Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews two guests who presented at the RIMS ERM Conference 2025 in Seattle, Washington. First, Dr. Gav Schneider, Group CEO Risk 2 Solution Group and Founder, Institute of Presilience Risk 2 Solution, and second, Shreen Williams, Founder & CEO, Risky Business SW, LLC, and a member of the RIMS Rising Risk Professional Advisory Group. Dr. Schneider explained the meaning of Presilience and risk intelligence in ERM. Shreen Williams discussed the cognitive biases that can be mitigated through the six stages of an ERM Framework. Listen for insights into implementing an ERM Framework in your organization. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our interviews were recorded live on site at the RIMS ERM Conference 2025 in Seattle. Our guests are Dr. Gav Schneider and Shreen Williams. We're going to have fun in this episode! But first… [:48] The next Virtual RIMS-CRMP Exam Prep will be held on December 9th and 10th. From December 15 through the 18th CBCP and RIMS will present the RIMS-CRMP Exam Prep Boot Camp. [1:05] Another virtual course will be held on January 14th and 15th, 2026. These are virtual courses. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:18] RIMS Virtual Workshops! "Managing Data for ERM" will be led again by Pat Saporito. That session will start on December 11th. Registration closes on December 10th. RIMS members always enjoy deep discounts on the virtual workshops. [1:37] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:48] The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is hosted by the famous James Lam. This is a live, virtual program that helps elevate your expertise and career in ERM. [2:01] You can enroll now for the next cohort, which will be held over 12 weeks from January through March of 2026. Registration closes on January 5th. Or Spring ahead and register for the cohort held from April through June of 2026. Registration closes on April 6th. [2:21] Links to registration and enrollment are in this episode's show notes. [2:25] This episode was recorded at the RIMS ERM Conference 2025. We've covered a lot of ERM ground in the last few episodes, and for those who want to catch up, I've included a link to the RIMS ERM Special Digital Edition of Risk Management magazine in this episode's notes. [2:49] RIMScast ERM coverage is linked as well. Enhance your ERM knowledge with RIMS. [2:54] On with the show! We are following up last week's episode with ERM Global Award of Distinction winner Sadig Hajiyev by featuring interviews with two of the presenters who appeared at the RIMS ERM Conference, Dr. Gav Schneider and Shreen Williams. [3:12] Long-time RIMScast listeners may remember Dr. Gav Schneider from an episode in November of 2023. We were delighted that he made the trip all the way from Australia to join us at the ERM Conference in Seattle. [3:27] Dr. Gav is the Group CEO at Risk2Solution Group and the Founder of the Institute of Presilience. The title of his session on November 17th was "Embedding Presilience and Risk Intelligence into ERM." This harkens back to his prior episode about wicked problems. [3:45] We're going to start there and discuss how presilience takes that thinking to the next level for ERM leaders, and we're going to get some of his risk philosophies and have a great time. Let's get to it! [3:56] Interview! Dr. Gav Schneider, welcome back to RIMScast! [4:24] Dr. Schneider is here at the RIMS ERM Conference for the first time. It's the second-highest-attended ERM Conference in RIMS history. His session, later today, is called "Embedding Presilience and Risk Intelligence into ERM." [4:54] On Dr. Schneider's last visit to RIMScast, he talked about wicked problems. How does presilience take that mindset and thinking to the next level for ERM? [5:08] Dr. Schneider says the core idea of ERM is about getting scalable decision-making, recording, and outcomes, in terms of risk, for your organization. More and more, our organizations are facing these wicked problems. [5:25] We can't function anymore in a world of absolutes. When we plug risk intelligence into the way we think, act, and plan, we become adaptive. We also become opportunity-centric. [5:37] A wicked problem is not easily solved. When you implement a solution, it often leads to more problems. You have to be able to learn. If you can't learn, you can't adapt. [6:17] What are the core components of the Presilience Framework? Dr. Schneider says, simplistically, we think about tackling risk at three levels: the self, the team, and the organization. Then we overlay that with people and process, connected through leadership. [6:34] To make that work, we have to develop a set of core attributes: situational awareness, critical thinking, enhanced decision-making, effective and directive coms, the ability to act and enact, and the ability to learn and grow. [6:46] When you can plug that into your architecture, leveraging insight, hindsight, and foresight, you then can make the right calls about whether or not to do something. It becomes an overlay model for most ERM-type structures, where we can plug the human piece into the system. [7:15] Dr. Schneider says the core aim of ERM turns risk management into a team sport, with everyone across an organization reporting, collaborating, and understanding to make great decisions about where the organization is and where it's going, not where we think it is. [7:32] To do that, we need to plug certain things into the ecosystem of the organization, some of which are policies, procedures, and tech. Most ERM experts do that. The piece that we've ignored is the human part, because it's hard. [7:49] Dr. Schneider has compiled The Organizational Risk Culture Standard. It took about nine months of work. It was a thorough process. Five experts wrote it, 15 peers reviewed it, and 11 organizations have approved it, endorsed it, and are supporting it. [8:09] For years, Dr. Schneider had heard that organizations would not focus on human-centricities that they couldn't measure. [8:17] Dr. Schneider's framework has 10 domains with a maturity model that aligns beautifully with RIMS's ERM Model. It's built to encapsulate and incorporate ISO 31000 and COSO. Dr. Schnieider has just released it, free to download. [8:39] Dr. Schneider is excited about presenting his session in a couple of hours. Everyone tells him that the RIMS ERM Conference is the sharp end of the spear, with the smartest risk people. The session is "Embedding Presilience and Risk Intelligence into ERM." [9:10] Session attendees will learn about risk intelligence. Dr. Schneider's definition is an applied attribute or living skill that enables you to seize upside opportunities while you manage potential negative outcomes. [9:44] When you speak of risk intelligence as a living skill and applied attribute, it becomes an ability to scale great decision-making. You want risk-intelligent people, working in risk-intelligent teams, empowered and structured into a risk-intelligent organization. [10:18] Dr. Schneider says if we can't get those three layers to integrate and work together, you get frustrated stakeholders. Get your ERM team working to get everyone to understand the basics of risk reporting, using the metrics, and sharing information. [10:33] Justin compares it to the gears in a watch. Dr. Schneider agrees; there's not one moving piece, it's a complex ecosystem in most organizations because humans are complex. We're relying on tech and on variables we don't control. [10:46] Dr. Schneider says, in the conference, everyone's accepted how disruptive the current climate is, how difficult it is to forecast, and how uncertainty and volatility are dominating. [10:59] With that in mind, we've got to think of it differently. You can't force people to adopt a system and think it will work. If you want to get a high-performance culture, ERM is an incredibly useful tool, but only if people want it, like it, want to use it, and understand the benefit it adds. [11:17] Dr. Schneider thinks ERM is going to take a massive leap forward because of generative AI and because we've done well in process-based risk management. There are models, standards, and tools we can reference on how to do this. [11:32] Why most organizations fail is that people don't understand people and the drivers people have. The one thing that Dr. Schneider would love people to take away from his session is that "I have to start with me." [11:43] Dr. Schneider continues. If I'm trying to get people to do something, I need to understand the voice in my head, what's coming out of my mouth, and what my actions are. If I can't control that, what makes me think I'm going to change organizational culture? [11:54] It starts with me. Then I can move to us, and we can get this high-performing risk team. If I can get a high-performing risk team, now we are ready to take it through the organization. We can be the real value-add. [12:06] The risk departments of the future are not going to be what they were or what they are now. They're not going to be compliance departments anymore. [12:14] Risk departments of the future are going to be insight, hindsight, and foresight departments. They're going to create understanding of what's happened, what's happening, and what we need to do to capitalize on opportunity, while we manage downside. [12:34] Dr. Schneider points out that if we're looking at the same thing, we see something different. That's great for managing bias, but terrible if we can't align because we'll each think we're right, and pull apart. [12:47] One of the missions is to d
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Sadig Hajiyev, SOCAR Türkiye, Risk & Compliance Group Director, about SOCAR Turkiye and winning the RIMS ERM Global Award of Distinction. Sadig speaks of their ERM transformation that shifted SOCAR Türkiye from a compliance-oriented approach to an integrated, strategy-driven system, and a pivotal change. Sadig explains how they keep the ERM cohesive for business leaders, enabling decision-making. Sadig comments on external shocks that pressure-tested the program, showing the organization's true resilience and how it adapted its ERM approach. He speaks of one innovation with the biggest measurable impact. Justin and Sadig discuss SOCAR Türkiye's maturity jumping from a level-3 "repeatable" program to a level-5 "leading practice" in just a few years, supported by both the RIMS RMM and internal surveys, and how they are sustaining that momentum, having reached the top tier. Listen for words of wisdom and encouragement for risk practitioners. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our guest today is Sadig Hajiyev. He is the Risk & Compliance Group Director for SOCAR Türkiye, and he was one of two recipients of the RIMS Global ERM Award of Distinction. [:47] We will talk about the unique characteristics of his ERM Program and his unique risk philosophies. But first… [:55] The next RIMS-CRMP-FED Exam Prep with AFERM will be held on December 3rd and 4th. The next RIMS-CRMP Exam Prep with PARIMA will be held on December 4th and 5th. These are virtual courses. [1:12] Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:19] RIMS Virtual Workshops! "Managing Data for ERM" will be led again by Pat Saporito. That session will start on December 11th. Registration closes on December 10th. RIMS members always enjoy deep discounts on the virtual workshops. [1:38] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:50] The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is hosted by the famous James Lam. This is a live, virtual program that helps elevate your expertise and career in ERM. [2:02] You can enroll now for the next cohort, which will be held over 12 weeks from January through March of 2026. Registration closes on January 5th. Or Spring ahead, and register for the cohort that will be held from April through June of 2026. Registration closes on April 6th. [2:22] Links to registration and enrollment are in this episode's show notes. [2:27] This episode was recorded at the RIMS ERM Conference 2025. We've covered a lot of ERM ground in the last few episodes, and for those who want to catch up, I've included a link to the RIMS ERM Special Digital Edition of Risk Management magazine in this episode's notes. [2:50] RIMScast ERM coverage is linked as well. Enhance your ERM knowledge with RIMS. [2:56] On with the show! This special episode was recorded live from Seattle at the RIMS ERM Conference 2025. [3:05] It was one of the best-attended ERM Conferences in RIMS history, with hundreds of ERM practitioners and students from around the world connecting, learning, and celebrating. [3:17] In RIMS tradition, we awarded the RIMS Global ERM Awards of Distinction. This year, there were two winners, one of which was SOCAR Türkiye, a pioneering energy company based in Turkey. The company's ERM program wowed our judges. [3:34] Accepting the award is Sadig Hajiyev. He is the Risk & Compliance Group Director. As you will hear, he took the ERM Program to the next level. Since we were in person, it was the perfect time to sit down and speak with him after receiving his award. [3:49] We're going to learn all about the program and Sadig's unique risk philosophies. Let's get to it! [3:53] Interview! Sadig Hajiyev, welcome to RIMScast! [4:18] Sadig says winning the award is a great feeling! Knowing someone here understands the value of the ERM Program and appreciates it is great! He shared photos and his reflections with his organization and got many congratulations, even though it was almost midnight in Turkey! [5:09] Saig explains that SOCAR is a global company, based in Azerbaijan, with more than 100K people working in Turkey. They have refineries and petrochemical facilities working together. They are also in the energy trading business. They have terminals. [5:34] They have multiple sectors, including fiber optic cables. They are doing so much in Turkey. SOCAR Türkiye is the biggest single-point investment in the history of Turkey, worth around $20 billion U.S. [6:01] Sadig's department is 15 people, including compliance professionals. They have a resource pool of experts and allocate teams as needed. [6:16] In 2022, SOCAR Türkiye shifted from a compliance-oriented approach to an integrated, strategy-driven system. [6:29] SOCAR Türkiye does international business. It is highly dependent on international trade regulations, especially trade sanction regulations. Being compliant is not sufficient for SOCAR Türkiye. Sadig says sanction regulations are very dynamic, and you should be adaptive to them. [6:57] Sadig says adaptation should be risk-based. At that time, SOCAR Türkiye started to implement risk-based compliance studies and approaches to make healthier decisions. They understood that it was the right decision. [7:21] SOCAR Türkiye has a modular ERM framework that spans Scenario Analysis, Risk and Control Self-Assessments (RCSAs), Regulatory Attestation Cycles, the ISO 22301, and the Resilience Maturity Model. [7:42] Justin asks how Sadig keeps them cohesive and digestible so that his leaders in SOCAR know that ERM is enabling decision-making. Sadig says it's not easy. They all met the needs that came up. [8:14] The risk leader needs to understand the context of the company. Being very close to the first line, Sadig does not believe there is value in going to the C-Suite and asking what they expect of risk management. They have no idea. [8:33] Sadig says it's more important to have a smooth discussion with them. At that point, the skill of the risk manager comes in to understand the context there and find out what would work best for this need. By that, you are supporting the company's decision-making. [9:05] Sadig is a boxer. He keeps telling his team that risk management shouldn't be very friendly. Conversations shouldn't be easy or enjoyable. Discussions should be disruptive. Sadig risk is the department asking, if zombies are coming and invading our vault, what will happen? [9:47] Risk leaders are the ones at the table to trigger those discussions and have the tough conversations. At that time, a leader's personality and personal brand are important. Managers should understand you are not doing it just to disrupt. [10:08] You are doing it for the company's sake, to make the decision-makers consider all the aspects, risks, threats, and opportunities. [10:43] SOCAR Türkiye faced significant external shocks in the last couple of years: security incidents, sanctions, and energy price volatility that pressure tested the ERM Program, but the company demonstrated resilience. [11:11] Each of these incidents had its own dynamics that made the ERM Program learn or find a way to adapt. [11:29] Turkey is a country with a very diverse range of uncertainties: political, economic, and geographical. The oil and gas sector is under pressure from international regulations, the climate, and more. There are so many issues going around. [11:51] Facing real-time instances can be disruptive and impactful on daily business. The most important thing is the ability to adapt. It's the top management's job to adapt. Risk management is about the future. If something happens, risk management is there to support. [12:23] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate wth them. Booth sales are open now! [12:45] Registration is open for RIMS members now, as well. General registration and speaker registration will open on December 3rd. [12:53] Links are in this episode's show notes, and this year, when you purchase one Full-Conference Pass by December 2nd, you can add a second Full-Conference Pass at 50% off, through December 31st. [13:07] When an eligible member selects a Full-Conference Pass while registering online, a Promo Code will be generated on the Review step of the registration form. [13:05] This code will also be included in the Confirmation Email. It may be shared with a second eligible member from the same company or same email domain, and receive that 50% discount. Bring a colleague for 50% off. This is available to organizational and individual RIMS members. [13:32] Links are in this episode's show notes. [13:35] Let's Return to My Interview with 2025 RIMS ERM Global Award of Distinction Winner Sadig Hajiyev! [13:46] Justin speaks of SOCAR Türkiye's impressive innovations, dynamic risk appetite metrics tied to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), an AI Geopolitical Scenario Engine, and a Resilience Scorecard linked to Capital Allocation. [14:10] Justin says he thinks all of this helped drive SOCAR Türkiye's nomination to the winning category. Justin asks which one brought the biggest measurable impact. [14:20] For the biggest financial result, Sadig says it was the assumption studies SOCAR Türkiye implemented to its financial projection. Sadig believes risk managers look at a range of values. [14:50] Sadig says, like quantum physics, it's not one or zero. It can be one or zero in different contexts and times. The assumption st
