Episódios
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Kevin Stein, the CEO of Delos Insurance Solutions. Kevin tells of his aerospace engineering background and how modeling led him to the insurance space. He speaks of his passion for insurance, and of co-founding Delos Insurance Solutions to fill the commercial coverage gap around California Wildfires. Kevin speaks of his optimism for the future of Wildfire control with property fire-hardening principles and new detection and deterrent technology.
Listen in for advice on hardening commercial properties against wildfire risk, and how to secure coverage against this risk.Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, our guest today is Kevin Stein, the CEO of Delos Insurance and we will discuss wildfire risk.
[:39] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[:58] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:05] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker.
[1:20] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:37] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[1:49] This is the last call to register for the RIMS ERM Conference 2024 which will be held on November 18‒19, 2024 in Boston, Massachusetts. The agenda is live, we’ve got a great keynote, and we’ve got so many fantastic educational sessions and networking opportunities for you!
[2:07] So visit the Events page of RIMS.org and register today! A link is also in this episode’s show notes.
[2:14] Interview! Climate change and wildfire risks are on our minds here at RIMScast! My take is that there is no longer a wildfire season here in the U.S., it’s just wildfire year. Let’s see if our guest agrees with me, and what risk managers can do to combat and mitigate this problem.
[2:39] My guest is Kevin Stein. He is the CEO of Delos Insurance Solutions and he is an aerospace engineer by training. We're going to get a fascinating perspective from him on wildfire risks and what risk professionals can do to limit their exposure.
[2:56] We’re also going to talk about the trends driving wildfire reduction techniques. Let’s get to it! Kevin Stein, welcome to RIMScast!
[3:21] Kevin and a Co-founder started Delos Insurance Solutions in 2017. It is a specialty MGA. They sell policies across California in areas that other insurers have vacated because of perceived wildfire exposure in those regions.
[3:40] Delos Insurance Solutions is in partnership with an environment think tank made up of 100 professors, post-doc scientists, and the top wildfire researchers in the world.
[99] They have co-developed the civil government models for agencies including CalFire, the Public Utilities Commission, and the U.S. Forestry Service, for 25 years.
[4:04] With the think tank, Delos Insurance Solutions has developed more sophisticated wildfire underwriting internal tools and models that give a sense of a per-risk view of wildfire exposure as well as a portfolio-level view of wildfire exposure.
[4:19] With that, Delos Insurance Solutions has developed a number of programs. They sell home insurance, landlord’s insurance, and vacant home insurance across California.
[4:33] Kevin tells about his experience as an aerospace engineer. He did his Master’s in Aerospace Engineering at Stanford. He started on the modeling side and found his way into insurance.
[4:56] Kevin finds insurance fascinating. He says that everybody in the industry understands how interesting insurance is and everybody outside the insurance industry does not. Having gone from outside the industry to inside it, Kevin says the people in the industry are correct.
[5:13] Kevin says there are many different, interesting aspects of insurance and his career has been a wild ride.
[5:40] Kevin says the reality of wildfire season is that wildfires can happen at any time. There need to be specific conditions for these fires to become large, destructive wildfires. Conditions need to be hot, dry, and windy and there needs to be fuel.
[6:01] The seasons have been changing. In California, the wildfire seasons in 2017 and 2018 were very destructive. Historically, Northern California has a rainy season from mid-October through late March or early April. In 2017 they had sun through the end of December and rain until June.
[6:43] During the Fall, Northern California has a lake effect of winds coming over the mountains out to the ocean, and it’s usually stormy. In 2017 and 2018, they had 100-degree temperatures, the vegetation had been dry for six months, and the extreme winds led to fire superstorms.
[7:11] In any wildfire area, once sustained rains start, you’re in a more comfortable position. You need vegetation that’s been dried out for a while to have large fire superstorms but even in the Spring or early Summer, you can have individual or smaller fires that threaten your properties.
[7:37] The antidote to smaller, individual fires is to implement property-hardening techniques on commercial properties that effectively protect structures against smaller, slower-moving fires.
[8:25] Fires are spreading. The Salem, Massachusetts fires, the Eastern Canada fires, the Hawaiian fires, the fires in Oklahoma, and in San Diego show that fires can happen in a lot of geographies now that have not experienced fires before.
[8:59] This has a big effect on the insurance market. Insurers and reinsurers are looking at the spread and prevalence of wildfires and getting more concerned about what that means for their average exposure and maximum exposure.
[9:18] The price of re-insurance is going up significantly and the availability of re-insurance and capacity is going down significantly.
[9:28] The key for folks who own properties and large buildings and who rely on risk transfer as an effective means for managing their risk, is to be more creative and find more specialty groups.
[9:49] The insurance industry is morphing. The previous structure included wildfire exposure with hurricane exposure and tornado exposure. Now many of them will exclude wildfire.
[10:16] Risk managers will have to find specialty groups that are underwriting wildfire exposure more effectively and capturing re-insurance capacity more effectively to provide policies for people with this exposure.
[10:40] A key to understanding your fire exposure is to understand what type of fires you are potentially exposed to. There are wind-driven fire locations, moisture-driven fire locations, and vegetation-driven fire locations.
[10:58] To harden your property to vegetation fires, make the area around your building either a parking lot or drought-resistant, fire-resistant landscaping. Don’t use bark or woodchips. You can have small scattered plants surrounded by concrete to avoid the risk of vegetation fire.[11:50] With wind-driven fires, your biggest risk is embers. Embers can catch a building on fire by igniting vegetation at the base of the structure, so remove all vegetation against the structure or under eaves, especially with single-story structures.
[12:20] Embers can also get inside structures. Have ember-mesh screens on air intakes, such as those used by the HVAC system, and any openings in the foundation and your eaves.
[13:03] Build structures out of fire-resistant materials. Shingles and siding need to be fire-resistant or fire-safe. Use double-pane windows. Single-pane windows crack in fires and embers can get in. Use ember-mesh screens.
[13:59] For landscaping, make sure it is drought-resistant and fire-resistant.
[13:52] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[14:03] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:17] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[14:26] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[14:37] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[14:47] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:59] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[15:19] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[15:57] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[16:06] Back to My Interview About Wildfire Risks with Kevin Stein!
[16:36] Kevin has a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective.
[17:01] Kevin is optimistic about the new technology. Improved outdoor sprinklers are triggered if a fire is oncoming and douse everything in water or fire-retardant material. Sensors are put in different locations to recognize fire quickly.
[17:39] How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. Giant superstorms cause significant loss and burn down large buildings. Small wildfires can’t do that.
[18:07] The sensors are put on a variety of buildings to recognize smoke automatically with computer vision AI built in. Some longer-term technology is very interesting. In the future, there will be drone armies to replace the helicopters to pour fire retardant or water on top of wildfires.
[19:10] Commercial clients can deal with re-insurers like Lloyd’s of London to get coverage. Property-hardening characteristics and technologies come into play with a detailed assessment of the defensibility of the structure.
[20:38] Wildfire Re-insurers are moving from being generalists to being specialists. Generalist actuaries study years of loss history to predict losses for the next year. Specialist perils require area expertise because the risks cannot be handled simply through large amounts of data.
[21:13] Cyber is a great example of this. Cyber insurance was first bundled with general liability. The carriers soon realized they had no expertise to predict cyber risk so they excluded it. Specialty groups with expertise popped up to fill the gap in the market.
[21:36] This has happened with flood insurance, hurricane insurance in Florida, and earthquake insurance. Wildfire is the next one. It’s changing very rapidly. It’s very complicated, so you need people with area expertise to be able to underwrite it profitably.
[21:58] There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists to jump in, like Delos Insurance Solutions. Kevin says more groups will show up to serve the sector.
[22:54] Kevin reveals some of his aerospace engineer experience. He put in a proposal to NASA for a heliocentric spacecraft to look for life on Alpha Centauri. That wasn’t chosen, but there was an interesting satellite project he worked on.
[23:35] Kevin helped create two NBN satellites to provide internet to all of Australia, combined with a detailed fiber network. Kevin managed everything mechanical on the build of those two satellites.
[24:25] Special thanks again to Kevin Stein of Delos Insurance Solutions for joining us today on RIMScast. RIMS has a Wildfire Resources Page on RIMS.org. A link is in this interview’s show notes. Be sure to go there for more insight and information on how you can combat wildfire risk.
[24:44] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[25:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[26:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[26:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[26:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[26:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[26:53] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
RIMS ERM Conference 2024 — November 18‒19, 2024 | Boston, MA
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Wildfire Resource Center
RIMS Webinars:“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader’ | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Risk Appetite Management Nov. 20‒21
RIMS-CRMP Exam Prep (Virtual)
Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.“Applying and Integrating ERM” | Dec. 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin”
“Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products”
“Evolving Fire Risks with Ralph Bless”
“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets” (2020)
Sponsored RIMScast Episodes:
“Risk Management in a Changing World: A Deep Dive into AXA’s 2024 Future Risks Report” | Sponsored by AXA XL (New!)
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
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About our guest:
Kevin Stein, CEO of Delos Insurance SolutionsSocial Shareables (Edited For Social Media Use):
There are so many different, super-interesting aspects of insurance. — Kevin Stein
I have a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective. — Kevin Stein
Sensors can be put in different locations to recognize fire quickly. How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. — Kevin Stein
There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists like Delos Insurance Solutions to jump in. Other groups will follow. — Kevin Stein
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Valerie Fox, the 2024 Donald M. Stuart Award Winner. Valerie and Justin discuss her receiving the Donald M. Stuart Award and what this recognition means to her. Valerie tells how her journey in risk management has evolved over her 42-year career. Valerie has held prominent roles across a diverse range of industries. She shares some highlights and challenges of her career. Valerie remarks on the education opportunities, taking on leadership roles, and networking, that ORIMS and RIMS provided for her that helped her develop and advance in her risk career. She shares details of a long-term international project that stretched her and that she is proud of. Valerie offers her expectations for the future of risk management and how today’s students can prepare themselves to be tomorrow’s risk leaders. Valerie hopes to continue her student outreach and offer them the knowledge to guide their paths.
Listen in for advice on resilience and lifelong learning to keep up with the evolving risk management industry.Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, I am delighted to be joined by Valerie Fox, the 2024 Donald M. Stuart Award Winner and a RIMS-CRMP holder!
[:41] The next RIMS-CRMP Exam Prep will be held with PARIMA virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[:57] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:04] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[1:26] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. We’ve got more important plugs coming during the break. Now, let’s get on with the show!
[1:44] Interview! The RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to our guest, Valerie Fox, at the RIMS Canada Conference 2024 in Vancouver.
[1:57] Valerie is a CRM holder, a RIMS-CRMP holder, and the former Director of Risk Management and Health and Safety for NPL Canada. She has since retired.
[2:14] The Donald M. Stuart Award is widely recognized as Canada’s highest honor within the risk management field and since 1979, has celebrated Canadians who have made outstanding contributions to the profession.
[2:28] Throughout her 42-year career, Valerie has held prominent leadership roles in risk management for a range of multinational corporations, including Walmart and Wendy’s Restaurants of Canada.
[2:44] We’ll talk a bit about her career, how she sees the risk profession evolving, and why she’s so inspired by the next generation of risk management professionals. Donald M. Stuart Award Winner, Valerie Fox, welcome to RIMScast!
