “check-the-box” exercise they don’t want to spend a ton of time, effort, or energy thinking about how it can add value to the business. They want to do the bare minimum and move on. That leads to another challenge, the “set-it-and-forget-it” situation. If it sits on a shelf or in a Dropbox folder and nobody looks at it, it doesn’t add any value to the program.

[20:41] Trisha says some of it is having an unclear value proposition and not relating it to the business or the culture of the organization. People ask, “We’re doing fine, there have never been issues, so why do we need this?” The value proposition of appetite and tolerance is that it empowers decision-making throughout the organization. It replaces bureaucracy in decisions.

[21:36] Statements of risk appetite and tolerance allow you to allocate resources properly to bump up tolerance when needed. They help the organization to be more agile. They tie ERM to your business’s strategic goals and initiatives.

[22:43] One of the biggest challenges Lorie faced was asking herself, if you set a tolerance and exceeded the tolerance, did you fail? If you exceeded the appetite, did you fail? It’s not failure, it’s an opportunity to see it coming, know that you’re reaching it, and have a strategy before you get there to change your trajectory, risk appetite statement, or goals.

[23:26] Get people on board with the understanding that not hitting the target isn’t a failure. As you’re developing the program, allow for what to do when you need to make an exception. How does that play into how you report? You want to make it so it’s not punitive. You want a culture of people being open about variances. It might be an opportunity to be OK with an exception.

[24:32] You don’t want to chase the data and adjust your tolerance all the time, but it’s OK to look at what your appetite is, as you go forward.

[24:47] Lianne says another common challenge is the organization’s leadership, board or legal team has decided that they absolutely will not put something on paper in terms of risk appetite. That is fairly common in industries like tech, where there is no mandate for ERM. The risk team has to come to the table and demonstrate that value proposition so the leadership understands.

[25:30] If the leadership is adamantly against it, what do you do? That is touched on in the executive report. You can achieve objectives without having a formal risk appetite statement.

[25:48] Lorie has not seen leadership resistance, as she is in the financial industry where risk appetite statements and tolerance are required. She addresses falling out of target for tolerance. If you’ve done it right, you see it coming and have a risk response plan. Lorie shares a financial example where an action plan is triggered and a crisis is prevented.

[27:13] Trisha and Lianne presented this at RISKWORLD 2024. It was well-attended with lots of audience participation. They had made a similar presentation at the ERM Conference in Denver. The topic has led to more questions and comments than Trisha has ever had at a speaking event. When they put up the QR code for the paper, lots of phones went up.

[28:09] Lianne thought it was fantastic. There were good questions. Lots of people resonated with the challenges Trisha and Lianne presented. Lianne hopes the paper will help guide them on their journeys. If anyone wants to download the paper it is available on the Risk Knowledge page of RIMS.org. Lianne has gotten emailed questions from the session and answered them.

[29:30] Lianne was an extra in Wonder Woman 2. Justin was an extra in Find Me Guilty with Vin Diesel, directed by Sidney Lumet.

[31:14] Lorie looks first and foremost for curiosity in a new hire for ERM. You need to be curious about the cause and effect of things. You also need good data analytic skills, and acumen for making critical decisions, using deduction, and coming to conclusions. With those skill sets, you can be tremendous at ERM risk management.

[31:56] Trisha looks for collaboration. A risk practitioner works with people from all over the organization. She looks for people able to gather and understand people’s points of view and meet them where they are, sometimes with persuasiveness. It is important to speak to people at all levels of the organization. ERM is at that strategic level so you’ll have to speak with leaders.

[32:59] On top of those great qualities, Lianne adds perseverance and flexibility. Especially in tech, there is constant change and evolution. If something doesn’t work the first time, you can’t give up. You have to be able to maneuver situations creatively and come up with solutions that speak to the culture of the business. That makes you more collaborative and successful in ERM.

[33:42] This has been such a fun interview. You wrote a terrific paper, Developing and Refining Risk Appetite and Tolerance. We appreciate all you do for RIMS! On behalf of the organization, thank you very much!

[34:11] Special thanks once again to Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt for joining us here today on RIMScast. They co-authored the new RIMS professional report, Developing and Refining Risk Appetite and Tolerance. It is available through a link on this episode’s show notes. We’re very grateful to them for all their contributions.

[34:33] We hope to see them in some capacity at the RIMS ERM Conference 2024 in Boston, Massachusetts, November 18th and 19th. More details about that conference are on the way.

[34:46] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[35:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[36:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[36:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[36:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[36:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Executive Report: Developing and Refining Risk Appetite and Tolerance

RISKWORLD 2025 will be in Chicago! May 4‒7

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS Canada 2024 — Submit a session through May 30!

Guests’ prior interviews:

“ORSA Reporting: It Seems To Be A Hot Topic with Lorie Graham”

“Trisha Sqrow Talks ERM in the Air and on the Ground”

Dr. Lianne Appelt: RIMS-CRMP Interview

RIMS Webinars:

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Scenario Planning with the RIMS SERMC”

“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”

“Solving Wicked Problems with Dr. Gav Schneider”

“Live From RIMS ERM Conference 2023”

Sponsored RIMScast Episodes:

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!

