RIMScast

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews returning guest Jana Utter. Jana is the 2022 Risk Management Honor Roll inductee and a former RIMS SERMC Chair. Jana remains active on RIMS committees. On May 6 at 2:45 pm, she will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance in ROOM 25AB. The SEC is in the news with final and proposed Climate Disclosure Rules announced. Jana shares her knowledge, experience, and risk philosophy, a cluster of acronyms, and why ERM needs to connect more fully with ESG. Jana will be co-hosting a session on the ESG track with Bob Wirth at RISKWORLD 2024. Listen in to learn more about emerging ESG risk reporting and disclosure. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s episode of RIMScast. My friend Jana Utter returns to discuss ERM, ESG, and the new Climate Reporting Disclosures; the SEC, the CSRD, and more. We’ve got a lot of acronyms today! [1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes. [1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan! [2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:24] Today’s guest is one of my favorites. She is Jana Utter, the Vice President of Enterprise Risk Management at Centene Corporation. In 2022, RIMS named her to the Risk Management Honor Roll. She is the former chair of the RIMS Strategic and Enterprise Risk Management  Council. Jana is knowledgeable about ERM and ESG. [2:50] Since there were new SEC Climate Disclosure Rules announced, I wanted Jana to come back on the show and fill us in on what we need to know. This dialogue will dovetail with her upcoming RISKWORLD session on May 6th at 2:45 p.m. in Room AB25, Sustainability Reporting, Making ERM Transparent. It is part of the ESG track. She’ll be co-presenting with Bob Hirth. [3:25] Jana Utter, welcome back to RIMScast! Jana was the 2022 RIMS Risk Management Honor Roll Inductee. Jana and Justin go back quite a few years. This is her third time as a RIMScast guest. Jana was the chair of the RIMS Strategic and Enterprise Risk Management Council. She misses it a bit but has moved on to other RIMS volunteer activities. [4:10] Jana is here to discuss the SEC Climate Disclosures in the news. The U.S. SEC proposed final rules for Sustainability Reporting Standards. Also, the EU Corporate Standard Reporting Directive (CSRD) is making headlines. [5:02] Jana thinks it is important as risk professionals to think of sustainability in the same way that we think about enterprise risk management. They are both important. Jana speaks of the 2017 COSO ERM Update, Integrating Strategy with Performance. [5:29] That COSO document says that ERM helps enhance performance by more closely linking strategy and business objectives to risk. ERM affects value strategy and is linked to the business. The COSO framework also discusses how ERM leads to better decision-making. [5:48] The International Sustainability Standards Board (ISSB) says sustainability factors are becoming part of mainstream investment decision-making. Companies are called upon to provide high-quality global comparable information on sustainability reported risks and opportunities. [6:28] As ERM professionals, we are trying to identify risks to help protect the value and future ongoing business concerns of the company. Sustainability reporting is trying to do the same thing, protect the long-term value of the company. To Jana, that seems to be a natural fit. [7:00] Justin and Jana agree that the data should support the story-telling of the organization or the risk professional. Sustainability reporting is a big part of that data, just as financial statements are. [7:17] Sustainability reporting disclosures publish additional information by a company to inform stakeholders, including investors, business partners, employees, and customers. Jana thinks about it the same way as about financial statement information, which caters to the same stakeholder audience. [8:14] Jana notes it’s important to know which of the different reporting directives for sustainability reporting standards apply to your company in the jurisdictions or geographies in which your company operates. Global sustainability disclosures are not 100% consistent. In the U.S., some states have additional expectations for ESG reporting above the SEC rules. [10:10] ESG is showing up in commercials. Jana finds that interesting as her friends and family still don’t know what the acronym ESG means. It’s appearing in the mainstream, with DEI. [11:31] Jana says that a lot of people who are responsible for enterprise risk management, including her industry peers, are not also responsible for sustainability reporting and disclosures. How can risk professionals get connected to the sustainability reporting team? [12:23] Jana recommends risk professionals use the RACI matrix: Who’s Responsible? Who’s Accountable? Who’s Consulted? And Who’s Informed? If you’re not in this matrix, ask to join it as a consultant. She lists ways to contribute by connecting to different areas of the company. [13:56] It’s important to know where your company operates. U.S. companies with no operations outside the U.S. may be able to follow the IFRS SASB Sustainable Accounting Standards and the SEC Climate Disclosure rules and other SEC-related rules that cover sustainability, as well as any state rules. [14:59] If you’re U.S.-based with any operations in Europe, you’re going to want to monitor CSRD and make sure you understand and follow that protocol. That should cover you for the majority of any sustainability risks in the U.S. [15:42] Jana’s go-tos are the International Financial Reporting Standards (IFRS), International Sustainability Standards Board (ISSB), and Sustainability Accounting Standards Board (SASB). ISSB includes the Taskforce on Climate-Related Financial Disclosure (TCFD). TCFD and CDP (formerly Carbon Disclosure Project) are closely aligned. [16:46] Jana repeats, pay attention to the IFRS and what they do. IFRS is geared to the investor community. Also watch the Global Reporting Initiative (GRI), which is focused on social and environmental impact reporting. [17:46] SASB is the Sustainability Accounting Standards Board. Justin invites you to look for these acronym links in the show notes. [18:06] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes. [18:19] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there. [18:35] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th. [18:55] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes. [19:13] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App, available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there’s so much happening. This is a great way to stay on schedule. [19:38] On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that’s on your mind. [20:03] Steve’s a great guest. We’ve already  recorded next week’s episode together. In a clip from the episode, Steve says his risk group at LA County was responsible for about 100K county employees. He didn’t know all their names, but if he knew their name, that was probably a bad thing! Be sure to tune in to RIMScast next week for more podcasting gold! [20:35] Steve was a lot of fun and our session at the Global Studio on May 8th at 2:10 p.m. is going to be a blast! Be there! [20:43] Webinars: On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will r

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Eamonn Cunningham about his career in risk management for a large shopping mall developer based in Australia and about his work as Founder and President of the RIMS Australasia Chapter. Eamonn shares experiences, philosophy, and practical career advice. He describes the natural diversity of Australia and how it is an advantage in risk management. Eamonn is passionate about the importance of relationships. He stresses that networking builds relationships. Eamonn recalls how he would convert risk management skeptics in the construction industry. He reveals a secret of breaking the glass ceiling into the room where big decisions are made and he stresses how critical it is to speak the language and jargon of your audience, especially when presenting to executives. Eamonn will be presented the Goodell Lifetime Achievement Award at RISKWORLD 2024. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s episode of RIMScast. My guest is RIMS 2024 Goodell Award Winner Eamonn Cunningham. You know him as the Founder and President of the RIMS Australasia Chapter. He had a wonderful career at Westfield and we’re going to talk all about it today. [1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes. [1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan! [2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:24] Named in honor of RIMS’s first president, the Harry and Dorothy Goodell Award pays tribute to an individual who has furthered the goals of the society and the risk management discipline through outstanding service and achievement. The RIMS 2024 Goodell Award recipient is Eamonn Cunningham. [2:44] Many of you know him directly or by reputation. He launched the RIMS Australasia Chapter and had a wonderful career at Westfield, which develops malls and commercial properties worldwide. There’s a wonderful feature about him and his work in the Awards edition of RIMS Risk Management Magazine. A link is in this episode’s show notes. [3:08] Justin and Eamonn have met but this is the first time they have connected in depth. Eamonn is a wonderful interviewee. He imparts a lot of wisdom in this interview for risk practitioners at all stages of their careers. After meeting him virtually or in person, you become a fan of Eamonn Cunningham. Listen for Happy Days references! [3:37] RIMS 2024 Harry Goodell Award winner Eamonn Cunningham, welcome to RIMScast! [4:11] Eamonn Cunningham will be receiving the Goodell Lifetime Achievement Award at RISKWORLD 2024. Eamonn says he is unbelievably honored to be receiving this very prestigious award! He has been told to limit a speech to two and a half minutes. He has his speech down to 2:29! [5:11] There’s a great article featuring Eamonn Cunningham and his career in the Awards Edition of RIMS Risk Management Magazine. Today, we’ll expand upon that article and talk about some of the things that there wasn’t space for in the article. [5:32] Once Eamonn gave up being an accountant, he migrated to the wonderful industry of risk management. He ended up at Westfield shopping malls. He especially enjoyed the retail aspect of the real estate industry. There is a lot more to risk than buying insurance. He was able to show the benefit of risk management early at Westfield. [6:28] Eamonn helped develop malls of 100 retail stores and more. There was a total property value of about $7 billion. They were complex, diverse projects. There was a lot of fun and lots of challenges. Eamonn enjoyed meeting people who were not initially converts to risk management. He called them his hard cases. [7:46] Eamonn made it his endeavor to shine the light. He was fortunate even in the tougher cases to get them to say they got it. Development and construction people were his hardest cases. They thought they knew more than Eamonn about risk management. He had to show them how his token involvement could help them a little bit. [8:45] The help, which was offered free of charge, sparked interest, and “away we went”! [8:59] In some cases, senior management of a company questioned why they were spending a fortune on insurance as the only way to manage risk. Is there a better way? They learned that risk management was the better way, going from operational risk management to enterprise risk management. That was Eamonn’s career at Westfield. [10:15] Eamonn notes that accepting diversity in all respects is important. Almost all of Australia’s growth has come from immigration from many different cultures, ethnicities, religions, and practices. It is easy to embrace diversity in Australia and to see it as an advantage. It’s part of the Australian spirit. [11:54] Eamonn believes the basic risk management framework philosophy is the same the world over. Its implementation varies from country to country. The Australian culture is open and direct. They get to the heart of the matter quickly. Get the risk, figure out how to manage it, and bring it back quickly within the risk appetite. [12:55] The members of AC/DC are not on Eamonn’s contact list. Justin thinks of AC.DC and Midnight Oil when he thinks of Australia. Eamonn notes that the lead singer of Midnight Oil, Peter Garrett, was also a politician. [14:05] Eamonn is passionate about the importance of relationships in the profession and with underwriters. You don’t just focus on the upcoming renewal. Smart risk managers will have an eye on the renewal for the following year and the year after. This is especially true in the real estate industry, where everything is considered long-term. [14:59] The management of the insurance program is long-term. As a risk manager, you create and nurture relationships with market participants. These relationships need to be on a win-win basis or there is likely to be a parting of the ways sooner rather than later. Eamonn saw his job as removing volatility from the risk team of the organization. [15:37] Eamonn saw some risk managers who prefer to be bottom-feeders, going for the cheapest price every year. Eamonn told them that way of working is doomed to failure. It will create volatility. The senior people at the organization do not expect volatility from the risk manager. [16:12] Eamonn owes a lot of his risk management success to the choices he made in partnering with industry peers. Two-way relationships have both give and take. Professional relationships are like personal ones. The more you nurture them and respect them, the more rewarding they will be to you. [17:03] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes. [17:16] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there. [17:31] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th. [17:52] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes. [18:10] RIMS Webinars: Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. [18:27] On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd. [18:43] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months! [19:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [19:12] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions. [19:28] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A lin