[3:33] Valerie notes that winning the Donald M. Stuart Award was a very special moment for her. She has a tremendous respect for the history of the Donald M. Stuart Award and the professional values it represents.
[4:04] When Valerie was VP of the Ontario RIMS Chapter Board in 2017, she was responsible for the oversight of this award. She enjoyed it so much that she continued to be the presenter of the award for the last seven years. This year, she stepped down from the ORIMS Board.
[4:25] When Valerie stepped down from the ORIMS board, her colleagues nominated her for the award. She couldn’t be more humbled or appreciative of their recognition and support. To be recognized alongside the people she presented the award to over the years is very special.
[5:02] ORIMS accepts nominations from all over the country. It’s an award for all of Canada and is overseen by the Ontario Chapter. The nomination process has two stages.
[5:21] If a nomination clears the first stage, a total nomination package is submitted with further documentation. The package goes to a panel of evaluators across the country, including risk managers, people on boards, and insurance companies and brokers.
[5:44] They evaluate the nominations. The person with the top collective score wins the award. They’re looking at the nominees’ history with their companies, volunteerism, and the tenets the award represents. It’s the Canadian version of RIMS Risk Manager of the Year.
[6:36] Valerie’s first role as a risk manager was Manager of Contracts and Insurance. She bought insurance, handled claims, and implemented some risk control of targeted risks.
[6:56] The job description of a risk manager has evolved immensely and varies greatly from entity to entity, depending on the company’s maturity, operations, experiences, losses, and more.
[7:16] You could still be hired today as Manager of Contracts and Insurance but you could also be aspiring to be a Chief Risk Officer of a major, multi-national corporation with the responsibility to help them be more resilient and grow.
[7:41] Valerie saw the evolution in risk management start very slowly. It has continually ramped up and now is speeding forward.
[7:50] Over her career, Valerie had to be willing to delve into new challenges and be prepared to learn and develop new skills and new mitigation strategies and develop broad-based business knowledge. Without that knowledge, it’s difficult to assess potential impacts.
[8:33] Different industries have different areas of risk focus. Valerie started in the airline industry. A major focus was having a major accident response plan ready. There were challenges of jurisdictional insurance requirements and risk exposures around the world.
[9:11] Valerie spent five years in the public sector as a risk manager for a municipality. The focus of public entities is protecting people in public spaces, maintaining critical services, and managing reputation. It includes presenting the right answers.
[9:51] Valerie worked in the retail industry in domestic and international markets. On her first day at Walmart Canada, she realized how unprepared she was to deal with health and safety and worker’s compensation management responsibilities. Those had been under HR in Canada.
[10:13] Working for American companies, she had to get up to speed quickly on those areas of risk. Valerie trained herself on the job. She met with anyone she knew in the industry who was involved in health and safety. She met with people from the boards.
[10:42] Valerie spent a lot of time in the stores with the associates to see what their concerns were. She spent time with operations leaders, seeing the processes first-hand to understand the risks and put together programs that fit the culture and the environment of the companies.
[11:26] Valerie says retailers today need to do a deep-dive business impact analysis, map out dependencies and processes, and have alternative options to avoid business interruption. As a risk manager, you have to understand that to help businesses come up with the right solutions.
[11:55] Valerie reviews a case of having to train people quickly after a buyout.
[12:52] Valerie talks about working with a new inexperienced team that she had to take under her wing and teach risk management quickly. In large corporations, you also build company-wide teams and external teams that help you.
[13:17] Valerie taught CRM courses at the University of Toronto. Later, she had the pleasure of hiring one of her most enthusiastic students for a risk management position. He now works for another company she is close to and he is doing super well.
[13:48] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[13:58] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:13] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[14:22] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[14:33] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[14:42] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[15:01] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[15:18] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[15:56] You can find more information about the awards through the About Us page of RIMS.org or the link in this episode’s show notes. I also have a link in the show notes to the nominations page for the Donald M. Stuart Award. Check it out!
[16:13] Back to My Interview with 2024 Donald M. Stuart Award Winner, Valerie Fox!
[16:33] Valerie was ORIMS President in 2018 and 2019. She also had a couple of terms as Vice President, two terms as Secretary, and more. She is an active ORIMS member and a Director at Large. She intends to continue volunteering, especially with student outreach.
[17:28] Justin remembers the wonderful people he worked with when he co-hosted the ORIMS luncheon last year.
[17:57] Valerie describes how being involved in RIMS and ORIMS, whether volunteering or participating in regular events, gives you so much to learn both in formal training and networking that greatly helps your career.
[18:29] Volunteering on the board gives you leadership development opportunities. Those who step up to do this work are go-getters and prominent professionals who know their jobs. Their ages are from quite young to quite senior. It’s a diverse group of leaders.
[18:58] You learn a lot about non-profit work and compliance. On the board, Valerie learned a tremendous amount that she has applied elsewhere in her career. You can improve your comfort with public speaking.
[20:00] Justin suggests trying stand-up comedy or an improv class three times to develop a foundation of confidence to speak publicly.
[20:24] Valerie was on the RIMS Risk Leaders Series. See the link in the show notes. She gave an expansive view of her career and the challenges she overcame using risk management.
[19:16] The career accomplishment Valerie is most proud of is with Walmart International. Valerie had to get the risk management process promptly into place and hire a team when Walmart came into Canada in 1994. It was very successful.
[21:47] Therefore, Valerie was asked to take a three-year expatriate assignment to work with Walmart’s international division as an internal consultant in seven countries where Walmart had recently opened operations.
[22:02] She visited each country to work with their leadership teams on insurance brokerage, services, claims, health and safety, food safety, construction, benefits, and whatever they needed. It was tough. It was two-and-a-half years of being far out of her comfort zone.
[22:34] At the end of that assignment, she felt like she had made a difference and she had grown as a risk manager and as a person. It was an invaluable experience she is very proud of.
[23:01] It was a new way of doing things for Walmart, too. Valerie was a test case. There were some glitches through which Walmart learned and improved its support system for expatriates working around the world. It was an evolution both for Walmart and Valerie.
[23:32] Valerie has assisted with RIMS-CRMP workshops in Canada.
[24:00] Valerie believes the risk leaders of tomorrow in Canada should take the CRM program and work toward their CRMP certification. There is also a variety of technical training that can help them throughout their careers.
[24:18] RIMS has helped Valerie to stay current through seminars and articles. It’s extremely important that people have a solid business base. Get out from behind the desk and understand the business and how business is done.
[24:47] Going forward, the emerging trend for employers is going to be to look at some of these qualifications as a minimum requirement. Gaining that base knowledge is important.
[25:00] Valerie says risk leaders need to focus on the soft skills of team management, social intelligence, communication, and identifying and supporting mental health. Risk management is a people business. Know how to communicate with people and read their reactions.
[25:34] Working from home during the pandemic has depleted some opportunities to gain that experience. Future risk leaders need to ensure they have those skills today.
[25:59] Valerie is encouraged by the college and university students she has been meeting over the last couple of years of outreach. The students are bright, curious, motivated, and hungry to get out there and make their mark.
[26:24] They’re comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. She hopes that she can continue to share some tidbits or tribal knowledge that they might find helpful.
[26:44] Valerie has concerns about the talent gap as lots of people retire. We need to fill that gap fast. The students she has been seeing indicate to her that the future is bright.
[27:01] Justin had the pleasure of attending the McGannon Foundation’s closing ceremony for their students. The students are extremely impressive. He feels that we will be seeing them up on stage receiving awards in the not-too-distant future.
[27:20] Val, it has been such a pleasure to see you again. I want to congratulate you again on winning the Donald M. Stuart Award in 2024. I look forward to seeing you at more RIMS events. Thank you so much for all you do for ORIMS and RIMS!
[27:42] Special thanks again to Valerie Fox for joining us here on RIMScast! It’s always a pleasure to speak with her. There is a link to her RIMS Risk Leaders Series interview in this episode’s show notes. There is a link to her CRMP Story also in this episode’s show notes.
[28:02] For more coverage of the RIMS Canada Conference 2024 Awards, check out the October 15th episode of RIMScast, when we were live from Vancouver with Maryam Salmasi. She was the Fred H. Bossons Award Winner for 2024. A link is in this episode’s show notes.
[28:20] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[28:53] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[29:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[29:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[30:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[30:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[30:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Hear Valerie on the RIMS Risk Leaders Series
RIMS Press Release: RIMS Ontario Chapter Honours Valerie Fox with the 2024 Donald M. Stuart Award
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through January 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Webinars:“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TÜV SÜD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15 | 9:00 am‒4:00 pm SGT — Register by Nov. 7.
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”
“300th Episode Spectacular with RIMS CEO Gary LaBranche”
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”
“Julie Bean, 2024 Heart of RIMS Award Winner”
Sponsored RIMScast Episodes:
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog (New!)
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [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:
Valerie Fox, CRM, RIMS-CRMP, former Director of Risk Management & Health & Safety for NPL CanadaSocial Shareables (Edited For Social Media Use):
Evolution in risk management started very slowly. It has continually ramped up and now it’s speeding forward. Over my career, that meant I had to be willing to delve into new challenges and be prepared to learn and develop new skills. — Valerie Fox
On the board, I’ve learned a tremendous amount that I’ve been able to apply elsewhere in my career. — Valerie Fox
It’s extremely important that people have a solid business base. Get out there from behind the desk and really understand the business and how business is done. — Valerie Fox
Students are comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. I hope that I can continue to share some tidbits or tribal knowledge that they might find helpful. — Valerie Fox
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company.
Karthick, Suzanne, and Trisha discuss value-based frameworks in terms of benefits, their experience with them, and value metrics. They share the concept of a value-based Enterprise Risk Management (ERM) framework to align risk management activities with the creation of shareholder value. They mention risk quantification methodologies to assess financial and non-financial risks. They explain the use of scenario analysis to tailor risk management practices to your organization's risk appetite and objectives and give ideas on how to get buy-in from the boardroom.
Listen in for ways to implement a value-based ERM framework in your organization.Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, we will be joined by three members of the RIMS Strategic and Enterprise Risk Management Council to discuss risk quantification through a value-based framework.
[:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024.
[:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms. If you are a RIMS-CRMP holder, you can earn recertification points by attending the RIMS ERM Conference 2024!
[1:16] For those of you interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:30] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:45] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:53] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[2:14] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:23] Interview! Returning to the show are Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company.
[3:00] These brilliant minds, Trisha, Suzanne, and Karthick, will present the session “Risk Quantification Through Value-Based Frameworks” to kick off Day 2 of the RIMS ERM Conference 2024 on November 19th.
[3:15] Today we’ll get tips on how to launch a value-based framework, what the benefits and limitations may be, and how to convince your board to buy in. Karthick Dalawai, Trisha Sqrow, and Suzanne Christensen welcome to RIMScast!
[4:54] Karthick explains that Enterprise Risk Management in its current form and where it goes from here to enable leaders to make informed decisions tie back to metrics and the quantification of results.
[5:22] Doing risk management thematically is good and influential, but anything you don’t quantify you can’t improve. Risk quantification is essential for a good enterprise risk management program.
[5:49] Trisha’s risk management path has evolved toward a value-based framework. She suggests an organization could start by measuring its overarching risk appetite, understanding its risks, and putting its ERM framework in place.
