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

 

Justin interviews RIMS General Counsel and VP of External Affairs Mark Prysock about the RIMS Legislative Summit in March 2025, how it went, and what to expect next. Mark mentions the registrant participation records they set and the connections they made as they lobbied.

 

As Mark exits, Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management magazine enter the studio to talk with Justin about the mid-year in risk and four Q2 articles in RIMS Risk Management magazine on tariffs, the 2025 hurricane season, the USDA budget cuts and food safety, and minimizing risk while using AI for innovation. After lessons from the articles, Hilary invites listeners to submit risk management articles to RIMS Risk Management magazine. If you publish in the magazine, what opportunities will that open for you? 

 

Listen to learn more about the highlights of the first two quarters of 2025 and what to prepare for the rest of the year.

 

Key Takeaways:

[:01] About RIMS and RIMScast.

[:17] About this episode of RIMScast. We’ve got three guests today. We’ll get a RIMS legislative update from Mark Prysock, and we will look back at major risk management news from the first half of 2025 with Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management magazine.

[:48] 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 led by Joseph Mayo on July 17th and 18th. Register by July 16th. 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! 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.” RIMS members enjoy deep discounts!

[1:31 ] 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.

[1:42 ] If you tuned in to the recent episode featuring James Lam, you will know that he is hosting a new six-module workshop for us, the “RIMS-CRO Certificate in Advanced Enterprise Risk Management”.

[1:56 ] 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!

[2:15 ] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is being built. Soon, we will distribute a Call for Nominations for the ERM Award of Distinction. I’ll update this episode’s show notes when that link is ready.

[2:38 ] Think about your organization’s ERM program or one that you know of, and how it has generated value. We will have more on that in the coming weeks.

[2:47 ] 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.

[3:01 ] 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.

[3:14 ] 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.

[3:24 ] On with the show! Mark Prysock is the RIMS General Counsel and VP of External Affairs. It’s always wonderful to have him on the show.

[3:32 ] He is here to remind us of the RIMS legislative priorities, how they were addressed during the RIMS Legislative Summit in March, and what else we can expect in the way of public policies that RIMS would like to prevent and those we’d like to support.

[3:46 ] There are lots of links in this episode’s notes, as well, including ones to RISK PAC and an upcoming fundraiser. Let’s get to it!

[3:54 ] Interview! Mark Prysock, welcome back to RIMScast!

[4:14 ] RIMS’s top legislative or advocacy priorities for 2025 include opposing legislation on taxing non-profit associations. RIMS is working with other associations on this. The tax would have a significant impact on RIMS.

[5:26 ] Another issue is the Freedom to Invest in Tomorrow’s Workforce Act, which would allow individuals to use college savings 529 plans to pay for certifications like the RIMS-CRMP. It’s a very popular issue in the association community.

[5:55 ] Third-party litigation funding has become a very big issue, followed by nuclear verdicts. What can we do to stop that? That’s an issue that’s been growing in both the House and the Senate. RIMS is working within a broad coalition to address that issue.

[6:14 ] RIMS believes, at a bare minimum, there needs to be disclosures when third-party litigation funding agreements are in place so that everyone understands who stands to benefit from a nuclear verdict. It’s not the plaintiff.

[6:37 ] The last issue is the National Flood Insurance Program.

[7:01 ] Mark and his team spent Day 1 of the RIMS Legislative Summit in March prepping the registrants so they understood the ins and outs of the issues. They all received one-page leave-behind documents to take to the Congressional offices.

[7:18 ] Panellists had talked to them about the issues. The registrants were prepped to be lobbyists on these issues.

[7:30 ] On Day 2, the registrants went to the Hill and lobbied on behalf of RIMS.

[7:39 ] There were over 60 registrants this year. That was a RIMS Legislative Summit record. They had around 100 Congressional meetings, also a RIMS Legislative Summit record.

[8:15 ] Mark says holding the event at the U.S. Chamber of Commerce building is fantastic. It’s a classic D.C. building that everyone knows. It’s fairly close to Capitol Hill. You can get all the speakers you want to come and meet with your group there. It’s perfect for the Summit.

[8:49 ] A couple of years ago was the first time the Summit met at the Chamber building. Going back this year confirmed that it’s going to be the new location for the Summit. Mark says it was an enriching experience for the attendees.

[9:33 ] The Summit lobbyists focus on committees in both the House and Senate with jurisdiction over insurance.

[9:47 ] The House Financial Services Committee has a Subcommittee on Housing and Insurance. Most of the legislation the Summit is concerned about comes from the House.

[10:04 ] That Subcommittee has a new Chair, Congressman Mike Flood from Nebraska. The Summit has made inroads with his office and with other offices, too.

[10:28 ] The Summit’s focus is on establishing relationships with newer Congressional offices that are in a position to impact RIMS’s legislative priorities.

[10:52 ] Mark says, typically when we meet with a Member of Congress, it might be that we’re talking to them because they’re well-situated to talk to us about NFIP.

[11:02 ] On other issues, we don’t know that they necessarily align with us, but we know that with what we’re trying to accomplish with the NFIP, they are going to be a great ally. That’s our foot in the door to discuss other legislative issues.

[11:24 ] Marks says the Summit is looking to establish long-term relationships with Members of Congress and educate them on the importance of different issues.

[11:58 ] The RIMS Public Policy Committee will continue hammering on these issues for the remainder of 2025 and into 2026. The tax issues are likely to be resolved in RIMS’s favor in the Omnibus tax bill Congress is wrestling with now.

[12:18 ] The One Big Beautiful Bill does not include language for imposing new taxes on non-profits, but it does include the language about liberalizing the use of College 529 plans, which RIMS supports. Mark thinks that it will be wrapped up soon.

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