Spencer Educational Foundation

“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Lorie Graham, Senior VP and Chief Risk Officer at American Agricultural Insurance Company

Trisha Sqrow, Vice President at Marsh

Lianne C. Appelt, Sc.D., RIMS-CRMP, Head of Enterprise Risk Management at Salesforce

Tweetables (Edited For Social Media Use):

Putting together a risk appetite statement or devising risk tolerance levels or any of the elements described in this paper are some of the hardest things we do as risk professionals. — Dr. Lianne Appelt

Risk appetite is the direction your company wants to go and tolerance is the amount of variability around that target you are willing to accept before you change your strategy. — Lorie Graham

For many, setting a risk appetite statement and developing tolerance is a “check-the-box” exercise they don’t want to spend a ton of time, effort, or energy thinking about how it can add value to the business. — Dr. Lianne Appelt

In a new ERM hire, I look for collaborative skills. A risk practitioner works with people from all over the organization. I look for people able to gather and understand people’s points of view and meet them where they are, sometimes with persuasiveness. — Trisha Sqrow
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Live Again from RISKWORLD 2024!
21 mag· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews live at RISKWORLD 2024 Tina Cameron, author of the RIMS Executive Report, Leveraging Insurance & Risk Management to Address Political Risk, about her risk management career and the winners of the 2024 Spencer RIMS Risk Management Challenge, the IIRM Hyderabad Vigilant Challengers and their risk management professor, about what it took to win the challenge. They share their vigilant path to victory by learning real-life risk management skills.

Listen in for risk management nuggets of wisdom.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] These interviews were recorded live at RISKWORLD 2024 in San Diego with the author of a RIMS report on political risk and the winners of the 2024 RIMS/Spencer Risk Management Challenge.

[:44] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.

[1:05] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:22] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.

[1:52] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out!

[2:04] RISKWORLD 2024 was a smashing success, hosting approximately 10,000 attendees. On-site in San Diego, I recorded two more interviews I wanted to share with the global RIMScast audience. I found them so insightful and they captured some of the energy we were experiencing on the exhibit-room floor.

[2:31] The first interview was with a fascinating risk professional, Tina C. Cameron. She is the Senior Manager of Global Insurance for World Vision International. Tina also authored a recent RIMS Executive Report titled Leveraging Insurance & Risk Management to Address Political Risk. A link is in the show notes.

[2:57] Since Tina travels worldwide, she’s an authority on the subject. On Wednesday, May 8th, Tina and I found a Tiki Bar near RIMS HQ and we set up the mic to talk about the Executive Report, her work, and the many risks and challenges a risk professional or business leader must consider before setting up operations abroad.

[3:22] I am pleased to share this interview with the global risk management community. Tina Cameron, welcome to RIMScast!

[4:00] Tina Cameron is with World Vision International. She started her career with a degree in business finance. She also studied global economics. She got a position as a corporate cash manager. That led to a job of half cash manager, half risk manager. After that, she only took risk manager jobs. She lists the industries she worked in that gave her a broad base of experience.

[4:54] Tina got her ERM and qualified for the RIMS Fellow. She also worked in mergers and acquisitions, due diligence, and audit. Tina was very interested in international matters. Her father was a world traveler and adventurer. He slept on the ground in some places. Tina has always been interested in other cultures. She wanted to be in a larger international organization.

[6:03] Tina joined World Vision International, an organization in about 100 underdeveloped countries. These countries don’t have all the privileges of developed countries. World Vision works to establish relationships with the government and bring humanitarian aid. They deliver humanitarian aid to poor children in the poorest countries in Africa, South America, and Asia.

[6:52] World Vision International also does microloans. Tina says one of the most important things is helping girls get into school in countries where girls are not valued as highly as boys and have no access to schools. World Vision helps families get their girls into school. They pay for education and transportation so girls in those countries have an equal opportunity.

[7:43] Tina talks about Leveraging Insurance & Risk Management to Address Political Risk. The main point of the report is to prepare. You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people.

[8:46] You have to work with security firms. World Vision International has in-house security because they are in the most dangerous places in the world. Their security team prepares World Vision people to go into a country with strenuous training. A person is not eligible to go into the country without passing security training.

[9:04] World Vision employs local nationals and also people from around the world to help. There are a variety of people flying in for operations. Employing local nationals creates goodwill. There are also lots of volunteering opportunities all over the world. The jobs World Vision creates are opportunities for locals to help their communities.

[9:48] World Vision International is a Christian organization but they do not proselytize or force Western values on people. They go in with respect for the culture and religion. They go in only to help the locals get to the best circumstances they can with food security, clean water, sanitation, and hygiene. World Vision gives them the skills to be self-sufficient and then leaves them.

[11:03] Tina says a lot of firms don’t pre-plan for political risk. Then, once in the country, they ask carriers for political risk insurance. In a lot of cases, coverage will be denied to firms that are not known to the carriers. Tina wrote in the executive report the things you can do to get underwriters comfortable with your risk profile.

[11:37] Carriers need to get to know you and your operations, and that you understand security. They need to know your travel. Do this ahead of time and also get your various other forms of insurance without country exclusions. The carriers know World Vision International, so they don’t get normal exclusions.

[12:18] We’ve been there since the fifties. You can’t just jump in and expect to get insurance. It will either be denied or it will be extremely expensive. If you’re planning on going into a new country, get with a specialist broker who understands political risk and can guide you through the process. That’s when you first begin to understand your risk. Start a year in advance.

[13:32] Tina’s paper was written for risk managers who roll up their sleeves and put their hands in the dirt. It’s necessary to do due diligence on the country. Ask yourself about the power grid, internet service, and what cell phones will work there. Can you dial out of the country? Who controls the water and power? What are the roads like, if any? What about waterways?

[14:48] Are there fire stations? Are they all-volunteer? Are your people trained to put out fires? Hire outside security for your commodity warehouses. What’s the flooding like? You’ll want to be on high ground. We can take a lot from what we’ve learned here in the U.S. from natural disasters and other places where you’ve had losses.

[16:27] Tina suggests learning the best way to secure roofing so you don’t have a roof claim with every hurricane season.

[16:45] You have to have a contingent supply chain plan. You may need to airdrop. Look for other suppliers. What are the cyber laws in that country? How do you handle local cash? The top person on the ground needs to have a credit card with a high limit. Emergencies can happen, including needing emergency evacuation. Extracting people requires payment in advance.