[6:22] The parameters could be how much financial, regulatory, or strategic risk you want to take. Hone in on what the risk translates to by quantifying the value.
[7:03] The metrics may not always be dollar amounts. There may be safety value metrics, or cyber security impacts. There is a way to tie those back to financials in many cases, but you can look at different values.
[7:51] Karthick says it’s easier to quantify financial risk than intangibles like cyber risk or talent risk. Having a common denominator makes it possible to explain risk so IT, HR, and all departments understand the enterprise risk, not just the risk in their slivers of the organization.
[8:58] Defining risk under a value-based framework takes three keys: uncertainty, deviation from the company strategy, and taking the right opportunities to increase value. If you planned to grow 10% and you grew 15%, analyze that opportunity. What was the cost of that benefit?
[10:20] Suzanne adds that scenario analysis helps. Why did your growth vary from your planned growth? What do you have to have in place to manage it? With a 15% growth, you’ll need more resources and a plan for the logistics. You may need to make a lot of other arrangements.
[11:06] You need to think about those things in contingency mode. Scenario analysis does that; it helps you work through those plans.
[11:30] Karthick describes the possible limitations of a value-based framework. The common denominator is a financial metric. Executives need to understand what factors contribute to that value. Tying the risk appetite to the value occurs high in the organization. It’s all-encompassing.
[12:07] You have to break the framework into layers by what it means for the different business units and how they measure business. Rightly implemented, a value-based framework is of great value; otherwise, people might become disconnected from it.
[12:37] Suzanne agrees that people might not buy in if the framework is not well-implemented. Suzanne and Karthick discuss avoiding bias and starting with wrong assumptions.
[13:02] Karthick believes that gets into the risk culture of the organization. Is it conservative or more aggressive? When you have a quantifiable and measurable risk appetite, some people may tend not to breach it at all. Many times, risk decisions need not be risk-optimized.
[13:48] Having a measurable risk metric guides how much risk people can take to add value to the organization, not just to manage the downside. Tie it back to the business metrics through which leaders measure their performance. Having a good manager is a win-win.
[14:16] Suzanne adds that weighing the cumulative impact of multiple decisions while figuring out a strategy for the organization helps you think about the risk appetite of the firm and if there is room to take more risk.
[14:53] Trisha considers the risk culture of the organization in helping people understand value-based frameworks. There are a lot of conversations to be had with various departments. A financial office does not have the same risks as a manufacturing facility or an airport.
[15:28] Work with the people looking at safety metrics and help translate them into dollar amounts, considering insurance and claims. What value does the framework add?
[15:45] Help people understand the value-based framework and have conversations around it. How much risk can you take?
[16:19] Plug Time! RIMS Webinars! On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”.
[16:34] On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”. That session will feature insights and perspectives from risk managers who previously served in the United States Armed Services.
[16:53] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[17:00] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[17:15] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[17:23] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[17:32] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:44] Back to My Interview with Suzanne Christensen, Trisha Sqrow, and Karthick Dalawai.
[18:22] Karthick says to ask the executives at your organization if they use the deliverables from ERM in their day-to-day decision-making and how they tie into the metrics. If you get a positive answer, you’re in a good spot. If not, a value-based framework is a good solution.
[19:00] Every executive business leader manages P&L and understands dollarized values. Value-based frameworks are good tools if they are implemented in the right way.
[19:21] Trisha says to consider your impact scoring. That’s the beginning of your risk appetite. Work toward getting a common denominator.
[19:40] Suzanne comments that to make better, more confident decisions in the organization, and get the executives engaged in the conversation, you want to understand what their tough decisions and challenges are.
[20:03] In what would the executives like more transparency and understanding to make their tough strategic or day-to-day decisions? Connect with them where their challenges are as a starting point. That immediately proves value to the organization.
[20:41] Trisha and Suzanne have publications discussed in episodes linked in the show notes. Suzanne authored a report on emerging risks and board reporting, “Navigating the Complexities of Emerging Risks”. Trisha co-authored “Developing and Refining Risk Appetite and Tolerance”.
[21:21] Suzanne and Karthick will be two of the panelists in the closing general session of the RIMS ERM Conference 2024 on November 19th. That’s going to be a forward-looking discussion that will be a lot of fun.
[21:57] During that closing session, we’re going to give away a registration to RISKWORLD 2025 in Chicago! Everyone should stick around for this session![22:16] Thank you all so much for joining us today here on RIMScast!
[22:25] Special thanks to Trisha Sqrow, Karthick Dalawai, and Suzanne Christensen of the RIMS Strategic and Enterprise Risk Management Council.
[22:36] On November 19th, they will kick off Day 2 of the RIMS ERM Conference 2024 in Boston, with a session about Risk Quantification through a Value-based Framework. That will not be the only session they will present, so if you like what you heard, register now at RIMS.org/ERM2024.
[22:59] Links to the guests’ prior RIMScast interviews and their respective reports are in this episode’s show notes.
[23:12] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024!
[23:27] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[23:58 ] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[24:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[24:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:12] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:26] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[25:33] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18–19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Executive Report: “Developing and Refining Risk Appetite and Tolerance”
RIMS Professional Report: “Navigating the Complexities of Emerging Risks”
RIMS-CRMP Stories — New interview featuring Dan Elliott!
Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31!
RIMS Webinars:“Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
“Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by HUB International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) | November 14–15, 2024 | 9:00 am–4:00 pm SGT — Register by Nov. 7
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17–18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, ERM Conference Keynote”
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“On Risk Appetite and Tolerance” with Trisha Sqrow
“Emerging Risks and Board Reporting” with Suzanne Christensen
Sponsored RIMScast Episodes:
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant (New!)
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [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:
Karthick Dalawai, Chief Risk Officer for Penn Mutual Life Insurance CompanyTrisha Sqrow, Vice President, Consulting Solutions, Marsh Advisory for Marsh USA Inc.
Suzanne Christensen, SVP, Head of Enterprise Risk Management for Franklin Templeton Investments
Social Shareables (Edited For Social Media Use):Why Enterprise Risk Management exists in its current form and where it goes from here tie back to metrics and the quantification of results to enable leaders to make informed decisions. — Karthick Dalawai
Depending on your organization, you might be looking at different values and different types of metrics. Some might be strictly financial. An industry that has significant safety concerns might have a lot of safety value metrics, based on the type of risk. — Trisha Sqrow
Scenario analysis helps because you can run through those situations to say if that happens, then what happens? What do we have to have in place to be able to manage through that? With a 15% growth, you’ll need more resources and a plan for the logistics. — Suzanne Christensen
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Chris Willey of American Eagle FCU. Justin asks Chris how banking and financial risk management has evolved since Chris entered the profession, in the past 15 years after the housing crisis, and in the past two years after the SVB collapse. They talk about Chris’s 2023 RIMS ERM Global Award of Distinction, how leadership has reacted to the ERM program, and how the program has changed since last year. Chris explains American Eagle FCU’s ERM philosophy, including its nine risk categories. Chris shares her thoughts about what it takes to activate an effective ERM Program today, and how ERM can help improve the banking sector and the risk industry overall.
October is Cybersecurity Awareness Month. Chris tells what that means to her.Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, our guest is Chris Willey, the VP of ERM at American Eagle Financial Credit Union. She is also a recipient of the 2023 RIMS ERM Global Award of Distinction.
[:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024.
[:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification.
[1:10] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:34] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:50] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:57] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[2:20] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:28] Interview! My guest today, Chris Willey, is the Vice President of Enterprise Risk Management at American Eagle Financial Credit Union. In 2023, her ERM program received a RIMS ERM Global Award of Distinction. We didn’t get to connect last year to discuss it.
[2:49] We’re here now, and we will learn all about Chris Willey’s ERM philosophies, how American Eagle FCU handles certain risks, and what their risk register looks like. We will also get some tips for staying cyber secure, as October is International Cybersecurity Awareness Month.
[3:06] Chris Willey, welcome to RIMScast! Congratulations again for your ERM program being one of the honorees of the 2023 RIMS ERM Global Award of Distinction!
[3:51] Chris started at the credit union 34 years ago in Internal Audits where she got to see and understand the entire organization. In 1998, the board of directors started a risk management department. Chris applied and got the job.
[4:25] At first, they worked on traditional risk management, including insurance and fraud. Over the years, they added responsibilities. ERM was the last piece they added to their risk management repertoire, 14 years ago.
[4:56] Around the time of the housing crisis, one of the credit union’s high-risk areas, the board asked Chris to create an ERM program. Credit union regulators were also instrumental in starting ERM. While not required, having an ERM program is necessary to understand your risks.
[6:26] Chris has one staff member, Theresa, the Assistant Vice President, who helps with all facets of risk management. Chris and Theresa do a lot. Chris says it would be nice to have another person helping them.
[7:28] After the Silicon Valley Bank collapsed in March 2023, the interest rate risk and liquidity risk got a lot of attention. American Eagle FCU was on top of it. Their interest rate risk was increasing and the ERM program had already begun taking measures to thwart risk.
[8:10] American Eagle had scaled back some of their lending and beefed up their liquidity because of what happened on the West Coast. That helped put them in a great spot.
[8:44] The regulators had come down hard on them and American Eagle did a lot of things to prove that they were going to be OK. The regulators are the insurers so wanted to make sure American Eagle had enough liquidity in case something happened like that at the credit union.
[9:04] It was a lot of work. The CFO and others in the organization put in additional monitoring tools. That’s what the ERM program does. It says, “Hey, we’ve got a potential issue or higher risk.” It’s a call to action to ask, "What are we going to do differently to mitigate the risk?"
[9:37] American Eagle’s interest rate risk is still trending a little bit higher but it’s under control and being monitored. The regulators gave them a great pass last year and are working on this year’s audit.
[10:12] When the American Eagle FCU ERM program was awarded the 2023 RIMS ERM Award of Distinction, regulators were thrilled. The board of directors was very happy to hear of it at a board meeting. The Risk Council Team was also thrilled and felt they were on the right track.
[11:11] The award came at a good time for the ERM program. Since then, American Eagle has had a few new executive leaders. The ERM program team is educating the risk council on what ERM is and the nine risk categories, definitions, KRIs, and what they should keep or change.
[12:43] American Eagle is getting to the point of putting new KRIs in place to see where they land with the risk ratings. They are asking if their risk tolerance or appetite should be increased. American Eagle FCU has been risk-averse. You can take calculated risks with an ERM program.
[13:41] If the risk gets to be above your expectations, you can try to reel it back to a more manageable level.
[14:04] American Eagle FCU is growing in its assets and also in its team members. The ERM program is adding a People Risk category to help create a culture that’s engaging. The board of directors is excited to see what that will look like.
[14:39] Plug Time! RIMS Webinars! On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:56] On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”. On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”.
[15:17] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[15:43] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[15:55] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m. ET. I will be moderating for my friends at ex judicata “If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory”.
[16:20] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. The link is in this episode’s show notes.
[16:41] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is in this episode’s notes.[16:58] Back to My Interview with Chris Willey of American Eagle FCU! The nine risk categories of American Eagle’s ERM program are credit risk, interest rate risk, liquidity risk, transaction risk, compliance risk, concentration risk, strategic risk, reputation risk, and cyber risk.