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Emily Buckley about her career after ten years at Kroenke Sports Entertainment and two years at Specialized Bicycle Components. Emily shares how she learned and developed, working with people around the world at Kroenke, and then how she moved to Specialized Bicycle Components seeking greater opportunities for advancement. Emily is a Board Director at the RIMS Rocky Mountain Chapter after being recruited to the chapter by Peggi Miller, her first risk management boss. Emily speaks of her enjoyment of risk management, and how she has been supported and mentored. In keeping with the laid-back atmosphere at Specialized, Justin and Emily keep the bicycle puns in motion throughout the interview. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. My guest is Emily Buckley. She is a Board Director of the RIMS Rocky Mountain Chapter and the Insurance Risk Manager for Specialized Bicycle Components. [:57] The timing of Emily’s RIMScast debut is strategic. You’ll find out why in a moment! [1:02] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes. [1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan! [2:11] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:25] There’s a strategic reason Emily Buckley is now making her RIMScast debut. April is Supply Chain Integrity Month and May is National Bike Month, which has a Bike to Work Week, starting May 13th, Bike to Work Day on May 17th, National Ride a Bike Day on May 5th, and several other special days. [2:53] When Justin thinks of bicycles and supply chains, Emily Buckley comes to mind because of her great work leading risk at Specialized Bicycle Components. Considering recent events, it’s a good time to speak about supply chain risk management with Emily. [3:09] It’s an opportunity to discuss what it’s like to work for a globally recognized brand and get an update from the RIMS Rocky Mountain Chapter and what’s happening in Colorado. [3:18] Justin and Emily met at the RIMS ERM Conference 2023. Emily Buckley, welcome to RIMSCast! [3:31] Emily Buckley was an ambassador to Global RIMS at the RIMS ERM Conference. Emily is excited to be on the show! [3:59] May 5th is National Ride a Bike Day and April is Supply Chain Integrity Month. Emily is the Insurance Risk Manager for Specialized Bicycle Components! Emily is also a Board Director for the RIMS Rocky Mountain Chapter. [4:36] When Justin met Emily he thought she was like the queen of Colorado. Emily was involved on the periphery of the RIMS ERM Conference. RIMS organized a tour of Ball Arena, and Emily worked there with Peggi Miller, VP of ERM at Kroenke. [5:21] Emily was in the Risk Management Department of Ball Arena for 10 years. Peggi was her boss for all her time there. Peggi was the one who took a chance and hired her as a 20-something-year-old who knew just enough about insurance to be dangerous. [5:52] In 10 years, Emily rose from Analyst to Director of Risk Management under Peggi’s mentorship. Peggi’s knowledge and experience in the industry are invaluable. Peggi launched Emily in her career; Emily says she will always be in Peggi’s debt. [6:17] Working for KSE at Ball Arena exposed Emily to a portfolio of different industries, lines of business, and risks. Emily led several projects. It took her a couple of years to build a reputation. As she developed, she asked Peggi for more responsibility and Peggi gave her anything she wanted to take on. [7:03] Peggi Miller is the Vice President of Risk Management at Kroenke Sports & Entertainment (KSE) and the Vice President of the RIMS Rocky Mountain Chapter. [7:53] Before Emily started at the Ball Arena, they hosted the Democratic National Convention. She recalls March Madness. The Monster Jam sticks out to her. They hauled in lots of dirt and the building smelled like dirt for days. Years ago, they did a circus with animals. Walking past the caged tigers was fun! [10:03] Emily loved her job and the people at KSE but the opportunity to advance further wasn’t there. She was looking at the job market and saw a posting for Specialized. She thought that this could be an opportunity to build something. [10:39] Going through the interview process, she found this was a new position for them. They were looking for someone with experience to come in and build a program and department from the ground up. She couldn’t say no. This was in August of 2022. [11:30] Emily is a department of one person at a global company. She gets to meet or talk to many teammates from around the world. Every day is a new adventure. The challenge is that,  as a department of one, things can’t get bottlenecked through her. She has learned to delegate a lot and automate as many of the simpler items as she can. [12:28] Having a broker who understands and supports Emily’s role has been very helpful. The broker has taken things off her plate and has been as helpful as possible going above and beyond what a broker normally does. [13:06] Emily is working on taking off the training wheels at Specialized. She is not yet a cyclist but she has her eye on a mountain e-bike that she’s very excited about. [14:21] Specialized Bicycle Components is headquartered in Morgan Hill, California. Emily believes it is the best bicycle company in the world. Their products are unmatched. They make e-bikes, mountain bikes, road bikes, a fantastic line of bikes for kids, and e-bikes for kids. Their riders are the best in the world. [14:59] Emily works remotely. It was a challenge at first but after COVID-19, working remotely has become the norm. Justin says working remotely takes a little greasing the wheel to build rapport. Emily gets to locations as much as she can to have face time, shake hands, and have lunch with people to get to know them on a personal level. [16:02] Emily explains how her experiences heading projects at KSE are beginning to apply to her work at Specialized Bicycle Components. Now that Specialized has a dedicated person/department to focus energy and resources, they can accomplish ERM projects they have wanted to do for some time. The executives tell her to run with them. [17:58] They ask Emily, how can we help you, how can we support you? She loves that Specialized empowers its employees to run with projects and ideas and bring them to the next level. [18:17] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes. [18:30] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there. [18:46] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th. [19:07] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. [19:16] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes. [19:24] RIMS Webinars: On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. [19:37] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. [20:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [20:18] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions. [20:34] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, government officers, legal professionals, and more. [20:55] You must keep it relevant to ERM and Strategic Enterprise Risk Manage

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews RIMS 2024 Rising Star Chelsea Andrusiak, featured in the upcoming special Awards Edition of RIMS Risk Management Magazine, available in mid-April. In this episode, Justin and Chelsea discuss her job as an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada (FCL), and what they do. Chelsea started with FCL right out of school and in seven years she was able to halve the losses of the Fleet Department. She tells of changes in the Risk and Insurance Department, and what she learned from former RIMS President Nowell Seaman when he joined the Risk and Insurance Team at FCL. Justin and Chelsea talk about the RIMS 2024 Rising Star Award that will be presented at RISKWORLD 2024. Listen in to hear what this rising star has learned through RIMS and SKRIMS.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. My guest is RIMS 2024 Rising Star Chelsea Andrusiak and we will talk about her achievements and her great honor! [:54] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! There’s a link in this episode's notes. [1:12] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan! [2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:15] My guest today is Chelsea Andrusiak. She is an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada. She is also a Director and Vice-President, North for the Saskatchewan RIMS Chapter, or SKRIMS. [2:32] I covered Chelsea’s achievements in the Awards Issue of RIMS Risk Management Magazine, online in mid-April. In our dialog today, we will learn more about her success with captives, her risk philosophies, and words of wisdom for other rising stars! RIMS 2024 Rising Star Chelsea Andrusiak, welcome to RIMScast! [3:04] Justin and Chelsea have known each other through RIMS for a few years and really connected at the RIMS Canada Conference 2023. Justin’s favorite part was hosting the RIMS Canada version of Family Feud. [4:45] Chelsea was behind the scenes with the script as an Executive Producer. They put on a great show! It was a team effort. The Western Canadian RIMS Presidents took home the title. It was a show worth repeating. [6:26] Chelsea is based in Saskatoon, Saskatchewan, and works for Federated Co-operatives Limited, a co-operative owned by 160-plus retail co-operatives that operate throughout Western Canada from the Island of BC to Western Ontario, up to the Arctic. FCL exists to serve those retail members and enable their operations. [7:02] FCL provides wholesaling, manufacturing, and distribution services, in addition to administrative services, including insurance, marketing, and accounting, to help set up its retail co-operatives for success. FCL centralizes for efficiency and localizes for effectiveness. FCL is owned by its 160-odd independent autonomous co-operatives. [8:08] There is a wonderful profile about Chelsea in the digital edition of RIMS Risk Management Magazine’s Awards edition. It will be available in mid-April. Check for updates RIMS.org and on RIMSorg on LinkedIn. [8:43] Chelsea graduated with a finance degree from the University of Saskatchewan Edwards School of Business in 2016. She was hired at FCL and has been there ever since. She has been in one position for eight years, but the program has changed so much since 2016 that it doesn’t feel like the same job. [9:33] Chelsea works with the same risk and exposure today as she did in 2016, but with a very different way of managing risk. Her one job has had different iterations of the role over eight years. [10:05] Insurance at FCL used to be managed in the Legal Group. It was heavily broker-led without a lot of risk management on the insurance side. Shortly after a couple of large losses in 2011 and 2013, FCL brought the insurance out of Legal into a stand-alone department and hired an insurance manager. [10:28] After a couple of years, they added to the department. That’s when Chelsea was hired. FCL took it from a broker-led, passively managed program to using different risk-financing techniques, and program structures, finding the best way to optimize risk, own the journey, and take on some of the risk. [11:04] The risk management department is proud of the work they’ve done. They’ve reduced losses in the last eight years. They’re willing to prove it by insuring their own risk through captive insurers. [11:29] The first thing Chelsea worked on at FCL was the Fleet Department. It was a lot to learn. An automobile is both property and liability insurance, so she learned both sides of the program quickly. FCL hadn’t kept good data on their exposure: types of units, number of units, radius of operations; or their losses. [12:18] FCL had more losses than it should have. Chelsea got in at the ground level and made a lot of fast improvements to the program. She cleaned up the data to tell the story of the risk. She worked with a Fleet Safety Group for safety initiatives. They cut claims in half from 2016 to 2023. [13:23] Co-op trucks are driving billboards. FCL didn’t want Co-op trucks to be seen in ditches or involved in incidents. It was reducing brand risk as well as safety risk. There’s a lot of pride in the Fleet and the Fleet Safety Department. [14:49] The numbers lead the dialog. FCL does many things, including food distribution, home and building supplies distribution. FCL owns a refinery, manufactures animal feed, blends fertilizer, etc. Its business lines are insured in different ways. The food distribution business is different from the refinery business. [15:28] Data at the FCL conglomerate level needs to be understood at the individual business operations level to treat the risk at the enterprise level. [15:57] Chelsea has to sit in front of underwriters and tell them the story from the operations level to the enterprise level so it makes sense to them. If they understand the risk control initiatives and the data she presents, it impacts the premiums and losses. She puts tangible numbers on all the work she does. [17:29] Chelsea has two captives at FCL. She set them up from the ground level. The first was in 2019 in Barbados. The second captive was set up in Alberta in 2023. Chelsea talks about working over email and Teams with Barbados, and in building a relationship in person in Alberta. [18:58] It took Chelsea six to eight months to finalize the captive in Barbados. She finalized the captive in Alberta in two months. By the time they set up the captive in Alberta, Nowell Seaman, with captive experience, had joined Chelsea’s team. [20:41] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes. [20:54] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there. [21:09] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th. [21:30] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. [21:40] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes. [21:48] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. [22:09] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. [22:37] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [22:50] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk”. The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility. [23:11] The r

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Nikki Jackson, MBA, CPCU, ARM, CDMS, Vice President of Strategy & Marketing at MTI America. Nikki speaks about her invitation into the industry and shares the highlights of her career. She discusses her enthusiasm for workers’ compensation and what she has learned in the field. She speaks of her thoughts on AI and then explains what she will cover in her two sessions at RISKWORLD 2024 on May 7th. Nikki tells about how supportive her family has been in her career as she travels.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. My guest today is Nikki Jackson and we will talk all about workers’ compensation and risk management. [:53] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! [1:13] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan! [2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:15] My guest today is the Vice President of Strategy for MTI America and I don’t think I’ve ever met anybody as enthusiastic about workers’ compensation as she is. She is Nikki Jackson, MBA, CPCU, ARM, CDMS. Nikki will be leading two discussions at RISKWORLD on May 7th. [2:41] At 10:45 a.m., Nikki will be leading The Workers’ Compensation Talent Shortage, the industry’s largest exploratory study focused on workers’ compensation, and at 2:45 p.m., Nikki will co-host Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases. [2:58] Nikki Jackson is a dynamic force in the field of workers’ compensation! Let’s get her perspective on the state of workers’ compensation today. Nikki Jackson, welcome to RIMScast! [3:35] Justin especially loves doing RIMScast episodes when he knows the guests. Justin and Nikki met at a RISKWORLD session that he hosted a couple of years ago and they have stayed in touch. Nikki is passionate about workers’ compensation. [5:17] Nikki was fortunate enough to be invited into this industry by Jami LeTourneau of Liberty Mutual. Jami was a team manager in Philadelphia. She looked at Nikki’s resume and saw she was a Certified Nursing Assistant (CNA) and had been a paralegal. Jami said that worker’s compensation would be perfect for Nikki. She hired her on the spot. [6:24] Nikki went to Boston to go through Claims College. When she got back, she started adjusting workers’ compensation claims and asked a lot of questions over the cubicle walls. She decided to learn all she could about policies, pricing, claims adjustment, and TPAs. [7:26] Jami was working toward her CPCU and she suggested to Nikki to take the ARM class and then the CPCU class, so she did. She wanted to get into leadership so she went to work for a TPA in King of Prussia, Pennsylvania. She got to work with Southwest Airlines and she calls Southwest an incredible employer that cares about its people. [8:04] Nikki shouts out to Patty Cowell, Dave Banta, and countless others in Southwest’s phenomenal risk management program. Nikki got into a leadership role. It was “nuts” but such a great environment to learn in. She had a team of adjusters handling multiple states in the Northeast. [8:41] They worked with amazing clients like Best Buy, Cargill, Eaton, Louis Vuitton, and many more. She got to see how they worked their workers’ compensation programs and to sit at the table with them. It started to feel like a partnership with some of her clients. [9:25] At that TPA, they offered more than workers’ compensation. Nikki started to look at integrated programs, then liability, and then saw opportunities in disability and leave of absence, so she got a few other designations to learn those lines of business. [9:46] That’s how she wound up on the Delta Airlines program and got national exposure to workers’ compensation. Workers’ compensation is her “baby.” She still has liability exposure, and her husband is an adjuster on the liability side. Dinner conversations are often damage points with a truck vs. a car, and the percentage at fault. [10:25] Working with risk professionals has helped Nikki see gaps in the industry. She saw what both good programs and not-so-good programs look like. She had a good grip on claims at a granular level but also from the 10,000-foot above view by working on technology projects and innovations to make the experience better for all stakeholders. [11:06] Now Nikki is on the ancillary side and more than ever, she understands how a vendor’s technology, people, and network impact claims. [11:37] Workers’ compensation is a great place to be. There’s no shortage of work. Nikki suspects that there were about 1.1 million workers’ compensation claims filed in 2023 for about 125 million workers. She predicts 3 in 100 workers will file workers’ compensation claims this year. There are about 324,000 adjusters.  [12:45] Financially, workers’ compensation is the shining star of casualty, for now. The coverage is affordable for companies and it looks like it will stay that way, at least for this year, and things are looking good for businesses. [13:02] There are a few things to keep an eye on. Mental injury is a huge focus right now. There is an increase in the more serious injuries, referred to as catastrophic losses. There is a growing focus on workplace safety initiatives and injury prevention programs. Medical costs and inflation affect serious injuries. [14:18] A new law in California requires employers to have a workplace safety and accident prevention plan in place by this summer. Nikki believes we will see similar laws in other states. [14:30] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes. [14:43] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there. [14:59] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. A three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th. [15:20] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. [15:29] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes. [15:37] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. [15:59] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [16:29] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk.” The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility. [16:48] The report is exclusively available to RIMS members for the first 60 days. Visit the link in this episode’s show notes and also the Risk Knowledge page of RIMS.org to download. [17:08] Nikki is a geek about AI. She says we all use it every day, all the time. We just may not realize it. Technology is playing a huge role in workers’ compensation. A recent survey showed that 77% of respondents in the risk and insurance industry say that they’re jumping on the AI bandwagon in some form or another. [18:45] It’s used in sales, underwriting, ops, and claims processing. Nikki talks a lot about the use cases on social media, for fraud detection, to assign new claims, or predictive analytics to flag claims that could go in the wrong direction. It’s used in the risk control and pricing space. You’ve got to get on board. [19:33] There is still a talent shortage in workers’ compensation. AI just augments the role of claims professionals. It’s an aging industry and with a lot of experienced claims adjustors retiring, that institutional knowledge will be hard to replace. AI can’t do it at that level. [20:04] For professionals new to workers’ compensation, who lean into AI, it will be a great place to be. They’ll need to learn how to use the tools