[18:03] Tina discusses her participation in RISKWORLD, RIMS education, and the International Council. She and Justin give a shoutout to Gayle Jacobs, an SVP at Marsh, who advises World Vision International on political risk. Gayle Jacobs had a session at RISKWORLD 2024.

[19:27] Tina, thank you so much for joining us!

[19:42] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program.

[20:15] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[20:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link soon on an upcoming episode.

[20:54] So review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[21:09] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[21:29] If this description applies to you, then you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[21:49] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.

[22:01] My next guests flew from India to compete in person at RISKWORLD 2024 for the 2024 Spencer RIMS Risk Management Challenge. They won! The winners were The Institute of Insurance and Risk Management Hyderabad. Their team name was the Vigilant Challengers.

[22:17] They won the challenge that began seven months ago with 38 universities dedicating their time and effort to address a risk management case study based on the city of Tukwila, Washington. During RISKWORLD, the field was narrowed to three university teams and those finalists presented one last time in front of the conference attendees and a panel of judges.

[22:39] The Vigilant Challengers won and they also won a $10,000 prize, courtesy of RIMS and Spencer. They were led by our good friend Professor Roop Kumar Nagumantri, the university representative. I wasn’t going to let them leave for a flight back to India without getting them on the show, live in person!

[23:01] Vigilant Challengers of IIRM Hyderabad, welcome to RIMScast!

[23:23] Justin met Professor Nagumantri in 2017 or 2018 at RIMS India. Professor Nagumantri has bolstered risk management in India. He is proud of his fantastic team, Vigilant Challengers. They have a lot of energy! It’s an extraordinary experience for them.

[23:57] Shivya Tuli, Elvis John, and Yagnasritha Mallavajhala introduce themselves and the area of risk management they study at IIRM Hyderabad. Risk management is not yet a popular course in India. Coming to IIRM has been advantageous to each of the Vigilant Challengers participants. Professor Nagumantri tells how he selected the team. There was a test.

[26:02] How the IIRM Hyderabad team approached the Tukwila, Washington risk case study. They started by reading the city budgets and risk materials to formulate a buying approach. It took almost three months to read the materials. It took them about six months to prepare their presentation.

[27:15] The Vigilant Challengers detail how they made their presentation. It was their first time on an international stage. The judges made them comfortable. At the finals, they were a bit nervous, seeing that the hall was full. Again the judges and audience made them comfortable. It was a wonderful experience.

[28:10] The team used slides and technology to help their presentation. They presented like they were selling. They wanted the City of Tukwila to be better, to mitigate risks, and to get over all the risks. Their presentation was a balance of technology and individual explanations. The audience feedback was amazing and gave them a lot of confidence.

[29:32] The Vigilant Challengers recommend future challenge participants to back up innovative solutions with real-world examples. The more research you do, the better your report will be. The hard work and late nights helped. The team considered the human element of working with a city. They provided a practical solution that will help the city.

[30:40] Thoroughly research the subject and the audience you are addressing to relate and connect with the particular case study. Research and hard work are very important.

[31:11] The team members stayed up late and worked on Zoom calls after staying at the college until 8:00 or 9:00 at night.

[31:32] Professor Nagumantri says Spencer’s Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. They learned to do research and apply the findings to a problem. They will make good CROs.

[32:29] Special thanks once again to Tina Cameron and the winning team of the RIMS Spencer 2024 Risk Management Challenge, IIRM Hyderabad Vigilant Challengers.

[32:49] A link to Tina Cameron’s RIMS paper, Leveraging Insurance & Risk Management to Address Political Risk is in this episode’s show notes as is more information about the IIRM Hyderabad Vigilant Challengers and their victory.

[33:04] Also check out last week’s RIMScast episode for more coverage of RISKWORLD 2024 with some fantastic interviews, live and in person!

[33:13] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[33:45] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[34:29] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[34:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[35:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[35:23] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4‒7

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

Spencer Educational Foundation 2024 Funding Their Future Gala

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13.

RIMS Risk Management Awards Edition 2024

Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins!

RIMS Executive Report: Leveraging Insurance & Risk Management to Address Political Risk

RISKWORLD 2024 Show Daily — May 6, May 7, May 8

RIMS Webinars:

Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC | May 23, 2024

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Live! From RISKWORLD 2024”

“RISKWORLD 2024 Keynote Peter Diamandis”

“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

Sponsored RIMScast Episodes:

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Manny Padilla!

Spencer Educational Foundation

“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Tina C. Cameron on LinkedIn

Senior Manager, Global Insurance at World Vision International

The winning IIRM Hyderabad team, The Vigilant Challengers!

Shivya Tuli, Yagnasritha Mallavajhala, Elvis John, and Institute of Insurance and Risk Management (IIRM) Hyderabad Representative: Kameswara Venkata Roop Kumar Nagumantri

Tweetables (Edited For Social Media Use):

You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people. — Tina C. Cameron

We’ve been there since, I think the fifties. So, you can’t just jump in and expect to get insurance. It’s either going to be denied or it’s going to be extremely expensive. — Tina C. Cameron

The 2024 Spencer RIMS Risk Management Challenge was an opportunity where we could explore the city virtually and get to know more about it. — Shivya Tuli

Spencer’s Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. — Professor Roop Kumar Nagumantri
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Live From RISKWORLD 2024!
14 mag· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews Oliver Wild, the President of AMRAE, Joan Woodward, Executive Vice President for Public Policy at Travelers, and Chuck Baxter, Executive VP at IPISC, all live at RISKWORLD 2024. First, Oliver discusses AMRAE’s 2024 RMIS Panorama. Next, Joan discusses Travelers’ 2024 CFO Study. To finish the episode, Chuck discusses World Intellectual Property Day and the importance of IP rights in your organization. There is much to learn from these RIMScast guests. Justin also reveals the location of RISKWORLD 2025.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] These interviews were recorded live at RISKWORLD 2024 in San Diego, from May 5th through May 8th.