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Julia Anna Potts, President and CEO of the Meat Institute, about her career, background, lifelong interest in agriculture and food, and how she joined the Meat Institute following a career in environmental law. The discussion covers the role of the Meat Institute in the food supply chain and how it serves member companies and the food industry in general, through its food safety best practices and a free online course, "The Foundations of Listeria Control." Julia reveals the Protein PACT initiative and explains how food safety relates to risk management with their shared values. She tells how meat processors are good community members. Listen for advice on the culture of safety and how it starts at the very top of the organization. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. We will be joined by Julia Anna Potts, the CEO of the Meat Institute. We'll discuss food safety and education, and risk frameworks that the Institute uses to ensure that our food and supply chains are clean. But first… [:47] The next RIMS-CRMP-FED Exam Prep with AFERM will be held on December 3rd and 4th. The next RIMS-CRMP Exam Prep with PARIMA will be held on December 4th and 5th. These are virtual courses. [1:03] Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:11] RIMS Virtual Workshops! On November 19th and 20th, Ken Baker will lead the two-day course, "Applying and Integrating ERM." [1:24] "Managing Data for ERM" will be led again by Pat Saporito. That session will start on December 11th. Registration closes on December 10th. RIMS members always enjoy deep discounts on the virtual workshops. [1:40] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:52] This episode is released on November 18th, 2025, Day Two of the RIMS ERM Conference in Seattle, Washington. We've covered a lot of ERM ground in the last few episodes. For more ERM, click the link to the RIMS ERM Special Edition of Risk Management magazine in the notes. [2:18] RIMScast ERM coverage is linked as well. Enhance your ERM knowledge with RIMS! [2:24] On with the show! Our guest is Julie Anna Potts. She is the President and CEO of the Meat Institute. She leads the Institute in implementing programs and activities for the association. [2:38] She is an agricultural veteran, previously serving the American Farm Bureau Federation as its Executive Vice President. [2:47] With Thanksgiving coming up next week in the U.S., I thought this would be a great time on RIMScast to talk about food safety, food production, and what another not-for-profit is doing to ensure the safety of our products and the speed and efficiency of our supply chain. [3:07] We're going to have a lot of fun and talk turkey, so let's get to it! [3:12] Interview! Julie Anna Potts, welcome to RIMScast! [3:27] Julie Anna Potts and RIMS CEO, Gary LaBranche, are both part of the Committee of 100 with the U.S. Chamber of Commerce in Washington, D.C. They get together with other association heads across industries. Julie Anna says it is very valuable. [3:44] Julie Anna and Gary were talking in the summer about food safety and about what the Meat Institute does, and Gary invited her to be on RIMScast. [3:57] Justin notes that it is the week before Thanksgiving in the U.S. Juliana says they are doing so much in Washington now, and food safety is always top-of-mind around the holidays. There are lots of turkeys and turkey products being sold in the United States. [4:45] Julie Anna says turkey is cultural for Thanksgiving, and poultry, and how you cook it and handle it in the kitchen is incredibly important for food safety. [5:01] Justin asks, Is fish meat? Julianna says fish is protein, but we don't classify it as meat or poultry. Justin wants to keep the argument going with his family at Thanksgiving. [5:31] Julie Anna says they have lots of arguments around the Meat Institute, like whether ketchup belongs on hot dogs. Julie Anna says the answer to that is no. [5:41] Julie Anna has been at the Meat Institute for a little over seven years. She came in as President and CEO. She has been in Washington for most of her career, since undergrad. She graduated from law school in D.C. and worked at a firm. [5:59] Julie Anna has been in agriculture, representing farmers for years. She went to the Senate as Chief Counsel of the Senate Agriculture Committee. She has been at the Meat Institute for the last seven years. [6:19] Food and agriculture have been central to Julie Anna's career and also to her family life. Her husband grew up on a farm. Julie Anna is two generations off the farm. [6:32] They love to cook, dine out, and eat with their children; all the things you do around the holidays, and gather around the Thanksgiving table. They have passed to one of their three children their love of food traditions. She's their little foodie. [6:52] Julie Anna has a career and a personal life that is centered around food. [7:11] The Meat Institute members are the companies that slaughter animals and do further processing of meat. They are in the supply chain between livestock producers and retail and food service customers. [7:35] To be a general member of the Meat Institute, you have to have a Grant of Inspection from the Food Safety Inspection Service of the USDA. The Federal Grant of Inspection is a requirement to be able to operate and to sell into the market. [7:56] When we look at the capacity we have at the USDA, in the last several months, we're not seeing a decline in capacity, but more emphasis on our Food Safety Inspection Service. [8:18] Through DOGE, voluntary retirements, through additional resources coming in with the One Big Beautiful Bill, and through recruiting, the Meat Institute is seeing its member companies have staffing, even through this government shutdown. They're considered essential, as always. [8:54] The Meat Institute was established in 1906 for the purpose of addressing food safety and industry issues. Those are Jobs One, Two, and Three, every day. The Meat Institute has all kinds of education it offers to its members. [9:15] The members of the Meat Institute have strong food safety programs. They have HASSA Plans and third-party audits. The Meat Institute helps any member company of any size, from 25 employees to global companies, with education on, for example, Listeria training. [9:53] The Meat Institute has just launched an online platform that has had great uptake. If you have associates in your business who have never had food safety training, for all levels of folks, there is online, free, and freely available training on how to deal with Listeria. [10:19] All the Meat Institute member companies have significant Food Safety staffing and Food Safety Quality Assurance Programs. Julie Anna praises the people throughout the industry who work in Food Safety for their companies. It's a life-or-death matter. [10:45] Food Safety staff are always seeking to become better, so the Meat Institute has a Food Safety Conference and Advanced Listeria Training (an in-person module). They interface with the regulators, who are partners with the Meat Institute in this. [11:14] The Meat Institute is always striving for better Best Management Practices across everyone's programs, which are never just the minimum. A philosophy of doing just what is compliant does not get you into the best space. [11:36] The Meat Institute is here to encourage Best in Class, always. Food Safety is non-competitive in the Meat Institute. Everyone across the different-sized companies, from 25 employees to 100,000, can feel comfortable sharing what's working for them. [12:06] That is important when it comes to conferences and other things they do. Let's be candid with each other, because nobody can get better if you're not. [12:17] The Meat Institute has seen cultural issues where CEOs don't think about Food Safety and Quality Assurance because they have great people taking care of it. That's true a lot of the time, until it isn't. [12:42] The tone that needs to be set at the very top of the organization is that this is hugely important for risk management. Hugely important for your brand and your ability to operate. [12:56] The Meat Institute board asked, if we are pushing culture down through the organization, what kinds of questions do I need to ask, not just my Food Safety Team, but everyone, and demonstrating my knowledge, understanding, and commitment to governance of this big risk? [13:31] The Meat Institute created a template of a set of questionnaires for executives. It is a C-Suite document and documentation. [13:47] It's a voluntary questionnaire for a CEO, regardless of company size, indicating that you understand how important this is in ensuring that everything that you push down through your organization, culturally, is focused on Food Safety. [14:05] The link to the Listeria Safety Platform is in this episode's show notes. [14:11] Justin says the structure of the Meat Institute is very similar to the structure of RIMS, with open communications and knowledge-sharing, or else the industry does not grow or improve. [14:27] Justin says it sounds like the industry executives are stepping up their game amid the tumult coming out of Washington. Julie Anna agrees. [14:47] Julie Anna says the Meat Institute has been driving that progress. It is incredibly important. Julie Anna thinks that in a lot of industries, there is a pull and tug between the companies and regulators. [15:07] In the case of meat and poultry inspection and what the Meat Institute does with FSIS, it is a collaboration. The inspectors verify for consumers what the companie
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Lori Flaherty and Bill Coller of Paychex about how the ERM Team serves as the "conscience" of Paychex and how it operates within the organization. Some of the topics include winning the RIMS ERM Global Award of Distinction in 2024, structured peer reviews, risk rotation, a strong culture of risk management, interviewing new team members, fostering curiosity, and preparing for mergers and acquisitions. They talk about having the ear of the executive team and promoting a culture of risk management for the entire organization. Listen for tips on presenting to an audience of ERM practitioners. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. I'm delighted to be joined by Lori Flaherty and Bill Coller of the ERM Team at Paychex. They won the RIMS Global ERM Award of Distinction in 2024. We're going to talk all about their risk and RM philosophies. But first… [:53] The next RIMS-CRMP-FED Exam Prep with AFERM will be held on December 3rd and 4th. The next RIMS-CRMP Exam Prep with PARIMA will be held on December 4th and 5th. These are virtual courses. [1:10] Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:18] RIMS Virtual Workshops! On November 19th and 20th, Ken Baker will lead the two-day course, "Applying and Integrating ERM." [1:31] "Managing Data for ERM" will be led again by Pat Saporito. That session will start on December 11th. Registration closes on December 10th. RIMS members always enjoy deep discounts on the virtual workshops. [1:46] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:59] The RIMS ERM Conference 2025 will be on November 17th and 18th in Seattle, Washington. The agenda is live, and this is the last week to register so click the registration link in this episode's show notes or visit the events page on RIMS.org. [2:16] The RIMS-CRMP Exam Prep will be held on-site, on November 15th and 16th in Seattle. You can learn more by clicking the link in this episode's show notes. [2:29] On with the show! Our guests today are winners of the RIMS Global Award of Distinction in 2024. Bill Coller and Lori Flaherty are past presenters at the RIMS ERM Conference. [2:44] They let us into their thought process a little bit this year in the RIMS ERM Q&A Series, with an interview titled, "Risk Optimized Decision-Making at Paychex." We will expand on that dialog a bit here today on RIMScast, so Let's get to it! [3:03] Interview! Lori Flaherty and Bill Coller, welcome to RIMScast! [3:21] Lori and Bill were winners of the RIMS ERM Global Award of Distinction in 2024, in Boston. [3:42] ERM is a passion for Lori and Bill. Bill says, You have to love it to be in it as long as we've been in it. It's always something new every day. There's always some new challenge that we have to keep our eyes on. [4:07] Lori has been in risk management, in different roles, for a little over 25 years. She has been with Paychex for eight years, leading the ERM Team. [4:31] Bill has been in risk management for over 20 years. He has been in the ERM space for about four years. [4:53] Lori loves the diversity on her team. In an ERM program, you need a diverse team without groupthink. Bill and Lori are not the same at all, and they complement each other. Bill agrees. [5:42] Lori says the whole risk organization at Paychex has more than 800 people, some were added due to the recent acquisition of Paycor. The ERM Team has about 10 people. [6:21] Justin says listeners can learn about the contributions Lori and Bill made during a complex and time-consuming acquisition by checking out the ERM Q&A from 2025, "Risk Optimized Decision-Making at Paychex", by Russ Banham, in this episode's show notes. [6:52] In the interview, Paychex described ERM as acting like the company's conscience. Lori says ERM, a small but mighty team within a large risk organization, may seem challenging to have the ear of leadership, but they have a direct line. [7:25] One of the values as a risk organization, as well as a Paychex organization, is talking about integrity. Integrity is a key cornerstone of the team. The ERM Team remains independent. [7:38] Although the ERM Team reports to the risk organization, where the risk organization sits within the enterprise, this is part of what enables the ERM Team to remain independent. ERM is not transactional or client-facing. [7:55] The ERM Team has strong partnerships with the Enterprise Strategy Team and other key leaders across the enterprise. Leaders count on the ERM Team and reach out to them. Being independent allows the ERM Team to be the conscience of the company. [8:29] Bill says, The ERM Team has several different risk review programs. They always have an actionable remediation plan that comes out of any risk review. They are reporting and remediating any residual risk. [8:54] Before the completion of any program, the ERM Team gains commitment from the risk owner to own the remediation plan. That allows the ERM Team to continually follow up and make sure that the remediation plan is taking form and remediating the risk. [9:19] It's easy when they get that commitment before the end of the program. That sets the stage. Then they follow up. [9:36] Bill says he is going through the process now to hire a new team member. He is looking for someone who has ERM experience. That can be difficult to find. There are a lot of people out there with experience who love the job they have, stay, and continue to build their programs. [10:17] First is true ERM experience. Outside of that, someone with internal audit experience, with the ability to view risks from a data-based perspective, and identify what could happen and how often it could happen, the impact of it happening, and how to mitigate the risk. [10:47] With any interviewing, you have to get the best that you can through many different characteristics and experiences. [10:57] Lori adds, We want someone who complements the diversity and the team. You can teach methodologies, like COSO, internal audit, and business processes. It's hard to teach people to be curious and to think from a risk mindset. [11:36] Those are key skills, no matter the role; certainly for this role. For anyone joining the team, it's that mindset. You need to remain curious. Channel your inner toddler, asking the why. [11:59] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is our live virtual program led by the famous James Lam. Great news! A third cohort has been announced, from January through March 2026! [12:21] Registration closes January 5th. Enroll now. A link is in this episode's show notes. [12:29] Save the dates March 18th and 19th, 2026, for The RIMS Legislative Summit, which will be held in Washington, D.C. [12:37] Join us in Washington, D.C., for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. Visit RIMS.org/Advocacy for more information and updates and to register. [12:52] We've got more plugs later. Let's return to our interview with Bill Coller and Lori Flaherty of Paychex! [13:10] Does inquisitiveness enhance the risk culture? Lori says that staying curious is key, especially when looking at remediation, defining risks, thinking about scenarios, and what could go wrong. Being curious opens your mind up to what could be. [13:47] Bill says it's tough to measure a strong risk culture. Bill looks at interactions with key partners across the enterprise. ERM meets with folks across the enterprise very frequently in Key Partnership Meetings. [14:13] The key partners are engaged with ERM, and they're having productive conversations. A lot of the risk programs the ERM Team performs are at the request of those partners. That's one way to measure a strong risk culture: full engagement and asking ERM to perform risk reviews. [14:33] Lori and Bill accepted the award last year, with Frank Fiorille. Lori says Frank is the Chief Risk Officer. He is the VP of Risk for Paychex. Lori and Bill report directly to Frank. He is over all the other risk teams, also. [15:15] Lori and Bill were heavily involved with the Paycor acquisition. Their involvement in the acquisition was critical. If you're in ERM and you're not a part of the M&A process, you should definitely be. It's aligning the strategic objectives of your company. M&A strategy is part of that. [16:13] The ERM Team is involved in the due diligence and the whole process. It's a critical part of your ERM program. [16:31] Bill explains that Risk Rotation is an ERM program. They bring in people from outside of the risk management organization to spend a week with the ERM Team. Since COVID< they do a lot of it virtually. Each of the risk disciplines comes to present interactively to those people. [17:17] The ERM Team shares exactly what they are doing and puts the people through exercises. Bill has a risk scoring exercise. He asks them to bring some risks that they face in their roles. Bill talks about impact, likelihood, and control effectiveness, and makes a heatmap. [17:57] Frequently, after a Risk Rotation, some will ask to participate in a future Risk Review. [19:02] Lori shares tips for presenting at a RIMS conference. Knowing your material and being passionate about the topic are important. A presenter should know the audience. You are the audience. What would you want to know? [19:24] When Lori goes to a session, she wants to know how to practically apply what this means. She wants some takeaways. She wants to know how the presenter is doing it, what's working, and what's not working. Keeping that in mind is super helpful. [19:42] When Lori has presented, she tells them,
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Kellee Ann Richards-St. Clair, the Vice President, Commercial, Phoenix Park Energy Marketing Limited. Justin and Kellee Ann discuss her target risk career starting in her undergraduate days studying chemistry, to her role as VP of Commercial for a gas supply organization. She describes the range of responsibilities she carries. Kellee Ann also speaks of her presence at the upcoming RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. Listen for understanding about the complexity and interconnectivity of risks in ERM. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our guest is Kellee Ann Richards-St. Clair. She is the Vice President of Commercial at Phoenix Park Energy Marketing Limited, and a member of the RIMS Strategic and Enterprise Risk Management Council. There is much to discuss with her! But first… [:47] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:07] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:21] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on the virtual workshops! [1:40] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:51] RIMS Webinars! On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". That session will be moderated by Christina Howard, our guest from last week. Register at RIMS.org/Webinars. [2:08] The RIMS ERM Conference 2025 will be on November 17th and 18th in Seattle, Washington. The agenda is live, and the link is available in this episode's show notes. [2:20] That brings us to today's guest, Kellee Ann Richards-St. Clair. She is the Vice President of Commercial at Phoenix Park Energy Marketing Limited, a U.S. subsidiary of Phoenix Park Gas Processors, LLC. [2:35] We're going to learn all about oil, gas, and the energy sector and how it intertwines with ERM. In addition, Kellee Ann will be making her RIMS ERM Conference debut! [2:48] Kellee Ann will be highly visible, especially on November 18th, when she leads the ERM Networking Breakfast, the Conference Finale Panel, and the recently added session at 1:30 p.m. on the 18th, "Exploiting Uncertainty: Making the Business Case for Strategic Risk Treatments." [3:09] That session was added after we recorded this interview, which is why we do not discuss it. Kellee Ann has a fascinating career and background. Between that and her presence at the ERM Conference, she's a wonderful guest, and I'm so glad we had this interview! [3:23] On with the show! Let's get to it! [3:25] Interview! Kellee Ann Richards-St. Clair, welcome to RIMScast! [3:34] Kellee Ann Richards-St. Clair, it's a pleasure to finally have you on our show! [3:43] Kellee Ann is a relatively new member of the RIMS Strategic and Enterprise Risk Management Council. She will be at the RIMS ERM Conference on November 17th and 18th. She will lead the ERM Networking Breakfast Tabletop Discussions. [4:12] Kellee Ann has a fascinating career, and she works in a unique sector. She's an energy sector professional and works in the oil and gas industry. The key to her embarking on the risk journey was when she did her Master's in Project Management. [4:36] One of the areas was Project Risk Management, to which Kellee Ann had a great affinity. She liked the analytical thinking that goes behind assessing what could likely impact your project. [4:53] Also, the accountability and ownership that goes into the planning phase, making sure that you're thinking of everything that could go wrong, as a means of making sure that you're achieving your objectives. [5:05] In 2004, Kellee Ann wrote her thesis on implementing enterprise risk management practices into private sector organizations. [5:15] It honed the tools she would use in project risk management with the greater goal of having a large impact on the organization, by impacting strategy and strategy delivery. [5:33] From there, Kellee Ann participated in risk committees in her organization and other organizations, helping them push the risk agenda and making sure they have the right mindset that allows them to make sure that they are achieving their business mandates. [5:59] Kellee Ann always intended to work in the energy sector in oil and gas. Her undergraduate degree is in chemistry. She always liked understanding how things are made and how they function. In the energy space, many of the operations are rooted in chemistry. [6:22] Kellee Ann speaks of the business component of getting the molecules out to market. ERM meshes with her affinity for chemistry, risk management, business, analytical thinking, and understanding how your business model functions and what could likely impact it. [7:13] Kellee Ann has managed project risk registers for her department, on the commercial side. She is always risk-focused, identifying any threats to the business and incorporating that into contract negotiations, and how she liaises with her stakeholders and customers. [7:41] For Kellee Ann, it was a perfect match, meshing her passion and her job responsibility. In the risk management profession, you get to have a direct impact on the success or failure of your business. [8:03] Kellee Ann is based in Houston with Phoenix Park Energy Marketing Limited, the U.S. subsidiary of Phoenix Park Gas Processors LLC, which is located in Trinidad and Tobago. It's a natural gas processing facility. [8:23] Kellee Ann leads the commercial function of Phoenix Park Energy Marketing Limited. The energy sector is dynamic, impacted by geopolitics, the