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews Jose Aponte, the LAAIA Atlanta Chapter President. They discuss his career in the industry, what led him to be a founder of the Atlanta Chapter of the LAAIA, what the LAAIA has accomplished so far, and what the current and future expectations are of the LAAIA for DE&I in the insurance and risk management industry. Jose talks about the growing numbers and influence of the Latino population. They wrap up with a discussion of Jose’s upcoming panel at the DE&I Studio at RISKWORLD 2024. Listen in for Jose’s story of lifting the industry and the Latino talent he wants to attract to the industry.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. I will be joined by Jose Aponte, Atlanta Chapter President for the Latin American Association of Insurance Agencies. [:54] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:32] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! [1:49] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [2:13] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan. [2:37] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there! [2:48] Jose Aponte is my guest. He is a vice president at Alliant and the president of the Atlanta Chapter of the Latin American Association of Insurance Agencies (LAAIA). Jose will be one of the featured speakers at the DEI Studio at RISKWORLD 2024. His session will be on Monday morning, May 6th at 10:00 a.m., following the opening keynote. [3:16] We wanted to hear his take on the state of DE&I today, how he and the LAAIA are upholding a legacy that began nearly 60 years ago, and the methods they are using to recruit and retain the next generation of risk talent. Jose Aponte, welcome to RIMScast! [3:53] Jose Aponte will be at RISKWORLD 2024 representing the Latin American Association of Insurance Agencies. Jose tells of his career path, working in sales, then in claims for direct carriers. He worked briefly for Wells Fargo, and then Marsh. With Marsh, Jose relocated to Atlanta, GA, where he was recruited by Alliant. [5:15] Jose works for Alliant as a Senior Account Executive Lead. He supports various producers. His role is market-facing and client-facing, which he enjoys. He manages a large book of business with large business and large middle-market accounts. [5:49] When Jose started at Marsh, he was asked to be part of Marsh’s Hispanic Employee Resource Group called OLA. They have chapters throughout the country. It was a great experience for him. [6:08] They also wanted, as an ERG Group and with the Diversity Inclusion Division at Marsh, to see how they can expand further and support Latino Inclusion within the industry. Jose suggested they support the LAAIA and help them expand. George Woods connected Jose with Javier Naranjo, (now a past president of LAAIA) in 2015. [6:45] The intent was to support Latino engagement with the insurance industry and risk management. How could they help the LAAIA expand? The LAAIA was established in 1969. Jose helped, along with several other founding board members, to form the first LAAIA chapter outside of Florida, in Atlanta, with Marsh’s support, right before COVID. [7:25] Other chapters have since expanded beyond Atlanta. Jose is the Atlanta Chapter President. There are chapters in Houston and Dallas Texas, and Denver, Colorado, and there are more to come. [8:02] The LAAIA was launched in 1969. At the time, Latino insurance agents weren’t able to seek appointments or partnerships with carriers. The LAAIA was founded by Manual Arques with seven founding members of Cuban descent out of Southern Florida to help Hispanic Latino insurance agents receive carrier appointments. [9:00] There were carriers at the time that did not want to insure Latinos. That general inequity was the catalyst. Today two of the seven founding members are still alive. They are honored in Hispanic Heritage Month because of their vision and foresight in establishing the LAAIA. The LAAIA stands strong today. [10:00] Pastor De La Tejera and Andy Rodriguez, two of the founders and past presidents share an aura of wisdom and experience in meetings of past presidents. They are inspiring. Jose wants to be like them and inspire others as well. [10:32] In 2024, Jose would like to see more Latino leadership in the insurance industry. The talent pool of Latino speakers for panels is very limited. How do we fix that? We need to build the pipeline and attract more Latino talent into the industry. That is the main focus of LAAIA, to attract young Latinos to the insurance and risk management industry. [12:11] When he was a broker, Jose told people working for him that insurance was the industry where Warren Buffet had most of his assets. Why would you not want to be part of an industry with so much potential for wealth? To attract people you have to be a great storyteller and show people how the industry and all its verticals align with them. [12:57] The challenges are the lack of Latino leadership, how to build our pipeline for the up-and-coming talent, and for current talent, how to further expand and be in those management positions as well. [13:28] Jose helped found the Latinos at Alliant Employee Resource Group two years ago. He tells members that even though they don’t have the title “leader,” they can be leaders in the sense of driving for change. Be disruptors in that regard. The LAAIA looks for scholarship funding, partnering with the Spencer Educational Foundation. [14:13] The LAAIA awarded two scholarships to risk management talent and they are determined to do more. The LAAIA just partnered with the University of Southern Florida and brought in various resources to provide $2,500 in scholarships to expand and market the industry. [14:48] The success of the LAAIA is measured by how much young talent they sponsor, and how many members are in the organization who receive mentorship on the benefits of being a member. The benchmark is the size of their book of business and how the LAAIA encourages them to expand through mentorship with expertise and knowledge. [15:30] The LAAIA looks at how is the member’s success, looking forward. How is the members’ knowledge being developed by the educational resources, training, and continuing education seminars? Jose notes that members are increasing, as well as the quality of membership and the expensing of it. [15:55] The IAAIA has a very committed legislative committee. It tracks legislative issues in Florida, Georgia, Texas, and Colorado and interacts with local legislators. Last month they had lunch with Georgia Insurance Commissioner John King, addressing issues that are going on affecting IAAIA members and insurance consumers. [16:48] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, will lead the two-day course, Fundamentals of Risk Management. [17:07] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th at the San Diego Convention Center. A link is in this episode’s show notes. [17:25] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there. [17:41] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. [18:00] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Risk Management. [18:27] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [18:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is pr

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   As RISWORLD 2024 in sunny San Diego is just around the corner, I am delighted to welcome RIMS San Diego Chapter President Cheryl Berman to RIMScast. Cheryl is serving as Chapter President for the second time and has been a RIMS member since 1994. Sharing her background, Cheryl tells how she joined RIMS as she transitioned into the safety and workers’ compensation field working for a drywall and plaster specialty contractor. We discuss workers’ compensation, California’s new SB 553, the CA Workplace Violence Prevention Plan, and the RIMS San Diego Chapter. The RIMS San Diego Chapter is presenting a webinar on the new regulation on March 28th. Listen in for Cheryl’s story of learning the risk management profession within the specialty contractor world.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. Our guest is RIMS San Diego Chapter President Cheryl Berman. We’ll talk about construction safety, risk, and RISKWORLD 2024. [:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:10] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:40] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes. [2:06] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! [2:23] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award actress, director, and activist, Marlee Matlin! [2:47] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan. [3:11] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there! [3:22] My guest today has spent decades in construction risk. This is her second presidency of the RIMS San Diego Chapter. She is Cheryl Berman and she is here to discuss her career, construction risk, and safety risk. She has some words of wisdom for anyone moving into the construction and risk space. [3:46] San Diego is our host chapter for RISKWORLD 2024, so we’ll be talking about that, as well. Cheryl Berman, RIMS San Diego Chapter President, welcome to RIMScast! [4:30] Cheryl fell into risk management. She has always been in the building industry, starting in operations. She went from operations to asset protection, then to safety and workers’ compensation. When her company was spun off, it became Cheryl’s job to get insurance for the company. Nobody else at the company had insurance knowledge. [5:25] That’s how Cheryl’s risk management career started. She joined RIMS at that time to become more knowledgeable about risk and insurance. That was in 1994. A RIMS member for 30 years! [6:09] In 1994, RIMS met in person and had newsletters that came in the mail. There were committees, including Workers’ Compensation, Insurance, Safety and Loss Control, and Legal Legislation. Besides monthly chapter meetings, committees met two or three times a year. There was a lot of personal interaction. [7:10] Construction wasn't a RIMS topic at the start, but there were other people in the chapter with a background in construction so that helped. [7:58] Brady West is Cheryl’s employer. Brady West is a drywall contractor, including lathe and plaster and metal framing. It is a specialty contractor, not a general contractor. Brady West works primarily on commercial projects. Cheryl reviews contracts both upstream with clients and downstream with subcontractors. [8:52] Cheryl is the whole Risk Group at Brady West. She’s a department of one. She is used to it. In some roles, she has had HR and Payroll report to her but she was the only risk manager. In one company Cheryl worked for, things landed on her desk randomly. A trainee had been told, “If you don’t know what to do with it, put it in Cheryl’s in box”! [10:00] Workers’ Compensation is probably the number one thing that happens in most construction companies. Construction injuries can cause drastic changes in someone’s life or just require stitches and be done. When it changes a life, it is difficult. A claim is filed and it is hoped the worker will recover and return to work. [11:47] California has a new Senate Bill for instituting a workplace violence prevention plan for any company that has an employee. Cheryl explains different issues that may come up at different locations, depending on the local population. The mandate takes effect on July 1, 2024. However, Cal OSHA has not come up with a final rule for plans. [15:01] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management. [15:24] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th. A link is in this episode’s show notes. [15:41] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there. [15:56] On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. [16:20] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [16:44] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes. [17:12] The RIMS San Diego Chapter on March 28th will host CA Workplace Violence Prevention Plan: Are You Ready for the New Regulation? That regulation is known as SB 553. A link to the RIMS San Diego Chapter event is in this episode’s show notes. [17:44] Cheryl’s top priority in construction is workplace safety. In California, companies must have an injury and illness prevention plan. Cheryl has training prepared for all the tasks a worker would do. It’s constantly being tweaked as different work and machinery come down the pike. It’s reviewed as processes change; at the least, annually. [19:22] In the three decades Cheryl has been in the profession, she believes more attention is paid now to risk management and safety. Awareness has improved. [20:06] Cheryl’s advice to anyone entering the construction field as a risk professional is to understand the operations side before dictating what safety is. Have some experience in understanding the pressures of the workers, to help them better. Cheryl’s operations-side experience was helpful when she transferred to the administration side. [20:43] Cheryl’s experience told her what workers can do and what they struggle with. [21:26] At the first company where Cheryl worked in the asset protection side, they knew her from her 15 years of experience in operations. When she transitioned to a new company, the person who hired her was her champion. Cheryl shares a workers’ comp experience from that job that turned into a home run for her. [23:51] The EEOC helped Cheryl get an outside sales position with very little experience so she worked hard to learn the trade. She worked only once briefly for someone who did not believe in her and she moved quickly to another job. She is very appreciative of the wonderful advocates and people who have helped her throughout her career. [25:53] Justin noticed that the leadership of the RIMS San Diego Chapter is comprised almost entirely of women. They volunteer their time and are passionate about the profession and their careers. Cheryl says the chapter is fortunate to have some very capable people on the board. [26:36] Cheryl tells about her time on the board, including two terms as president, fir

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   RIMS proudly observes and celebrates Women’s History Month in March. We are thrilled to welcome APIW President Liz Kramer. We talk about her international career in insurance and risk management, how she got there, her experience as a woman in insurance, and how the Association of Professional Insurance Women (APIW) influenced her career from the start and why she agreed to serve on the board and now as President. We discuss the four pillars of APIW, including the importance of serving and giving back. We hear about her DE&I goals and her upcoming participation at RISKWORLD 2024 on the DE&I panel and the Women’s Meetup. Listen in for more information on the Association of Professional Women in Insurance and how you can learn even more by attending RISKWORLD 2024.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. Our guest is Liz Kramer, the President of the Association of Professional Insurance Women (APIW). [:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar,  How Deloitte Leveraged the RIMS-CRMP.  [1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes. [2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. [3:00] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. [3:15] My guest today is Liz Kramer. She is the President of Excess and Surplus Lines at Munich Re Specialty. Today, she’s here in her capacity as President of the Association of Professional Insurance Women. [3:34] In observance of Women’s History Month and International Women’s Day, we’re going to talk a little bit about her three decades in risk and insurance and where and how some of APIW’s goals align with RIMS’s goals in the way of ensuring the next generation of women professionals and also in the way of DEI. [3:59] Liz will be at RISKWORLD 2024 at the community meetup on May 6th and she will also be presenting a session in the DE&I Studio, so we’re going to have a lot to talk about. I love getting these sorts of perspectives. I know you all do, too, so let’s have some fun! [4:16] Liz Kramer, welcome to RIMScast! [4:24] Liz studied economics. Not wanting a desk job, after graduation, she went to Japan and taught English for a year and a half. She came back and realized she needed health insurance and a stable job so she joined Marsh and McLennan in their Japanese Client Services Division. That’s when she started to learn about insurance. [5:20] Liz learned about underwriting and got into the underwriter training program at Gen Re as an E&S underwriter. After three years, Gen Re merged with an international company and Liz had the opportunity to go back to Japan, which she loved. She was in Tokyo for four years. She enjoys change and new opportunities. [7:45] Liz learned German in school and Japanese in Japan. While in Japan, she lived in Japanese and worked in English. [8:19] Liz was pretty young when she went to Japan. It was a risk being a young woman alone in the country. Her youth was a hurdle in Japan. She had support in the States, but it was tough. She learned a lot, including how to advocate for herself and how to lean on others. Her job was to build a local team to replace her, and she did. [9:43] After eight years in the business, she came back to the U.S. For 16 years, she did several things: specialty treaty, prop management, and business development. Then through a former client contact, she went to Zurich for three years in three great roles. [10:21] Someone reached out to her from Munich Re. She would report to the CEO in a new role, Chief Underwriting Officer. She joined them in 2020 and is there today, now as the President of the E&S Division. [11:32] Liz started in 1993 when the leadership teams were mostly men. She is grateful for all the managers and the men in her career who advocated for her and listened to her. She worked incredibly hard to succeed. She tells the women of APIW, don’t put your head down; put your head up, network, and make connections. [12:32] When you make connections, your brand gets recognized and noticed and you learn more about what is out there. [12:56] Liz would say she still doesn’t advocate enough for herself. She had a woman who is her current boss, encourage her to make the move over from the Chief Underwriting Officer back to writing a P&L. You have to step out of your comfort zone sometimes. There’s an incredible amount of diverse talent in the industry. [14:14] Liz feels very blessed in her career. She doesn’t get resentful about bumps in the road. When she was pregnant with her second child, 18 years ago, a manager assumed she would want to stay home with two children. But her manager’s boss told her “We absolutely want you to come back.” [15:14] If you hear it from one person, it doesn’t mean everyone feels that way. Still today, we have biases and make assumptions. We should always ask, instead of assuming, if we think they are capable. [15:57] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management. [16:19] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [16:27] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. [16:44] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. [16:59] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [17:25] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes. [17:53] A quick plug for Liz Kramer and APIW. They will be co-hosting their Women’s Leadership Forum with NYCAIW on March 26th, 2024 at 4:00 p.m. at The View at Battery Park in downtown Manhattan. The topic is “Midlife Collision.” This explores what happens when you are raising your family and caring for your parents at the same time. [18:24] The panel will be comprised of women leaders in risk and insurance who are there to support each other during this critical life event. Register at the APIW.org events page or the link in this episode’s show notes. [19:00] Liz learned about APIW early in her career. She was working mostly in New York and APIW has a strong presence in the NY area. She has been a member of APIW on and off throughout her career and saw the value and benefit of it. [19:49] As a member, she was asked if she wanted to join the board and she immediately said yes. She understood what was important about what they were doing and she wanted to expand their reach and awareness, not to the big cities only but throughout the industry. She was an officer and treasurer for four years. [20:46] When she was asked about becoming president, at first she declined as she was too busy at work and didn't feel like she could commit her time to that role. After two years, she agreed to stay on the board as treasurer and take the two-year term starting in two years. She wanted to make sure she went into it prepared. They made that plan. [22:16] She has been the president since September of 2022. This September, she will pass the baton to a new president and stay on the board for another two years as “past president.” [22:38] It was important to Liz to give bac