[:39] Before we get to the interviews, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, there is Fundamentals of Risk Management.

[1:05] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar. A link is in this episode’s show notes. Listen for more about RIMS events later in the show.

[1:30] My first guest is the President of the Association for the Management of Risk and Insurance Enterprise or AMRAE. Their complimentary 2024 RMIS Panorama is now available for download. The last time we saw the folks from AMRAE on RIMScast was in 2019. François Beaume from AMRAE was in the RIMS office and we had a fun, impromptu interview.

[2:03] This year, I sat down with the AMRAE 2024 President, Oliver Wild. Oliver is the Chief Risk Officer for Veolia, a company providing water risk management, water reclamation, and water treatment. He was at RISKWORLD 2024, representing AMRAE. We talked about the Panorama, its improved functionality and accessibility, and the trends identified in the Panorama.

[2:46] Oliver Wild, welcome to RIMScast!

[3:05] Oliver is the President of AMRAE, the French equivalent of RIMS. They have over 1,600 risk manager members. They organized their conference in February 2024 in Deauville, France. There is a link to the event site in this episode’s show notes. The last time Justin spoke with someone from AMRAE was in 2019. Justin interviewed François Beaume in the RIMS office.

[3:59] The new Panorama is the 17th Edition. Oliver says AMRAE is reaching out to more risk managers with the help of IFRIMA, FERMA, and other risk associations. For this edition, AMRAE got responses from 250 risk managers in 36 countries. It gives an international view of the use of risk management information systems.

[4:30] The number of vendors has also increased. It’s a very dynamic market.

[4:49] AMRAE integrates risk managers’ views. There are risk manager testimonials and expert opinions on the market from insurers and brokers. It’s a neutral, objective study and very business-focused, reaching into different departments in the organizations.

[5:38] You can access the full report. It’s free. You can also get direct access to the data with a QR code that gives you dashboards so you can slice and dice the data and get the view you want to see, per country and vendor, and the risk managers’ responses.

[6:54] It’s a growing, dynamic market. More risk managers are implementing risk management information systems. The trend is a single risk management information tool to respond to the needs of many departments. On average in a company, 50 people use that tool to help them report to the board or their executives.

[7:47] A critical aspect and key benefit of these data-rich risk management information tools is information sharing, including real-time data. The number one reason risk managers implement this type of tool is for risk mapping. Other benefits are driving your action plans, following up on them, and sharing risk maps with your internal audit.

[8:43] A recent trend is to use these systems for risk management and prevention. To a lesser extent, Oliver sees internal control feeding into that.

[8:57] Oliver speaks of the popularity of SaaS. The quality of SaaS tools has improved, off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement and it takes about four months. The average cost for these tools is €100K a year but differs by country. In the U.S., bigger systems cost more.

[10:53] The digitalization of the risk management function is critical and you’re seeing that in the insurance market as well leading to the big expansion of risk management information tools.

[11:10] Oliver shares his view on AI. The GenAI aspect is very new and is developing quickly. It’s already in current risk management tools. Oliver mentions “sanity checks” to improve data quality. Risk managers say AI helps them in fraud prevention by looking at financial patterns of fraud. In the insurance market, AI helps analyze policies and scan through prevention reports.

[12:11] AI can make the risk manager’s life easier and more efficient. You need human eyes to see the analysis and human ears to hear it, but AI gets you on your way. It’s a real-time analysis.

[12:52] AMRAE organizes an annual event in Normandy and Deauville. It gets about 4,000 people. It’s a great event with plenary sessions and around 30 workshops for risk managers. The Panorama is the 17th Edition, but AMRAE produces analysis of other topics year-round, based on the topics of the moment. AMRAE does prospective thinking on future risks.

[13:33] There’s also a training part with certified training and modules to help risk management face their challenges. Risk management is now at the board level and modules help risk managers get used to talking to C-suites and execs. There is training on the Corporate Sustainability Reporting Directive (CSRD), aimed at the environmental impact of the company.

[14:17] In the Risk Management System Panorama, people are using AMRAE training to do their reporting on CSRD. That’s one of the areas of focus of the report this year.

[14:28] AMRAE does a lot of smaller events in regions in France to reach out to a maximum of the risk management community. AMRAE has six centers across France, hosting events throughout the year. AMRAE is the association of reference for the risk management community in France. Their equivalent of RISKWORLD is called Les Rencontres (The Meetingplace).

[15:16] Les Rencontres covers the whole risk ecosystem for all stakeholders, with discussions, cocktails, and dinners. It’s fun and a key source of information. It has a big student population. Last year over 300 students attended. The students bring their CVs and talk to the carriers about a job for when they graduate. Les Rencontres is always the first week of February.

[16:02] Oliver Wild is also the Chief Risk Officer for Veolia. There are 17 people at the head office and a network of offices around the globe in 58 countries. That’s about 90 people in risk and insurance combined. They deal with risk mapping, identification, and prevention. They run captives and insurance programs. The risk managers interact with all the other departments.

[16:49] Oliver, it has been such a pleasure to talk with you. You’ll come back for another episode, virtually, unless you want to ship me out to France?

[17:05] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. Some RIMS board members will be there to lend insight, as well.

[17:37] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. All of these sponsors had a wonderful presence at RISKWORLD on the showroom floor and we sincerely appreciate our partnerships with them. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[18:12] Our next guest is the President of Travelers Institute and Executive Vice President for Public Policy at Travelers, Joan Woodward. Joan led a session at RISKWORLD, From Forecast to Forefront: New Research on the CFO’s Strategic Mindset. At that same time, Travelers released its special report, 2024 CFO Study. A lot of the session info was based on this brand-new report.

[18:44] I caught up with Joan right afterward. We extended the dialog from her session and explored some of the details from the 2024 CFO Study. Joan Woodward, welcome to RIMScast!