volatility of market prices, and even other industries, and the investments they make. [8:37] For example, AI requires lots of power to run. For AI development to be successful means heavily investing in power. That's likely to have an impact on commodity prices. Everything is interconnected. [8:52] Interconnected risk is a current process in terms of managing the complexity of the current business environment. The energy sector becomes a good proxy for how you manage complex operations and still run a profitable business, fulfilling its purpose and mission. [9:16] Kellee Ann's mental model of risk management is prudent decision-making. You have to be able to justify to the shareholders that you are leading the organization in the right direction and prove the thinking behind what you are recommending. [9:42] You have to demonstrate the value proposition: This is what will prevent me from implementing my mission, and this is what I'm going to put in place. [9:51] Even though this is preventing a threat, these are the opportunities I'm seeing out of it. This is how I can move the needle a little further, because I'm looking at it from a holistic perspective. I'm no longer looking at it as a separate function. It becomes good business. [10:16] Kellee Ann is not functionally in charge of commercial. She is in charge of the strategic aspects of it. The Risk Management Department focuses on the operational aspects of the business and also feeds in strategic elements. [10:29] Kellee Ann has incorporated ERM into her lifestyle because of her subject matter expertise. She has gotten the opportunity to lecture on enterprise risk management and offer consultancy for private sector organizations that are early adopters in terms of risk maturity. [10:49] Kellee Ann considers that she has a broad experience in risk management, leveraging the tools in each of her job responsibilities. [11:05] Kellee Ann is over enterprise risk management from a strategic perspective. She has a high-level view of all risks likely to impact operations. She ensures that all risk mitigations are in place and makes sure she is exploiting all opportunities the organization would like to embrace. [11:31] There is enterprise risk management expertise within the organization, focused on the functional perspective, while Kellee Ann focuses on the strategic perspective, looking at emerging risks and how they impact the business and the marketability of the product. [11:49] Kellee Ann also looks at what areas of opportunity it opens up for her in terms of making an impact on the customers. [11:58] Kellee Ann is Vice President of Commercial. There is a separate Risk Management Department. They work together regularly. Kellee Ann tells how risks are managed functionally and strategically, and that employees have toolkits to distill information for prudent decisions. [12:36] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is our live virtual program led by the famous James Lam. Great news! A third cohort has been announced, from January through March 2026! [12:57] Registration closes January 5th. Enroll now. A link is in this episode's show notes. [13:06] Save the dates March 18th and 19th, 2026, for The RIMS Legislative Summit, which will be held in Washington, D.C. [13:14] Join us in Washington, D.C., for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. Visit RIMS.org/Advocacy for more information and updates and to register. [13:28] We've got more plugs later. Let's return to our interview with Kellee Ann Richards-St. Clair! [13:48] When communicating risks and opportunitie
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Chrystina Howard, the ERM Leader of the Complex Risk Practice at HUB International. Chrystina relates a bit of her career and then explores topics around emerging disruptions such as climate change and extreme weather, geopolitical whiplash, the pandemic, and AI. Chrystina shares her recipe for organizational resilience and some tips for catching and holding the attention of the C-Suite and the board. Listen for hints about Chrystina's upcoming webinar and her presentation on November 17th at the RIMS ERM Conference 2025 in Seattle, Washington. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is our live virtual program led by the famous James Lam. Great news! A third cohort has been announced, from January through March 2026. [:32] Registration closes January 5th. Enroll now! A link is in this episode's show notes. [:43] About this episode of RIMScast. We will talk all about ERM with Chrystina Howard, ERM Leader of the Complex Risk Practice at HUB International. But first… [1:10] RIMS-CRMP Prep Workshops! The CBCP and the RIMS-CRMP are presenting The Exam Prep Bootcamp for "Mastering Business Continuity and Risk Management" from November 3rd to 6th. That is a virtual course. [1:23] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:40] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:54] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on the virtual workshops! [2:13] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:24] RIMS Webinars! On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". [2:45] Register at RIMS.org/Webinars. [2:48] The RIMS ERM Conference 2025 will be on November 17th and 18th in Seattle, Washington. [2:56] If you are a Washington resident who would like to attend, you can enjoy an exclusive $150 discount on your registration by entering the discount code ERM2025WA on the Review step of the registration form. Act quickly because this offer expires on Friday, October 31st. [3:18] This is your chance to expand your ERM knowledge, here in Washington. That brings us to today's guest, Chrystina Howard. Chrystina is the ERM Leader of the Complex Risk Practice at HUB International, and she will be one of the presenters at the RIMS ERM Conference in Seattle. [3:39] On November 17th, she will present "Talk ERM to Me: How to Get and Keep Attention from Management." On November 6th, she will be moderating the HUB International Webinar "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World." [3:59] Registration links for the conference and the webinar are in this episode's show notes. [4:04] On with the show! We're all about ERM in this episode, and I wanted to give you all a chance to get to know Chrystina a little bit, in case you want to meet with her virtually, in person, or both. Let's get to it! [4:14] Interview! Chrystina Howard, welcome to RIMScast! [4:22] We will see more of Chrystina soon, on November 17th and 18th, in Seattle, Washington, at the RIMS ERM Conference 2025. We're going to talk more about that in a bit. [4:39] Chrystina Howard spent a couple of decades with the Willis Towers Watson organization, where she looked after ERM consulting. She built out a platform and rolled it out, that is still going strong globally. [4:53] Chrystina says she was fortunate to come to the HUB International organization, with a great culture, where she kick-started an ERM Consulting Division. She's having a blast, helping clients get what they need in terms of risk management. [5:14] Chrystina says that when building the ERM Consultancy, she had a lot of great folks to work with and two decades under her belt of developing processes and models. She was set to go as soon as she arrived at HUB. [5:31] Chrystina says they have great specialization, and she is able to get into a lot of industry risk information that she may not have known, to build out the breadth of the consultancy. She helps people learn what ERM is, how it's used, how it works, and why people are interested in it. [5:53] Chrystina says, We're just guns blazing, now! [6:09] Chrystina says geopolitical risks are definitely at the forefront for organizations. This includes economic volatility around the globe, tariffs, and import/export regulations between countries, that will call the shots for some time. [6:27] Chrystina says right along with geopolitical risks will be the effective use of AI. There are security concerns with AI. Some people are not comfortable with it. We're moving into a phase where we've got to put AI to work for us. How can we do that effectively and securely? [6:44] Chrystina says a lot of industries will have staffing challenges, particularly skilled workers. It will hit the healthcare industry pretty hard, along with agriculture, and construction. [6:58] Chrystina says she is seeing a bit of a resurgence in ESG risks. Despite the regulatory environment, people are keen to make sure that companies are being good environmental stewards, treating employees fairly, and behaving as the public thinks is appropriate. [7:41] AI will make data compilation and claims processing faster. Chrystina has been reading of physicians and medical practitioners using AI as a background double-check when they're working toward a diagnosis. [7:58] With its access to information, AI might ask, Your diagnosis is probably right, but did you consider this? We hope this will enhance the diagnostic process, and not take over. [8:11] There is a concern that there's pressure to use AI tools because your colleagues are using them. If you rely on it too much, that can also backfire. We're going to have to strike a balance. [8:40] Chrystina is an optimist when it comes to AI. AI tools can make shorter work of a lot of things in ERM, like scenario analysis; having a tool that will allow you to see multiple scenarios that maybe individuals couldn't come up with on their own, and make decisions from them. [9:06] Chrystina mentions automation for reporting and metric updates. Successful organizations that have the resources can use AI in ERM training, policy updates, and even collecting information through surveys and interviews. [9:23] Enhancing dashboards is a big focus going forward, getting a robust database that gives alerts and keeps everybody up to date. [9:35] Justin mentions crises of the past few years. The Baltimore Key Bridge collapsed a year ago, and we don't hear about it anymore. Justin asks, How can ERM leaders keep resilience and risk appetite aligned with long-term strategy, rather than reactive short-term fixes. [10:00] Chrystina thinks ERM, by nature, is focused on preparation and then response. It takes into account "left of loss." Before the incident occurs, how can we prepare ourselves the best and implement plans should something happen? [10:16] Chrystina has seen organizations widely embrace ERM more readily following the successful navigation of crises. [10:24] It would behoove ERM leaders to seize that opportunity and make a great connection between the protection and preparation that ERM brought through the crisis to the strategic success of the organization. [10:40] ERM leaders may have to campaign a little bit still, but it's something they can point out to executives, and the selling of ERM will be a lot easier. [10:53] Quick Break! RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by October 30th! [11:12] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by October 30th, and you will also be entered to win a $500 raffle! Do not miss out on this chance to plan and score some of these extra perks! [11:26] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us! Visit RIMS.org/Membership and build your network with us here at RIMS! [11:37] Save the dates March 18th and 19th, 2026, for The RIMS Legislative Summit, which will be held in Washington, D.C. [11:46] Join us in Washington, D.C., for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. Visit RIMS.org/Advocacy for more information and updates and to register. [12:02] Let's return to our interview with Chrystina Howard! [12:08] Chrystina Howard is the ERM Leader of the Complex Risk Practice at Hub International. Justin asks Chrystina about ERM leaders needing to campaign. Chrystina is one of the featured presenters at the RIMS ERM Conference 2025 in Seattle, Washington, November 17th and 18th. [12:58] Chrystina's foundational session is called "Talk ERM to Me: How to Get and Keep Attention from Management." It is a solo session. She likes to be at the controls! [14:09] Chrystina says speaking about risk to management is a perennial struggle. One of the top questions she gets is how to translate ERM for the C-Suite so they understan
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Shawn Punancy, Sr. Manager, Enterprise Risk Management of Delta Air Lines, Inc. Justin and Shawn discuss her fascinating career history, disruption in the airline industry, Shawn's risk philosophy at Delta Airlines, and how her ERM team stays connected to the business while maintaining a long-term strategic view of risk. Shawn will present two sessions with Lianne Appelt, the Head of Enterprise Risk Management at Salesforce, at the RIMS ERM Conference on November 17th and 18th in Seattle, Washington. Shawn shares some hints on what to expect from the sessions. Listen for Shawn's view on the biggest opportunity right now for ERM professionals to elevate their impact across the enterprise. Key Takeaways: [:01] About RIMS and RIMScast. [:15] The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is our live virtual program led by the famous James Lam. Great news! A third cohort has been announced, from January through March 2026. [:32] Registration closes January 5th. Enroll now! A link is in this episode's show notes. [:40] About this episode of RIMScast. We are flying high today, with Shawn Punancy, the Manager of Enterprise Risk Management for Delta Air Lines, Inc. Buckle in for the many aviation puns you're going to hear during this episode! But first… [1:12] RIMS-CRMP Prep Workshops! The next RIMS-CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:24] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:41] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:56] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on the virtual workshops! [2:15] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:26] RIMS Webinars! On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". [2:47] Register at RIMS.org/Webinars. [2:50] On with the show! Our guest today is the Manager of Enterprise Risk Management for Delta Air Lines, Inc. Her name is Shawn Punancy, and she has a fascinating career that I want to delve into today. [3:03] I also asked her to be on the show because she will have quite a presence at the RIMS ERM Conference 2025, which will be held on November 17th and 18th in Seattle, Washington. [3:14] On November 17th, at 11:45 a.m., she will be co-leading "Connections Count: Strategic Networking to Strengthen Risk Oversight." On November 18th, at 9:00 a.m., she will co-lead "How Deep Should You Go?: Rightsizing Risk Assessment for Maximum Impact." [3:33] In addition to learning about her fascinating career, I wanted to get a little preview of each of those sessions and learn a bit about her risk philosophy at Delta. Let's get to it! [3:44] Interview! Shawn Punancy, welcome to RIMScast! [3:53] Shawn Punancy is the ERM Senior Manager at Delta Air Lines, Inc. Shawn will be at the RIMS ERM Conference 2025, November 17th and 18th. Shawn has a fascinating career. [5:00] Shawn was an intelligence analyst at the U.S. DOD from 2011 to 2012, then moved to the CIA as a Senior Intelligence Analyst for seven years. [5:18] Shawn says it was great working at the CIA. She thinks there are very few places where you can work and have such broad awareness. Her year at the DOD was to prepare her to work at the CIA. [6:10] As an Analyst, Shawn worked in counter-terrorism, counter-narcotics, traditional political analysis, and leadership analysis. She did some targeting work, which is helpful for ERM. [6:27] After Shawn left the government, she worked briefly for a consulting firm in Atlanta, Georgia, doing business operating risk. She got word of a job in the Delta Corporate Safety and Security Division on the Intelligence and Risk Mitigation Team. [6:51] Shawn joined Delta, doing that for two years. She got to meet her Director, Eric Mai, whom she absolutely adores, and she's not just saying that because he may listen to this! Eric Mai introduced Shawn to the world of ERM. [7:07] Shawn started to see all the nexuses that existed between multiple different risks. Shawn says that working in corporate security on risk mitigation is like working at the DOD, but working in ERM is like working at the CIA. [7:42] Shawn was in high school on 9/11, and her mother was on a plane during the 9/11 attacks. Thankfully, she was not on a plane that was targeted on that terrible day. It left a lasting impression. [7:55] Shawn went on to study those types of events in International Affairs and Politics. That's how she got to her path in the government. Shawn is mission-driven and purposeful in her work. [8:42] Shawn applied to Delta when someone sent her a job posting. Shawn saw the posting and thought it looked like it was written for her. Shawn is thankful it worked out. [8:58] Shawn started as Program Manager for Intelligence and Risk Mitigation. She held that position for almost two years. In December of 2023, Shawn became Manager of ERM. The position did not exist before Shawn. ERM had been one person since 2019, when it was begun. [9:37] Eric Mai set up the ERM program. He realized that for it to continuously improve and grow, he needed another person. He went to bat for that role. Around the time it was posted, Eric came to Shawn and said that she might want to consider it, and he would love to have her apply. [9:57] Shawn is super grateful that Eric asked her. [10:13] Shawn says it is striking that ERM has played a small role in many companies. What if you don't know who that person is, or you're not engaging with that person? [10:53] Shawn has noticed that in several industries, the aviation industry included, everything is highly siloed. How does one ERM person get to everybody across the business? How do they make ERM relevant for the leadership and the board? [11:15] Something different could happen any day in the airline industry. Shawn says every day they get a notification from their Duty Director about what the day will look like. Some days, the system looks good: they're moving tens of thousands of people on several thousand flights. [11:33] Other days, there's a hurricane or something, or there is a strike somewhere that completely upends the day. It's a lively environment. [11:56] The American Airlines regional jet and helicopter crash in Washington, D.C. this year put a spotlight on Safety and Risk Managers to ensure they had the proper protocols in place and understood all the communication channels. They double-checked the protocols. [12:40] One thing Shawn loves about the airline industry is that safety is for everyone. There's no competition in safety. No one places blame. They come together to ensure that they are in the best position to continue to put safety first, not only for customers but also for all employees. [13:17] If Shawn had a mantra, it would be, You get further together than you do as an individual. She learned that from her time in Corporate Safety and Security and as an ERM professional. She could not do her job without relationships and connections across the company. [14:05] Shawn says Delta has a strong governance structure. The risk committee reports to the executive leadership team. ERM meets with the risk committee monthly to talk about what is coming up. ERM tracks that, so as risks build, they remember what was said months ago. [14:29] They prepare themselves for the known events of the next couple of months, such as an upcoming audit, an issue with plane manufacturers, or a suspected coming fleet delay. [14:53] ERM uses its governance structure to think through how to manage the risk, who is responsible, who is touched, what should be reported up to the leadership, and what can be managed at the business level. [15:07] Looking longer-term, ERM recently started talking directly to board members, asking for their perceptions about risk over the next three to five years. ERM also asks that question of the business leadership annually, to make sure management shares the same vision as the board. [15:38] ERM adds value by showing where those visions aligned, or if and when they diverged. Using that information helps inform the broader risk landscape. ERM uses that to engage the Strategy team with their annual goals and pillars; their Annual "Flight Plan." [16:08] ERM shows the collected data on where risk lies to the Strategy Team and asks how it might affect the Flight Plan and the Five-Year Strategy. It's the role of ERM to highlight the risks they've identified through the forums they've engaged. [16:36] Shawn has two on her ERM team, including herself. Her team has strong relationships across Delta. That helps ERM to be a force multiplier. They lean on their colleagues to help stay aware, figure out the best direction to guide ERM efforts, and make an impact where possible. [17:24] Quick Break! RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by October 30th! [17:43] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by October 30th, and you will also be