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guests Megan Miller, Spencer Educational Foundation Executive Director, and Tandeka Nomvete, Spencer Educational Foundation External Engagement Director. They discuss the recent Spencer Day and Megan presents a brief history of the Spencer Educational Foundation. Megan and Tandeka review the various programs of Spencer and who benefits from them, the Spencer events coming up including those at RISKWORLD 2024 and the Spencer Gala on September 12th, 2024. Megan and Tandeka speak of their experiences as women in the risk and insurance industry and how that experience has evolved over the years. They discuss their hopes for DEI within the industry. Listen in for all that the Spencer Educational Foundation offers schools and organizations focusing on risk management and insurance.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today’s EPISODE of RIMScast. We will be joined by leaders from the Spencer Educational Foundation and we’ll discuss everything they do to ensure the future of the profession. [:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar,  How Deloitte Leveraged the RIMS-CRMP.  [1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes. [2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. [3:00] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. [3:16] The Spencer Educational Foundation was established in 1979 and remains the leading organization funding the education of future leaders in risk management and insurance. [3:27] My guests are two of the leaders of the Spencer Educational Foundation. Executive Director, Megan Miller rejoins us, and External Engagement Director Tandeka Nomvete makes her RIMScast debut. We’re going to talk about the things that Spencer does to ensure the future of the profession and foster growth. [3:47] Against the backdrop of Women’s History Month in March, we will discuss how the profession has evolved and how the professional landscape is leveling out. We’re going to get a rundown of all the cool things and events that Spencer has coming up this year, starting with RISKWORLD. [4:06] Megan Miller and Tandeka Nomvete, welcome to RIMScast! [4:57] Spencer Day was on Monday, February 26th! They raised close to $10K, which allows them to award two additional scholarships this year. That’s two more students who are studying risk management and insurance, whom we can help to fund their education, make sure they make it through, and get into the industry! A record day! [5:49] #SpencerDay is really catching on in the risk profession for organizations that want to boost their risk departments. [6:17] Megan tells of Spencer’s history and purpose. It was founded over 45 years ago with two main goals: to fund the students and talent that are seeking to come into our industry and to attract more talent. Last year, Spencer awarded more program dollars than ever, raised a lot of money, and hit a high-water mark for the gala. [7:05] In 2024, Spencer wants to do it all over again, a little bit better. Most of the programs have been awarded this year already. The scholarships are left to be awarded. Spencer is looking to raise over $3M this year. [7:39] Tandeka says they want the Spencer Educational Foundation to be top-of-mind when people in the industry think about early talent and getting college students into this industry. They are open to partnering with existing non-profit organizations and associations within the industry. Together they can solve the talent crisis in the industry. [8:11] Spencer eventually wants to establish more programs to support college students. It wants to expand to serve the risk management and insurance industry, in the U.S.A. and internationally. They are a small team of only three people, so they will start by hiring a fourth team member they are interviewing for now. [8:47] RIMScast has had educators on the show, including Elle Michelle Hall and David Cisneros. Listen to those two episodes, linked in the show notes, to learn more about being an educator leading a program. [9:30] Spencer provides funding to colleges and universities to develop risk management and insurance courses. Providing money for a risk curriculum exposes more students to careers in the industry and prepares those students better. In 2023, Spencer more than doubled its course development spending. [10:24] In 2024, Spencer has a potential donor who is interested in putting massive dollars into course development. Spencer would love to see RMI 101 taught at every business school. There’s no reason these courses shouldn’t be within a business degree, taught by risk professionals, for the next generation of risk professionals. [12:37] Tandeka tells what Spencer looks for in a proposal. Besides course development, Spencer offers scholarships, internships, Risk Manager On Campus (RMOC), general grants, and the Spencer RIMS Risk Management Challenge. [12:55] The scholarship is a merit-based program for the top students across the U.S.A. and Canada who are interested in the industry and actively pursuing a career in the industry. Spencer wants to support those students and make it a little easier for them to enter the industry. They award undergraduate, master’s, and Ph.D. scholarships. [13:19] Students need internships while in college to put all of their knowledge into practice. The industry does not have enough risk management internships. Spencer is attempting to fill that hole within the industry with the internship grants program by creating job opportunities for students. [13:40] About the Dan Kugler Risk Manager On Campus grant. You can donate to support it on the Dan Kugler RMOC page of the Spencer website. The RMOC sends practicing risk managers to campuses to plant the seed in classes of up to hundreds of students and give them an introduction to the risk management industry. [14:20] The General Grants program supports universities and colleges across the U.S.A. and Canada with what they need to attract students to this industry and creating experiential learning opportunities. Several of Megan’s professors use the General Grants program to take their students to the annual RIMS RISKWORLD conferences. [14:59] The Spencer RIMS Risk Management Challenge is an international student competition. This year, nine countries from around the world participated. [15:28] Spencer will be at RISKWORLD 2024 in San Diego, from May 5th through May 8th. They will have pickleball on Saturday afternoon. On Sunday they have the Gallagher Golf Tournament and Tandeka will run the first leg of the Risk Management Challenge. On Monday, the final round of the Risk Management Challenge will be from 1:00 to 3:00. [16:36] On Monday night they have the Spencer Soirée, open to everyone. The winners of the Risk Management Challenge will be announced at the Soirée. The top teams will be ranked, one, two, and three and will be presented awards. Tuesday morning they have the Spencer Sedgwick 5K Run. These events are a big part of the fundraising effort. [17:29] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. On March 13th and 14th, Chris Hansen hosts a two-day course on Claims Management. [17:55] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [18:03] On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [18:16] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. [18:31] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. [18:47] On April 18th,

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest Sarah Mikolich, Risk and Insurance Coordinator at the Ontario Clean Water Agency. Sarah tells about her 25-year career path in risk and insurance management, describes the work of Ontaria Clean Water Agency, the partnership OCWA has with First Nations in Ontario, and what her priorities are at OCWA. She discusses the importance of World Water Day and how water brings peace. She shares her experience as a woman in risk and insurance and how the industry has become more gender equal. Listen in for Sarah’s thoughts about the industry, networking in ORIMS, and her tips for women entering the risk and insurance industry.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s EPISODE of RIMScast. We will discuss water and sustainability, with Sarah Mikolich of the Ontario Clean Water Agency. [1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes. [2:06] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes. [2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. [3:08] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. [3:22] Early registration rates are available through February 29th, 2024; yet another benefit brought to you by RIMS and leap year! [3:31] March is Women’s History Month. March 22nd is World Water Day. Our guest today brings the best of both worlds. She is Sarah Mikolich, the Risk and Insurance Coordinator at the Ontario Clean Water Agency (OCWA). [3:51] Many of you know Sarah as a long-time and very visible member of ORIMS. We’ll talk about her career, her work in water, and her perspective on how the risk profession is evolving to meet the needs of, and retain, women. [4:09] Sarah Mikolich, welcome to RIMScast! [4:49] Sarah started as a broker for a smaller brokerage and then for Aon in their large risk management sector. From there, she worked in risk management at a global medical company, and then at a global engineering firm. She learned what it’s like to put together a global insurance program. Sarah has been involved with ORIMS. [5:25] Sarah has worked on the Canada Council’s newspaper. She has worked on two conferences in Canada. For the second conference, in Toronto, she helped organize all the speakers and seminars. Over the last 20 years, Sarah has made good friends in the risk industry. [6:40] Sarah is coming up on three years with OCWA. She looks after the insurance program. OCWA is a Crown agency in Ontario. It reports to the Ministry of Environment, Conservation, and Parks. OCWA operates and maintains over 1,000 water and wastewater facilities in about 170 municipalities, for a population of about 4.5 million. [7:35] OCWA is one of the biggest operators in Canada. Sarah’s department includes just herself. Her previous positions with the medical and engineering firms were also one-person shows. At OCWA, she reports to Legal, so she has support from her general counsel. She loves the responsibility of her positions, past and present. [8:49] Sarah’s top priority is clean water. The next priority is the retention of their 600+ certified local water operators. Another high priority is cybersecurity. No cyber threats have bubbled up to Sarah’s department. Everything has been dealt with by the IT department. [10:11] OCWA has an ERM department of one, not Sarah, but she is tuned into the ERM leader’s work. She has recently been asked to help with some of the board materials and minute-taking so she has learned a lot more about what the ERM program looks like. [10:35] Because they are highly regulated, they lean conservative. They are fully supported by the Executive Management Team and the Board of Directors. The ERM department has done a top-down risk review and is rolling out a bottom-up look at risk, engaging the employees, and providing some ERM risk training, including for the board. [11:15] OCWA is not mandated to test for “forever chemicals” or PFAS. The main focus is going to be on infrastructure upgrades. This needs to be addressed by researchers, water industry professionals, and governments at all levels, in the years ahead. [12:01] OCWA has a partnership with First Nations in Ontario. First Nations face a lot of water risks, including some boil water advisories. OCWA is proud of this partnership, providing project management, capital management, emergency services, asset management, and improving the operation and maintenance of its infrastructure. [12:48] In 2021, OCWA established a First Nations Advisory Circle to gain a greater understanding of the broader water issues facing First Nations communities. The Circle, which reports through the First Nations Committee of the Board of Directors, are individuals who identify as indigenous from a variety of backgrounds and communities. [13:16] In 2022, OCWA created a First Nations Regional Hub that focuses exclusively on supporting water and wastewater sustainable operations and maintenance for First Nations communities. [13:48] OCWA’s biggest client is in Mississauga, where its head office is. Sarah lives there and drinks the Ontario Clean Water Agency’s maintained facility water. She has an appreciation of what goes into clean water. She participates in facility tours and inspections; she has never seen a facility so clean. The facilities are fascinating. [14:44] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. [15:10] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [15:18] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [15:39] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. [15:54] On March 28th, our friends at TÜV SÜD GRC present Inflation and Property Valuation: Aligning Your Assets with Reality. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [16:16] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants. [16:31] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [16:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes. [17:12] World Water Day is March 22nd, 2024. The theme this year is Water for Peace, which focuses on the critical role that water plays in the stability and prosperity of the world. Henk Ovink, Ambassador to the U.N. for Clean Water, has been on the show twice. Justin has had a lot of guests speaking of clean water. [17:48] Water can bring peace to the world. We all need clean water. It’s so important. There’s so much that needs to be done around the world to bring clean, fresh water to so many communities. If we all work toward doing that, in our capacity, providing water that’s clean, fresh, and sustainable, will bring peace. [18:28] Sarah has been in the risk and insurance profe