[19:11] Travelers decided this year to survey over 600 CFOs and Heads of Finance at large companies with 500 or more employees across a mix of industries to get their views on topics from core responsibilities and corporate strategy to the macroeconomic concerns on the minds of CFOs. CFOs are key decision-makers in selecting the right solutions.

[20:10] CFOs rely on risk managers in the company. They wear multiple hats. Travelers wanted to know what keeps them up at night, how they deal with complex risks, and whom they turn to to help them manage that risk.

[20:40] A lot of major companies have their enterprise risk management teams report to the CFO. A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. Risk management and the CFO go hand-in-hand to advise the board and their CEO.

[21:24] The Travelers study uncovered four key themes; one is the expanding role of CFOs with internal and external constituencies in risk management and overseeing that function to ensure the business is resilient against any type of risk.

[22:01] Risks change all the time, so this is an evolving landscape. Twenty years ago, we weren’t talking about cybersecurity insurance or cybersecurity risk. Risks are evolving; the CFOs’ jobs are evolving with that.

[22:15] Other concerns in the report are workforce post-pandemic challenges around finding and retaining talent, the cost of labor, macroeconomic conditions, supply chain, and geopolitical risk. Joah’s office is the airport; she works all over the country. She has traveled for the last 25 years of her career but thinks there’s value to the corporate culture in the office.

[23:20] Travelers has a three-day-a-week in-the-office policy; some are there four or five days. Some prefer to be home for two work days, or on the road with their jobs. Employers need to be flexible and make adjustments as needed. The labor shortage has shifted the leverage toward the employees, rather than the employers.
[24:13] Employers need to adjust for the employee demographics coming on board. Their expectations about the workforce are different than the expectations of Baby Boomers of thirty years ago, Employers have realized this and become more flexible. Employee engagement is the name of the game. You don’t want people jumping ship for a raise at a competitor.

[24:46] In the report, 88% of the CFOs surveyed are very confident that their company has taken necessary strategic steps to remain resilient. A lot of them believe the 2024/2025 economic outlook is pretty strong. Inflation is subsiding. Interest rates have come down. CFOs are comfortable with their risk management strategies.

[25:28] Joan thinks the insurance industry, brokers, and agents have something to do with that confidence. There’s a lot of expertise in the agent and broker communities and it’s great that businesses have tapped into them. Agents, brokers, and carriers have seen it all with their claims data.

[23:53] The 2024 CFO Study, A Travelers Special Report is available through a link in this episode’s show notes. The TravelersInstitute.org has a plethora of information on their webinars and podcasts.

[26:12] Justin and Joan are both strong users of LinkedIn. Joan wasn’t an early adopter but joined about five years ago. She finds it to be a great tool for business growth and career development. She loves mentoring young people and putting out thought leadership. She’s all in on LinkedIn.

[26:42] Joan, it has been such a pleasure to meet you. I look forward to seeing you at RISKWORLD 2025.

[26:53] A RIMS reminder! The links to the RIMS RISKWORLD Show Daily are in this episode’s show notes. If you couldn’t attend RISKWORLD, or if you did attend and want to relive some of the highlights of RISKWORLD 2024, check out the links in the show notes! Coverage of the general sessions, keynotes, and more can be found on the digital pages of the Show Daily.

[27:25] My friends Joe and Chante from our marketing and design team always do a fabulous job with the layout, art, and distribution to all of you! A big shoutout to our good friend Joe Zwielich, also of RIMS, who was taking photos constantly while we were on site. He did a marvelous job.

[27:48] On April 26th, the world celebrated World Intellectual Property Day, which is led by the World Intellectual Property Organization. With so much digitization and viral videos in the world, IP is a big risk for a lot of organizations. To learn more about this risk I reached out to one of my favorite members of the RIMS Greater Bluegrass Chapter, Chuck Baxter.

[28:24] Chuck is the Executive Vice President of IPISC, Intellectual Property Insurance Services Corporation. They handle patent insurance. I thought it would be great fun to catch up with him. World IP Day has passed, but the risks have not. Let’s learn what’s ahead. Chuck Baxter, welcome to RIMScast!

[28:54] Chuck has been attending RISKWORLD for eight or nine years. It’s an important event for IPISC. IPISC specializes in insurance for intellectual property risks. IPISC has been insuring intellectual property risks exclusively for over 30 years. Intellectual Property is in everything. It’s everywhere. It’s in all kinds of business transactions.

[29:55] It could be a copyright for something you created, or a name for your product or service, or an innovation protected by a patent. You might not recognize your copyright, or you may be at risk of being accused of infringing on a copyright or patent unknown to you. All risk professionals need to know the risks.

[30:31] World Intellectual Property Day is important everywhere. Everyone has IP issues. Different countries protect it in different ways. The World Intellectual Property Organization promotes World IP Day to raise awareness that IP rights are important and should be protected.

[30:52] They are the incentives for creators that provide rewards for the risks people take when they are doing something new. Those rewards in the form of IP rights can create value for a company.

[31:10] If somebody comes after you for what you are doing, the freedom to operate within your market is crucial. Being accused of infringing on somebody else’s IP rights can be devastating to a small-to-midsized company that can’t sustain the multi-million dollar cost of fighting the case. Chuck sees a lot of suits, especially among competitors trying to shut down a new player.

[31:47] Forward-thinking businesses obtain IP insurance before bad things happen. Risk professionals need to know that everyone should be thinking about this and putting IP insurance in place before they need it, like any insurance. It is essential. When a small company thinks ahead and has this protection, they’re not simply squashed like a bug by a larger company.

[32:43] The smaller company may have the better position. Chuck shares a case study of a small company’s patent case that went to the Supreme Court. The company was under a legal cloud until they prevailed.