[17:44] American Eagle FCU started with the seven NCUA risks, and as cybercrime became prevalent, they added a category for cyber risk. When NCUA sent a letter on concentration risk, American Eagle FCU added a category for concentration risk. The people risk is upcoming.
[18:32] Now all risks are counted equally, but they may start looking at weighted averages. That is still TBD.
[19:25] American Eagle FCU has from 335 to 350 team members. The credit union is state-charted in Connecticut. They have members in Massachusetts but no branches in that state. They have no plans to charter in other states.
[20:35] American Eagle FCU is trying to manage everything with a balanced approach, taking on more risk than before, and moving toward the center of the risk spectrum. The initiatives of their strategic plan involve a certain amount of risk and it will be OK.
[21:34] To start an ERM program from scratch in 2024 you need executive buy-in. The tone from the top is important. American Eagle FCU started at the management level and once it was running well, they brought the board of directors into it.
[22:01] Chris explains how strategic initiatives, projects, budgets, finances, and reputation were KRI measures that were reported to the board twice a year.
[22:52] Two of the three 2023 honorees of distinction, American Eagle FCU and Sterling Bank and Trust, are in the banking sector, which speaks to what ERM can do for banking.
[23:21] With interest rates as they are, it’s a good idea for a bank to have an ERM program to help navigate these times, whether interest rates are going up or down. Risk management is very basic to every financial institution, whether or not it is ERM.
[24:36] Justin remembers that there was no risk manager at Silicon Valley Bank. RIMS believes that every organization, regardless of its size, should have a dedicated risk professional. Chris thought at the time there were going to be a lot of risk management positions opening up.
[25:36] It is prudent to have a risk professional. They bring insight to your thinking that you may never have considered. The American Eagle FCU ERM program uses Key Risk Indicators. You want leading KRIs to pinpoint problems that are up and coming. Look forward, not back.
[26:29] ERM can help the risk profession greatly. In the cyber area, everyone has data they need to protect. If you have an ERM program looking at some of the risks in the cyber area, you might be able to create a better environment and protect against all the threats out there.
[27:08] Threats are not going to stop. They will continue to get worse. American Eagle ERM makes decisions based on its ERM program. They do business-level risk assessments to help business owners understand how to stay within their risk tolerance level.
[27:51] ERM is language and knowledge from which every organization can benefit.
[27:57] October is Cybersecurity Awareness Month. American Eagle FCU has participated in Cybersecurity Awareness Month for over a decade to educate team members on all kinds of cybersecurity issues and threats.
[28:38] This year, the theme is Willy Wonka, with cyber security videos and activities for interactive learning. They issue their security training for the year for all team members. They also educate members with tips on social media, their newsletter, and their website.
[29:45] American Eagle FCU is holding a fraud symposium for members. October at American Eagle FCU is a fun time. The CFO dresses as WIlly Wonka and the ERM team members are Oompa Loompas. They do short videos throughout the month about what’s coming up.
[31:41] Chris, it is wonderful to see you. I appreciate all your time and your wonderful insight. It speaks to the banking sector and the broader risk community. There’s a lot that our listeners can learn from this episode. Congratulations again on the 2023 RIMS ERM Award of Distinction!
[32:09] Special thanks again to Chris Willey of American Eagle FCU for joining us here on RIMScast! Check out the episode’s show notes for more resources about cybersecurity and the 10 risks we discussed during the interview.
[32:24] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024!
[32:40] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[33:13] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[33:58] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[34:15] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[34:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[34:54] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interview featuring Dan Elliott!
Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31!
International Cybersecurity Awareness Month
RIMS Webinars:“If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory” | Presented by ex judicata | Oct. 22, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Oct. 24, 2024
“Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
“Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15, 2024 | 9:00 am‒4:00 pm SGT — Register by Nov. 7.
Applying and Integrating ERM | Dec 4‒5
Captives as an Alternate Risk Financing Technique | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, ERM Conference Keynote”“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
Sponsored RIMScast Episodes:
“RMIS Innovation with Archer” | Sponsored by Archer (New!)
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [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:
Chris Willey, VP of Enterprise Risk Management at American Eagle Financial Credit UnionThe American Eagle FCU ERM top risk categories:
Credit Risk
Interest Rate Risk
Liquidity Risk
Transaction Risk
Compliance Risk
Concentration Risk
Strategic Risk
Reputation Risk
Cyber Risk
Coming soon: People Risk
Social Shareables (Edited For Social Media Use):Our CFO and others in our organization put in additional monitoring tools. That’s what the ERM Program does. It says, “Hey, we’ve got a potential issue or higher risk.” It’s a call to action to ask, "What are we going to do differently to mitigate the risk?" — Chris Willey
It’s hard to benchmark one ERM Program to the next. It’s different, based on your risk tolerances and the way you run your business. — Chris Willey
If we want to grow, give back to the community, and do all the initiatives we would like to with our strategic plan, we are going to have to take more risk, and it’s going to be OK. — Chris Willey
Threats are not going to stop. They are going to continue and get worse. We make decisions based on our ERM program. We do business-level risk assessments and get the business owners involved so they understand what their tolerance levels are. — Chris Willey
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Maryam Salmasi, the Fred H. Bossons Award Winner for 2024. They discuss Maryam’s passion for ERM, her professional training in Iran, and her tips on studying for the CRM exam. She tells how being multilingual helps her in risk management. She reveals what winning the Fred H. Bossons Award 2024 meant to her. Maryam concludes with her hopes and next steps for her risk management career in Canada.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. We are coming to you live from Vancouver at the RIMS Canada Conference 2024 and are featuring our very special guest, the Fred H. Bossons Award Winner for 2024, Maryam Salmasi.
[:43] The RIMS ERM Conference will be held on November 18th and 19th. Keynote John Hagel recently appeared here on RIMScast. The full agenda is live.
[:53] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. Register at RIMS.org/ERM2024.
[1:05] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:28] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th.
[1:36] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:51] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:16] Interview! This episode is recorded live on-site at the RIMS Canada Conference 2024 in Vancouver. It’s a beautiful city and everyone is having a fantastic time!
[2:29] The RIMS Canada Council and Planning Committee outdoes themselves every year with the networking opportunities and educational offerings! One of the highlights of the RIMS Canada Conference was the Fred H. Bossons Award.
[2:42] The Fred H. Bossons Award honors the risk management professional who earns the highest average mark on the three examinations required to attain the Canadian Risk Management designation (CRM). This year’s winner is ERM consultant Maryam Salmasi.
[2:56] Maryam has such a fantastic story and unique background. I wanted to capture her perspective and share it all with the RIMScast audience!
[3:03] We’re going to learn about what it was like for her to be an emerging risk professional in Iran, what her experience has been here in Vancouver, and what it took for her to study for, pass, and eventually make the grade!
[3:18] Maryam Salmasi, this year’s winner of the Fred H. Bossons Award, welcome to RIMScast!
[3:58] Maryam is an enterprise risk management consultant at Stage Meta in Canada. She is also working with the Burnaby Board of Trade in Vancouver, with incredible people.
[4:20] Maryam has been in ERM for about eight years. Risk management helps control uncertainty. Maryam is passionate about helping businesses to grow and make the best of themselves.
[4:39] Maryam chose to concentrate on risk management to help businesses understand their risks and address them, mitigate them, and have better paths for growth.
[5:06] Maryam started her career in Iran. She is a newcomer to Canada. In Iran, she worked as a risk manager for an insurance company, insurance agencies, and a brokerage.
[5:31] Maryam worked in the insurance industry for about 19 years, in underwriting, claims, and customer-facing roles for about three years. She worked in organizational development, ERM, organizational excellence, quality, and process management, as a manager and specialist.
[6:13] Maryam was also involved in designing new insurance products and executing actuarial calculations, package design, and insurance acquisitions.
[6:43] Maryam says that organizations share similarities in all the world. They each have structure, risk strategies, and financial, operational, and hazard risks. The environments are different but the concepts are the same.
[7:19] Maryam says that in Iran, more than 50% of insurance industry employees are women who work hard and thrive in different positions but not many of them are managers or directors.
[8:16] Maryam was part of a supportive risk management networking group that was mostly women.
[8:48] Plug Time! RIMS Webinars! On October 17th, Resolver will discuss The Future of Risk & Compliance: 5 Key Insights for the Modern Leader.
[9:00] 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.
[9:13] On October 31st, TÜV SÜD GRC discusses Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering. On November 4th, I will be hosting a special RIMS Webinar presentation, Lessons from Veterans on Strategic Risk Leadership.
[9:43] On November 14th, Marsh will present Risk Perception and Management: Insights for a Changing Landscape. More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[10:02] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m.ET. I will be moderating for my friends at ex judicata If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory.
[10:28] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM.
[10:45] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is in this episode’s notes.[11:05] Back to My Interview with the 2024 Fred H. Bossons Award Winner, Maryam Salmasi! Maryam studied for the CRM exam online at the Insurance Institute at her own pace while she was searching for a full-time job as she worked as a risk management consultant.
[12:21] Maryam’s study method is to take detailed notes and create summaries and summaries of summaries, to review and compare the points. She says there are similar concepts across CRM and risk management materials and her notes help her locate and review concepts.
[12:55] That review gave her a better understanding of the concepts than trying to memorize them. Her notes were very helpful for her.
[13:13] Maryam finished the risk management courses and the examinations in two semesters. In the first semester, she took two exams. In the second semester, she studied for and took the third exam.
[13:53] Maryam was not taking the examinations to win an award but to acquire the CRM certification. When she found out she had won the 2024 Fred H. Bossons Award, at first she was surprised. It’s great that someone recognized her passion as she did what she truly enjoyed.
[14:38] Maryam is grateful to be recognized for her passion for risk management and the insurance industry. She enjoyed being on stage and receiving the trophy for the award. It’s precious to her.
[15:01] Maryam speaks Persian, English, and some Italian. Knowing English helped Maryam in her risk management career. She also found a few risk books translated into Persian from English. She follows some Italian insurance companies’ social media accounts in Italian.
[15:44] Maryam feels that knowing other languages and cultures is like having two or three souls. It’s wonderful to know them, but for insurance and risk management, she says that English is the best language.
[16:24] Maryam has found great opportunities to network and meet incredible people with great backgrounds and knowledge of risk management, most of them in the insurance industry, at the RIMS Canada Conference 2024. Maryam is grateful to be there.
[16:52] Maryam’s tip for studying for the CRM examinations is to make notes and summaries. You have to pass both Institute courses and exams separately. That’s a total of six exams. Once you achieve passing grades in both courses and the exams, you will receive the designation.
[17:29] Maryam scheduled two exams on the same day, which kept her fresh and focused on the material, which she thought was good, although she was tired at the end of the day.
[17:58] Maryam’s next step is to learn more and to get the CRMP certification. She is still in search of her ideal long-term position. She hopes this certification will help her to gain more success! Justin believes the Fred H. Bossons Award will elevate Maryam’s professional profile.
[18:49] I want to thank you so much! It was such a pleasure to meet you and I feel fortunate to sit down with you the day after you won an award. Congratulations again and I wish you continued success!
[19:07] Special thanks again to 2024 Fred H. Bossons Award winner Maryam Salmasi for joining me here on RIMScast live, in person! We had a great time here at the RIMS Canada Conference 2024 in Vancouver.