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest RISKWORLD 2024 Keynote Peter Diamandis about many intriguing topics, starting with Peter’s book, Abundance, Peter’s career and professional history as it relates to risk management, the purpose and importance of storytelling, and positivity. Peter shares the key for risk professionals to become great organizational leaders: it’s to depend analytically on the data! Peter shares his excitement about his RISKWORLD 2024 Opening Keynote on May 6th, what he will present, and how he will engage the audience. Listen in for wisdom on risk and abundance.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s episode of RIMScast. Our topic is risk and innovation, with RISKWORLD 2024 Opening Keynote Peter Diamandis. [1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes. [2:06] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes. [2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [3:19] I’m so pleased to present an interview with our RISKWORLD 2024 Opening Keynote Speaker, Peter Diamandis. He’s a successful entrepreneur several times over, a thought leader, and a New York Times best-selling author of four books, including Abundance: The Future is Better than You Think.  [3:39] Peter Diamandis was named by Fortune as one of the world's 50 great leaders. He is also the Founder and Executive Chairman of the XPrize Foundation, which leads the world in designing and operating large-scale incentive competitions. He is also the Executive Founder of Singularity University. [3:55] Peter Diamandis has a lot of experience with risk and risk professionals. He’s going to be one of the standout opening keynote speakers in RISKWORLD history. We’ll hear about his risk philosophy, what it will take for risk professionals to become organizational leaders, and a preview of his May 6th RISKWORLD 2024 Keynote. [4:19] Peter Diamandis, welcome to RIMScast! Peter has aerospace engineering, molecular genetics, and medical degrees from MIT and Harvard. He started numerous companies in the space world and the exponential technologies world. For the last decade, his focus has been on longevity, adding decades of health to a person’s life. [5:33] Peter has written several books he’s proud of, focused on optimism and abundance. Abundance: The Future is Better than You Think, Bold: How to Go Big, Create Wealth and Impact the World, The Future is Faster Than You Think, a few books on longevity, and exponential organizations. [5:59] Peter has a large venture fund, Bold Capital, which has six or seven hundred million dollars. He’s investing heavily in AI and longevity. A lot of his work is helping people to change their mindset, which is one of the most important and relevant things we can talk about in the realm of risk. Peter asks you to consider your mindset. [6:31] Imagine the most extraordinary leader on the planet, whomever you consider that to be. Ask yourself what got them there. Was it the money they had, their friends, technology, or was it their mindset? Peter posits that their mindset is what enabled them to be such an extraordinary leader and success. [6:58] The next question is what mindset do you have, where does it come from, and what mindset do you need for the decade ahead in this period of extraordinary accelerating exponential change? [7:41] There are a multitude of risks on the horizon at all times. Pandemics have been and will continue to be a global risk. We have risks on that scale from asteroid impacts. We have risks that are mounting in the realm of AI. We have risks from manmade biological disruptions. [8:26] People don’t take into account the accelerating countervailing forces. We live in a day when individuals can come up with new strategies and technologies to combat problems. Individuals can also cause problems. [9:20] Peter defines entrepreneurs as individuals who find juicy problems and solve them and the more entrepreneurs empowered with more powerful technologies, the more problems get knocked down. Then we are left with only first-world problems. [10:02] The fundamental problem is, humans have a hard time truly judging risk accurately. The amygdala scans all of our sensory data. If it sees something that’s potentially dangerous, it puts you on “red alert.” It raises your blood pressure, narrows your pupils, and gets you ready for your fight-or-flight reaction. [10:58] We tend to be easily tipped into fight-or-flight even though the chances of real danger are orders of magnitude lower. Peter describes loss of life through the violence of warfare or crime, through time. People would think from the news that we are living in the most dangerous time in history but we are living in the most peaceful time in history. [11:46] The Middle Ages were disastrous. We romanticize the past. Today, your chance of dying from a violent act is minuscule compared to what it used to be. [12:05] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. [12:31] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [12:39] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [13:01] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [13:14] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants. [13:29] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [13:54] Leading risk managers who are data-driven decision-makers would make good organizational leaders. Peter believes that depending on the human “gut” is no longer viable. Gut feelings based on years of experience are irrelevant. What is important is what the data shows. [14:47] Peter states that risk managers who can gather the data, analyze it, and make data-driven decisions are going to be great leaders. [15:12] Storytelling is how we convey means and ideas. We evolved as humans to tell stories and receive stories around the campfire. As long as humans are involved in a decision process, which they will be less and less in the future, an emotional connection is going to sway an individual. Great stories connect you with individuals. [15:56] If you tell a great story and connect with a person emotionally, you can sway them pro or con, yes or no, on the decision that you want. So storytelling is fundamental. All day long, Peter seeks investments. Investments are selected by an investment committee that believes in the entrepreneur and the company and what they’re doing. [16:33] When you’re trying to raise money, it’s super important to tell a great story about “Why me? Why this? And why now?” The data will sway at least equally, if not more but today, as flesh and blood, hearts and minds, storytelling is still critically important, whether you are selling or being sold. [17:23] Peter is the opening keynote speaker at RISKWORLD 2024 on Monday, May 6th in San Diego, California. Peter says the world of risk assessment, risk balancing, and risk-taking is more important than ever before. Peter’s job is to tell stories to the audience to help them understand the role they have to play. [17:44] Doing anything big and bold in the worl

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest Daily Bread Food Bank CEO Neil Hetherington about the Daily Bread Food Bank, the rapidly accelerating numbers of people with post-secondary education making use of food charity in Toronto, the causes of increasing food insecurity, statistics on food inequity in the context of systemic racism, and how legislative solutions are needed to restore equity in food security. Listen in to learn more about how the culture of your organization can be applied to find solutions to food inequity in your community.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s episode of RIMScast. We will be joined by Daily Bread Food Bank CEO Neil Hetherington. We will explore the intersection of risk and hunger. [1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes. [2:06] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:26] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:52] My guest is Neil Hetherington, the CEO of the Daily Bread Food Bank in Toronto, Canada. I had the pleasure of meeting Neil at the ORIMS 2023 year-end luncheon and we had a nice conversation. Recently, The Daily Bread Food Bank released its “Who’s Hungry Report 2023” so I thought this would be a great time to extend that dialog. [3:25] We will discuss how food inequity can impact risk managers and the decisions that organizations need to make when hiring. Neil Hetherington, welcome to RIMScast! [4:17] The Daily Bread Food Bank is Canada’s largest food bank. It took 38 years to serve one million clients in Toronto in a single year. It took two years to serve two million in a year. In 2023, they served three million. [4:47] There has been exponential growth in the number of individuals who are food insecure. As depressing as that has been, it’s been a real joy working with a team that is firmly committed to a mission: What is going on that is requiring individuals to come to a food bank and how can we make a difference? [5:16] In partnership, Daily Bread Food Bank and North York Harvest Food Bank have released Who’s Hungry 2023 — an annual profile of food insecurity and poverty in Toronto. Some of the increase in food insecurity may be attributed to the pandemic. Before the pandemic, they were serving about 60,000 a month, holding steady. [5:56] The pandemic happened and the number doubled to 120,000 a month. Then inflation happened and it went to 240,000 a month. In December 2023, it was closer to 300,000. Twelve thousand individuals in Toronto who had never used a food bank signed up for the first time. Unemployment is low but food bank usage is high. [7:12] Food insecurity is rising in Canada, particularly in large cities where affordable housing is at a premium. In Canada, if you are on Disability, you live in poverty. Individuals who are working at two or three part-time jobs don’t have health benefits or access to dental care. They are coming to food banks in the fastest-rising numbers. [8:44] What can be done? Affordable housing helps individuals and employers who need workers close to jobs. It is good for legislative bodies to take care of the vulnerable. Individuals on disability should have an income that allows them to buy food. Employers should be given incentives to hire full-time employees with benefits to thrive. [9:55] There’s a link to the “Who’s Hungry 2023” report in the show notes. The report says, “Systemic racism produces deep inequities with respect to food insecurity in Canada.” Black households are more than 3.5 times more likely, and Indigenous communities are 3 to 5 times more likely to be food insecure than White households. [10:26] “These inequities stem from systemic discrimination that results in Black, Indigenous, and racialized communities facing barriers to education, employment, health care, and social services.” How do we change that reality? [10:55] What are the ways that we can ensure that, first of all, there is no food insecurity, everyone can thrive in the community, and everybody can live in simple, decent, affordable housing? [11:13] Neil says we’re pointing out the numbers, in terms of the inequity that is present, and giving legislatures across the country the opportunity to be able to deal and grapple with that problem. [11:38] Neil discusses the changing profile of a client. Fifty-nine percent of individuals using food banks in the Toronto area have a post-secondary education. They’ve gone to college. They’ve done everything right. People with this level of education having to make use of food charity is obscene. [12:40] The other changing demographic is individuals who are working but still have to rely on friends, family, and charity to get by. [12:59] The report points to a number of recommendations for changing social policies. [13:26] Neil says the report asks legislators to “Change this, please, eh?” It’s an uphill battle. The Daily Bread food bank has a dual mission to feed the need now and talk to every level of government about the opportunity to walk back from the ledge we’re on. Neil talks about recent and upcoming presentations of solutions to government leaders. [15:34] The risk to a corporation is not having the right people. Are the employees able to feed their kids, is their mental health OK or do they have massive stressors that are not allowing them to focus on the task at hand? Neil works out an example where $50K is inadequate. Without nearby affordable housing, where will the workforce live?  [18:10] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. [18:37] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [18:45] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [19:06] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [19:20] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants. [19:35] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [20:46] Neil talks about the need to have donations year-round. After the holidays, the selves at food banks tend to get sparse. In July and August, kids are home from school and need to be fed. In July and August, the shelves are bare at the Food Bank. Those are difficult times. It’s an opportunity for you to give back to the community! [22:14] Justin suggests the hashtag #FoodInFebruary to get social awareness going. [22:57] The pandemic was revealing to a lot of people who saw lines at food banks very soon. The shutdown happened in the third week of March and the lines started getting very long in April. That one acute shock to the system drove people to food charity. [23:35]  It was clear there was a lack of resilience in the population across North America. That should be alarming for legislatures. The Daily Bread Food Bank works hard to raise awareness of food insecurity through media and social media, integrating their research with their food advocacy program. [24:05] Letting donors know the opportunity to divest their wealth into something that will be fantastic for the community, not only feeding the need now but also looking into decreasing those lineups. How do we change the systemic policies that are resulting in individuals having to make use of a food bank? [24:45] You can donate food to any food bank, and it’s appreciated. It gives variety to what is distributed to individuals. Bring your company out to volu

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guests Katie Sexton and Adrian Castillo, recorded live at the RIMS Leadership Forum 2024 in San Antonio, Texas on January 25 and 26. Katie and Adrian each describe the companies where they work, their ERM responsibilities there, how they began in the risk management profession, and what they do for their respective RIMS Chapters. They discuss the risk management culture of their Australasia and Mexico Chapters and planned activities for 2024. Listen in to learn more about the RIMS Australasia and RIMS Mexico Chapters.   Key Takeaways: [:01] About RIMScast. [:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s episode of RIMScast. We will be joined by leaders from the RIMS Australasia Chapter and the RIMS Mexico Chapter. [:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes. [2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:52] RIMS recently hosted its Annual Leadership Forum in San Antonio, Texas. This is a chance for chapter leaders to meet, network, and share ideas on how to strengthen their own chapters as well as RIMS, globally. Justin was delighted to meet several of you and he invited some to be on the show, who traveled long distances. [3:14] We will hear from two leaders today. The first guest is the Vice President of the RIMS Australasia Chapter 2024, Katie Sexton. She is also the Risk Manager for Woods Bagot, a global architectural firm. Justin wants the RIMScast audience to hear what she’s got in store for her chapter and how she has championed ERM at Woods Bagot. [3:47] Katie Sexton, welcome to RIMScast! Katie is Vice President of the RIMS Australasia Chapter and next year, she will be the chapter President. Her daytime job is Global Leader of Risk for Woods Bagot, an architectural firm. [4:17] Woods Bagot has studios in 17 cities around the globe. It has been an architectural practice for about 150 years. Its largest operations are in Melbourne and Sydney. Katie is based in Melbourne. Katie has always enjoyed architecture. Before Woods Bagot, Katie was at a large American engineering firm. [5:06] The risk group at Woods Bagot consists of two people. Katie’s title is Global Leader of Risk. Woods Bagot has a unique way of managing risk. From an insurance perspective, their key risk is professional liability for project disputes and litigation. From a company perspective, cyber is a massive risk. [6:01] Other concerns are health and safety, legislative and governance compliance, with the increasing cost of compliance being a key risk for international firms, data protection, and supply chain risks. Woods Bagot also works in interior design and consulting so it’s a multi-disciplinary firm operating in multiple environments. [7:03] Woods Bagot has a company-wide ERM framework that gets reported up to the board. A lot of their regions have the risk registers they manage and comply with. Projects also have their risk registers. Katie has been with Woods Bagot for eight-and-a-half years. She replaced the old ERM framework and built one from scratch. [7:55] It’s key for documents to be streamlined and easily reported up to the board and the Audit and Risk Committee. The risk group does workshops every year with board members and the Audit and Risk Committee to update the ERM framework, based on risk tolerance levels, risk appetite, and a risk register, all collated together and reported. [8:35] The Woods Bagot ERM framework is an ongoing process. They improve it and streamline it every year after the workshops with the board and Audit and Risk Committee. The initial development of the ERM framework took about six months. The board and executive team receive the framework well, as they are quite risk-aware. [10:01] The RIMS Australasia Chapter has a great board with collaborative members. Everyone pulls their weight. Katie loves working with chapter members. She enjoys promoting risk management and networking for younger, rising professionals, and sharing knowledge from herself and sponsors, partners, and RIMS. [11:23] The RIMS Australasia Chapter’s conference held last November was a one-day event in three venues, ending with a working drinks session. The theme was The Human Factor. Great partners came to talk. It was an excellent event. The 2024 event will be in the fourth quarter. The Australasia chapter website link is in this episode’s show notes. [12:21] Katie says “Get involved if you’re not already. Get to the events of your chapters and global RIMS. They’re always great and the networking’s fabulous. Come to Australia to see us and get involved in our events! Most of them are online. You can listen to them or the recordings. Like us on LinkedIn, as a lot of our events are open to all.” [13:23] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [13:47] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. Save $100 when you register for any February or March Virtual Workshop using the promo code RIMSVW100. You must use the code through February 9th. Register today! [14:10] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [14:31] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [14:45] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants. [15:00] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [15:18] Our next guest is the Global ERM Manager for CEMEX, a global company known for its cement ready-mix concrete and aggregates and urbanization solutions. He is also the president of the RIMS Mexico Chapter. We had a nice chat about the state of risk management in Mexico, the RIMS Mexico Chapter, and business continuity. [15:49] Adrian Castillo, welcome to RIMScast! Adrian has been a risk professional for nearly 20 years. He has dealt with risks for his entire life. Adrian is with CEMEX, a global cement, ready-mix, and aggregate company, and a construction material producer. He has been working at CEMEX for a quarter of a century. [17:07] As a global company, risks include conflicts in the Middle East, the geopolitical situation with shifts of power, climate-related events, and natural disasters. Last year, Mexico was impacted by Otis. The intensity of the storm was new for Mexico and it took weather monitors by surprise. Overnight, it went from a category one to a category five. [18:41] CEMEX has operations in the Middle East, including Israel, and Europe. Their supply chains are impacted by the present conflict. The effects are spreading beyond the Middle East. CEMEX monitors the risks to keep ahead of them. [19:25] Adrian believes that in Latin America, in general, their risk awareness is not yet mature. In the beginning, they have a tendency to deny the risk of something happening. Then, they say they will cross that bridge whenever they come to it. It is a very resilient culture, on the positive side. [19:58] Nothing can prepare you for a situation, other than performing risk management techniques and programs. Once a situation hits you, it’s an overwhelming sensation. If you’re not prepared, there’s a great risk that you might not overcome it. Once you have done your risk management assessment and preparation, you have extra confidence.  [20:32] For global companies, especially, preparation is key. In business continuity, you prepare for the worst and hope for the best. Adrian says that in Latin America