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Katherine Henry of Bradley, Arant, Boult, Cummings, and Harold (Hal) Weston of Georgia State University, Greenberg School of Risk Science, who are here to discuss their new professional report, "A 2025 Cybersecurity Legal Safe Harbor Overview." Katherine and Hal take the discussion beyond the pages and delve into best cybersecurity practices, cyber insurance, and Safe Harbor laws offered by some states and possibly to be offered soon by others. They discuss frameworks and standards, and what compliance means for your organization, partly based on your state law. Listen for advice to help you be prepared against cybercrime. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by the authors of the legislative review, "A 2025 Cybersecurity Legal Safe Harbor Overview", Katherine Henry and Harold Weston. Katherine and Harold are also prominent members of the RIMS Public Policy Committee. [:48] Katherine and Harold are also here to talk about Cybersecurity Awareness Month and safe practices. But first… [:53] RIMS-CRMP Prep Workshops! The next RIMS-CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:05] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:23] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:37] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on the virtual workshops! [1:56] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:08] Several RIMS Webinars are being hosted this Fall. On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:28] On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:40] Before we get on with the show, I wanted to let you know that this episode was recorded in the first week of October. That means we are amid a Federal Government shutdown. RIMS has produced a special report on "Key Considerations Regarding U.S. Government Shutdown." [2:58] This is an apolitical problem. It is available in the Risk Knowledge section of RIMS.org, and a link is in this episode's show notes. Visit RIMS.org/Advocacy for more updates. [3:12] Remember to save March 18th and 19th on your calendars for the RIMS Legislative Summit 2026, which will be held in Washington, D.C. I will continue to keep you informed about that critical event. [3:24] On with the show! It's National Cybersecurity Awareness Month here in the U.S. and in many places around the world. Cyber continues to be a top risk among organizations of all sizes in the public and private sectors. [3:40] That is why I'm delighted that Katherine Henry and Harold (Hal) Weston are here to discuss their new professional report, "A 2025 Cybersecurity Legal Safe Harbor Overview". [3:52] This report provides a general overview of expected cybersecurity measures that organizations must take to satisfy legal Safe Harbor requirements. [4:01] It summarizes state Safe Harbor laws that have been developed to ensure organizations are proactive about cybersecurity and that digital, financial, and intellectual assets are legally protected when that inevitable cyber attack occurs. [4:15] We are here to extend the dialogue. Let's get started! [4:21] Interview! Katherine Henry and Hal Weston, welcome to RIMScast! [4:41] Katherine was one of he first guests on RIMScast. Katherine is Chair of the Policyholder Insurance Coverage Practice at Bradley, Arant, Boult, Cummings. Her office is based in Washington, D.C. She works with risk managers all day on insurance issues. [5:05] Katherine has been a member of the RIMS Public Policy Committee for several years. She serves as an advisor to the Committee. [5:12] Justin thanks Katherine for her contributions to RIMS. [5:25] Hal is with Georgia State University. He has been with RIMS for a couple of decades. Hal says he and Katherine have served together on the RIMS Public Policy Committee for maybe 10 years. [5:48] Hal is a professor at Georgia State University, a Clinical Associate in the Robinson College of Business, Greenberg School of Risk Science, where he teaches risk management and insurance. Before his current role, Hal was an insurance lawyer, both regulatory and coverage. [6:05] Hal has a lot of students. He is grading exams this week. He has standards for his class. In the real world, so does a business. [6:46] Katherine and Hal met through the RIMS Public Policy Committee. They started together on some subcommittees. Now they see each other at the annual meeting and on monthly calls. [7:05] Katherine and Hal just released a legislative review during RIMS's 75th anniversary, "A 2025 Cybersecurity Legal Safe Harbor Overview". It is available on the Risk Knowledge page of RIMS.org. [7:20] We're going to get a little bit of dialogue that extends beyond the pages. [7:31] Katherine explains Safe Harbor: When parties are potentially liable to third parties for claims, certain states have instilled Safe Harbor Laws that say, If you comply with these requirements, we'll provide you some liability protection. [7:45] Katherine recommends that you read the paper to see what the laws are in your state. The purpose of the paper is to describe some of those Safe Harbor laws, as well as all the risks. [8:04] October 14th, the date this episode is released, is World Standards Day. Hal calls that good news. Justin says the report has a correlation with the standards in the risk field. [8:43] Justin states that many states tie Safe Harbor eligibility to frameworks like NIST, the ISO/IEC 27000, and CIS Controls. [9:27] Hal says, There are several standards, and it would be up to the Chief Information Security Officer to guide a company on which framework might be most appropriate for them. There are the NIST, UL, and ISO, and they overlap quite a bit. [9:56] These are recognized standards. In some states, if a company has met this standard of cybersecurity, a lawsuit against the company for breach of its standard of care for maintaining its information systems would probably be defensible for having met a recognized standard. [10:23] Katherine adds that as risk managers, we can't make the decision about which of these external standards is the best. Many organizations have a Cybersecurity Officer responsible for this. [10:44] For smaller organizations, there are other options, including outsourcing to a vendor. Their insurance companies may have recommendations. So you're not on your own in making this decision. [11:14] Katherine says firms should definitely aim for one recognized standard. Katherine recommends you try to adhere to the highest standard. If you are global, you need to be conscious of standards in other countries. [11:46] Hal says California tends to have the highest standards for privacy and data protection. If you're a financial services company, you're subject to New York State's Department of Financial Services Cyber Regulation. [12:02] If you're operating in Europe, GDPR is going to be the guiding standard for what you should do. Hal agrees with Katherine: Any company that spans multiple states should pick the highest standard and stick to that, rather than try to implement five or 52 standards. [12:23] When you're overseas, you may not be able to just pick the highest standard; there are challenges in going from one country or region of Europe back to the U.S. If one is higher, it will probably be easier. [12:38] There are major differences between the U.S., which has little Federal protection, vs. state protection. [13:10] Katherine says if you don't have the internal infrastructure, and you can't afford that infrastructure, the best thing is to pivot to an outside vendor. There are many available, with a broad price range. Your cyber insurer may also have some vendors they already work with. [13:40] Hal would add, Don't just think about Safe Harbors. That's just a legal defense. Think about how you reduce the risk by adopting standards or hiring outside firms that will provide that kind of risk protection and IT management. [13:59] If they're doing it right, they may tell you the standards they use, and they may have additional protocols, whether or not they fall within those standards, that would also be desirable. A mid-sized firm is probably outsourcing it to begin with. [14:21] They have to be thinking about it as risk, rather than just Safe Harbor. You have to navigate to the Safe Harbor. You don't just get there. [14:31] Quick Break! RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by October 30th! [14:50] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by October 30th, and you will also be entered to win a $500 raffle! Do not miss out on this chance to plan and score some of these extra perks! [15:03] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us!
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Gwenn Cujdik, the Incident Response and Cyber Services Lead for North America at AXA XL. Justin and Gwenn cover various cybersecurity topics, and how her 15 years as an Assistant District Attorney prepared her for her current role of responding to cyber attacks. Listen for tips on securing your organization, large or small, from cyber attacks and responding when, not if, they come. Gwenn shares her experiences and some advice. Listen for Gwenn's insights to help you be vigilant and prepared against cybercrime. Key Takeaways: [:01] About RIMS and RIMScast. [:14] With great sadness, the RIMS family lost a true leader in September. Susan Meltzer was an exceptional risk professional and passionate volunteer with RIMS. She served as the Society's President in 1999 and 2000. [:29] RIMS has established a scholarship fund in her name. You can donate to that fund through RIMS, The Foundation for Risk Management®, at RIMS.org/FRM. [:46] About this episode of RIMScast. This is our National Cybersecurity Awareness Month episode. Here to lend her insight on all things cyber is Gwenn Cujdik. She is the Incident Response and Cyber Services Lead for North America at AXA XL. [1:19] We're also going to talk about her fascinating career that antedates her time in cyber. [1:24] RIMS-CRMP Prep Workshops! The next RIMS CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:36] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:53] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [2:07] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on virtual workshops! [2:26] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:37] Several RIMS Webinars are being hosted this Fall. On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [2:51] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [3:08] On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [3:20] On with the show! It's National Cybersecurity Awareness Month here in the U.S. and in many places around the world. Cyber continues to be a top risk among organizations of all sizes in the public and private sectors. [3:35] Joining me today to discuss cybersecurity awareness is Gwenn Cujdik. You may remember her from the RIMS AXA XL webinar on September 4th, "Lock Down & Level Up." [3:52] During that webinar, we had a brief, fascinating discussion about her time as an Assistant District Attorney in Pennsylvania. [4:01] I wanted to learn more about how someone transitions from a colorful career to cybersecurity and eventually becomes the Incident Response and Cyber Services Lead for North America at AXA XL. [4:15] She's got a lot on her plate. She's got a huge risk radar. We're going to talk all about it and help all the risk managers out there use her insight and perspective to protect their organizations. Let's get to it! [4:28] Interview! Gwenn Cujdik, welcome to RIMScast! [5:09] Gwenn is Incident Response and Cyber Services Lead for North America at AXA XL. When a client has a cyber breach, they call AXA XL and work with Gwenn's teams. [5:42] Gwenn works on training her teams to be able to respond, setting up procedures and processes to make the response seamless and collaborative, and making sure the clients get consistent service, whoever handles the call. [6:16] Gwen's team has 18. Four are in leadership with 14 more team members. Two managers directly supervise the teams to help them with answers to questions about unusual situations. [6:50] Gwenn helps the teams understand massive events and how they might affect AXA XL and their clients, how to interact with brokers, and technical matters. She helps the team understand coverages when it comes to something unique. "It's all hands on deck for us!" [7:55] Gwenn says, Fighting crime is a part of who I am. She is driven by helping others get through some terrible times. She has seen the worst of the worst. Sometimes it takes just one helping hand to get people through tough times. She has seen how impactful that can be. [8:44] Sometimes, in a crisis, how people interact with the victim could be the recipe for them to recover fully from that event. Gwenn has seen people recover, take back their lives, move forward, and be survivors. She has seen corporations and companies do so and become better. [9:39] Justin repeats that Gwenn has seen the worst of the worst: homicides, murders, abuses of women and children, arson, and more. She has seen it all, including things that she wishes she hadn't seen. [10:27] Gwenn compares cyber incident response to her ADA work. A prosecutor has to be able to handle things under pressure. The best prosecutors are looking to do the right thing. Gwenn has met many people who, absent the crime, would have been friends. [11:06] You have to be able to see there's a human on the other side, and there are humans that they hurt. You do right by understanding that there are a lot of players involved, who are humans. [11:26] It helps you understand where somebody might be coming from. It helps you understand why they might be screaming at you. "I'm just the messenger, but let's talk about why you're so upset." [11:39] Gwenn says one of the cool things about being a prosecutor is that every case you have presents a different set of facts and circumstances. There's a law that's intertwined with it, and that's interesting for Gwenn. [11:54] The first time Gwenn had an arson case, she had to work with the Fire Marshals to understand how they knew the fire started here. How did they know it was a chemical? She started with the Fire Marshals and then went to the crime scene to talk to Forensic Chemists. [12:11] The Forensic Investigators explained the chemistry behind the Molotov Cocktail that was thrown through the window. This was how the fire started, and then it enveloped the room. [12:22] When Gwenn first worked with DNA, she found it to be incredibly complicated. She had to learn it to be able to explain it. Her job was to explain to 12 people why DNA mattered, why it's this guy, and not anybody else, that committed this crime; the numbers are insane. [12:44] It could be one in a hundred quadrillion that it's another person. Those numbers are insane, and it's really hard to understand. [12:56] Gwenn was in the DA's office when cell site analysis came around; being able to triangulate where someone is, using cell towers. The Philadelphia Field Office had one of the pioneers in that science. Gwenn learned from him. [13:13] One of Gwenn's matters was a homicide. They tracked the defendant from the scene of the crime, through public transportation, back to his house, using cell site triangulation. While they were mapping, the actor Joe Piscopo came by, touring the building. Gwenn was an SNL fan. [14:23] Gwenn's prosecutorial experience translates to cyber in that each matter is a little different. There's a bad guy at the other end. Gwenn is not sympathetic to the bad guys because they are anonymous. Nobody sees them or knows them. It's usually a criminal enterprise. [14:59] It's a group of people working together, motivated by money and wreaking havoc on people who are trying to make a living and support their families. The bad guys want to extort millions of dollars and put businesses and livelihoods in danger. [15:42] In Philadelphia, the elite of the elite prosecutors worked in homicide. Some spend 20 or 30 years there. Gwenn was an ADA for 15 years, but couldn't see herself doing it for 20 or 30 years. She wanted to stay positive and be a force for good when she was dealing with bad. [16:34] She wondered where she could go to have a similar impact for good, investigating, and helping people get through an awful time. [16:45] Gwenn had a friend who worked with her in the Family Violence and Sexual Assault Unit. She had left the office to work for a new law firm doing cyber incident response. She called Gwenn and said she would be really good at it. She explained it to Gwenn. [17:50] Gwenn interviewed with the firm and got an offer the day she interviewed. She realized that was what she wanted to do. Some former prosecutors were doing it. There were some amazing people, and she wanted to be a part of that, something new, interesting, and growing. [18:15] Gwenn wanted to be challenged and get to help people. Once she discovered it, she couldn't think of a better transition for people who are in law enforcement than going into cybersecurity. [18:39] RIMS Events! On November 17th and 18th, join us in Seattle, Washington, for the RIMS ERM Conference 2025. The agenda is live. Check out Episode 357 for Justin's dialogue with ERM Conference Keynote Presenter Dan Chuparkoff on AI and the future of risk. [18:59] Visit the Events page of RIMS.org to register. [19:02] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 202
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews James Swanke, Lecturer in Risk and Insurance at the University of Wisconsin-Madison's Wisconsin School of Business. He currently serves as Director of the Risk Management and Insurance MBA program. Justin and Jim talk about his 42 years of experience in Risk Consulting with Willis Towers Watson, and his specialties there, particularly with captives. They discuss the University of Wisconsin-Madison Risk Management and Insurance MBA program, what the students learn, and the competitions they have won in the last year, and they look forward to winning this year. Also, Jim tells of disc jockeying in college, from Classic Rock to Polka. Listen to learn about captive design, how to prepare for emerging trends, and who wrote the best music of the '70s. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. This is our special International Podcast Day episode because it's released on September 30th. We will be joined by Jim Swanke. He's a lecturer in the Risk Management Program of the University of Wisconsin. [:46] Jim started his career in broadcasting, and he still has the voice. We've got a lot to talk about today! [:54] RIMS-CRMP Prep Workshops! The next RIMS CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:06] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:23] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:39] On November 11th and 12th, Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on virtual workshops! [1:58] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:09] Several RIMS Webinars are being hosted this Fall. On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [2:22] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:39] On November 6th, HUB will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:51] We're very excited that today is International Podcast Day! Before we celebrate, I wanted to take a moment to acknowledge and mourn the passing of Todd Cochrane. Todd was a podcast pioneer. [3:06] I've linked in this episode's show notes to a wonderful obituary from Podnews®, about his career, starting with his time in the Navy up to launching his own podcast, and writing Podcasting: The Do It Yourself Guide, from Wiley Publishing in 2005. [3:25] Over the last couple of months, I've had the pleasure of communicating with Todd over email for the Podcast Awards, and it was only last week that I saw the unfortunate news of his passing, which occurred suddenly on September 8th. [3:30] Our condolences go out to his family, friends, and the greater podcasting industry. [3:47] On with the show! This is our special International Podcast Day episode, and I am delighted to be joined by James Swanke, the Director of the Risk Management and Insurance MBA Program at the Wisconsin School of Business at the University of Wisconsin-Madison. [4:06] Jim spent four decades at WTW, specializing in financial and strategic planning issues, as well as captive insurance company design. [4:18] Jim was recently quoted in a new professional report, available on the RIMS Risk Knowledge page, and sponsored by LineSlip Solutions, titled "The Future of Captive Insurance: Governance, Technology, and Performance Optimization." [4:32] Jim got his start at the University of Wisconsin in broadcasting. We're going to talk about his career path and how being a disc jockey led him to where he is today, educating the next generation of risk professionals. Let's get to it! [4:50] Interview! Jim Swanke, welcome to RIMScast! [5:38] When Jim was in high school, he competed in forensics, in extemporaneous speaking. He did very well. He did well at the University of Wisconsin-Madison, and it got put in the newspaper. WLDY, in Ladysmith, Wisconsin, saw it in the newspaper and contacted him. [6:03] They were looking for a radio jock to "spin vinyls," do some DJing, and read sports and news. That job helped Jim get into the University of Wisconsin-Madison. [6:21] Jim studied actuarial science and risk management. He went into the Bachelor's program, the MBA program, and the graduate program in risk management, insurance, and corporate finance. [6:40] Jim was hired by the Wyatt Company and did lots of feasibility studies. After 42 years at Willis Towers Watson, he retired. Now he teaches at the University of Wisconsin-Madison. [6:57] Broadcasting set Jim on his path. He says that everything about what we do in the captive and risk management area is about communication. If you're not communicating, listening, helping out, and building stuff, you're not going to be a success. [7:28] When Jim was a DJ at WLDY, they played different kinds of music. On Sundays, he played polka music. On Saturdays, it was country western, and Monday through Friday, it was rock music. Rock music is what he enjoys. At the top of every hour, he did the news and weather. [8:13] Justin recalls his own career. He was just waiting for podcasting to be invented, then he was able to make it all work out. [8:31] Jim worked with captives at Willis Towers Watson. He is quoted in a new LineSlip