[19:20] I look forward to seeing you all at the RIMS Canada Conference 2025 in Calgary, September 14th through the 17th.
[19:27] And special thanks and congratulations to all the members of the RIMS Canada Council, the RIMS Canada Conference Planning Committee, and the RIMS Events staff for producing one of the most memorable RIMS Canada Conferences I’ve attended. I hope you get some sleep!
[19:46] Register today for the RIMS ERM Conference 2024, to be held November 18th and 19th in Boston, Massachusetts! Visit RIMS.org/ERM2024 to register.
[20:04] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[20:37] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk 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.
[21:19] 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.
[21:36] 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.
[21:51] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[22:05] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[22:12] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18–19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada News Release: RIMS Ontario Chapter Honours Valerie Fox with the 2024 Donald M. Stuart Award
Follow RIMS Canada on LinkedIn
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring Dan Elliott!
The CRM designation provides risk professionals with a foundation of knowledge and skills needed to identify, assess, monitor, and limit risks. The award is recognized by RIMS and awarded by GRMI.RIMS Webinars:
The Future of Risk & Compliance: 5 Key Insights for the Modern Leader | Sponsored by Resolver | Oct. 17, 2024
“If I Leave the Law – A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory” \ Presented by ex judicata | Oct. 22, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024
RIMS.org/WebinarsUpcoming Virtual Workshops
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14–15, 2024 | 9:00 am–4:00 pm SGT — Register by Nov. 7
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, ERM Conference Keynote”
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [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:
Maryam Salmasi, ERM Consultant at Stage Meta, Fred H. Bossons Award Winner 2024
Social Shareables (Edited For Social Media Use):Risk management controls uncertainty. Because I am passionate about helping businesses to grow and to make the best of themselves, I chose to concentrate on risk management to help them understand their risk. — Maryam Salmasi
It’s very important to have Canadian certification to show that you know this concept. My only intention was to pass the exam. It’s great that someone recognized my passion for risk management because I did what I truly enjoyed. — Maryam Salmasi
When you know other languages or cultures it’s like you have this second or third soul. It’s pretty wonderful to know other languages or cultures but for insurance or risk management, English is the best language. — Maryam Salmasi
I found great opportunities to network and meet incredible people with great backgrounds and knowledge of risk management, most of them in the insurance industry, at the RIMS Canada Conference 2024. I am grateful to be here. — Maryam Salmasi
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews John Hagel, RIMS ERM Conference Keynote. John’s keynote on November 18 will be titled Embracing Change to Manage Risk. Justin and John explore how risk has evolved over John’s 40-year career and the last decade, and aligning risk management with technological innovation. John shares his thoughts on the RIMS Risk Maturity Model and a hint of what to expect in his November 18th keynote address at the RIMS ERM Conference 2024 in Boston. John concludes with his observation of positive trends in risk management.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. Our topic is ERM and our guest is John Hagel, who will be the opening keynote at the RIMS ERM Conference 2024 in Boston on November 18th and 19th.
[:46] RIMS ERM Conference! The full agenda is live. We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. RIMS.org/ERM2024.
[1:05] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:28] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Worker’s Comp space.
[1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. Other dates for the Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops.
[2:20] Interview! I am so excited to present an interview with our guest today, John Hagel! He will deliver the opening keynote address at the RIMS ERM Conference 2024. It’s titled Embracing Change to Manage Risk.
[2:37] John is a visionary with more than 40 years of experience as a management consultant, entrepreneur, and thought leader in Silicon Valley. He will kick off our conference, exploring how technological innovation is transforming the global economy, society, and the risk landscape.
[2:55] John will also explore how these concepts will influence and intersect with three critical risk tenets: strategy alignment, culture and accountability, and risk capabilities. There’s so much to discuss. Let’s get to it!
[3:09] John Hagel, welcome to RIMScast! John joins a long line of impactful keynote speakers for the RIMS ERM Conference. He is excited about it!
[3:54] John was drawn to Silicon Valley decades ago because of the sense of optimism and the energy around addressing opportunities in the future and also because it’s the seedbed of some amazing digital technology.
[4:17] John founded a couple of tech startups. He was a senior executive with Atari in the video game business from 1982 to 1984, a partner at McKinsey & Company, helping found their Silicon Valley office, and led a research center at Deloitte, called the Center for the Edge.
[5:20] Atari provided an opportunity for young people to get into digital technology.
[6:09] John talks about the risks in technology over the years. Digital technology is improving exponentially over time. What’s competitive today becomes obsolete a couple of days from now or years from now.
[6:27] John has done a lot of work around what he calls the big shift, or the long-term forces that are redefining the global economy and society. On one side, the big shift creates mounting performance pressure, the competition intensifies and the pace of change accelerates.
[6:46] A small event in a faraway place quickly becomes a globally disruptive event. There’s a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you’ve done before becomes more risky.
[7:24] At the same time, the big shift is creating exponentially expanding opportunity, with far more value at far less resource, far more quickly. It decreases the risk of creating exponential value.
[8:14] John believes the most disruptive trend over the past years has been customers becoming more powerful with access to more information. They use that information to find someone much more effective at addressing their needs. They’re becoming less trusting.
[8:44] John sees trust eroding in large institutions around the world. That’s disruptive, as large institutions want and need trust but they’re losing it. This is business-to-business trust. It is being lost because of the spreading emotion of fear.
[10:35] In Silicon Valley, John had the opportunity to work with some of the most successful technology companies. He found that they have a different approach to strategy than most traditional organizations. John is a strong proponent of the value of this approach.
[10:56] This different approach is called Zoom Out-Zoom In. Zoom out 10 to 20 years; what’s the really big opportunity we could be pursuing? Zoom in; what can we do in the next six to 12 months to help us accelerate our movement toward that opportunity?
[11:25] Companies that pursue the Zoom In-Zoom-Out strategy focus on the risk of not acting. They move forward but don’t try to do massive 10-year projects. They do something in the next six months that can help them learn faster what’s required to achieve the opportunity at low risk.
[12:16] Plug Time! RIMS Webinars! On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future. On October 17th, Resolver will discuss The Future of Risk & Compliance: 5 Key Insights for the Modern Leader.
[12:36] On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures.
[12:50] On October 31st, TÜV SÜD GRC discusses Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering. On November 4th, I will be hosting a special RIMS Webinar presentation, Lessons from Veterans on Strategic Risk Leadership.
[13:20] On November 14th, Marsh will present Risk Perception and Management: Insights for a Changing Landscape. More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:38] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m.ET. I will be moderating for my friends at ex judicata If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory.
[14:04] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM.
[14:24] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is on this page.[14:43] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[13:57] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[15:08] On that note, applications are being accepted for internship grants. Since 1999, Spencer has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda.
[15:26] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.
[15:40] Back to My Interview with RIMS ERM Conference 2024 Keynote Speaker, John Hagel! John loves Boston. He loves the combination of incredible history and all the universities there. It’s got a youthful culture; the combination of age and youth makes it interesting.
[16:38] For six years, John lived in Boston. For four of those years, he was in a graduate program for both an MBA and a JD from Harvard. He was recruited by Boston Consulting Group to be a consultant and spent two years there. He just didn’t like the cold winters and hot summers.
[17:30] Justin describes the emergence of the RIMS Risk Maturity Model. It serves as a template or guide for how effective ERM can be run. A link to it is on this page. John took the model. It was challenging for him as a solo practitioner; it was hard to apply five pillars to an individual.
[18:15] John found the five pillars and the different levels of maturity enlightening. The model shows the complexity of ERM. It’s not just one pillar and one stage. In terms of maturity, it’s a set of stages. John particularly likes the emphasis on continuous cycles of improvement.
[19:05] John also liked that at the highest level, the focus was future-oriented decision-making, encouraging and helping people to look ahead to future opportunities and risks. The model helps leaders to see that ERM is a continuously improving cycle.
[19:48] No matter how good an ERM program is at any time, there is more to come. John likes the focus on the future and the emphasis on continuous learning. We must learn constantly and never assume we’re experts with all the answers. There are more questions that need answers.
[20:15] The five pillars John mentioned are Strategy Alignment, Culture & Accountability, Risk Management Capabilities, Risk Governance, and Analytics.
[20:44] John’s opening keynote address will cover his research on how the world is changing and the implications for risk management, the big shift with mounting performance pressures as a key factor. He will discuss the new approach to strategy as old approaches are challenged.
[21:24] We need to step back and reflect on what strategy is going to help us manage risk more effectively. We’re in a time when fundamental transformation is essential. He will talk about the role of AI in ERM as a catalyst for change.
[22:08] John will focus on three pillars of the RIMS Risk Maturity Model: Strategy Alignment, Culture & Accountability, and Risk Management Capabilities and how to address them in the rapidly changing world. John will have no visuals. He encourages audience interaction.
[23:14] Justin emphasizes there will be some Q&A time at the end of the session, and that people should take notes during the address. Please come prepared with questions that can enhance the audience’s knowledge.
[24:09] John warns against underestimating the risk of continuing as you are and focusing just on the present. Look into the future to see how risks may be changing over time. In addition to internal risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers.
[25:00] John sees a positive trend of understanding that as the world is changing, more opportunity is emerging. Explore the opportunity. Understanding how technological innovation transforms our opportunities and risks becomes critical.
[25:26] John, we look forward to seeing you on the morning of November 18th in Boston, kicking off our RIMS ERM Conference 2024. You’re going to explain how to embrace change through innovation and the psychology of change. Anyone in risk management will take away a lot!
[26:00] We thank you in advance for being a fantastic keynote!
[26:07] Special thanks to John Hagel for joining us! He will be the opening keynote speaker on November 18th at the RIMS ERM Conference 2024. A link to his website is on this page.
[26:23] Register now for the RIMS ERM Conference 2024, to be held November 18th and 19th in Boston, Massachusetts! Visit RIMS.org/ERM2024 to register.
[26:36] It’s RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[27:11] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[27:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[28:14] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[28:30] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[28:45] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[28:52] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
JohnHagel.com
RIMS Webinars:
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
The Future of Risk & Compliance: 5 Key Insights for the Modern Leader | Sponsored by Resolver | Oct. 17, 2024
If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory | Presented by ex judicata | Oct. 22, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024Lessons 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/WebinarsUpcoming Virtual Workshops:
Fundamentals of Insurance | Oct 9‒10, 2024
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Bigger Risks with the Texas State Office of Risk Management” | Sponsored By Hillwood
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
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About our guest:
John Hagel, Silicon Valley Veteran, Entrepreneur, and Founder of Beyond Our Edge, LLCJohn Hagel on LinkedIn
Social Shareables (Edited For Social Media Use):Digital technology is exponentially improving over time. What’s competitive today becomes obsolete a couple of days from now or a couple of years from now. — John Hagel
There’s a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you’ve done before becomes more and more risky — John Hagel
I did find the RIMS Risk Maturity Model enlightening in terms of the five pillars that come into it and the different levels of maturity, helping people to see that this is complex. It’s not just one pillar and one stage. — John Hagel
Don’t underestimate the risk of continuing as you are and focusing on the present. Look to the future to see how risks may be changing. In addition to internal organizational risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers. — John Hagel
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Britt Embry, VP of Communications, RIMS Greater Bluegrass Chapter; Nancy Brooks, Executive Director of NAMI Louisville; and Tony Quinones, Director of Risk Strategies and Compliance of Walt Disney World® Resort and Disney Cruise Line. Britt discusses the Greater Bluegrass RIMS Chapter’s Power of Partnership Conference, on October 8th and 9th. Nancy shares an overview of her keynote speech on mental health and risk management for the conference. Then Tony describes his career and how he used continual learning to expand his career from claims to risk strategies and compliance, with a side of mentorship.