[33:33] January 1st is Public Domain Day in the U.S. for workers over a certain age. The Winnie the Pooh copyright expired so horror movies are coming out with Winnie the Pooh. IP rights last for a set number of years, not forever.

[34:45] It’s not the idea that can be copyrighted but the expression of the idea. IPISC says overprotecting intellectual property is as harmful as underprotecting it. Creativity is impossible without a rich public domain.

[35:26] Successful companies like the Disney Company built many of their franchises on public domain characters. Some Disney characters, like the original Mickey Mouse in Steamboat Wilie, are now in the public domain.

[37:15] Chuck addresses IP for music. Copyright affixes the moment you put something into a tangible medium and digital recordings count. The most popular owners of copyrights in music are exposed to copying but you don’t know who will be the most popular.

[38:38] Popular works are exposed to claims of infringement by other creators if they can prove the creator of the popular work had access to the original work. Two independent creators may create the same thing without infringing. If one heard the other first, they may have copied it and be liable. You can do it for the love of it, but if you get some success, you’ve got exposure.

[39:33] Chuck, it’s been a real pleasure to speak with you on RIMScast. Thank you for coming to RISKWORLD 2024.

[39:46] Special thanks again to my guests, Oliver Wild from AMRAE, Joan Woodward from Travelers, and Chuck Baxter from IPISC! Links to their LinkedIn profiles are in this episode’s show notes. The reports that we reference are linked in this episode’s show notes.

[40:06] I had a great time hanging out with them and many of you at RISKWORLD 2024. Shoutout to the RIMS events team for outdoing themselves yet again! We’ll see you in Chicago in 2025!

[40:22] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!

[40:55] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[41:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[42:13] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[42:34] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4‒7

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation — Grants Page

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13.

RIMS Risk Management Awards Edition 2024

Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins!

RISKWORLD 2024 Show Daily — May 6, May 7, May 8

AMRAE — Download the 2024 RMIS Panorama

2024 CFO Study: A Travelers Special Report

IP ISC

RIMS Webinars:

Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“RISKWORLD 2024 Keynote Peter Diamandis”

“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“The Rise of RMIS with Francois Beaume of AMRAE”

Sponsored RIMScast Episodes:

Accident Prevention — The Winning Formula For Construction and Insurance | Sponsored by Otoos (New!)

Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Manny Padilla!

Spencer Educational Foundation

“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Oliver Wild: President of the Association for the Management of Risk and Insurance of Enterprise (AMRAE), Group Chief Risk and Insurance Officer at Veolia

Joan Woodward is Executive Vice President of Public Policy for Travelers and President of The Travelers Institute Joan’s LinkedIn: Joan Woodward

Chuck Baxter, Esq., Executive Vice President and General Counsel, IP ISC

Chuck Baxter’s LinkedIn: Chuck Baxter

Tweetables (Edited For Social Media Use):

One of the critical aspects of these risk management information tools, and one of the key benefits, is all about information sharing. — Oliver Wild

The quality of SaaS tools has improved, right off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement. — Oliver Wild

CFOs are key decision-makers in selecting the right solutions. CFOs rely on risk managers in the company. — Joan Woodward

A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. — Joan Woodward

Intellectual Property is in everything. It’s everywhere. It’s in all kinds of business transactions, whether somebody has created something new and has a copyright in it, they have a name for their product or service, or they have innovation that they protect through patents. — Chuck Baxter

You can do music for the love of it, but you have to recognize that if you get some success, you’ve got exposure. — Chuck Baxter
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
RIMS Risk Manager of the Year, Steve Robles, Los Angeles County
6 mag· RIMScast
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

Justin Smulison interviews RIMS Risk Manager of the Year 2024, Steve Robles, Los Angeles County. They discuss how his career progress how he negotiated a position to have a direct report to the County CEO and Board of Supervisors, as an Assistant CEO over Risk Management, and why he feels it was necessary to have a direct report with the strategic decision-maker. Steve tells of the importance of sharing knowledge with a network and how he built his coworkers to be his succession to be ready when he left. Finally, he leaves you with his advice for building your career upon your passion. Listen for wise risk management philosophy.

Key Takeaways:y

[:01] About RIMS and RIMScast.

[:14] RISKWORLD 2024 is the yv w now in San Diego, from May 5th through May 8th. Use the RIMS Events App to organize your sessions, meetings, and other fun and educational experiences at RISKWORLD.

[:30] About today’s episode of RIMScast. This is a fantastic episode! I will be joined by RIMS Risk Manager of the Year 2024, Steve Robles. There’s so much to discuss with him!

[:56] There’s a good chance that you are listening to this episode while you are with us in sunny San Diego, California during RISKWORLD 2024. Let’s start with May 6th. In the morning on the Main Stage at 8:00 a.m., we have an Opening Keynote from Peter Diamandis.

[1:14] At noon, PST, we’ve got the Main Stage Leadership Keynote, An Afternoon with Marlee Matlin, Academy Award-winning actress, director, and activist. The Spencer RIMS Risk Management Challenge Final Round will be held in Ballroom 6A at 1:15 p.m.

[1:34] On the morning of Tuesday, May 7th we’ve got the Spencer 5K Fun Run, sponsored by Sedgwick. That event will be held at 200 Marina Park Way. At 8:00 a.m., we have our Industry Breakfast Keynote from Evan Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group.

[1:54] On Wednesday, May 8th, at 3:00 p.m., on the Main Stage, our Conference Finale and Closing Keynote will be delivered by entrepreneur, author, TV personality, and Shark, Daymond John. Each day there will be sessions at the DE&I Studio, the Global Studio, the Innovation Hub, the Thought Leader Theater, and the Wellness Center, in addition to the breakout session rooms.

[2:21] Check out the full itinerary at RIMS.org/RISKWORLD, and the RIMS Events App. If you have any questions or want to pick up some wonderful RIMS swag, check us out at RIMS HQ.