paper, "The Future of Captive Insurance: Governance, Technology, and Performance Optimization." Justin saw his name there and thought it would be good to have him on RIMScast. [8:53] Jim described captives as a lifeline during extreme market conditions, comparing today's hard market to the turbulence of the 1980s. Jim tells what makes captives effective under hard conditions. Captives allow organizations to control their own destiny. [9:20] When you're in a hard market, having a captive allows you to take premiums that you normally pay to a commercial insurance carrier and put them into your captive insurance company. A captive is a subsidiary of the captive owner. [9:41] Most of the Fortune 500 companies in the United States have a captive. It allows them to arbitrage whatever's going on in the insurance marketplace. When we're having a difficult market, they put more of their premiums into the captive and rely on the captive more. [9:58] When the market softens, carriers may provide insurance at premiums that are lower than the expected losses. Organizations will buy commercial insurance all the time when the premiums are less than their projected losses. [10:14] Depending on where it is in the market, a captive has a role in an organization's risk management program. [10:27] Jim says a lot of organizations have looked to captives since 2020. We were in the midst of the pandemic, with all kinds of economic hardship. The insurance industry was in despair, as well. A lot of insurance companies cut back on the limits they were willing to offer. [10:49] Insurance companies put additional exclusions onto their insurance, so organizations had to rely on their own sophisticated ways of financing their losses. If they hadn't set up a captive, they set up a captive. If they had a captive in the past, they re-engineered it to do more. [11:15] They also used their captives to access the reinsurance marketplace. Reinsurance is insurance for insurance companies. A captive can be used as a platform to access reinsurers. [11:37] Even in difficult markets, having reinsurers involved created more competition, provided more limits, and there was more flexibility in the coverage terms. [11:48] That was when the pandemic was going on, which triggered the hardening of the market and the lack of availability of insurance. Organizations with captives relied on them and did more. Organizations without captives had captive feasibility studies done and formed captives. [12:09] Jim says the CEO of a captive should be a senior person who will monitor what's going on, fairly senior in the organization. It's not a full-time position. It takes three or four hours a month, plus board meetings. [12:46] A captive is required to have a captive manager, who is an accountant. They keep the books and interface for the captive with the regulator. The President or CEO of the captive relies on the captive manager to do a lot of the daily work. [13:09] Jim says you need a senior person involved so people take the captive seriously. The senior person is going to be the driver in reducing the severity of loss through loss prevention and loss reduction. Having a senior person is so important to the success of the captive. [13:40] There are lots of considerations when you're looking to make changes to your captive. Changes could include adding emerging types of risks, like cyber risk. If you're a hospital, a lot of medical malpractice captives have been hugely successful and have grown surplus. [14:08] Healthcare institutions are passing on some of their capitated risk exposures into their captives because they've done quite well with their medical malpractice. These risks are not correlated with each other, so there is a diversification benefit. [14:22] As you look to make these changes, you need
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin divides this episode into three segments. He first interviews Eddie Tettevi, Sandbox Mutual Insurance CRO and RIMS Canada Council Chair — DEI and Comms, about his risk career and his service on the RIMS Canada Council. In the second segment, Justin interviews Janiece Savien-Brown, Metro Vancouver, and Shaun Sinclair, BCIT, about the C2C Challenge and the winning student team. The third segment is a recording of "Intentional Mentorship," an improvised session from the DEI Studio, featuring Dionne Bowers, Co-Founder & Chair of the Canadian Association of Black Insurance Professionals (CABIP), Ray Chaaya, Head of talent for Zurich Canada, and Natalia Szubbocsev, Executive Vice President at Appraisals International Inc. Listen to learn about some exciting events of the RIMS Canada Conference 2025. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. This episode was recorded live on September 15th, 16th, and 17th at the RIMS Canada Conference 2025, at the Telus Convention Center in Calgary. We had a blast! We will relive the glory of the RIMS Canada Conference in just a moment, but first: [:50] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:07] On November 11th and 12th, my good friend Chris Hansen will lead "Fundamentals of Insurance". It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members enjoy deep discounts on virtual workshops! [1:26] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:37] Several RIMS Webinars are being hosted this Fall. On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [1:50] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:07] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:20] On with the show! It was such a pleasure to attend the RIMS Canada Conference 2025 in Calgary. There's always electricity in the air at RIMS Canada, and I wanted to capture some of it! [2:33] We've got two interviews, and then an improvised session I recorded at the DE&I Studio. The sound came out great, and I used it here with the panelists' permission. [2:49] We've got excellent education and insight for you today on RIMScast! My first guest is Eddie Tettevi. He is the Chief Risk Officer at Sandbox Mutual. He's a very active member of the Saskatchewan RIMS Chapter and a member of the RIMS Canada Council. [3:11] We're going to talk about his risk management career, his RIMS involvement, and how his insights from one of his RIMS DE&I sessions led to this discussion. [3:24] First Interview! Eddie Tettevi, welcome to RIMScast! [3:38] Eddie is the Chief Risk and Compliance Officer at Sandbox Mutual Insurance. He's also the Corporate Secretary, which means he helps the organization navigate strategic initiatives within the boundaries of risk appetite and regulatory compliance. [4:12] Eddie has been at Sandbox for approximately two years. When he joined the company, Sandbox was going through a period of rapid growth and taking the right risks. That was something Eddie looked forward to being involved in. [4:54] The CRO role was not an independent role at Sandbox before Eddie started. It was held by the Chief Financial Officer. The CCO role was held by HR. The Corporate Secretary role was held by the CEO. Eddie fills the three roles in his new position. His background fits all three roles. [6:06] Eddie normally leads a risk group of three. Eddie was previously in cyber for 13 or 14 years. His background is in electrical engineering and computer science. He helped organizations secure their software and network. [7:02] Eddie doesn't think risk management is any different. He's helping organizations make the right decisions. The difference is that the portfolio is much larger. Cybersecurity is one aspect of Eddie's risk management work. [7:33] Eddie says cyber attacks are growing. Individuals who may not be skilled are using AI tools to perpetrate cyber attacks. The attacks are increasing exponentially in skill and sophistication. [8:09] Eddie co-hosted a session in the DE&I Studio with Aaron Lukoni and Tara Lessard-Webb, focused on understanding how mental health plays a part in risk management and how organizations should think about mental health as part of a risk management framework. [8:31] The session was "Building Resilient Workplaces, the Role of Mental Health in Risk Management." In it, Eddie revealed he is skilled in multiple languages, but an expert in none, including English. He grew up with influences from English, French, Malay, and Creole Patois. [9:38] Eddie loves learning about new cultures. That has influenced his accent. In every language he speaks, he has an accent, which makes it interesting. He has worked in French and English organizations. He learns languages in six months. He picks them up quickly. [10:50] Eddie, Aaron, and Tara emphasized making sure we are thinking about and embedding mental health in our risk framework. [11:02] When designing any strategies and initiatives, risk professionals should consider what's happening in the organization. An organization going through a lot of change is already a stressed organization. You have to consider that as you introduce more change. [11:40] Eddie says the award-winning Saskatchewan RIMS Chapter is exciting. It's great to work with people who are interested, dedicated, and committed. He says the chapter is doing some incredible things, such as introducing risk courses into the universities in the province. [12:15] Eddie was a RIMS member before joining Sandbox. You can be a RIMS member without joining a chapter. Moving to Saskatoon created the opportunity for Eddie to join the Saskatchewan RIMS Chapter, which he had been looking forward to, to connect with people. [12:36] Justin gives shoutouts to various Saskatchewan Chapter members. [13:03] Eddie serves on the RIMS Canada Council as Chair of the Communications, External Affairs, and DEI Committee. [13:22] The committee is responsible for making sure that all RIMS communications have a DEI lens and advocate for the risk community, partnering with other advocacy groups around Canada. [13:52] Justin says it's been such a pleasure to meet you and hang out with you! I look forward to seeing you at more RIMS Canada and RIMS events. [14:02] Our next guests organized the 2025 C2C Coast to Coast Challenge. This is a competition for risk management students based in Canada. We'll learn about the case studies and what it took to produce their presentations, and also have a chance to acknowledge the winners. [14:19] We will hear from Shaun Sinclair, the Program Head of General Insurance and the Risk Management Program at British Columbia Institute of Technology, and Janiece Savien-Brown, the Manager for Risk and Claims Management at Metro Vancouver. [14:35] We're going to learn about their various roles, as well. Let's get to it! [14:39] Second Interview! Shaun Sinclair and Janiece Savien-Brown, welcome to RIMScast! [14:47] Janiece Savien-Brown is the Manager of Risk and Claims Services with Metro Vancouver by day. She has been involved with BCRIMA for 17 or 18 years. BCRIMA started the Coast 2 Coast Legacy Challenge three years ago. Last year was its first year in Vancouver. [15:07] Shaun Sinclair is the Program Head of the General Insurance and Risk Management Program at BCIT, an institute of technology in Vancouver and Burnaby, B.C. [15:17] They teach students insurance and risk management courses. Students graduate with a CRM and a Chartered Insurance Professional designation. [15:26] Shaun is also the President of BCRIMA this year. He has been a BCRIMA member for a long time. This C2C Legacy Challenge was awesome for Shaun because two teams from BCIT got into the finals. Shaun had to recuse himself. [15:51] Janiece says the RIMS Canada Conference 2025 was fantastic! Shaun was there with seven students, and it was awesome to see what they were learning. The students told Shaun they loved everything about it. [16:45] The two finalist teams were The Deductibles and Insure and Conquer. This year's submissions were highly creative and impactful. [17:10] Shaun has been involved in Risk Management Challenges for years and has been to the nationals several times with groups. Shaun stays pretty hands-off. The students get the challenge, and Shaun discusses it with them. He figures out what they need from him to do it. [17:42] In this case, a root cause analysis wasn't needed. They learned how to do a Failure Mode and Effects Analysis (FMEA), a heat map, and gather general knowledge. Then he let them go. They came up with the 10-page report. He didn't watch their presentation until they went live. [18:14] Their champion for the challenge was Ken Letander. The challenge was a procurement question. If your organization's ownership is 51% Indigenous, and you keep your staff 33% Indigenous, money comes your way for contracts. [18:48] When the contract is over and it's time to get the money, but the organization refuses to give that information, how do you make sure they have the 33% Indigenous staff and 51% Indigenous ownership? Do you need pictures, or can you use Elders to say it's enough? [19:12] The students had to read a lot about risk and the rules
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Dan Chuparkoff, the CEO and founder of Reinvention Labs, about his risk career, from an insight at age 17, leading at tech giants, to founding a startup to help organizations reinvent themselves with AI. Dan asserts that if you're not keeping up with AI, you're falling behind your industry. Dan previews his upcoming November 17th opening keynote address at the RIMS ERM Conference 2025 in Seattle, Washington. Listen to learn more about AI, innovation, and staying ahead of the competition. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. We will be joined by the CEO of Reinvention Labs, Dan Chuparkoff. Dan will deliver the opening keynote at the RIMS ERM Conference 2025 on November 17th in Seattle, Washington. [:47] We will get a glimpse into Dan's risk philosophies, when it comes to AI and innovation, and get a preview of his keynote. It's going to be a lot of fun! [:55] RIMS-CRMP Workshops! The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:16] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:33] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:44] Several RIMS Webinars are being hosted this Fall. On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration". [1:57] On September 25th, we will have a special webinar, hosted by Merrill Herzog, about active shooter preparedness in 2025 and beyond. That session will be complimentary for members and nonmembers. So, be sure to put that on your calendar for 1:00 p.m. Eastern Time. [2:16] On October 9th, Global Risk Consultants 07returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [2:25] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". [2:33] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:42] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:54] On with the show! As you know, the RIMS ERM Conference 2025 will be held in Seattle, Washington, on November 17th and 18th. Our guest today will be kicking off the conference with his keynote, "AI and the Future of Risk Management." [3:11] His name is Dan Chuparkoff, and he is the CEO and Founder of Reinvention Labs. He's going to talk to us all about innovation and how AI can enrich our risk management processes. This conversation today will be a preview of what he will bring to the stage in Seattle. [3:30] Be sure to visit the link in this episode's show notes to register. You can also visit RIMS.org/Events and click on the ERM banner. I had such a great time recording this interview, and I know you are going to love it. Let's get to it! [3:43] Interview! Dan Chuparkoff, welcome to RIMScast! [3:52] Dan is super excited for this conversation. He says he doesn't always get this chance before an event to dig into some of his thoughts about the event and the industry. [4:37] Dan had a meandering career. He worked for 32 years in technology. He worked for some massive organizations, a 100-year-old company, McKinsey, some new startups, more mature startups like Atlassian, and Google. [5:15] Working for major enterprises and new startups, Dan got exposure to risk management perspectives from both extremes. He built a blend of how he thinks about risk that mixes the best of both worlds. That has helped make him successful. He'll talk about that in his keynote. [5:44] Dan brings some things he learned from nimble startups about experimentation, and keeps his eye out for the pitfalls that are coming in the future, which the major enterprises had more risk awareness to avoid. [6:08] Dan worked alongside risk managers, who were the Chief Legal Officer, or even the CEO, to figure out when they were taking smart risks and when they needed to stop doing something they had started. [6:40] Dan learned of Enterprise Risk Management while working at a marketing services software development agency. They were building software for global enterprises. As they built software, the enterprise would have a review board evaluate it for quality and policy adherence. [7:09] From 2002 to 2010, Dan got real exposure to global risk management. He learned things like the risk philosophy of European countries and the European Union, as it differs from American risk philosophy. [7:35] Dan notes that the risk management profession tunes you to be a systems thinker, not just a siloed thinker. You're not just thinking about what your team is doing, but you're thinking of the downstream ripple effects of every decision that you make. [7:53] As you become a leader in charge of more of the organization, systems thinking prepares you to understand the ripple effect of your decisions and think about how decisions need to be coordinated across the different streams of the organization. That makes you a great leader. [8:40] About 15 years into Dan's career, he realized there were some things he knew deeply and was really passionate about. When those things came up in meetings, he was outgoing. He stood up and marked on the whiteboard. [9:06] He had this passion, and he knew it would be helpful to share it. Before he started thinking about audiences and microphones, he started thinking about the content he was passionate about. That content was about people's ability to change and adapt to new technology. [9:29] Technology changes all the time. New technology is confusing and filled with risk. At some point, you have to get on that new bus, or the organizations in your industry will pass you by. Dan became excited about that. It became easier for him to talk in bigger groups. [9:54] One day, Dan found himself onstage at a Gartner conference in front of 800 people, and that was the beginning of a journey he says is now the best job in the world. [10:34] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [10:49] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [11:06] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [11:21] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Do not miss out on this chance to plan and score some extra perks. [11:34] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your network with us here at RIMS. [11:46] Let's Return to Our Interview with ERM Conference Keynote, Dan Chuparkoff! [11:58] Justin asks how Dan's experience of building and leading teams at Google, McKinsey, and Atlassian, delivering software to billions, informs his current approach as the CEO of Reinvention Labs to helping organizations reinvent work with the power of AI. [12:15] Dan was an intern at an architecture firm when he was 17. One architect had AutoCAD, and all the others were drawing on paper. The architect with AutoCAD used copy-and-paste to accelerate his work. That changed the way Dan looked at technological change. [12:39] From the age of 17, Dan started looking for those copy-and-paste moments. He found them, over and over again. Spreadsheets improved our analysis. The internet improved our ability to look for information. AI improves our ability to juggle more data than before. [12:58] All those things were coming at a predictable cadence. It takes about five years for new technology to become part of the infrastructure. Dan realized that you have about five years to tackle something new before the next new thing comes at you. [13:21] People wait for the dust to settle. They don't start figuring out how to build this new thing into the way they work. You'll get passed by. You'll be working too slowly, and your customers will expect more of you. Or you'll do it too quickly, make mistakes, and create unnecessary risk. [13:44] Figuring out how to manage these five-year cycles of change became Dan's strength. [13:57] Dan will expound on his copy-and-paste moments in his November keynote. This was a preview. It was the moment that changed the way he thought about tools and technology, and their impact on the way we work. [14:23] Justin says Dan takes complex topics and makes them simple and useful for a non-technical audience. Dan says a lot of people are talking about AI now. [14:52] AI is an umbrella term that includes a lot of things. It's on the level of "math." You don't say, "We're implementing math at work, right now." Math is part of everything we do. [15:09] One of the things Dan helps people do is to start breaking AI down. Are we talking about a chat interface on top of our customer service knowledge base? Are we talking about a sophisticated AI image-recognition system to look at MRI scans? Those are different things. [15:
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Manjit K. MInhas, Calgary-born entrepreneur, engineer, venture capitalist, and Co-founder and CEO at Minhas Brewery, Distillery, and Winery, from the age of 19. Manjit appears on Dragon's Den on the CBC and is a multiple entrepreneur. Justin and Manjit discuss her entrepreneurship journey, how she insists on risk professionals at the table from the beginning of any business, and what her risk philosophy is. Manjit shares thoughts on business resilience and her upcoming opening keynote at the RIMS Canada Conference 2025 on September 15th in Calgary. She offers a Q&A at the end of her keynote. Listen to learn about startups, innovation, and having risk management at the decision table. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our guest is Manjit Minhas. You might know her from Dragon's Den in Canada. She's also the Co-founder and CEO of Minhas Brewing and Distilleries. [:45] We will get a sample of her keynote, which will kick off the RIMS Canada Conference 2025 in Calgary, on September 15th. We've got a really fun episode for you today! [:56] RIMS-CRMP Workshops! The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:16] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:33] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:44] Several RIMS Webinars are being hosted this Fall. On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration". [1:56] On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [2:06] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". [2:14] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:23] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:35] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [2:49] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:02] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:17] On with the show! Our guest today is Manjit K. Minhas, a Calgary-born entrepreneur, engineer, and venture capitalist. [3:28] You know her from the Minhas Brewery, Distillery, and Winery, which has grown into a global empire, with over 90 brands sold across North America and 16 countries. [3:38] You also know her from CBC's Dragon's Den, which premieres its new season, featuring Manjit, in September 2025. Manjit will distill her risk philosophies on reliance and leadership today, here on RIMScast. I'm so excited to have her join us! Let's get to it! [4:01] Interview! Manjit K. Minhas, welcome to RIMScast! [411] Manjit loves risk professionals and loves working with them. She is very excited to speak to risk professionals from many industries at the RIMS Canada Conference 2025. [4:27] Manjit has worked with risk professionals in her companies and through the boards she sits on and the companies she advises or invests in. She sees a variety of talents and skills in risk professionals. They have a technical expertise and a strong foundation in methodologies. [5:01] Manjit says risk professionals identify not just the basic operational and financial risks but strategic risks and mitigation risks. There is so much M&A happening in every sector. Their technical expertise is very important. [5:22] Manjit explains, they are really good at data analysis and modeling, and making that data and a large volume of information into something that matters, that decision-makers can use to make great decisions, and think about the pros, the cons, and sometimes the blind spots. [5:57] The risk officers Manjit hires have her ear. She always likes them to be at the table. She wants their perspective beforehand rather than after. They are good at listening, taking it all in, succinctly communicating, and helping with stakeholder management. [6:18] Manjit believes that with their business acumen and their wealth of knowledge from so many parts of the business, risk managers should be at the table all the time. She wants their input from the outset. [6:42] Manjit believes that more business leaders with that viewpoint are coming up. It's a matter of how long you've been an entrepreneur or founder. Manjit has been an entrepreneur for 26 years. She and her brother started when she was 19. The drinking age in Canada is 18. [6:58] Manjit was studying engineering at the University of Calgary and came up with the idea of getting into the private label spirits business, and a couple of years later, the beer business. They started as a sales, marketing, and branding company, and then got into manufacturing. [7:16] It went step by step. It was not overnight, by any means. She just started young and has been at it for a long time. With that time comes experience, knowledge, and understanding that there are a lot of smarter people than she, that she needs to collect around the table. [7:34] At year four or five, she didn't have the same perspective she has now. Founders and entrepreneurs in early stages are still figuring it out and don't have the resources to have the same perspective as Manjit. As they gain self-awareness, they look to risk professionals. [8:14] As a 19-year-old, Manjit says she had no concept of risk. She didn't have money or a reputation at risk. Now, she has a lot more of those things, plus a list of a dozen more, that are at risk. A young person doesn't think they're risking anything other than time and energy. [8:48] Manjit thinks time definitely makes all of us a bit smarter. [8:52] The risk professionals working for Manit work under the legal department. [9:42] Manjit talks about her risk professionals. As a business owner, you want to have the confidence that you have someone there identifying risks, assessing the impact, prioritizing risks, developing mitigation plans, and assigning responsibility. The list goes on. [10:18] In this day and age, things are changing so fast, from policy, regulation, and the labor environment. There's a long list of things that companies need to be aware of. They can't just close their eyes. They have to have a plan. [10:47] Manjit is an optimist. She wakes up thinking that where there is a challenge, there is an opportunity. She believes that when things are tough, there are a lot of problems to solve. That's when great businesses are born. Great entrepreneurs are good at solving and discovering. [11:29] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [11:43] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [12:00] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. Register now to save $110 and secure your spot at the ERM event of the year. [12:16] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [12:31] Let's Return to Our Interview with RIMS Canada Conference 2025 Opening Keynote, Manjit K. Minhas! [12:41] Minhas products include a beer for Trader Joe's, and a fair number of private-label, controlled-label, and white-label brands throughout North America, including food service. If you've had a beer-battered onion ring or French fry on the East Coast, you've had Minhas beer. [13:28] Minhas has a diverse business within the liquor industry. [13:37] Manjit discusses reputational risk. There is reputational risk in any consumer-facing business. She says, often, what separates you from the flurry of competitor advertising is taking some risks with your brand image. [14:15] She shares an example of making a decision early on that was to get noticed, but also to protect the Minhas brand. Marketing professionals are more forward-thinking, and risk professionals are more conservative. Manjit comes to a happy middle-ground decision. [15:40] Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [15:58] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [16:14] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to t
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. The Spencer Educational Foundation, a leading nonprofit organization to nurture the next generation of risk management and insurance professionals, will hold its annual Funding Their Future Gala in New York City on Thursday, September 18, 2025. This eagerly awaited event will occur at the renowned Cipriani 42nd Street, uniting industry leaders and supporters to acknowledge achievements in risk management and insurance. This year's gala recognizes Tim Ryan, U.S. President at Lockton, for championing the next generation of talent and shaping the future of the risk management and insurance industry. Since being named U.S. President in 2024, Tim has been pivotal in positioning Lockton for the future. With over 30 years of industry experience, Tim brings a strategic and enduring approach to leadership. He is committed to fostering a culture of collaboration and excellence that carries Lockton's momentum forward. Tim's vision is to build on Lockton's strong foundation, guiding the company through evolving market demands while maintaining its reputation as the best place to work in insurance. "Tim's commitment to attracting and developing top talent has been instrumental in Lockton's continued success and evolution as an industry leader," stated Julie Gibson, Spencer board member and Chief Marketing Officer at Lockton. In this episode, Justin interviews Tim Ryan on his career, his risk philosophy, his leadership vision on mentorship, and his recognition by the Spencer Educational Foundation. Listen to learn about attracting top, rising talent to the risk management and insurance industry. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The call for educational content submissions for RISKWORLD 2026 is open through September 4th! A link is in this episode's show notes. [:28] About this episode of RIMScast. We will be joined by Tim Ryan. He is the U.S. President at Lockton and the honoree at this year's Spencer's Funding Their Future Gala on September 18th. We'll get his perspective on leadership and the future of risk management in just a moment. [1:00] RIMS-CRMP Workshops! The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:20] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:37] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:48] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled "Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals". [2:01] On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration". [2:10] On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes". [2:19] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape". [2:28] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:37] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:49] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:04] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:17] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:31] On with the show! On September 18th, 2025, the Spencer Educational Foundation will hold its annual Funding Their Future Gala in New York City at the renowned Cipriani 42nd Street. [3:44] This year's Gala recognizes Tim Ryan, U.S. President at Lockton, for championing the next generation of talent and shaping the future of risk management and insurance. [3:54] Tim Ryan is our guest today. He has over 30 years of industry experience. We're going to dive into his philosophies on leadership and what it takes for the next generation of risk professionals to be successful in the short and long term. Let's get to it! [4:11] Interview! Tim Ryan, welcome to RIMScast! [4:32] Tim Ryan is excited to be here today to talk about the Spencer Educational Foundation! He says it's an exceptional organization, doing important work. It's a unique organization that brings the entire industry together to rally around an issue that's important to us all. [4:52] Tim says the recognition is humbling and gratifying. It's nice to be recognized, but he doesn't view it as a personal achievement. He sees it as a reflection of the incredible work being done by Lockton and Associates throughout the country, more than it is of his individual efforts. [5:14] Tim says he is honored to be recognized, and he's proud to be part of a company that sees this as a priority. [5:26] Tim has been at Lockton for 20 years. Before Lockton, Tim worked on the carrier side for 10 years. Tim became the U.S. President at Lockton almost a year ago to the day. [5:49] Tim's leadership style has changed over time, through the wisdom of maturity and a lot of trial and error. He started in the industry straight out of college. Working at a couple of different organizations exposed him to different leaders along the way. [6:10] Tim learned a few foundational lessons. First, leadership is rarely about title. People follow people, not the position. When Tim was first made a team leader, he was excited to be in charge. He promised himself he wouldn't make the same mistakes his managers had made. [6:37] He made the same mistakes. He started to realize that a leadership position isn't about you. Your job is to set the vision, align stakeholders, make sure there's clarity on roles and responsibilities, and create and foster an environment that allows people to be successful. [6:58] Tim's leadership style is about building teams with complementary skill sets. It's not about being the smartest person in the room; it's about making sure the room is filled with smart and motivated people. [7:08] Put the right people in the right place and trust them to get the job done. People want to believe in what they're doing and who they're doing it with. It's critical to bring together people with a diversity of thought and background. Bring a variety of different viewpoints to the table. [7:28] Tim believes it's critical to get to know your people. What motivates and drives them? What are their goals and aspirations? How do they like to absorb information? [7:55] Tim views it as his job to listen, to motivate, and to remove obstacles. It's about being authentic. Don't play the role, especially for first-time leaders. You have to be open and transparent, and true to yourself. [8:32] Tim says the role of the broker has changed with the world. If brokers did the same things they did 10 to 15 years ago, they would be at risk of being obsolete. [8:44] Fifteen years ago, there was no Instagram or TikTok. You were probably on MySpace, playing music on your iPod. Some of the emerging risks that are at the forefront of today's discussions range from autonomous vehicles to data centers to digital assets and currency. [9:04] The pace of change in the industry is fast, and it's only increasing. The constant emergence of new and evolving risks requires greater specialization and the use of data analytics to deliver deeper insights into our clients' businesses. [9:18] As you look ahead, you can start to see how AI is going to have a dramatic impact on how we do business in the not-too-distant future. [9:26] Despite these advances and changes, for a broker, one thing is unchanged. Clients want us to help them see around corners. They want us to help them understand what's coming next. They look to us to provide expertise and help make decisions. [9:46] Tim says our job is to be a fierce advocate for them, to be that trusted advisor. We need to know and understand their business, the industry they operate in, and the risks associated with it. We need to understand their risk tolerance and help them solve their business need. [10:04] Quick Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [10:26] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [10:43] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [10:57] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [11:11] On September 14th through the 17th, we will be in Calgary for the RIMS Canada Conference 2025. Visit RIMSCanadaConference.ca to register. [11:21] On October 1st through the 3r
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Ondrea Matthews, Sr. Director, Risk Management & Benefits at CoorsTek. Ondrea is also on the board of RIMS. She will be presenting at the RIMS Western Regional on October 2, "Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!" Justin and Ondrea cover her risk career, the history of CoorsTek, her risk philosophy, and her experiences on the RIMS Rocky Mountain Chapter Board and the RIMS Global Board. She suggests how risk managers can work with HR to bring value to the organization. Listen to learn about Ondrea's upcoming presentation at the RIMS Western Regional Conference. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The call for educational content submissions for RISKWORLD 2026 is open through September 4th! A link is in this episode's show notes. [:28] About this episode of RIMScast. We will discuss HR risks with Ondrea Matthews, the Senior Director of Risk Management and Benefits at Coorstek. She is also a RIMS Board Director. She will share her risk perspective. [:55] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [1:06] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:22] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:39] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:50] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled "Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals". [2:03] On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration". [2:12] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:20] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:32] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:53] See the full agenda at RIMS.org/ERM2025. [2:59] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:14] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:26] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:41] On with the show! Our guest today is Ondrea Matthews. She is the Senior Director for Risk Management at CoorsTek. She is also a RIMS Board Director. On October 2nd, she will have a key role at the RIMS Western Regional Conference at the Santa Clara Marriott in California. [4:02] On the afternoon of October 2nd, she will be co-leading the session "Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!" We're going to get a preview of that session, and she'll be speaking to us from experience. Let's get to it! [4:19] Interview! Ondrea Matthews, welcome to RIMScast! [4:25] As of January 2025, Ondrea is on the RIMS Board of Directors. Ondrea will be a presenter at the RIMS Western Regional Conference on October 2nd, partnering with ESIS, talking about Gone But Not Forgotten, touching on absence management. [5:04] Ondrea started as an engineering major. With an engineering degree, Ondrea moved from Michigan to Colorado and landed in claims. She was a Workers' Compensation claims adjuster and manager for about 11 years. She decided that claims was not where she wanted to be. [5:29] Eighteen years ago, Ondrea moved to CoorsTek as their Risk Manager. It's been great at CoorsTek with a lot of opportunities, from Risk Manager to her current role, Senior Director of Risk Management and Benefits. She oversees insurance. [5:59] CoorsTek has nothing to do with beer. Adolph Coors founded CoorsTek in 1910. He is also the Founder of Coors Brewing. He branched out into ceramics. CoorsTek is the leading global manufacturer of technical ceramics in the world. It's headquartered in Golden, Colorado. [5:36] Justin and Ondrea comment on the beauty of Golden, Colorado. Justin likes the Coors Brewery and recommends the tour. He says Coors Ceramics (CoorsTek) is a close second. Both Coors Brewing and CoorsTek are owned and managed by the Coors family. [7:08] CoorsTek has 30 facilities across 10 countries. Ondrea has visited the majority of the CoorsTek facilities and has built relationships with the local leadership teams in Finance, Human Resources, and Health and Safety. [7:34] CorsTek manufactures thousands of parts, but the processes and materials are fairly consistent. They have a very low claim volume. That allows the risk team to focus on streamlining renewals, process improvements, and communication flow. [7:48] They prioritize larger strategic initiatives in alignment wth their corporate vision. It's not challenging when they all come together for the same common purpose. [8:13] Ondrea's team includes Ondrea, with a full-time Risk Manager and a part-time Workers' Compensation Manager. It's a department of 2.5. The work ebbs and flows. Between renewals and with low claim volume, there is some downtime to work on projects and other initiatives. [8:36] CoorsTek is looking at further developing its fleet management and maintaining alignment with global partners. The size of the risk team is good for CoorsTek. [8:51] Ondrea prioritizes risks by the largest exposure. CoorsTek pays attention to what is most impactful and prioritizes the health and safety of its employees. That's through Workers' Compensation, Health and Safety Partnerships with the global EHS staff. [9:12] CoorsTek looks at its property exposures. Its property insurer has a robust Risk Engineering department. CoorsTek has a dedicated Property Protection Engineer. CoorsTek prioritizes people first, and then the balance sheet and the financials. [9:31] CoorsTek is a very innovative company. The teams are always bringing a new product or process to the table. They look for ways to protect the company's financials while still enabling growth; for ways to say yes to the business while making them aware of the risks and costs. [10:17] Ondrea explains how she oversees benefits. Benefits represent a large strategic risk and opportunity, as well as increased fiduciary responsibility. [10:39] Ondrea explains that changing a health care provider requires not just a detailed financial analysis but also assessing the risk related to employee engagement, comprehensive communication, access to care, and employees' emotional well-being. [11:00] It's a framework of risk identification, assessment, and response. [11:05] Ondrea monitors risks like medical inflation, pharmacy management shifts, compliance, and vendor performance, to continually reduce financial exposure to the company and employees, related to large losses, changes in prescription coverage, deductibles, and more. [11:24] CoorsTek works with partners, consultants, and local human resource teams on responses to support and clarify for its employees. [11:44] At CoorsTek, risk doesn't just belong to Ondrea and her team. Risk is addressed by every function, every day. CoorsTek has a wide expanse of expertise, and they've brought everyone together to support the company. [12:01] They have a global trade department, a supply chain, and a government affairs position, and they've kept on top of the tariffs for the organization, reporting on changes weekly or bi-weekly. CoorsTek's Health and Safety team is also global. They stay on top of regulations. [12:19] Ondrea appreciates the collaboration they all have at CoorsTek. It makes her job easier. When they say risk, it doesn't mean Ondrea and her team. Every department comes together to face all the new challenges they are seeing recently in the economy. It's in the KoorsTek culture. [12:57] Ondrea is fortunate to have access to CoorsTek's leadership. Most of the employees do. The CEOs have direct email lines, and any employee is welcome to reach out at any time. [13:24] In Ondrea's unique role, combining risk and benefits, she has the opportunity to join the Human Resources team and the Finance leadership teams, and she reports directly to the CFO for the family company. [13:40] The family has helped build and support mechanisms for communicating with leadership. They do skip-levels. Everybody feels respected as individuals. Ondrea joined the company when they had one global location, and the company was a lot smaller. [14:05] Ondrea has been able to grow with the company and see the evolution that has come with that growth. It's exciting to see all the innovation and all the ways that CoorsTek continues to contribute to the communities and the world. [14:23] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews David Neikrug, CEO at Optimatum Solutions, about managing vendors of employer-sponsored healthcare and a recent Optimatum Solutions report, "A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare". David explores with Justin the topic of applying risk management tools to HR programs and plans, an area that risk managers rarely visit. They touch on ways for risk managers to contribute at the table using the risk management skills and tools that they have applied to recognized risk areas for years. Listen to learn about the benefits of managing benefit plan vendors. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our topic is vendor management. We will dive deeply with Optimatum Solutions CEO, David Neikrug. [:40] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [:50] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:07] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:24] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:35] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled "Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals". [1:48] On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration". [1:56] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:05] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars. [2:17] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:38] See the full agenda at RIMS.org/ERM2025. [2:44] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [2:58] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:11] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:26] On with the show! You wanted to hear about vendor management, and that's why I reached out to Optimatum Solutions CEO, David Neikrug, to discuss the findings in Optimatum's new report, "A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare". [3:50] It's got some fascinating insights, and I wanted to extend the dialogue beyond the PDF, so let's get started! [3:56] Interview! David Neikrug, welcome to RIMScast! [4:07] Justin hasn't covered vendor management much on RIMScast. Justin invited David on the show to talk about Optimatum's publicly available paper, "A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare." This speaks to a risk management audience. [4:28] There is a link in this episode's show notes. The average cost of healthcare in 2025 is pushing north of $25K total cost, per employee per year, and it's an outsourced function. It's a large amount of money. [5:08] HR generally doesn't have the traditional service level agreements (SLAs) or performance guarantees that are present in an IT services agreement. That's a major disconnect that leads to financial, operational, and risk issues that go unchecked. [5:44] Traditionally, we don't see risk managers getting involved in HR things like employer-sponsored healthcare. David encourages risk managers to take the tools and skills they know and apply them to HR and employer-sponsored healthcare and retirement plans. [6:23] David suggests risk managers should demand vendor transparency when it comes to fees, debits, and credits. David talks about pharmacy rebates, segregation, and how credits are captured and applied. [7:09] David says vendor harmonization can be applied vertically or horizontally. The vertical side is when a company has acquired several HR benefits and programs, and then merges them into one program. The value creation by doing that is immense. [7:56] David says horizontal harmonization applies to anybody who aggregates companies of various kinds, including family offices. Each company may have a disparate benefits plan. Bringing plans together can save hundreds to thousands of dollars per employee per year. [8:46] Those are the types of numbers Optimatum Solutions is seeing as the opportunity for a risk manager to focus on as a quantifiable value proposition of bringing 10 vendor programs into one aggregated program. [9:14] From a risk standpoint, you have a single source to manage across enterprises. [9:31] David often speaks using numbers to convey the point. He says risk managers have a wealth of information and know what they are doing. When it comes to opportunities to create value, HR is an area they're not thinking about. [10:25] David suggests surveying risk managers and asking what percentage of risk managers are focused on the HR side, employer-sponsored healthcare, and retirement plans. You'll see the opportunity is almost endless. [10:44] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [10:59] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [11:15] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [11:37] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [11:52] At the top, Justin mentioned RISKWORLD 2026. Through September 4th, the RISKWORLD education content submission process is still open. [12:02] RIMS invites you to share your experiences, best practices, and innovative strategies that represent the global outlook of risk management. Send us your submission, and who knows? We might select you to speak at RISKWORLD 2026 in Philadelphia! The link is in the show notes. [12:20] Let's Return to My Interview with David Neikrug! [12:42] David says the first thing to do is make sure risk managers have a seat at the table of employer-sponsored healthcare. They need to look at and understand all the terms and conditions of the contracts, looking for the low-hanging fruit. [12:55] Look for Service Level Agreements, Performance Guarantees, and Built-in Reconciliation Clauses for the vendor to provide a self-reconciliation of all the debits and credits from the plan year. Understand the contracts. [13:17] Second, make sure that you're a part of the team. Look at what you can do, bringing all the tools that you've acquired, dealing with the risk side over the years, and applying them to the HR benefits side. [13:54] For organizations of between 500 to 5,000 employees, there is ample opportunity. Those are going more unwatched than the larger organizations. The vendors aren't used to being held as accountable as they are for a Fortune 100. [14:21] David would say there isn't an organization that doesn't have an opportunity. It's a matter of focusing on it and bringing your expertise to the table to help your organization hold those vendors accountable, drive savings and performance, and create value. [14:59] David said Optimatum Solutions had a client that was a rapidly growing organization. They had acquired a company and decided to change the acquired company's vendor because they had been using a different vendor. [15:22] David mentions that Optimatum Solutions has a focus on improving or fixing relationships with vendors, versus running an RFP and finding a new vendor. It's better to fix a problem than to replace it. [15:40] Someone at the client company decided to move the pension plan business of the acquired company to a new provider. The plan was started in 1972, before the ERISA regulations on how pension plans are managed. The new vendor did no due diligence and took it over. [16:37] Within the first year, there was a claim by a retiree that the lump sum payment should have been 10 times what it was, stemming from one example in a plan document of how a benefit will be calculated. The company had to defend an $18 million potential claim. [17:11] It took three years to resolve. This taught the new vendor what the old vendor had been doing seamlessly for all those years. The former vendor knew how to deal with various situations, including payments to international employees. [17:49] The new vendor hadn't understood what they were acquiring. That led to a colossal mess. [18:10] It
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. The inaugural RIMS Texas Regional was held Aug. 4‒6 at the Henry B. Gonzalez Convention Center in San Antonio. Nearly 500 attendees filled the hall for the groundbreaking event, which united the Texas RIMS chapters and welcomed risk management professionals worldwide. In this episode, Justin interviews Conference attendees Tiara Wallace, DFW RIMS Inclusivity Chair and Director of RISK Invesco US, Jason Turk, Director of Operations for Bondy Law Group, and Founder of Swag for Schools, and Maximilian Glodde, Co-Founder and CEO of MEO Continuity. They discuss their experiences at the inaugural RIMS Texas Regional Conference, their risk management backgrounds, and their advice for risk managers today. Listen to learn more about this inaugural annual RIMS Texas Regional event. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast, recorded and produced live onsite at the RIMS Texas Regional Conference 2025 in San Antonio. We have three fascinating perspectives today. [:47] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [:58] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:14] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:32] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:43] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled "Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals". [1:56] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times". [2:04] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:25] See the full agenda at RIMS.org/ERM2025. Nominations are open for the RIMS Global ERM Award of Distinction 2025. The nomination deadline is Saturday, August 16th. The award is presented annually at the RIMS ERM Conference. There is a link in this episode's show notes. [2:52] If your organization's ERM program or one you know of deserves this recognition, we want to hear about it. Remember to send in that nomination form by August 16th. [3:03] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:18] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:31] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:45] On with the show! The RIMS Texas Regional Conference 2025 was a smashing success, with nearly 500 attendees in the Henry B. González Convention Center in San Antonio! [3:58] Feedback has been wonderful, on everything from keynotes to educational sessions to networking opportunities. If you missed it this year, mark your calendar for August 10th through 12th, 2026. We will be back at the convention center in San Antonio next year. [4:14] Justin interviewed a few of the attendees, the first of whom is very well-known in the DFW RIMS Chapter. Tiara Wallace is a long-time DFW RIMS Chapter member, and she is also the Inclusivity Chair. [4:30] In her full-time job, Tiara is the Director of Risk Management for Invesco US. We're going to talk about construction risk in Texas and the power of inclusivity, and what it means for her and everyone at DFW RIMS. Let's get to it! [4:44] Interview! Tiara Wallace, welcome to RIMScast! [5:26] Tiara says it is amazing to see all four chapters come together with Global RIMS! It's been great meeting new folks, seeing new vendor partners, and meeting risk professionals from across the state of Texas. It's been a great event and a great turnout! [5:55] Tiara is part of the DFW RIMS Chapter and also sits on the Board for the Texas Regional as one of the contributors, to help bring together DFW's POV for the Texas Regional. [6:25] Tiara says we are stronger together, and it's been great to collaborate across the different chapters and meet folks she wouldn't ordinarily have met. [6:44] Tiara is the Director of Risk Management for Invesco Real Estate. Invesco acquires real estate assets and develops and constructs new assets. Tiara handles the insurance for liability, property, environmental, claims management, and contract review. [7:07] Everything for risk management for a major property owner in Texas and across the U.S. [7:36] Tiara says that since the pandemic of 2020, Texas has seen an increase in folks flocking to DFW for the cost of living. That brought in more development, construction, and congestion on the roads. This required more labor and construction employees to build offices. [8:20] Tiara says there are issues in keeping up with the pace of people coming in. There is a labor shortage, and extreme weather with heat and flooding. For a couple of years, Texas had bad freezes that they were not prepared to handle. Justin says Texas faces unique exposures. [9:22] Tiara says, post-pandemic, we have supply chain issues. Some companies buy warehouses to store materials. Tiara worked for an owner-developer who had land and facilities to store materials. Manage great relationships with your vendors. Purchase locally. [9:53] Tiara looked at ways to shorten the pipeline so that when they had disruptions, they didn't delay projects. Invesco wanted to be able to continue construction so that folks would have a place to live, work, and play. [10:14] Tiara elaborates on partnerships and contract management. What does the contract say? What are we doing to protect not only ourselves but our vendor partners, to fulfill our fiduciary responsibility to continue to produce, build, and not go bankrupt? [11:37] Tiara thinks that safety takes a couple of things: first, your alignment and partnership with safety managers, even outside of your organization, to discuss challenges, and discussing claims history with teams on the ground to help them practice safety. [12:24] The second thing is to leverage your carriers' risk control/loss control department so they can come in and give you tools. [12:37] Typically, a risk manager is a team of one, so you have to be resourceful about whom you work with, and run it up to the organization to make sure they're aligned with it. [13:01] At Invesco, Tiara is in a team of three, and they partner with a larger risk management consulting group. Tiara has a risk analyst and a risk manager on her team, and they attack everything together. Tiara lays out the division of tasks between them. [13:44] Tiara is the Inclusivity Chair at RIMS DFW Chapter. It's a new role. They wanted to bridge the gap between ages, risk managers, carrier partners, and vendor partners. [14:34] They wanted everyone coming to a DFW RIMS event to know that they have a place where they feel they belong. They are a part of a community working together to advance the risk management and insurance industry within Dallas-Fort Worth. [15:20] Tiara says people have not taken a moment to pause and use a common-sense approach about inclusivity. We need to be intentional. Some of us are getting ready to exit our industry. We need to recruit people into it. [16:02] How are we making sure this industry will be around for the rest of our time? Insurance is an industry that touches everything. Inclusivity means everybody should be included in it. [16:54] Tiara is a transplant from Oklahoma City to Dallas. She knew few people here. When her boss asked her for risk management connections, she started with LinkedIn. She asked her broker, and they started a real estate council to help her with the questions she had. [18:53] Justin tells Tiara it has been inspiring to hear her story. He is glad she is doing so well and was able to join us on RIMScast live from the RIMS Texas Regional Conference 2025. Thank you, Tiara! [19:22] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [19:36] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [19:53] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [20:15] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [20:30] On with the Show! Our next guest was highly visible at the RIMS Texas Regional. He is Jason Turk, the Founder and Project Coordinator of the charity program, Swag for Schools. He is also the Director of Operations for the Bondy Law Group in Encino, Cali
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Amanda Lindhout, RIMS Canada Keynote, bestselling author, and globally sought-after keynote speaker known for her powerful insights on resilience and transformation. Justin and Amanda discuss her 460 days in captivity in Somalia, the resilience she learned to develop in her darkest days, and the lessons she brings to the world on resilience and inner strength. They discuss Amanda's New York Times bestselling memoir, A House in the Sky, how hard but cathartic it was to write, and why she shared it with the world after writing it for her healing. She discusses her Complex Post-Traumatic Stress Disorder and how she evolved past being homebound for two years. Amanda gives a preview of her message for the closing keynote of the RIMS Canada Conference 2025 and what the audience can expect to learn. Listen to learn how you can strengthen your resilience through intention, presence, gratitude, and mindset. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The RIMS Canada Conference 2025 will be held from September 14th through the 17th in Calgary. Visit RIMSCanadaConference.ca to register. [:26] About this episode of RIMScast. Our guest today is the author of the New York Times bestselling book, A House in the Sky, and she will deliver a keynote address at the RIMS Canada Conference 2025 on September 17th. I'm talking about Amanda Lindhout. [:57] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [1:07] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:23] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled "Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals". Register at RIMS.org/Webinars. [1:38] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." This is a two-day course. The first two-day course will be held on August 12th and 13th and will be led by former RIMS President, Chris Mandel. [1:56] The course will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [2:05] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:16] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:37] See the full agenda at RIMS.org/ERM2025. Nominations are open for the RIMS Global ERM Award of Distinction 2025. The nomination deadline is Saturday, August 16th. The award is presented annually at the RIMS ERM Conference. There is a link in this episode's show notes. [3:02] If your organization's ERM program or one you know of deserves this recognition, we want to hear about it. Remember to send in that nomination form by August 16th. [3:14] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:28] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:41] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:55] On with the show! Our guest today is the best-selling author of A House in the Sky. That's her memoir, which chronicles surviving 460 days in captivity in Somalia. [4:07] It is an intense read, in which she shares hard-earned wisdom that inspires individuals and organizations to grow through adversity. Her name is Amanda Lindhout, and she has delivered over 500 keynotes in 28 countries. [4:21] Amanda is a native of Sylvan Lake, in Alberta, Canada, between Edmonton and Calgary. We are delighted that she will be delivering the closing keynote for the RIMS Canada Conference 2025 in Calgary on September 17th. We will discuss resilience and get a preview of her keynote. [4:44] Interview! Amanda Lindhout, welcome to RIMScast! [5:02] Seeing that Amanda would be a guest on RIMScast, Justin read A House in the Sky. It's an intense read. Justin has never read anything like it before. It opened his eyes and took him to different places. Justin thanks Amanda for writing such a strong memoir. [5:38] It was a challenging memoir to write. It was about a five-year process after Amanda was released from 460 days in captivity. The writing was insular. She wasn't thinking about the audience who would eventually read the book. It was part of her healing process. [6:06] Amanda says when you go through anything difficult, it's imperative to give it a voice by writing about it or talking it through. Being a former journalist, writing about it came naturally to her. She wanted to write about it. She didn't rush it. She took her time with it. [6:26] There are some pretty intense chapters. She worked on an intense chapter for a lot of time, taking breaks to process what the writing process was provoking in her. It was cathartic. [7:04] Amanda says, for maintaining her sense of dignity, while violence is part of the story, it felt important not to be graphic about it, not for her future audience, but for herself and the way she was processing the experience. It was tied to her dignity around what had happened to her. [7:40] Justin suggests that the threat of violence