Get ready for some excellent tips on partnership, mental health, and risk, and developing your risk management career.Key Takeaways:
[:01] About RIMS.
[:15] About this episode. We have three guests; one from the Greater Bluegrass Chapter of RIMS, one from the National Alliance on Mental Illness, and last, but not least, Tony Quinones, Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line.
[:48] RIMS Events! We are less than a week away from the start of one of my favorite events, the RIMS Canada Conference 2024, which will be from October 6th through the 9th in Vancouver. Register at RIMSCanadaConference.ca.
[1:05] We want you to join us in Boston, Massachusetts on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out and register. A link is on this page! RIMS.org/ERM2024.
[1:21] All RIMS Regional Conference Information can be found through the Events page of RIMS.org.
[1:26] RIMS Virtual Offerings! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Worker’s Comp space.
[1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. This is the last call for her session on October 3rd and 4th, Fundamentals of Risk Management. Other dates for Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops.
[2:19] RIMS Webinars! Also, be sure to check out the full schedule of RIMS webinars at RIMS.org/webinars. Remember, registration is free for all RIMS members, one of the many value-adds for a RIMS membership.
[2:36] Interviews! We will kick off this episode of RIMScast with two guests. Britt Embry is the VP of Communications for the RIMS Greater Bluegrass Chapter. They have a two-day event on October 8th and 9th in Louisville, Kentucky, The Power of Partnership.
[2:57] Registration is supposed to close today, October 1st, but as you’ll hear in the interview, you may still be able to register past today, if you play your cards right!
[3:08] We will also be joined by one of the speakers presenting on October 9th, Nancy Brooks, the Executive Director of NAMI Louisville. We’ll get a brief preview of her session on mental health in risk management, and how mental health awareness is evolving in the risk space.
[3:29] Britt Embry and Nancy Brooks, welcome to RIMScast!
[3:38] Britt, let me congratulate you for winning the Chapter of the Year award at RISKWORLD 2024! Britt says the RIMS Greater Louisville Chapter went full steam; it’s a new chapter, the 80th RIMS chapter! They got much excitement from the risk management and insurance community!
[4:21] It paid off! Britt is very appreciative of all the sponsors, vendors, and participants in the Power of Partnership Conference. Britt says it was a lot of hard work but the chapter is very excited to receive the Chapter of the Year Award.
[4:37] The RIMS Greater Louisville Chapter is growing like weeds! They are close to 100 members with the chapter and RIMS nationally. They’re pushing through to make a difference!
[5:04] The chapter is about two-and-a-half years old. They’re excited to support risk management and insurance throughout the state of Kentucky and some of Indiana, as well.
[5:30] This episode comes out on October 1st. That’s one week before the opening of the Power of Partnership. Today is the last day for registration. If you want an exception after today, please email the chapter at [email protected]. The link is on this page.
[6:22] Nancy Brooks is here because she will be one of the marquee speakers at the Power of Partnership event. Nancy says as we assess the risk, including the safety and well-being of an individual, it results in us understanding how mental health impacts everything we do.
[6:56] Nancy will highlight that in her presentation and focus on mental health in risk management and how the potential to reduce insurance rates and provide more benefits for employees impacts their mental well-being as well.
[7:38] One of NAMI’s messages is “You are not alone.” NAMI recognizes that the mental health journey is complicated. It’s not the same as someone who comes down with a diagnosis that’s more “acceptable.” With mental illness, there’s a tendency to hide, so they need a trusted ally.
[8:10] NAMI supports families and individuals who are affected by mental illness.
[8:30] In her keynote, Nancy will include a discussion on general mental well-being and share tools for self-care that everyone can use. She will note some signs and symptoms to help individuals identify in their workplace that someone’s struggling with a mental health condition.
[8:56] These signs and symptoms can also show up in our loved ones and inner circle. It helps to know those signs and symptoms and reduce the stigma, reducing barriers to communication.
[9:18] Nancy will focus on how mental health relates to risk management, employees, and injured workers.
[9:39] Britt says registration is open to all risk professionals. You pay a little extra if you are not a chapter member. They would love to have you as a member and get your insight into the organization, as well.
[10:04] Greater Bluegrass is connecting all the various types of risk management and insurance that they see in the state of Kentucky, from distilleries to healthcare, to restaurants, and everything in between. To have everyone’s insight and knowledge is amazing!
[10:35] NAMI Louisville is very experienced in doing workplace training through its Stigma-Free Workplace Partnerships. Any business that comes to the event can ask to have NAMI Louisville send someone to their workplace for different types of training, including suicide prevention.
[11:04] The Power of Partnership will be on October 8th and 9th in Louisville, Kentucky. Britt and Nancy will be there. There are links in this episode’s show notes for anyone who wants to and should attend. Britt and Nancy, I want to thank you both. It sounds like it will be fabulous!
[11:24] Marquee Interview! I am joined by Tony Quinones, the Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line. Tony, welcome to RIMScast!
[12:01] At Walt Disney World® Resort and Disney Cruise Line, it’s always booking season and vacation season. Now it’s the beginning of the holiday season.
[12:17] Out of college and for most of his career, Tony worked in claims. He started in liability with State Farm Insurance. He hadn’t studied insurance in college but he was attracted by a job posting. He meant to work for a time, then go back to school to be a history teacher.
[12:50] Twenty-two years later, here he is, talking to Justin about his career and his current role in risk management. Tony says he’s had a good time and the profession has been good to him.
[13:20] His claims background knowledge helps him handle challenges in his risk management role. He worked in claims until three years ago when he formally transitioned to risk strategies and compliance. He always took opportunities to expand his knowledge of risk management.
[14:17] Disney Cruise Line feels like a floating resort. Tony has a set of responsibilities around compliance training and data analytics. The analytics teams support safety, operations, and claims partners.
[14:54] The environmental, safety, and operations teams address the risks inherent to the Maritime laws, and regulations in the U.S. and internationally. Tony’s analytics teams work with them in every aspect to support them with the best information possible to do their roles.
[15:43] A cruise ship is a floating city. Tony doesn’t oversee the waste management but he says the machinery is amazing. They are conscientious to do the best they can for the environment.
[16:08] Tony has a staff of approximately 70 cast members under his supervision. Any that have responsibilities strictly on the ships are crew members. The Risk Management Division has about 150 members in partnership with the areas of safety, environmental, and operations.
[17:14] It’s a well-oiled machine of information and partnership back and forth, with some of the strongest protocols and audits to help make sure it’s one of the safest environments for crew, cast, and guests.
[17:33] The Walt Disney World® Resort and Disney Cruise Line ERM program is overseen at the corporate level. Tony’s team supports the ERM initiatives with their day-to-day operations.
[18:01] Tony thinks it’s important to work in unison with the corporate side. There is risk management alignment across the company.
[18:37] About dealing with catastrophes, Tony says having a contingency plan is great but make sure that it’s flexible for the situation at hand. Have robust communication systems. Know which partners you need to reach out to for certain situations and communications.
[19:02] You need to have the right roles in the room and at the table so that decisions can be made and communication can be spread out effectively and efficiently. There aren’t catastrophes happening all the time but have continuous training and be aware of the what-ifs.
[19:26] You might not be ready for a specific incident but the memory of going through the action plan and reacting will apply to most incidents and having those three things puts you into a situation where you are ready for the unexpected and to respond effectively and efficiently.
[20:01] How do storms affect Disney Cruise Line? Everyone goes through practices and knows what they are doing. They walk through the contingency plans and action plans to solidify them in muscle memory.
[20:57] Tony recounts the rebound after the pandemic. Having key partnerships with the operations partners across the company was key. As Walt Disney World® Resort and Disney Cruise Lines re-opened slowly and surely, they saw their guests come back to resume normalcy.
[21:59] Tony says risk management was impacted by the pandemic but they still had work to do. At that time, he was still on the claims side. While the resort and cruise line were closed, they built for what they knew would come back. Claims built up slowly with attendance.
[22:38] Once the hiccup of the pandemic was over, Tony says they were in a good place to be there for their guests and cast members, for worker’s comp.
[23:10] Tony recalls how the resorts reopened, a park or a resort at a time. Some services weren’t available right at the time of the park opening. Some new experiences were added, like mobile check-in and self-check-in. They explored technology during the interruption.
[24:35] Tony takes opportunities to walk the parks and the ships to see the conditions of the properties in case something comes up in a report. He wants to make sure that what he is offering his partners is what they need.
[25:44] Whenever Disney gets in the news, Tony checks to see what is the context. He is confident in what Disney does and why they do it.
[26:14] Quick Break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[26:31] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[25:42] On that note, applications are being accepted for internship grants. The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.
[27:02] We Conclude My Interview with Tony Quinones of Disney!
[27:15] Through October 15th, we are in National Hispanic Heritage Month. At Disney, there are cast-run burgs. Tony belongs to the Latin American Burg. He also does anything he can within the RISKWORLD diversity platforms and to be part of the Hispanic heritage within the industry.
[28:23] Latin American professionals need to take advantage of the opportunities in risk management in general, and insurance. There are not a lot of Hispanic or Latino Americans in the industry but there are a lot of opportunities, maybe more than when he started.
[28:47] There’s still a way to go. There are so many specialties within risk management. It’s not just a risk manager. There’s insurance and so many different areas of risk. Tony wants Latinos to find a niche where their talents can grow. Maybe risk management is meant for you.
[29:29] Many colleges are offering a risk management program. If you’re a young Latino going into college, Tony invites you to consider risk management as an avenue for your education.
[29:49] Tony is bilingual and that has served him in his career. He needed it almost daily when he was handling claims. Tony suggests that whatever other language you speak, double down on it and use it to your advantage.
[30:30] Tony is on the RISKWORLD ACPC, the Annual Conference Planning Committee. They are planning RISKWORLD 2025 in Chicago. He recalls the great program and breakout sessions of RISKWORLD 2024 in San Diego. Put RISKWORLD on your bucket list! It’s a great opportunity!
[32:06] Tony relates the RISKWORLD DE&I Studio to the evolution of the risk profession overall. It speaks to the younger generation in risk management, just entering the workforce. The DE&I Studio was exciting and attracted many people who wanted to know more about DE&I.
[33:03] The DE&I Studio is a place where different communities are immediately acknowledged and included. Tony hopes it continues to grow as they continue to put the RISKWORLD conferences together.
[33:36] Any chance Tony gets, not just with the Latin American community, but in general, with the younger workforce coming into risk management, to mentor, he does it. He is involved with mentorship at Disney, called Mano a Mano, which is focused on mentoring the Latin community.
[34:02] Tony is also part of Rise Professional, a mentorship program helping those just coming into the risk management profession. Anytime he can share his knowledge and experience to contribute the most, such as being on a platform like RIMScast, he will do it.
[34:34] Tony thinks the most important thing for anyone who has been in the industry is to give mentorship. That’s the way to give back, one-on-one with professionals entering the industry. It’s the most value for your time.