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest David Arick, RIMS 2024 President. They discuss David’s career and how he was introduced to the profession of risk management David speaks of his experiences with RIMS early in his career, serving on the boards of the Central Ohio Chapter and the St. Louis Chapter.  David shares his thoughts on how experienced risk professionals can give back and pay it forward by engaging with young rising risk professionals who are curious, thirsty for knowledge, and searching to add value and expand their careers. The conversation turns to David’s attendance at RISKWORLD for over 20 years, and how he will be participating this year at RISKWORLD 2024 in San Diego, May 5th through May 8th. Listen in! You are invited to learn more about David Arick in the Leadership Corner at RIMS.org.   Key Takeaways: [:01] About RIMScast. [:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s episode of RIMScast. We will be diving right into a conversation with RIMS 2024 President David Arick. [:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The two-day RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes. [2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:52] RIMS likes to keep things exciting and every year we have a new president. We are delighted that the RIMS 2024 President is David Arick. David is very well known among RIMS members and chapters. He was originally an officer and a board member for the Central Ohio and St. Louis RIMS chapters. [3:11] David then served in Society roles as a member of the RIMS International Committee. He was Chair of the Long Range Planning Committee and a member of the External Affairs Committee. He joined the board in 2019 and was Vice President in 2023. We’ve got much to discuss with David. [3:28] His first Leadership Corner installment is now live. The link is in this episode’s show notes. We’re here to create a new dialog based on that and hear about what his plans are for RIMS, the greater risk profession, and how RIMS has played a pivotal role in his career. [3:55] I’m very pleased to be joined by RIMS 2024 President David Arick. David, welcome to RIMScast. [4:10] Justin and David did a webinar together right after the pandemic hit on where they thought the pandemic would lead and how bad it might get. Now they know how bad it got. [4:30] David’s first Leadership Corner article as the new President is up on the RIMS.org website. There is a link in this episode’s show notes. David is all about diving in. [5:09] David praises past RIMS presidents including immediate past president Jennifer Santiago. He feels fortunate to have served on the board with them and to be following in Jennifer’s footsteps. She’s there whenever he needs something. Having watched her as President in a tumultuous year gave David an idea of what to expect. [5:43] David is excited by the opportunity and feels humbled to follow in the footsteps of people he has watched from afar and admired over the years. [6:21] David’s first experience in risk and insurance was in a claims group with Nationwide Insurance, while he was working his way through school. Then he got a job in risk management at a bank. That was where he learned about RIMS. He decided he wanted to continue in the career of risk management. [7:14] A few years later, David was working for Abbot in Chicago where he gained global experience. He then went to Emerson Electric in St. Louis, another global company in a different sector. He moved to GE in 2001 and enjoyed working there for three years. Then he came to International Paper. [8:05] David likes that risk management gives you a lot of opportunity to see across different functions both inside and outside the company. You learn a lot about the DNA of a firm. Risk management works with people across the firm and they look to risk management for guidance. You work with a broad network of external partners. [9:14] Every industry has its unique challenges and every company is different in how they view financial decision-making and legal concerns. A way of thinking, being inquisitive, and gathering facts is transferable from one industry or firm to another. If you are around risk management for a while, you build a standardized tool kit. [10:29] David’s view on standards is that they have a place, depending on your industry. Every industry has different regulations that may determine the standards you follow. [11:27] In David’s first risk management position, he needed knowledge. Some people in the risk department invited him to a meeting of the local Ohio chapter of RIMS. He quickly saw the available network of local risk managers, insurance companies, brokers, and others who attended chapter meetings. They were all helpful in helping David learn. [12:20] David was asked to join the board and there he saw what chapter leadership looked like. Later, he served on the chapter Board in St. Louis. Those opportunities helped him learn to network differently to attract prospective members and make meetings successful. [13:18] David commends chapter leaders who find dynamic programming to bring people back, with speakers and topics that differentiate going to a meeting from staying at home and watching a podcast or a webinar. [14:03] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [14:28] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [14:36] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [14:58] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [15:11] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [15:30] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [16:28] David discusses the biggest risks of the year ahead: how new technology will be used and the new risks it will introduce. What are the controls and framework around new technology? Cybersecurity is a current and future issue. Remote work presents a set of issues and challenges. How do you manage culture, working from a couch? [18:00] In the U.S., litigation and the abuse of the legal system are huge problems affecting a lot of industries and impacting their ability to continue. Litigation costs are out of control. There are also concerns about wars, supply chains, and natural disasters. These things will keep risk professionals busy. [18:33] The World Economic Forum released its global risks report for 2024. They list misinformation and disinformation as the number one risk for the two-year outlook and the number five risk for the ten-year outlook. Cyber insecurity is number four on the two-year outlook and number eight on the 10-year outlook. [19:07] Adverse outcomes of AI technologies is number six on the 10-year outlook and wasn’t on the two-year outlook. We have these short-term and long-term risks to be thinking about within the profession. David will be presenting with a group from Marsh and Zurich at the RISKWORLD 2024 Conference on the WEF global risks report. [20:44] Ahead of the conference, David suggests reaching out to your IT and information security folks and your legal department about AI technology. It’s on their radars, too. It’s a great opportunity to learn how they view this topic, how it applies to your company,  and what they need from risk management. Draw in your insurance advisors, also. [22:07] David sees that it is effective when people with

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guests Tom Easthope, RIMS SERMC Chair, Carol Fox, Retired risk manager, and Denise Sobczak, Director, Group Risk Management, BIC Group. They tell how they became ERM practitioners and they discuss the new paper from RIMS SERMC on scenario planning.   Visit the Strategic and Enterprise Risk Management Center for more SERMC contributions and ERM resources. Rims.org/resources/strategic-enterprise-risk-center Listen in to learn more about starting scenario planning within your organization.   Key Takeaways: [:01] About RIMScast. [:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be grateful it’s a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today’s episode of RIMScast. I will be joined by members of the RIMS Strategic and Enterprise Risk Management Council to talk about scenario planning and alternate futures. [1:00] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:18] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The two-day RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:49] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:15] I am delighted to welcome three guests to RIMScast today. They are all members of the RIMS Strategic and Enterprise Risk Management Council (SERMC). I’ll be joined by council chair Tom Easthope, and members Denise Sobczak and Carol Fox. They’re here to talk about all things ERM and, especially, scenario planning. [2:41] In November 2023, RIMS published “Managing Alternate Futures with Scenario Planning,” which is a professional report that you can download through the Risk Knowledge page at RIMS.org. That report was authored by Tom Easthope and Carol Fox and Denise Sobczak was one of the lead contributors. [3:01] The report guides you through the scenario planning journey. You can learn about critical steps, key considerations, scenario planning types, and case studies. Tom and Denise led two sessions on scenario planning at the RIMS ERM Conference in Denver in November 2023. The sessions were very well attended and we will extend the dialog. [3:39] Tom Easthope, Carol Fox, and Denise Sobczak, welcome to RIMScast! These three guests are three of the great minds of the Strategic and Enterprise Risk Management Council here at RIMS. [4:11] Carol Fox, Tom Easthope, and Denise Sobczak introduce themselves to the listeners. [5:42] The council was started by Carol Fox. There are 11 members, all in enterprise risk management roles. It’s a diverse group, representing different industries and different-sized organizations. The council looks at things such as thought leadership projects that bring value to the risk community. [7:29] Tom addresses what we can expect this year from the SERMC. They will continue looking into the changing landscape of the future. They will look to provide the nuts and bolts of how to survive in this increasingly dynamic and chaotic risk management world where staff are often small. Some ERM departments have a staff of one. [8:35] Denise became an ERM practitioner after completing an international assignment in Brazil and returning to the U.S. She had been a finance professional. ERM opened up a different world to her looking beyond the financial risks to all aspects of the organization. This shift was in 2015. [9:34] Tom got into risk management when he owned a small international company and had to get certificates of insurance for all of his subcontractors. He had to create a risk management program. He then worked for a corporation where business continuity was important. That was Tom’s entry into ERM. He was there for 16 years, [10:54] Carol has been in ERM “for a very, very long time.” She shares a story about her entry into ERM through RIMS and the SERMC. What she loves about the SERMC is that she gets to talk to so many different people. She pitched ERM to an attorney at her organization and he became an advocate for it. The CFO also wanted ERM. [11:56] Carol was given the go-ahead to get ERM started, with no software for it or staff. She came up with a program of ERM and business continuity and worked with a strategy group. Years later at an airport, she met a former colleague who told her they still talk about her at the company. [13:17] Scenario planning is a lot of fun. Carol stresses how crucial it is to engage people on a level that's meaningful to them. The scenarios you write about what the future could look like need to inspire thinking about things differently. [14:38] Denise says we hear every year how much more dynamic and evolving the risk landscape is and it continues to be the case. She points to scenario planning during an election year to anticipate the policy changes that may be put in place after the election. [15:45] Scenario planning is taking what is imagined in the future and taking into your hands what are the things that require immediate action and what would be the longer-term actions you need to take, Scenario planning is for action-driven conversations. It can impact your operating plan and practices and it can lead to agility. [16:34] Tom says scenario planning is risk identification. It helps you consider in a structured way the unknown risks. It will become less and less feasible for a person working alone to understand all the permutations of risk. Relevant scenario planning is becoming a more necessary part of your ERM program’s value proposition. [17:59] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [18:24] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [18:32] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [18:53] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [19:07] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [19:26] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [20:17] This paper was inspired by a discussion in the SERMC. They wanted to provide risk practitioners with tools to assess and prepare for risks and they saw they needed to provide a baseline before giving tools. They needed to create a baseline understanding of what scenario planning is about and then produce more materials on how to do it. [21:39] The scenario planning white paper has been issued, but there is more to come with different frameworks or methods of scenario planning. [22:34] Tom generally agrees with this view and adds that his interest in this topic was ignited by reading The Art of the Long View: Planning for the Future in an Uncertain World, by Peter Schwartz. In 2023, large language models and technology tools became available to bring scenario planning research within the grasp of individual practitioners. [24:13] If you were at the RIMS ERM Conference 2023 in Denver, you will remember the two sessions on scenario planning that Tom and Denise led. This episode is an extension of those sessions. In one of those sessions, people worked with ChatGPT on their device of choice, practicing scenario planning. [25:17] Carol shares some of the high-level points the paper explores. Reading the paper will give you the confidence to plan out a scenario planning session, with whom you should invite, what the output should look like, various ways to think about scenario planning, how you should start, and which methods might work for which situations. [26:13] Too often, people think about scenario planning and they jump to “What’s the output?” without taking into account the steps in-between. The paper takes you through beginning, planning, execution, and output. It’s especially helpful for small teams or individuals. It’s a place to start. It’s customizable for your situation. [27:08] Denise thought it was amazing for this white paper to include examples. It gives you a flavor of what would be the potential output. [27:35] Carol shares some of the fun of using AI in the context of this white paper. As they worked on developing examples, they learned a lot. [28:16] Using AI in scenario planning is a game-changer for small ERM shops to create content and thought leadership within your organization in the research a