[2:39] The RIMS Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs the honorees have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981.

[2:56] The 2024 RIMS Risk Manager of the Year is Steven Robles. Steve was recognized for his work as the Assistant CEO for the County of Los Angeles. He’s featured in the special Awards Edition of RIMS Risk Management magazine. On Wednesday, May 8th, at 2:10 p.m., Steve and I will be at the Global Studio to extend this dialog.

[3:21] Right now, we’re going to have a lot of fun! We’re going to talk about highlights of the past year and his career and what it means to be Assistant CEO for a major county in the United States of America. RIMS Risk Manager of the Year 2024, Steven Robles, welcome to RIMSCast!

[3:56] Steve is excited to be a guest on RIMScast! Steve says it’s extremely humbling to be RIMS 2024 Risk Manager of the Year. He has spent his entire career in risk management and to be honored like this is just an amazing feeling. It’s wonderful to know all the people who have helped him in his career; Steve shares his award with them. We cannot do our jobs by ourselves.

[4:56] The Awards edition of Risk Management magazine has a wonderful article by Justin that details Steve’s career, especially the last couple of years and his work at LA County. The article’s link is in this episode’s show notes.

[5:30] Steve was with San Bernardino County for almost 23 years; it was a lot of fun. He started his risk management career as a safety officer there. He worked with the Sheriff’s department to ensure they were safe when they raided drug labs. He worked with all kinds of wonderful professionals. That’s what got him hooked.

[6:41] The department Steve worked in at San Bernardino County was the Risk Management Department. From Safety, Steve progressed to Workers’ Comp, Liability, Insurance, Indemnification, Contracts, and Finance. As he built his skill set and supervisory experience, he realized he could run the department. After 10 years, his goal was to head the department.

[8:58] Justin points out a great takeaway for the audience: Build your skill set, build your network, and when the time is right, present yourself for promotion.

[9:33] Steve’s friends told him not to take the job at LA County. Steve likes to organize and he saw there was disorder to organize. In his home, he likes to do tile work. He saw the opportunity to do some good for a place that was a good fit for him. Steve loves LA County. It was a major seven-day-a-week commitment. He got his family to buy into it. Fortunately, his kids were grown.

[12:40] RIMS plug time! For RIMS Virtual Workshops, visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.

[13:03] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.

[13:20] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App which is available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there’s so much happening. This is a great way to stay on schedule.

[13:58] Back to the interview! Steve describes the extremely extensive interview process for the position at LA County. The panel and questions were pretty standard about Steve’s experience and philosophy on building a risk management program. Once he made the first cut, he had to interview with each elected official on the Board of Supervisors and their Chief of Staff.

[14:52] There were five Supervisors. He spent about two hours with each of them, over a week. After they approved him, he sat with the CEO. He wanted to have a direct report to the CEO. They met for about two hours. By the time he started his first day, it felt like he had worked a week.

[16:06] Steve says the CEO was great. Steve learned from the CEO during the interview that he had worked with Steve’s mom in a previous job and she had trained him on a lot of things in personnel! Steve said getting to know the board members and the CEO on a human level helped him a lot. Steve told his mom and she said, “Oh I know him, tell him, Hi!”

[17:34] Justin recalls when he got an internship at a major television network because his grandmother knew the mother of the marketing director. Leverage every family connection you can! Steve’s wife also has a family connection with one of the Board Supervisors and he name-dropped her as well.

[18:13] Steve is easy to get along with. He tells how that helped him to bring people along to where he wanted to go on a program or initiative. He knew he needed other people on board. He started by building a story. Risk managers need to be good storytellers. Use humor to put people at ease and allow them to share their true thoughts. A better idea may come up in discussion.

[19:40] Steve calls this conversation controlled chaos.

[20:17] Steve made privacy and cyber a top concern. These concerns went hand-in-hand. One of the issues at Los Angeles County was that their technology was extremely disjointed. Seven computer systems housed seven different data sets to administer risk management and the county council program.

[20:49] None of the systems communicated with each other but all systems had the same type of personal data and connected through the internet. That made seven different exposures. Steven developed a comprehensive system to consolidate the seven systems. Steven paid attention to the cyber aspects and privacy aspects of managing how the data got out.

[21:34] This was in 2013. Offices involved were the CEO, Health System, Jail System, Social Services System, and other county systems, which had the same challenges. Their first milestone was when they had a breach! It helped to have something occur so Steven could build from the chaos. It was a wake-up call.

[22:48] The breach springboarded the county departments to collaborate in their efforts to control cyber. Steven tells why the breach didn’t threaten his job. He always says, “I don’t know what’s going to happen but I know we need to be prepared for something happening. And this is how we prepare for these types of things.”

[24:13] That means we need to have an emergency communication policy with collaboration on handling disasters. We need to prepare for what we don’t know yet. As emerging risks came up, Steve brought them up. He brought up cyber and privacy long before there was a data breach. There was an emphasis on how they would respond to it. Steve also brought up AI years ago.

[24:49] Steve doesn’t know yet how AI is going to be a risk to us, but it’s going to be a risk and we need to prepare for it.

[24:58] One more RIMS Plug break! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program.

[25:32] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months! Register at RIMS.org/Webinars. Registration is complimentary for RIMS members!

[25:51] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.

[26:07] RIMS wants to hear from you. Submit your session today. We’ve extended the deadline! A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.

[26:29] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.

[26:50] Back to the interview with RIMS Risk Manager of the Year 2024, Steve Robles! Cyber and privacy kind of define the challenges of Los Angeles County because it’s so big. The size of the organization is the challenge. There are 100K employees and a county budget of $46 billion. All that money is being spent somewhere. When money is being spent, a risk is associated with it.