[35:16] Tony’s advice to people entering or considering entering the risk profession is that it can provide a consistent and stable platform, similar to other traditional professions. If you’re a professional looking to transition, this is a great industry.
[35:46] If you’re in college trying to figure out your future, take a couple of risk management courses. Look at the programs colleges have for it. Tony’s great 20-plus-year career started in one little avenue of risk management. He’s learned something new every year.
[36:13] It’s an industry that can take you to so many different places and you’ll never be bored.
[36:39] Tony is a big Disney fan. He has been on a couple of Disney cruises on vacation, and he loves it. Once in a while, he just wants to go to a beach somewhere and take a little different vacation so he doesn’t have to worry about work. The brand is still there on a Disney Cruise.
[37:19] Tony, it has been a real pleasure to meet you. Thank you for being a member of our RIMS RISKWORLD ACPC. We hope to connect at RISKWORLD 2025 in Chicago Illinois, celebrating RIMS’s 75th Anniversary! We appreciate your leadership there. Thanks for joining us!
[37:45] Special thanks to Tony Quinones for all of his time and insight! Special thanks to Nancy Brooks of NAMI Louisville and Britt Embry of the Greater Bluegrass Chapter of RIMS!
[37:59] This is the last call for registration for the Power of Partnership Event on October 8th and 9th in Lousiville, Kentucky, hosted by the Greater Louisville Chapter of RIMS!
[38:09] Email [email protected] to register and be sure to tell them that you heard about the opportunity here, on RIMScast! More links about the event are in this episode’s show notes.
[38:24] It’s RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[38:57] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.
[39:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[39:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[40:13] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[40:27] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[40:34] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Greater Bluegrass Chapter Annual Meeting & Conference — Oct 8‒9 | Last call for Registration | Also email here: [email protected]
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS Canada Conference 2024 — Oct. 6‒9 | Last call for Registration!
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
NAMI Louisville
National Hispanic American Heritage Month
RIMS Webinars:
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024
RIMS.org/WebinarsUpcoming Virtual Workshops:
Fundamentals of Risk Management | Oct 3‒4, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
Applying ERM Theory with Elise Farnham
Maintaining an Award-Winning ERM Program with Michael Zuraw
LAAIA Atlanta Chapter President Jose Aponte
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property C
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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.
In the spirit of #InternationalPodcastDay on Sept. 30, RIMScast was produced live and onsite at the DFW RIMS Fall Conference in Irving, Texas on Sept. 19. You can hear the electricity on the floor of the Irving Convention Center as RIMS members, risk professionals and vendors from the greater Dallas Fort Worth area convened to learn, share knowledge, and network.
Former and current DFW RIMS Presidents join RIMScast today to discuss the state of risk in DFW, Safety, and ERM trends they are noticing, and why this event marks the closing chapter in one book and prepares for an all-new one in 2025.
Key Takeaways:
[:01] About Hillwood, the proud sponsor of this episode of RIMScast.
[:15] About this episode, coming to you live from Irving Texas at the DFW RIMS 2024 Fall Conference and Spa Event. This is the Texas risk roundup; we’re juggling risks and lassoing opportunities.
[:46] This episode is sponsored by Hillwood, a Perot company. Learn more at Hillwood.com.
[:52] It’s an exciting event. It’s also the end of an era for the DFW RIMS Chapter and we’ll talk about that.
[1:07] Events! Visit GreaterBluegrass.RIMS.org to learn more about the Greater Bluegrass Chapter of RIMS and their upcoming annual conference and meeting event, on October 8th and 9th. They’ve got some great speakers lined up. Check out their website and LinkedIn.
[1:35] Last call for the RIMS Western Regional Conference, September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:47] The RIMS Canada Conference 2024 is coming up, October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:57] The 2024 RIMS ERM Conference will be held in Boston, Massachusetts on November 18th and 19th. Visit RIMS.org/ERM2024.
[2:10] Interviews! My first guest is the Ex Officio of the DFW RIMS Chapter, LaToya Lee. She is Vice President of Crew Safety at Raising Cane's Chicken Fingers. LaToya Lee, welcome to RIMScast!
[2:33] The DFW RIMS 2024 Fall Conference and Spa Event at the Irving Convention Center is Texas-themed with a carnival. It is electrifying! Justin and LaToya met at the Risk Manager Exclusive Forum Lunch at the conference. It was a lunch for risk managers to speak freely.
[3:43] At the luncheon, LaToya raised an excellent point about an emerging risk from social media. Raising Cane’s has so many employees who are young people on Instagram, TikTok, and Snapchat. Raising Cane’s has great policies and procedures to prevent employees from posting.
[5:01] Most employees don’t bring their phones to the restaurant, but if they do, they must store them in their lockers. Raising Cane’s has about 840 locations in the U.S. About 800 are corporate-owned with a few franchise partners. LaToya is the Vice President of Crew Safety.
[5:57] As a fast-casual. Quick-service restaurant, with four menu items, Raising Cane’s is a people business. The Raising Cane’s culture is a fun, cool culture, with disco balls and smiling faces. The crew is in shorts. It’s a family-oriented business. They cater to all.
[7:29] The growth of Raising Cane’s is astronomical. When LaToya started, there were 248 restaurants. LaToya will soon be celebrating her 9th anniversary with Raising Cane’s and there are 800-plus restaurants now.
[8:04] As DFW RIMS Ex Officio, LaToya says the conference turnout is simply amazing. The attendees, vendors, and speakers are phenomenal. The topics of ERM, Work Comp, Property Damage, and Nuclear Verdicts, are everything you want in a one-day conference.
[8:37] What excites LaToya for the next year’s conference is the growth. Having all of the Texas Chapters coming together for one conference in San Antonio is going to be amazing!
[8:55] LaToya, it has been such a pleasure to meet you! I look forward to seeing you in San Antonio and at RISKWORLD 2025! Thank you so much!
[9:10] We are joined by former DFW RIMS Chapter President and a RIMS Global Board Director, Penni Chambers. Hello, Penni!
[9:46] Penni grew up in Texas and has lassoing skills! She moderated a session with the State Office of Risk Management. It was one of the favorite sessions she has moderated. It was lassoing the panelists, keeping them on track, and not going over time, with audience questions!
[10:40] Justin notes that it is International Podcast Day, and this is a special live episode. There’s electricity here at the Conference!
[11:09] Penni thinks the growth of risk management in Texas is in part because of the economic growth in Texas, with big Fortune 500 companies coming into the region. North Texas has grown. The Dallas membership for the DFW RIMS Chapter grows with the companies coming in.
[11:35] Their risk managers want to get to know other risk managers. There is a camaraderie among peers. The marketing effort of the chapter spans decades. The fall conference gives everyone a chance to reconnect and meet new people at events leading up to the conference.
[12:36] It’s exciting to Penni as a seasoned professional to see these young faces and new faces at the Conference. It’s incredible! It’s also bittersweet to Penni that this is the last DFW RIMS Fall Conference, after decades of conferences.
[13:22] Next year, DFW RIMS will team up with the Huston, San Antonio, and Central Texas RIMS Chapters to host the first-ever Texas Regional RIMS Conference, August 4th through 6th, in San Antonio near the Alamo, on the river walk. San Antonio is a beautiful place to kick it off!
[14:21] Penni is excited because she will get to meet members from other chapters. She says the collaboration that’s going to come from this is going to be phenomenal!
[14:53] Penni says they are planning this conference in collaboration with Global RIMS. It’s super exciting. It’s the first time Global RIMS has done something like it for a regional conference. It’s going to be a “drop-dead stunner” of a conference!
[15:17] It has been such a pleasure to sit with you in person to do one of these interviews for International Podcast Day! You did a wonderful job moderating this morning. I want to thank you and thank Hillwood for being our sponsor for this episode! I’ll see you at RISKWORLD 2025!
[15:44] I wanted to close out this RIMScast episode with some symmetry. We had two former DFW RIMS Presidents on the show today. We will close it out with the current DFW RIMS President, Emily Casso Ford, who has been fantastic to work with.
[16:05] Emily has led sessions and in many ways has been the face of the conference. I wanted to hear from her directly, not just about DFW RIMS but also to discuss her experiences in the ERM space. She leads ERM at Globe Life.
[16:23] We’re also going to talk about her experience with the RIMS-CRMP and how it is impacting her overall organization. Let’s get to it!
[16:37] I’m joined by the President of the DFW RIMS Chapter, Emily Casso Ford! Welcome to RIMScast! We have had such a great time for these last 36 hours or so! We’re talking at the very end of the final DFW RIMS Annual Conference. How does it feel, now that you’re done?
[17:06] Emily says she feels fantastic! She gives a shout-out to the Conference Chair, Chapter Vice President Marissa Holland, who did an outstanding job! This conference is our best yet!
[18:12] Emily gives an overview of her work at Globe Life for the last two-and-a-half years. She started as an island of one leading an ERM function, explaining to C-Suite and board why risk management matters. The board believed in it and demanded that the ERM function expand.
[18:41] Emily started hiring. She had great buy-in from the top. She spearheaded a program in a company that just needed to get around a table and talk about what the risks are and what they look like. Emily refers to ERM as getting comfortable talking about the elephant in the room.
[19:18] Emily started a Risk Liaison Program to work with areas of the organization that weren’t represented on the ERM Committee. She asked the members of the ERM Committee to identify the leaders on their teams who understand the emerging risks on the horizon.
[19:52] These people, the Risk Liaisons, would come together to have good conversations about what those emerging risks look like. They are up to 43 Risk Liaisons, from all across the enterprise of over 3,000 full-time employees. Globe Life is a $6 billion company.
[20:30] All the functions of the company are represented among the Risk Liaisons. Emily’s goal was to pass the mic and give people a voice who hadn’t had a voice or a seat at the table to share the insight and perspectives they have. They are closer to the work that’s being done.
[21:02] They sometimes see the risks coming faster than the folks in upper leadership do. Emily wants to champion that and give them a voice.
[21:21] Emily says the ERM team wants to make sure they share the risks with the board in the right way, giving them the information they need and desire. That changes from quarter to quarter. They are constantly on a trajectory or increased maturity.
[22:16] Some of you listening may recognize Emily Casso Ford as one of our more recent RIMS-CRMP Story interviewees. Emily has an update. Her entire ERM team at Globe Life has now earned the certification of RIMS-CRMP. She’s very proud of each member of the team.
[23:00] Emily’s boss, the SVP of Risk at Globe Life, provided the impetus for the team members to obtain the RIMS-CRMP. The Globe Life Chief Risk Officer fully supported the ERM team members each getting the RIMS-CRMP certification. It showcases their expertise in the industry.
[23:39] The Make-a-Wish Foundation received at least $5,500 in donations at the DFW RIMS Conference this year. A match is expected from a generous benefactor.
[24:04] This has been a great way to close out a wonderful tradition and start a new one. I want to thank you for inviting me! It’s a real privilege to be here! I want to thank Hillwood, a Perot Company, for sponsoring this episode.
[24:26] Emily, you’re doing a great job as President of the DFW RIMS Branch! We look forward to more great work from you!