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest Typhaine Beaupérin, CEO of FERMA. Typhaine speaks of her career and how she came to lead the Federation of European Risk Management Associations. They discuss the fast-changing role of risk managers and how it is essential for connections between RIMS, FERMA, and other associations for risk managers to share knowledge, experiences, and practices to meet challenges and take advantage of opportunities. Typhaine tells of the FERMA Forum in Madrid in October and the 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC, open through March. The survey results will be reported in September and discussed at the FERMA Forum in October. Listen in to learn more about international partnerships to spread risk management knowledge and expertise.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] About today’s episode of RIMScast. We will be joined by FERMA CEO Typhaine Beaupérin. [:50] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:06] Several Exam Prep virtual workshops are coming up. On January 24th and 25th, there is a virtual event with PARIMA. There is another two-day follow-up workshop with PARIMA on March 19th and 20th. [1:22] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is in this episode’s show notes. [1:40] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. [1:57] FERMA is the Federation of European Risk Management Associations. We are delighted to be joined by FERMA CEO Typhaine Beaupérin to get her perspective on risk management at a macro- and a micro-level, We will also discuss the 2024 International Risk Manager Survey being conducted by FERMA in partnership with PWC. [2:26] Typhaine will also be at RISKWORLD 2024. We’re happy to do a quick plug for the FERMA Forum, which will be held from October 20th through the 22nd in Madrid, Spain. Some of RIMS leadership will be there and I hope that I get assigned to cover that event! [2:46] Typhaine Beaupérin, welcome to RIMScast! Typhaine is very happy to be on RIMScast! Typhaine joins us from Brussels, Belgium, where FERMA is based. [3:42] Typhaine started as a lobbyist almost 20 years ago, working in EU public affairs. She moved to Eurochambres, a federation of European Chambers of Commerce and Industry, one of the main business organizations at the EU level focused on SMEs. She stayed for 10 years, leading advocacy for SMEs’ access to finance and markets. [4:21] In December 2015, Typhaine joined FERMA as its CEO. The president of FERMA at that time wanted to develop advocacy activities, so they needed someone with Typhaine’s expertise. That’s how she jumped into the world of risk management. She is passionate about it. [4:51] Before becoming the CEO of FERMA, Typhaine’s connection with risk management had been at the project level. At FERMA, she has a holistic, enterprise-wide risk management approach. She is concerned with ERM and Strategic Risk Management. [5:40] Risk managers are asked more and more to provide input to help the decision-making process of companies with strategic risk management. Strategic Risk Management and Enterprise Risk Management are often lumped together as SERM. [6:16] Typhaine says that the pandemic has been a game-changer. Almost overnight, the pandemic shifted the attention of business leaders to people. It doesn’t mean that we do not care about people, of course. For the work to continue, we had to trust our people with remote working. [6:40] Typhaine says centralized top-down decision-making doesn’t create the agility or the ability to act quickly that our organization needs today in our complex environment. In terms of leadership, there is more diversity, which creates creativity. We also need a degree of autonomy for people to respond to the challenges and opportunities. [7:58] Working remotely empowers the employees with flexibility. Trust is the fuel of authority. [8:36] FERMA is a non-profit organization. It is a federation of associations. It brings together the 23 national risk management associations in Europe, representing around 5,000 risk managers. [9:15] Running an association requires a specific set of competencies and skills because associations are unique organizations. It includes strategy support to the board’s executive committee and operations, and having a good dose of soft skills to lead a small remote team, interact with a large network, and travel. [10:21] FERMA and RIMS share objectives, representing the risk management community in their respective regions, and promoting the values of the profession. Today, with important changes in risk management, the sharing of expertise, knowledge, and practices between FERMA and RIMS is key to supporting risk management. [11:00] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [11:25] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [11:34] If you’re listening on the date of this episode’s release, January 16th, Register for the webinar that I am hosting, at 1:00 p.m., How Risk Managers Can Combat Human Trafficking In 2024. I’ll be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all. [11:55] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [12:14] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [12:28] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [12:47] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [13:21] A lot of the companies in FERMA are international, so some are dual members of RIMS and FERMA. When Typhaine attended a RIMS conference she met with fellow European colleagues and peers. Some RIMS peers and colleagues attend FERMA events. [14:14] For more than 20 years, FERMA has conducted the only survey on the risk management profession. Next year, as FERMA celebrates its 50th anniversary, they decided to make the survey international. It is precious data for risk managers to compare with their peers in key areas. They are pleased with RIMS’s teaming up. [14:58] PARIMA in Asia, ALARYS in Latin America, and IRMSA and Club FrancoRisk representing Africa, are also participating in the FERMA survey. This is the first FERMA survey with international input. The 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC is open until the end of March. [15:30] The report of the survey will be published in September. The result will be discussed at the FERMA Forum in October in Madrid in a dedicated session. [15:58] Typhaine will be at RISKWORLD 2024, May 5th through May 8th, in San Diego. She says she will be pleased to meet Justin in person. It will be a time of networking for her at the IFRIMA Board meeting and sharing good practices. Networking was missed during the pandemic. It’s how to build relationships between organizations. [17:55] There is a link in this episode’s show notes to the 2024 International Risk Manager Survey or you can go to the FERMA website for the link. There is also a link to the survey on the RIMS website. [18:39] Special thanks to Typhaine Beaupérin of FERMA, for joining us here on RIMScast. A link to the 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC is in the show notes. The results will be revealed later in 2024. Check it out and participate. Your answers are strictly confidential and anonymous. [19:02] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App! [19:24] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information. [20:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews guest Sacha Coburn, CEO of Coffee Culture for leadership and coffee talk. First, he reconnects with Kerry Bakkerus, RIMS NZ & PI Chapter President on what to expect at the technology-based RIMS New Zealand & Pacific Island Chapter’s February 12th event, Embrace The Unknown: Unleashing the Power of Risk. Sacha Coburn is one of the presenters at that event and Sacha will be presenting Leading from the inside out. Justin and Sacha explore Sacha’s career path and how she became a thought leader in coffee culture and franchising culture. Listen in to Sacha’s insights into leadership, culture, and action.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] About today’s episode of RIMScast. Our marquee interview will be a pick-me-up with Coffee Culture CEO Sacha Coburn. [:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is in this episode’s show notes. [1:44] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. [2:01] I’m stoked for the RIMS New Zealand & Pacific Island Chapter’s February 12th event, Embrace The Unknown: Unleashing the Power of Risk, co-presented by our friends at Marsh. It’s a day-long event that leans into technology, innovation, AI, and all the upside risks that risk professionals need to consider in 2024. [2:26] One of the event’s speakers, Sacha Coburn, CEO of Coffee Culture, will be joining us shortly. [2:33] First, we’ll hear again from Kerry Bakkerus, the president of the New Zealand & Pacific Chapter of RIMS, who will tell us all about the event, what inspired it, and why you should be there. Kerry Bakkerus, welcome back to RIMScast! [2:56] Embrace The Unknown: Unleashing the Power of Risk will be on February 12th at the Pullman Hotel in Auckland, New Zealand, hosted by the RIMS New Zealand & Pacific Island Chapter. Kerry says getting the conference organized has been an interesting journey. They had decided to use ChatGPT as much as they could. [3:35] Kerry asked, “ChatGPT, what’s a great title for a risk conference?” The title came from ChatGPT. “ChatGPT, what’s a great agenda for a risk conference?” The agenda was inspired by the agenda developed by ChatGPT. The content and narratives on the website are by ChatGPT. Kerry says they have exciting, on-the-day things planned. [4:55] Kerry comments on the speakers and agenda for the day. She looked for speakers with inspirational content and thought leadership. She wanted attendees to bring away things they could apply in their day-to-day. Dr. Gav Schneider is bringing a completely wild and different topic. Kerry is excited to hear every speaker. [5:38] They brought in Sacha Coburn as a person who can talk about soft skills and how to bring out the best in our people and ourselves to achieve our business objectives. [6:04] Registration for Embrace The Unknown: Unleashing the Power of Risk is still open. A link to the full agenda and registration is in this episode’s show notes. Kerry Bakkerus, thank you so much for rejoining us here on RIMScast! [6:31] Sacha Coburn is the CEO of Coffee Culture, a boutique franchise of coffee locations in New Zealand. Sacha is going to lend her perspective on risk and leadership and give us a preview of her session at Embrace The Unknown, titled Leading from the Inside Out. Sacha Coburn, welcome to RIMScast! [7:23] Sacha joins us live from Hamilton, New Zealand. Sacha reports that seismically, Hamilton is the safest place to live. She moved there after the devastating earthquakes in Christchurch in 2011 and 2012. Safe places are not always particularly beautiful or renowned, Sacha notes. [9:21] Sacha started as a lawyer. She always went to the same coffee shop and it was the case of the barrister meeting the barista. They hooked up and she joined Chris in the business. She found she liked the coffee business much more than the courtroom. They started to plan how they could grow what they did into more communities. [11:27] Sacha’s other activities include involvement in the fitness industry, governance roles in construction, and golf clubs. She has a curious mind about what makes people tick. She has a Master’s degree in adult education. She recently graduated from Harvard Business School asking herself how to get the best out of people and our organizations. [12:01] As a result of her questions, she has been speaking to different industry groups about leadership and about what it takes to succeed and understand the new environment we’re operating in. That’s how she came onto the radar at RIMS. [13:07] A boutique franchise is selective about locations. Every store they open is in an ideal location, run by people who have been carefully selected. Every store in the franchise has a familiar Coffee Culture look, excellent music, and design quality. Each store is beautifully and architecturally designed in keeping with its surroundings. [14:20] That makes them expensive shops. It takes a particular type of person with pride in what they do to be a successful operator. For a long time, they had a longer list of approved franchisees than they had locations for. That shifted recently. [14:57] After the COVID-19 pandemic, it’s increasingly difficult to get finance for hospitality ventures. Friends tell Sacha that this has been the same around the world. Hospitality has been smashed through the pandemic. People have gotten good at making coffee and meals at home. Banks are holding tightly to their money. [15:28] Coffee Culture has lists of people approved for franchises and now they are starting to find more sites becoming available as other operators fall over. [15:58] The criticism of Coffee Culture is that they have been slow to grow. After 27 years, they have 20 outlets. They don’t want to open them for the sake of opening them. They want the best location in every town they are in. That requires being patient for measured, strategic growth. [16:47] Corporate culture and leadership tie together at each franchise location. A coffee shop is a service provider. You must be willing to put others first and understand what it is that people need. You must give amazing service to someone who has only spent $7.00. Why wouldn’t you? The lifetime value of that customer is far greater. [18:59] In areas around the world with high longevity, the elderly meet together every day, sit around, and drink coffee, wine, or ouzo. They have a culture of celebrating and commiserating together. A coffee shop can survive through good economic times and harsh economic times if it gets its environment right. It gives structure to society. [21:37] If you come into a Coffee Culture, are greeted by name, and your usual order is known, it gives you validation and comfort. Sacha believes some people love Coffee Culture because it helps them not to be lonely. [22:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [22:55] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [23:11] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all. [23:29] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [23:43] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [24:01] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [24:25] Sacha wants Coffee Culture to be the Cheers of coffee locations, where everybody knows your name. To differentiate themselves from other franchises, they are clear on what they do and what they offer. They build a beautiful store where everybody can come and get energized for a very small amount of money. [25:33] The stores are beautiful. People notice the quality of the design. It’s no individual element but the sum of the parts. Coffee Culture is thinking of the customer experience all the time. The temperature is right. The curated music playlist is right for the time of the day. The coffee offering is incredibly strong and stays on top of the trends in coffee. [26:1

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   We’re kicking off the new year with an interview with RIMS CEO Gary LaBranche. We look back on 2023, with almost 10,000 attending RISKWORLD 2023, and how RIMS reacted in a dangerous crisis, but mostly ahead to what’s in store for 2024. This includes Riskworld 2024 in San Diego, CA with its “infinite opportunities,” greatly expanded space for DEI, innovative keynote Peter Diamandis, and developments with the RIMS-CRMP, growing by roughly 20% yearly. Listen in to CEO Gary LaBranche’s plans for chapters, what he foresees for AI in insurance and risk management, and more.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:30] About today’s episode of RIMScast. It’s our first episode of 2024 and we will be rejoined by RIMS CEO Gary LaBranche. [:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes. [1:44] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:02] The deadline to submit award nominations is Friday, January 5th, 2024. Last call for nominations! A link to the awards applications and guidelines page is in the show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed; other awards might appeal to you or a friend. [2:33] The first episode of 2024 kicks off with a dialog with RIMS CEO Gary LaBranche. Gary is here to discuss some of the things that went really well for us in 2023, challenges that became opportunities, a preview of RISKWORLD 2024, and other fantastic opportunities for the greater risk management community and risk profession. [3:15] Justin introduces RIMS CEO Gary LaBranche and welcomes Gary back to RIMScast for the first episode of 2024! Gary compliments Justin for the diversity of guests and notes that the RIMScast audience is just exploding!  [4:14] In the next two weeks, we’re going to hear Sacha Coburn from New Zealand, the CEO of Coffee Culture, and on January 16, FERMA CEO Typhaine Beaupérin will be on the show. [4:42] In February, Gary goes to New Zealand to participate in the New Zealand conference. On the same trip, he will stop by the Australia chapter, and then go to Singapore, where he will meet with RIMS-CRMP holders before making his way home. [5:05] In October, Gary will attend the FERMA (Federation of European Risk Management Associations) meeting in Madrid. The FERMA President is Charlotte Hedemark, a RIMS-CRMP holder. [5:47] Gary discusses 2023, his first full year leading RIMS. It’s been fun, challenging, and a learning adventure. Gary had come to RIMS in June 2022 from the Investor Relations Society, and at first, coming up to speed was like drinking from a firehouse. In 2023, he felt he could slow down from sprinting all day to jogging at an even pace. [7:31] Gary says RISKWORLD 2023 was wild. If you’ve never been, you don’t fully appreciate the energy, the size, and the scope of it, with almost 10,000 attending, and amazing sponsors and exhibiting partners. It was fun, exciting, and engaging. As CEO, Gary was running around, meeting, greeting, and speaking for about 16 hours a day. [9:08] Getting so many people together in person, fully engaged in learning, networking, and doing business, was a blast. [9:40] Justin fills in the audience about the active shooter situation a couple of miles away at the close of the conference and prevented the closing keynote speaker from coming in. Gary LaBranche and the RIMS leadership handled things really well on what should be locked down. They turned the experience into an educational opportunity. [10:44] About two-and-a-half miles away, in mid-town Atlanta, four women were shot, and another woman was killed in a shooting. No one affiliated with RISKWORLD or RIMS was involved. [11:24] Police put up a security perimeter to apprehend the shooter and extract and treat the injured. The perimeter included four of the 32 hotels where RISKWORLD guests were staying and two of the eight shuttle bus routes were shut down. Gary tells of conflicting reports about the shooter at the time of the shutdown. [13:10] They decided to cancel the closing general session and the famous closing party, out of concern for safety and out of respect for the families of the shooting victims. The gunman was not apprehended for eight hours. [14:02] Immediately after the incident, RIMS leadership began a detailed, comprehensive after-action report and analysis. They wanted to understand what they did right, what they could have done better, and what they wanted to do differently in the future. They had executed their 72-page crisis management plan but they learned it wasn’t enough. [14:33] As a result, RIMS officers Gary LaBranche, Stuart Ruff-Lyon, and Josh Salter have spoken at the ASAE meeting, the Expo! Expo!, a U.S. Chamber gathering of association CEOs, and the Professional Convention Management Association in San Diego on the same topic, sharing their after-action analysis, and what they did outside of the plan. [15:50] They will continue to speak on the analysis. RIMS is producing a convention safety toolkit later this year; a guideline of best practices for convention and event safety to take care better of the hundreds of thousands of people who attend association and other events and meetings throughout the year. [16:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [16:54] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [17:10] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session. [17:28] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all. [17:43] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [17:56] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarships program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [18:15] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [18:30] Gary LaBranche will be appearing at Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand, on February 12th, 2024, hosted by the RIMS New Zealand & Pacific Island Chapter. It will be a lot of fun and very informative. Innovation, technology, AI, and more will be explored. [18:54] We had one of the speakers, Dr. Gav Schneider, on the show recently, and we had New Zealand chapter president Kerry Bakkerus on with us recently. Later this month, we will also be joined by Coffee Culture CEO Sacha Coburn who will be a speaker there, as well. Registration is still open. The link is on this episode’s show notes. [19:24] The keynote speaker for RISKWORLD 2024 will be Peter Diamandis. Gary is a big fan. Peter has challenged Silicon Valley, tech in general, and entrepreneurs to push the envelope of innovation. He founded the X Prize Foundation to incentivize “moonshot” thinking in space travel and environmental and other kinds of activity. [20:43] Peter Diamandis is an advisor to many of the biggest names in tech and is highly respected. With Steven Kotler, he wrote Abundance: The Future Is Better Than You Think. Gary calls Abundance one of the most fascinating books about the future and why it is better than you think it will be; with innovations that can make the world a better place. [21:41] Gary highly recommends reading Abundance and coming to San Diego in May to see and hear Peter Diamandis. Justin asks Gary to get Peter Diamandis on RIMScast! [22:15] DEI will have an expanded presence at RISKWORLD 2024. It won’t just be a lounge. The lounge space in 2023 was insufficient for how popular it was and the conversations that were held there. This year, it will have a theater. There will be a DEI reception to explore and celebrate the diversity that we so warmly embrace. [23:17] Justin and