is already there, and it doesn't serve Amanda well to go that graphic. She was writing it for herself, not thinking about others, but the time came when it went into the world and was a big success, a New York Times bestseller. [8:17] It's one of the top-selling Canadian memoirs ever written. There was not only an audience, but a big audience. That took a lot of adjusting for Amanda. It was a difficult time for her. The success came from a very challenging experience. [9:04] There was an adjustment period, where people knew about what happened when she was in the dark house, when she had chains on her ankles. She moved through that adjustment period relatively quickly because it brought out an incredible connection with others. [9:32] Can people who haven't gone through 460 days in captivity relate to Amanda? The way it was written, people were able to link it back to difficult experiences in their lives. They felt a profound connection to Amanda. That was beautiful to her. [9:56] As Amanda moves through the world, people read about the most vulnerable days of her life, and they connect to her with care, compassion, and empathy. She is greeted with a lot of hugs. That connection is an important piece of healing for anybody. [10:16] Amanda has found that connection in droves, in a way that most people won't, because her story is public. Amanda says it's almost like people are overcome with this need to make contact with her. [10:39] Many years ago, when she was struggling with complex post-traumatic stress disorder, if a man came at her with kindness and a desire for connection, that could activate something in her. That never happens to her anymore. She welcomes that sense of connection with people. [11:03] Amanda has had to move through stages of comfort to get to where she is now. After a Q&A at the end of a keynote, Amanda will say, I welcome all the hugs, and people will line up to do that. [11:48] Amanda converted to Islam while she was held captive. That was a strategic move and a survival strategy. As a journalist, she had spent a lot of time in the Middle East and had a foundation of understanding of Islam. [12:17] The teenagers who had abducted them along the side of the road were radicalized. They were not practicing the version of Islam that the vast majority of people around the world are. [12:32] Amanda recognized that if they did this false conversion, that might work to humanize them to the captors. Justin reads a passage from the book. [12:47] "We made vows to accept Allah as our only God and Mohammed as his messenger. What I felt in that moment was not surrender, and it wasn't defiance. This was simply a chess move. An uncertain knight slid two squares ahead and one to the side." (Justin's favorite line.) [13:04] "It was not a betrayal of faith, of mine, or Nigel's, or theirs. It was a way to feel less foreign, and in feeling less foreign, we could be less afraid. We were doing what it took to survive." When Justin read that, he realized this was Phase 2 of the book. [14:02] Amanda notes that there was a lot of strategy in surviving those 460 days. That was one of their moves. [14:12] In the early days of their captivity, they tried to form connections with their captors by answering questions about life in the West. The captors weren't allowed to look at images of people or listen to music in their culture. [15:21] Amanda says it's a human impulse, in crisis, to build connections with adversaries when it's about life and death. It's also Amanda's nature as a journalist. Her world was about human connection and understanding others, those who had different cultures from hers. [15:50] Amanda has been to 92 countries. She has always been very interested in the stories of others. The landscape in which those boys grew up was so foreign to us in North America, and the privilege we have, which we don't even recognize. The youngest captor was 14. [16:31] The
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Thomas Brandt, Chief Risk Officer of the Federal Retirement Thrift Investment Board (FRTIB) and one of the 2024 RIMS ERM Award of Distinction winners. Thomas shares some of his experiences at the IRS, where he won the 2021 RIMS ERM Award of Distinction, and how he moved from the IRS to join the FRTIB. Tom covers how he successfully integrated strategy and ERM at the FRTIB. He tells how the FRTIB moved from a high-level to a medium-level cyber risk posture, with improved Federal Information Security Modernization Act (FISMA) scores. Tom shares how the FRTIB works with a managed services model in a way that's scalable and sustainable. Tom relates his views on risk culture and the portfolio view that a mature ERM program supports. Listen to learn how to nominate your organization's ERM Program for the RIMS ERM Award of Distinction. Key Takeaways: [:01] About RIMS and RIMScast. [:14] RIMScast is a proud nominee of the 20th Annual People's Choice Podcast Awards. We are nominated in the category of Government and Organizations, and we would appreciate your support. [:26] Help us win that award by visiting PodcastAwards.com and the link in this episode's notes. [:36] About this episode of RIMScast. We will be joined by Thomas Brandt, Chief Risk Officer of the Federal Retirement Thrift Investment Board and one of the 2024 RIMS ERM Award of Distinction winners. [1:05] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [1:17] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:34] RIMS Virtual Workshops! On August 5th, we have a day-long course about "Emerging Risks." [1:42] RIMS has launched a new course, "Intro to ERM for Senior Leaders." This is a two-day course. The first two-day course will be held on August 12th and 13th and will be led by former RIMS President, Chris Mandel. [1:56] The course will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [2:05] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:17] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners at all stages of their careers. [2:38] See the full agenda at RIMS.org/ERM2025. Nominations are open for the RIMS Global ERM Award of Distinction 2025. The nomination deadline is Saturday, August 16th. The award is presented annually at the RIMS ERM Conference. There is a link in this episode's show notes. [3:05] If your organization's ERM program or one you know of deserves this recognition, we want to hear about it. Remember to send in that nomination form by August 16th. [3:16] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:31] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:44] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:58] On with the show! Our guest today is one of the winners of the 2024 RIMS ERM Award of Distinction. He is also the Chief Risk Officer for the Federal Retirement Thrift Investment Board (FRTIB). [4:15] Tom Brandt is here to discuss ERM and how it has been a guiding light throughout his risk career, which includes several years at the IRS. He recently participated in the RIMS ERM Q&A Series, and we're going to extend the dialogue beyond those digital pages, so let's get to it. [4:35] Interview! Tom Brandt, welcome to RIMScast! [4:42] At long last, Tom Brandt is here on RIMScast! Tom is one of the members of the Strategic and Enterprise Risk Management Council and one of the recipients of the 2024 ERM Award of Distinction. There's so much to discuss when it comes to ERM! Tom loves ERM. [5:18] Tom was also a 2021 ERM Award of Distinction recipient for his work at the IRS, where he worked for about 27 years, for the last eight of which, he was their Chief Risk Officer. There, he got into the whole ERM space. [5:38] Then, in late 2021, an opportunity opened at the Federal Retirement Thrift Investment Board (FRTIB), and Tom took on the role of Chief Risk Officer. He enjoys the opportunity to work in a small organization with a different focus. [5:55] The FRTIB is sort of the 401(k) for federal employees and uniformed services. They have a singular mission around that plan. [6:13] Tom was brought into the FRTIB to integrate strategy and ERM. He stresses the importance of linking risk and strategy. When Tom started, the offices of Enterprise Planning and Enterprise Risk had just been brought together. [6:51] They were looking for the first Director of Planning and Risk/CRO. Tom applied and was selected for the role. Even though it's a small agency of 250, those functions had been siloed. [7:07] Tom's first area of focus was getting the staff to know each other and learn more about what each process entailed, and then working with the team to look at how to bring these processes together. [7:23] Tom says, when we're identifying risks and needing to mitigate risks, the next question is, where do we get the resources? When the process is not integrated into your planning and budgeting process, that becomes very challenging. [7:36] As we go through our annual planning process, we work with our business offices, and if they're risk owners, we talk about what risks they are managing or mitigating, and if there are related initiatives or resources needed. [7:51] That information gets captured in the annual plan and becomes an input to the budget process. We're not only raising the risks and talking about them, but also identifying initiatives and getting funding, support, and resources to manage and mitigate those risks. [8:16] Tom's risk group has seven or eight people. They also do internal controls, policies, and procedures. They are the agency's anti-fraud group. They do brand monitoring and run the third-party risk monitoring program. They do work beyond the enterprise risk component. [8:51] The FRTIB moved from a high-level to a medium-level cyber risk posture, which improved Federal Information Security Modernization Act (FISMA) scores. FISMA is an annual cybersecurity audit of federal organizations. [9:27] Years ago, the FRTIB was scoring in the 1s and 2s on most domains in this audit, out of a possible score of 5. That coincided with cybersecurity being one of the FRTIB's high risks. They needed to put in place better governance and protections. [9:53] Because cybersecurity had been one of the FRTIB's high risks, they require any of their enterprise risks that are medium high or higher to have a risk treatment plan. They work with their CISO and the cyber team to develop risk treatment plans each year. [10:08] The risk treatment plans identify resource needs and specific areas of focus. They use the FISMA domains, questions, and assessment criteria to keep in mind where they need to shore things up. [10:20] Justin clarifies that FISMA, the Federal Information Security Modernization Act, is a U.S. Federal law that requires federal agencies to develop a document and implement information security programs to protect government information. [10:36] Tom remarks that as a result of great work done by the CISO and the cyber team, the FRTIB scored a 5 in each domain on their 2024 FISMA audit. That moved the cybersecurity risk score down. It's still at a medium level because the threat landscape continues to evolve. [10:56] Threat actors are always out there, trying to stay one step ahead of you, so you have to stay on your game to get ahead of them. [11:15] The cyber threat is so significant that collectively, we all need to be working as hard as we can to maintain our defenses. Tom says the CISO community is working together to integrate the latest technology and developments and understand where the threat is. [11:49] The CISO community is staying on top of what's happening in the AI space to be able to share good practices across agencies and ensure that our posture government-wide is as strong as possible in detecting and preventing the cyber threat. [12:06] One of the strategic goals for FRTIB is the managed services model. Tom speaks about assessing and monitoring third-party and vendor risks in a way that's scalable and sustainable. [12:18] When Tom moved into his position, in December 2021, the agency was about six months away from implementing that managed services model for their record-keeping service. Record keeping is a huge part of the FRTIB's work. They have almost 7.5 million participants. [12:36] Managing participant transactions and keeping their information is a core responsibility for the agency. They were moving to a managed service model. [12:48] When you shift to that type of model, you don't give up accountability and responsibility for the program. You work with a provider. The Agency needed to look at what its mechanism for oversight was, to manage and understand third-party risk. [13:06] The Agency had some capabilities in place for vendor monitoring and supply chain risk management. Tom's area of focus was to build up t
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews Major General (Ret.) Robert F. Whittle, Jr., RIMS Texas Keynote speaker, about his experience as Deputy Commanding General of Operations for U.S. Army North, responsible for homeland defense and coordination with civil authorities, about his experience with the U.S. Army Corps of Engineers and its work in water resource management, and the lessons he can share for flood preparedness. Justin and Robert (Bob) discuss risk management training that engineers receive and how it applies to combat operations and domestic situations. Bob talks about building trust in different cultures. Finally, he shares some of what he will cover in his closing keynote on August 6th for the RIMS Texas Regional in San Antonio, Texas, from August 4th through 6th. Listen to learn military lessons that apply to risk management in industry. Key Takeaways: [:01] About RIMS and RIMScast. [:15] To our friends and RIMS members in Texas, it has been heartbreaking to witness the devastation caused by the floods in the Lone Star State. [:23] Your RIMS community extends its heartfelt thoughts and wishes for your health, safety, and well-being during this challenging time. [:30] The floods are a stark reminder of the critical role that risk professionals play in a crisis. The RIMS Hurricane and Storm Risk Management Resource Center offers several informative articles and resources about flood and storm preparedness and recovery. [:45] As you navigate through your recovery efforts, please know that you have the support of RIMS. [:50] About this episode of RIMScast. Our guest today is Major General (Retired) Robert F. Whittle, Jr. He will be the closing keynote speaker at the RIMS Texas Regional Conference on August 6th. We will talk about his military career and flood risk and leadership. [1:23] RIMScast is a proud nominee of the 20th Annual People's Choice Podcast Awards. I'm hoping I can count on you to help us bring this win home! Vote by going to PodcastAwards.com and the link in this episode's notes. [1:40] Sign up with your email, find RIMScast under Government and Organizations, and save your nomination. Every vote counts! Thank you so much for your support! [1:50] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [2:00] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, in conjunction with George Mason University and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [2:17] RIMS Virtual Workshops! We have a day-long course on July 24th, "Risk Taxonomy for Effective Risk Management." On August 5th, we have a day-long course about "Emerging Risks." [2:30] RIMS has launched a new course, "Intro to ERM for Senior Leaders." This is a two-day course. The first two-day course will be held on August 12th and 13th and will be led by former RIMS President, Chris Mandel. [2:45] The course will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [2:54] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [3:05] If you tuned in to the recent episode featuring James Lam, you will know he is hosting a new six-module workshop for us, the "RIMS-CRO Certificate in Advanced Enterprise Risk Management". [3:19] The inaugural summer course is completely sold out! We are filled to the virtual capacity! Don't worry, in the Fall, the bi-weekly course will begin on October 9th. Registration closes on October 2nd. A link is in this episode's notes. Check it out and register today! [3:38] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The Call for Nominations for the ERM Award of Distinction has been distributed. There is a link in this episode's show notes. The nomination deadline is August 16th. [3:59] If your organization's ERM program or one you know of has generated and retained value and led to the growth of your organization, consider nominating that ERM program and manager for the ERM Award of Distinction 2025. [4:13] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [4:27] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [4:40] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to register at RIMS.org/membership. [4:50] On with the show! Robert F. Whittle Jr. was a Major General of the U.S. Army. He retired in 2023 as the Deputy Commanding General of Operations for the U.S. Army North. He is also Senior Vice President and Chief of Staff to the CEO at USAA. [5:06] On August 6th, he will deliver the closing keynote at the RIMS Texas Regional, providing highlights from his 33 years in the Army, including years as the Commanding General of the U.S. Army Corps of Engineers Great Lakes and Ohio River Division. [5:20] I'm so glad he's here to provide a preview of his keynote and also discuss flood risk and leadership. Let's get to it! [5:28] Interview! Retired Major General Robert F. Whittle Jr., welcome to RIMScast! [5:35] Joining us now is one of the RIMS Texas Regional's keynotes, Major General (Retired) Bob Whittle. [5:46] Major General (Retired) Bob Whittle, Jr. asks Justin to call him Bob. [6:03] This is the inaugural Texas Regional event. Bob is excited about it. He loves Texas, and he knows people are coming from all over the country to attend. Justin adds that it's a big deal for the Texas chapters, which are some of the most active and voluminous RIMS chapters. [6:27] Bob's keynote will close out the Conference on August 6th. [6:31] Today's discussion will be about flood risk and then about leadership. [6:47] Bob's bio is on the RIMS Texas Regional page. [6:52] Bob was Deputy Commanding General of Operations for the U.S. Army North, responsible for Homeland Defense and coordination with civil authorities. One major event occurred domestically while he was there. [7:17] That was the integration of 70,000 refugees from Afghanistan to the United States. When the U.S. left Afghanistan, a lot of interpreters, their families, and other key players were able to come to the United States. They needed help integrating into U.S. society with jobs and homes. [8:05] Bob says there was never an expectation that we would have to move 70,000 people here. We thought that Afghanistan would continue to move forward after we left, but it fell pretty rapidly. Some Afghan interpreters and officers who were under threat were brought to the U.S. [8:52] One of the challenges in any kind of operation like that is that it involves Federal, state, and local officials, and non-governmental organizations. Within the Federal side, we have FEMA, the State Department, and the Department of Defense. [9:14] These agencies worked together to build a framework and partner with the other authorities. The first risk is that politics or ego get in the way of accomplishing the mission. [9:28] The mitigation for that is trying to build relationships well ahead of the crisis, so people trust each other and can work together. They constantly emphasized the unity of the mission. [9:41] It's not unity of command, as there's no chain of command with all the partnerships, but there must be unity over the mission of resettling the Afghan refugees. [10:06] Justin asks if Bob is as easygoing as he seems. Bob says, you'd have to ask the people he worked with to get a solid understanding of who he is, versus how he self-reports. He says he is known for being cool, calm, and collected. When he needs to step it up, he can do it rapidly. [10:35] Bob found that projecting a calm personality helped him build trust. From years in the military, Bob learned that you succeed by making your peers successful. The more you help your peers, the more likely it is that you will earn a promotion or the assignment that you want. [11:37] Bob was in the Corps of Engineers for 33 years. He's a Licensed Professional Engineer in the State of Virginia. He led the U.S. Army Corps of Engineers Great Lakes and Ohio River Division. The civilian side of the Corps of Engineers deals with infrastructure. [12:13] Bob speaks of dam safety. The Corps of Engineers is responsible for the dams in Federal Navigation channels. They work through the inherent risks of the dams, making sure they have the right controls in place and testing to ensure that the controls are there. [12:42] There are so many other dams in the U.S. Some of them are private. While Bob was at the Great Lakes and Ohio River Division, two private dams failed in Michigan, the Edenville Dam and the Sanford Dam. The Corps went up there to assist and help determine the root cause. [13:07] It was a lesson in making sure you are doing all the right things from a risk perspective. Controls weren't in place. Some issues had been identified but not mitigated. The State of Michigan stepped in and worked with the private company to mitigate the issues. [13:35] The dams had failed, and there was a lot of flooding in that area. It was unexpected as it had not happened before. It was in May 2020, a month after COVID-19 started hitting. [13:53] When things happen, you have to look forward. The Corps of Engineers is key. If the Ohio River drops too low for barge traffic to go through, eventually, Nashville starts to have a lot of trouble with power. It's v