[24:36] Special thanks to all of my RIMScast guests here who attended the DFW RIMS Annual Fall Conference and Spa Event. A very special thank you to Marissa Holland, DFW RIMS Vice President. As Emily said, she was the unsung hero of this year’s event. She’s fantastic!
[24:55] Visit DFWRIMS.org for more information and to learn more about the Texas RIMS Regional 2025 Conference, which will be held in San Antonio from August 4th through the 6th.
[25:06] We are very grateful for our sponsor, Hillwood, a Perot Company. Visit Hillwood.com for more information. A link is on this page.
[25:18] 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!
[25:50] 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.
[26:31] 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.
[26:48] 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.
[27:04] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[27:17] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[27:24] 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:
About our sponsor, Hillwood: Hillwood.com
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS Greater Bluegrass Chapter Annual Meeting & Conference — Oct 8‒9 | Last call for Registration
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Webinars:
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/WebinarsUpcoming 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:
“Bigger Risks with the Texas State Office of Risk Management” | Sponsored By HillwoodSponsored 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)
RISK PAC | RIMS Advocacy
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:
LaToya Lee, Vice President of Crew Safety at Raising Cane’s Chicken Fingers and DFW RIMS Ex OfficioPenni Chambers, Vice President of Risk Management at Hillwood. Penni is also a former DFW RIMS President. She is currently a RIMS Board Director.
Emily Casso Ford, Esq., RIMS-CRMP, VP of Enterprise Risk at Globe Life. Emily is also the DFW RIMS President.
Postables (Edited For Social Media Use):Kids like to be on their cell phones. They like TikTok, Instagram, and Snapchat. At Raising Cane’s, we have good policies and procedures to help guide our young crew to be the best fry cook cashiers they can be, put their cell phones up, and stay off social media. — LaToya Lee
It’s exciting to me as a seasoned professional to see these young faces and new faces at the DFW RIMS Conference. This is incredible! — Penni Chambers
The people who are in that first line are closer to the work that’s being done and they sometimes see the risks coming faster than the folks in upper leadership do. We want to champion that. We want to give them a voice. — Emily Casso Ford, Esq.
As our function grows, we are constantly on a trajectory of increased maturity. — Emily Casso Ford, Esq.
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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/WebinarsUpcoming 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.
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Join the Conversation!
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About our guest:
Michael Zuraw, Senior Director of Global Enterprise Risk Management (ERM) at
onsemi / ON Semiconductor
Tweetables (Edited For Social Media Use):Uncertainty underlies every decision. An assumption may be 90% dead-on. There’s a 10% probability that exactly the opposite is true and we should discuss that. That’s where the risk lies. Can we make that 10% likelihood into 2%? That’s what risk mitigation is. — Michael Zuraw
Now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board, as well. We have an executive risk committee that we function very well with. We’re much more efficient. — Michael Zuraw
As we mature in the program, we get better at our jobs and our interviewees get better at identifying risks. — Michael Zuraw
If everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. — Michael Zuraw
-
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Elise Farnham about how ERM has changed, how new policies like the SEC climate disclosures influence the ERM landscape, and Elise’s risk philosophy. They discuss whether organizational leaders are placing more value on ERM programs, and the biggest challenge for a risk practitioner to turn theory into practice. When did you first understand how the fundamentals of risk management can be used to form decisions beneficial to an organization? What are some commonalities among the risk professionals you've come across in the RIMS virtual workshops (or RIMS events)?
Listen for insight on risk management basics and more wisdom for your organization.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode.
[:30] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[:49] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[:58] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:11] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:25] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page.
[1:40] All RIMS regional conference information can be found on the Events page at RIMS.org.
[1:46] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode’s show notes.
[2:04] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Workers’ Comp space. Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.
[2:27] Interview! We will be chatting with Elise Farnham of Illumine Consulting. Elise is very well known among the RIMS membership as she has been one of our instructors for the past 30 years!
[2:43] Elise will be leading two upcoming courses for us here at RIMS. On September 25th and 26th, we’ve got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management.
[2:57] Elise will let us in on what it takes to apply and integrate ERM into an organization’s framework and operations and we will talk about her ERM philosophies. Elise Farnham, welcome to RIMScast!
[3:24] This year, Elise celebrated her 51st year in the risk and insurance industry. It’s been an amazingly great career. She started in claims in the mid-seventies. She got involved with RIMS when she started working with large corporate clients in the late seventies and early eighties.
[3:52] Elise took an interest in what RIMS was working to accomplish, reducing claims, all while she was working for a claims management firm. Elise has been working with RIMS since 1995.
[4:51] The RIMS ERM Conference 2024 will be on November 18th and 19th in Boston, Massachusetts.
[5:06] Elise became aware of the concept of ERM in the late nineties. She thought it would be a difficult job. ERM professionals have grown, frameworks have been developed, and we’ve seen some companies that lacked ERM fail spectacularly.
[5:44] It has become evident that every company has to take the resources and strengths that they have, look at their entire risk picture, and turn what could be a bad situation into something positive for their organization.
[6:17] Elise talks a lot in her classes about how to convert a problem into an opportunity that might help an organization. ERM has changed a lot in the last five years. Justin and Elise comment on how the pandemic may have helped companies realize the importance of ERM.
[6:42] All of a sudden, companies were faced with a type of loss that came out of the blue. COVID-19 was the “black swan” that we will remember and write about for years to come.
[7:00] How companies dealt with it, the resources they had to use, and changes to their work processes were all things that ERM considers.
[7:14] Elise Farnham will be leading Applying and Integrating ERM on September 25th and 26th.
[7:27] How does the SEC climate disclosure announcement change or influence the ERM landscape? It will impact how companies report their exposure. It will probably require some new technology to bring forward all of the information they will have to submit.
[7:53] Elise thinks that will be a challenge for companies because there is a rule they will have to follow. Collecting data from every bit of an organization will be a significant challenge. It may help organizations use a good ERM program. It requires penetrating the silos to follow the law.
[8:33] ERM will help companies to see the cumulative effect of risk. What if two bad things happen at one time? Getting more companies to have an ERM program will have a positive effect. It will be a lot of work to get there.
[9:02] Elise has always been an optimist. She always tries to look at how this can benefit us. Perhaps that’s why she has embraced ERM. It’s not about how we can get hurt but how we can use a bad situation to make things better for the organization. She knows how difficult it can be.
[9:55] Elise tells risk managers, “You don’t want to be the one to go in and say, ‘We just lost all of this.’ You don’t want that to happen. That’s a horrible situation to be in.”
[10:12] It’s much better to say, ‘I just saved you this much money because we have a policy in place, our people all know what to do, and this has never happened to us as it did to that other company.’” That’s where Elise wants her risk managers to be.
[10:46] Elise believes that today, organizational leaders put more value on ERM programs. The catch is understanding the amount of work that has to go into one. It takes resources and people to explore the organization, down to the risk owner, who may be on the factory floor.
[11:17] The risk owner may not have risk management experience. Almost everybody has the philosophy that “it couldn’t happen to us.” Understanding that something bad could happen and preparing for it in advance will be a challenge for them.
[11:42] The C-Suite understands the value of ERM. It’s a matter of applying the resources and following through. In her classes, Elise goes through the steps to take along the way. The feedback she gets is often, “Whew! That will take us a lot of time and effort!” They got the point!
[12:08] It’s RIMS Plug Time! RIMS Webinars! On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[12:26] Also on September 12th is a complimentary webinar presented by the RIMS-CRMP and UCLA Extension, The Many Routes to Becoming an Enterprise Risk Management Practitioner.
[12:36] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.
[12:54] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future.
[13:11] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.
[13:23] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[13:37] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[13:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Purchase your tickets in advance because there is no guaranteed seating!
[14:03] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[14:09] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[14:26] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[14:32] Let’s Return to Our Interview with Elise Farnham!
[15:14] Elise loves this business, and helping risk managers do a better job. It’s very fulfilling.
[15:51] The philosophical aspect of risk management is very logical. The real-world work part of it is almost drudgery, pulling information from everywhere within an organization, making people understand that they could have a problem if we don’t take care of it.
[16:16] Thinking of combining several problems at once is hard for some people to imagine. Bringing people into the real world of risk is one of the biggest problems; getting them to understand that, yes, this could happen to them.
[16:40] Elise’s family members have called her for advice after some unforeseen event, saying “I didn’t know this could happen!” Yet, the stats are out there. The stories are out there. It’s just, “It could never happen to me!” Risk managers are still fighting that battle quite heavily.
[17:13] Elise will also lead the virtual workshop, Fundamentals of Risk Management on October 3rd and 4th, 2024.
[17:42] Elise first became involved with large corporate accounts in 1987. She worked with risk managers and saw how they had to identify risk, analyze that risk, come up with a solution for it, and then implement the solution. Those are the basics of risk management.
[18:03] The focus was always on hazard risk, not on opportunities that might be developed.
[18:10] Elise took the Associate in Risk Management (ARM) program, which helped her to define that knowledge and to understand better what her clients were going through.
[18:21] Then RIMS developed a program about risk management, providing fundamentals. Elise thinks the fundamentals are more important than ever, now, as there are a lot of new people in the industry, fresh out of college. They know the theory but haven’t seen it applied.
[18:43] In her workshops, Elise always tries to apply this to the real world so that the day they go back to the office they have something they can apply immediately to their organization.
[19:11] What risk managers learn in Elise’s workshops will change what they do in their organization. That’s a big challenge.
[19:50] What Elise has noticed from teaching risk managers is their energy. They are ready to go. They are thirsty for this knowledge. They know they have concerns. They know there are some things they could do better.
[20:08] They just need the resources in their brains to make that happen. Elise talks to them about that. You can only make decisions based on what you know. If you don’t know something, you can’t include that resource in your decision process.
[20:27] Elise says it’s great to see the wheels start to turn while she’s teaching. All of a sudden, the aha moment hits. They have a strong desire to go back and do good things. It’s a compliment when they tell her they have a list of things to do when they get back to the office.
[20:55] They want to have an impact within their organization. They are there to learn something new that will help their organizations. Elise loves teaching with folks who are like that. They are like sponges. It’s fun to facilitate discussions with them about how to manage risk.
[21:58] Justin says it has been such a delight to catch up with Elise Farnham. The next two courses Elise teaches are Applying and Integrating ERM on September 25th and 26th, and Fundamentals of Risk Management on October 3rd and 4th. The links are in the show notes.
[22:17] Justin looks forward to more workshops hosted by Elise Farnham and thanks her for being such a wonderful instructor.
[22:31] Special thanks again to Elise Farnham of Illumine Consulting for joining us here today. Alise will lead Applying and Integrating ERM on September 25th and 26th and December 4th and 5th and Fundamentals of Risk Management on October 3rd and 4th.
[22:54] Links are in the episode show notes, as is a link to the full virtual workshop schedule.
[23:00] RIMS members enjoy reduced rates on registration, which is yet another value-add of a RIMS membership.
[23:09] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[23:43] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [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/WebinarsUpcoming 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
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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
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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
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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
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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/WebinarsUpcoming 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.
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Join the Conversation!
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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
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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 GuideNIST 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/WebinarsUpcoming 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 TechnologyU.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
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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/WebinarsUpcoming 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
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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/WebinarsUpcoming 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:
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“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)
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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.
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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/WebinarsUpcoming 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.
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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
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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
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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/WebinarsUpcoming 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
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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:
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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
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