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter, and Morgan O’Rourke and Hilary Tuttle, the leaders of the RIMS flagship publication, Risk Management Magazine. Kerry Bakkerus previews the RIMS New Zealand & Pacific Island Branch hosted conference, Embrace The Unknown: Unleashing the Power of Risk. Morgan O’Rourke and Hilary Tuttle review the year in risk 2023 and suggest what might be coming in the year in risk 2024, without offering precise predictions. They also speak of their journey putting together the final print edition of RIMS Risk Management Magazine, and describe the digital online future of the magazine.   Listen in for an informative end-of-year wrap-up. We’ll be back in January 2024.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] About today’s episode of RIMScast. We will be joined by the editorial leaders of Risk Management Magazine to look back on the year in risk, 2023, and what’s coming up in 2024, plus a visit from the president of the RIMS New Zealand / Pacific Island Chapter. [1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:35] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes. [1:52] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:11] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:39] I recently caught up with my friend Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter. On February 12th, 2024, The RIMS New Zealand & Pacific Island Chapter will be hosting a day-long event in Auckland, called Embrace The Unknown. It’s all about innovation, technology, AI, and more. [3:04] You may remember from a recent episode of RIMScast, Dr. Gav Schneider from The Center for the Study of Wicked Problems. He will be there along with Sacha Coburn, CEO of Coffee Culture. She is an upcoming guest for January. [3:20] Kerry Bakkerus is here to tell us all about the event and why it’s going to stand out from many others. Kerry, welcome back to RIMScast! Embrace the Unknown: Unleashing the Power of Risk will be held on February 12th at the Pullman Hotel in Auckland, New Zealand. It is hosted by the RIMS New Zealand & Pacific Island Chapter. [4:01] It has been an interesting journey to organize the conference. They decided to use ChatGPT as much as they could. Kerry asked ChatGPT for a great title for a risk conference. That’s how they got the title. She asked ChatGPT “What’s a great agenda for a risk conference?” The agenda was inspired by the agenda developed by ChatGPT. [4:36] The content on the website for the conference was delivered by ChatGPT. They used technology as much as possible to support the conference. There are exciting tech things planned for the day of the conference. [5:44] Kerry looked for speakers to bring inspirational content and thought leadership. They were mindful of content and speakers about which people would be able to say they learned something they can apply day-to-day, including leadership skills. They wanted a variety of interesting speakers. Kerry is excited to hear each one. [6:58] Registration for the conference is open now and Kerry asks you to register now, to give the organizers time to prepare. The conference agenda addresses how technology and innovation are going to drive work as we know it. Topics range from macro to micro. Special thanks to Terry Bakkerus for rejoining us on RIMScast. [8:45] Register today for Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand. The link is in this episode’s show notes. [8:55] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [9:17] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. Check it out and register! [9:33] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session. [9:50] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all. [10:06] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [10:24] It is always fun when Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine join me for either the mid-year review or the end-of-the-year review. Since this is December, it’s the end of the year in risk 2023. [10:39] Morgan and Hilary are here to tell us what is going on with risk management, where we might be going, and what’s new in the world of Risk Management Magazine, itself that you need to know about. [10:52] Morgan O’Rourke and Hilary Tuttle, welcome back to RIMScast!  [11:41] Morgan talks about the fun of researching and producing the Year in Risk issue of Risk Management Magazine. It’s the one feature that Morgan does during the year when he gets a byline. Morgan, Hilary, and Justin discuss some of the risks in 2023. [13:49] The times of the year are confusing for Morgan and Hilary because they are always writing a month or two ahead. [14:31] Data breaches are perennial. It isn’t necessary to write an article about every breach. There were some interesting breaches but you have to get into the why of what makes them interesting. Hilary notes the collapse of the cryptocurrency exchange FTX. Corporate fraud or regulatory activity are hard to condense to 200 words. [18:20] Why did AI move to the number 4 risk this year from the number 14 risk last year? Morgan comments on the Biden Administration's sprawling policy on AI. AI is becoming an emerging risk. Hilary compares it to covering COVID-19 originally. [20:48] Risk Management Magazine is going all-digital. The December issue is the last print issue. It is part of the trend of how people consume media now. Being all digital provides the ability to include more content that is more responsive to news and current events. It’s about speed. [22:07] Hilary notes that rather than having a publishing cycle, digital publishing is like everything, everywhere, all at once. She is always looking for content. Please feel free to reach out if you have any ideas to contribute. The website is RMMagazine.com. New articles go up regularly. They plan a quarterly digital issue. They will send out notices. [23:00] This is part of the new wave of being there more often for readers including newsletters and social media content. They are figuring out how to tell stories effectively in a shorter turnaround. They are actively soliciting feedback. [23:31] The magazine will receive submissions throughout the year. The magazine will be published on a continued rolling basis. It’s the best way to stay ahead of the issues people are concerned with. Risk happens quickly and constantly. [25:37] About how COVID-19 or pandemics are being managed. We’ve gotten used to it. We are dangerously overlooking the public health risk. Hilary does not think there is a new normal for business response to COVID-19. We’ve found ways to live with the risk or to manage it the best we can. It’s part of the fabric of living. Get your COVID shot. [29:50] About the term “polycrisis.” We are always in a polycrisis. We have to deal with many risks at once. It’s not a new environment. Whatever you call it, manage the risks. [32:33] About predictions: In Risk Management Magazine of March 2020, in the list of emerging risks, there was no mention of COVID-19. Morgan says any prediction of risk is destined to fail. Hilary Tuttle notes that the cyber predictions she writes are consistently extremely accurate! [33:41] Generally speaking, things are going to happen! This was a mild hurricane year, but next year may not be. There will be extreme weather that may get more intense. New regulations will be released on data privacy or cybersecurity. There will be a lot of cyber issues. [34:50] Hilary speaks of connections to draw between risks. What didn’t make this issue was a lot of line items around natural disasters. The many minor hurricanes we had were n

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin interviews Katherine Henry, Partner and Chair of the Policyholder Coverage Practice of Bradley, Arant, Boult, and Cummings in today’s episode. Katherine will be one of the presenters in the January 4th RIMS webinar, Nevada’s “Defense Within The Limits” Ban Explored. Justin and Katherine explore the risk trends of 2023 and what she expects from 2024. Next, they cover the upcoming webinar on Nevada’s new liability insurance “Defense Within The Limits” ban, what the effects of the ban are, and how the ban is expected to spread to other states. Katherine concludes with how she and her co-presenter at the webinar, Mark Habersack, expect to elaborate on this topic.   Listen in for a professional perspective on risk trends for 2024.   Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] In today’s episode, we will be rejoined by our good friend, Katherine Henry, of the law firm Bradley, Arant, Boult, and Cummings, to discuss legal trends from 2023 and what risk managers should expect in 2024. [:58] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:14] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:37] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes. [1:54] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:13] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:41] Katherine Henry is the Partner and Chair of the Policyholder Coverage Practice at Bradley, Arent, Boult, and Cummings, a national law firm. Katherine and I will discuss the trends that drove the legal and risk professions in 2023, what to expect in 2024, and Nevada’s Defense Within the Limits ban that may set a precedent for other U.S. states. [3:12] Katherine is one of the two presenters of an upcoming RIMS webinar called Nevada’s “Defense Within The Limits” Ban Explored, on January 4th, 2024 at 1:00 p.m. It will be presented by the RIMS Public Policy Committee. Register now, especially if you’re a RIMS member! This is going to be a big deal for you! [3:37] Katherine Henry, welcome back to RIMScast! [4:25] Katherine says risk managers have been really busy in 2023. She thinks first of cyber risk and cyber insurance. Insurers are getting their hands around it and premiums have escalated. Risk managers are finding they have to bring in IT and other folks to answer the much more complex questions on cyber. The cost of breaches has gone up. [5:40] Katherine discusses recent big hacks. One of the biggest risks lies with your vendors. Insurers are looking at that when setting your premiums. [6:19] Another big problem in 2023 is supply chain. It has become more difficult to insure it. It is difficult to procure business interruption insurance. Many insurers have left this market. Risk managers deal with this by eliminating sole sourcing and JIT warehousing. You have to have more goods and more local warehouse space available. [7:55] AI is the next big risk on Katherine’s mind. The National Association of Insurance Commissioners (NAIC) has been looking at AI for quite a few years and its impact on insurance. Insurers have implemented AI chat boxes in personal lines. For risk managers, the question is what are we going to see in commercial lines? [8:41] Insurers may be able to use AI to assess damages better and to move more quickly. Risk managers will be dealing more with computerized platforms than individuals in the underwriting process. That’s a few years away. Because AI is being integrated into so many platforms, it’s a liability insurance risk for organizations. [9:55] Climate change is another major concern Katherine has. We see its impacts on agriculture in what you can grow and where you can grow it. The effect on sea levels in ports is a concern. It will affect living conditions around the world. It will continue to be a high-level concern for risk managers. [10:42] Katherine brings up the wars as another big concern for risk managers. Events have been canceled because of protest risk. We don’t know the eventual impact of the Israel and Hamas conflict. Russia has agricultural and oil risks. There is the risk of war with China and Taiwan. [11:29] Swine flu and pneumonia are concerns now. There are respiratory illnesses among children in China. Illnesses and protests present physical risks. [12:41] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [13:02] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [13:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow. On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. That’s why Kathy Henry joins us today. [13:44] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all. [14:00] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [14:38] It’s difficult for organizations to take a political stand. People come at them from both sides. They are also challenged when they don’t take a position. It’s hard for organizations to know the right position to take. That’s an organizational risk. You can’t please all the people all the time. [15:38] Runaway or out-of-control verdicts are a risk when you take a case to a jury. Something that should be resolved for $1 million or two could be a $40 million liability. Insurers are aware of this. Katherine warns risk managers to give notice to their tower of excess insurance when a risk comes up that could be subject to a “nuclear” verdict. [16:48] Justin brings up nuclear verdicts in connection with recent PFAS settlements. RIMS did a webinar about it a month ago. Very high settlements open the door for future litigation or actions. Justin reads from Reuters on November 26th about a U.S. appeals court ruling protecting 3M and other companies in PFAS litigation from a class action. [19:11] Katherine Henry will be co-hosting a webinar on January 4th, Nevada’s “Defense Within The Limits” Ban Explored. Katherine Henry and Mark Habersack are going to explore this ban. [19:33] Katherine gives a high-level overview of the ban. There are two types of liability policies. One includes a defense that is outside the limits; other policies put the cost of defense inside the policy limits. A $5 million policy within the limits provides $5 million to pay defense and damages. [20:11] The Nevada legislature wrote a new law that every liability policy in Nevada must include defense outside of limits, so insurers have an unlimited obligation to defend you until the case is resolved. The Webinar will talk about what caused that to happen in Nevada, what the potential solutions are, and the potential implications around the U.S. [21:06] This legislation overturns the business relationship between insurers and insureds. Insureds will no longer be able to purchase less expensive defense within-limits policies. That change has immense financial consequences. Justin will be the host for that webinar. [21:30] The legislation sets a time for this change to occur. Businesses need time to place liability coverage. Risk managers’s jobs have changed greatly from what they were 20 years ago when they were purchasing insurance and working with insureds. Now they’re assessing their enterprise’s risk. There will be a lot of work for 2024. [22:28] Justin thanks Katherine Henry for joining us. [22:42] Special thanks to Katherine Henry for joining us on RIMScast! You’ll hear more from Katherine on January 4th, 2024 during the RIMS Webinar Nevada’s “Defense Within The Limits” Ban Explored. She will be joined by former RIMS Nevada Chapter President, Mark Habersack. Register at RIMS.org/webinars and the link in the show notes. [23:07] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [23:33] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episode