[27:36] The risk could be where to invest the money without losing it, to the costs of deploying staff. When you see analytics pointing to some future risks, how do you get the channel open to communicate it to the right people and get their buy-in to deploy risk prevention tactics?

[28:38] Steve connected to his risk professional counterparts in other counties. He would call his counterparts in Orange County, San Diego, Riverside, San Bernadino, San Francisco, and other counties around. “Have you seen this trend?” or “I think we’ve got fraud here, what do you guys think and what have you done about it?” They would share information on many topics.

[29:17] If it was in LA County, either other counties saw it first or they were trying to find out how LA County dealt with it. Steve would tap into his network of public sector risk professionals that went back to San Bernadino and the subject matter experts the county employed. He has known them for decades. They learned at the same time with different views of the same experience.

[30:19] It broadens you to meet with other risk managers who came up through different paths and have different viewpoints that enrich you if you take in that information so you can make good executive decisions.

[31:05] Steve had the greatest of all worlds at LA County because he had a great direct reporting relationship with the CEO and Board of Supervisors. He sees that other public sector entities do not have the same relationship between the risk managers and the CEOs. They report to a lower-level manager or human resources.

[31:38] Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward.

[32:21] Steve’s former coworkers were his succession. Every year in LA County, Steve brought his staff together to help put together the strategic initiative. It brought them together as a team and they enriched each others’ knowledge base. As time progressed, many of them became qualified in all aspects of risk management. Steve was planning his succession from Day 1.

[33:26] Now, LA County has an interim risk manager, Destiny Castro, who was Steve’s operations manager. What Steve told Destiny is “You can do this job. What you’ll be surprised by is how fast things come at you. They come at you fast and there’s not really a day off! You’re the decision-maker.”

On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that’s on your mind.

[34:40] Steve has participated in a lot of the events of the RIMS LA Chapter. It’s not just public entities there; it’s rewarding to see so many perspectives represented by private entities. Steve feels relaxed there with his clan who share his experiences. There are good side discussions that go on with the vendors as well as the members.

[35:50] Steve has spoken at some universities that have either established or up-and-coming risk and safety programs they are trying to expand. The students are fantastic and have great questions. Steve explains that risk management is not insurance; it’s exciting. Anything bad you see in the news, you’re a part of it!

[37:28] Steve’s advice for the next generation of risk managers: “Have a clear career path. Find your passion; what you’re passionate about is where you should go. There are so many different directions you can go in risk management. My passion was organizing the mess; I wanted a position where I could put those pieces together. But there’s so much more you can do.”

[38:02] “If you like contracts or if you like dealing with the human aspect of it you can go into claims. You take your personality and understand yourself and then find something that fosters that in your risk management career.”

[38:41] Steve says to enjoy yourself. Look at challenges as a game, as a chess match. Something is happening on the right side of the board and you need to position yourself to corner that risk, person, or whatever. It calms you down so you can think clearly about the steps that are going to be needed to win that game.

[39:28] Steve, I want to congratulate you again on being named RIMS Risk Manager of the Year 2024. Do you have your speech prepared? (Steve is ready!) We’re going to see you onstage on the morning of May 6th and spread the love!

[39:58] Special thanks again to RIMS Risk Manager of the Year 2024 Steve Robles for joining us. Steve and I will lead a RIMScast Live session on Wednesday, May 8th at 2:10 p.m. in the Global Studio during RISKWORLD. Come and ask the Risk Manager of the Year your burning question! A link to the RIMS Risk Management Magazine Awards Edition is in this episode’s show notes.

[40:25] Registered attendees for RISKWORLD should use the RIMS Events App. That will get you where you need to go when you’re at RISKWORLD.

[40:32] RIMS Plug Time again! Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!

[41:05] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[41:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[42:06] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[42:22] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[42:43] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2024 — San Diego, CA | May 5–8, 2024 — Visit the Global Studio May 8 at 2:10 pm PST for RIMScast Live! with Steven Robles and Justin Smulison

RISKWORLD Pre-Conference Workshops

RISKWORLD Speakers

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation — Grants Page

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 13.

RIMS Risk Management Awards Edition 2024

Spencer-RIMS Risk Management Challenge — Live at RISKWORLD

RIMS Webinars:

Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“RISKWORLD 2024 Keynote Peter Diamandis”

“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

Sponsored RIMScast Episodes:

“Platinum Protection: Underwriting and risk engineering's role in protecting commercial properties” | Sponsored by AXA XL (New!)

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Manny Padilla!

Spencer Educational Foundation

“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] 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: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest:

Steve Robles: Assistant Chief Executive Officer at Los Angeles County

Tweetables (Edited For Social Media Use):

I have spent my entire career in risk management and to be honored like this is just an amazing feeling. It’s wonderful to know all the people who have helped me in my career; I really am sharing this with everybody. — Steve Robles

We cannot do our jobs by ourselves. — Steve Robles

Risk managers need to be good storytellers. — Steve Robles

Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward. — Steve Robles
- Ascolta Ascolta di nuovo Continua Riproducendo…
- Ascolta più tardi Ascolta più tardi
Mostra di più

Episodi

Maintaining an Award-Winning ERM Program with Michael Zuraw

Applying ERM Theory with Elise Farnham

RIMS Advocacy Updates 2024 with Mark Prysock

Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin

Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI

Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST

300th Episode Spectacular with RIMS CEO Gary LaBranche

Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood

Exploring Risk in Extreme Environments with Kevin Vallely

Thoughts and IDEAs on Inclusivity with Michael Bach

Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote

Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle

Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products

DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services

Unbottling Risk Management with Victoria Ogbuehi of Coca-Cola

Julie Bean, 2024 Heart of RIMS Award Winner

On Risk Appetite and Tolerance

Live Again from RISKWORLD 2024!

Live From RISKWORLD 2024!

RIMS Risk Manager of the Year, Steve Robles, Los Angeles County