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RIMScast
The Risk and Insurance Management Society, Inc.
- 42 minutes 44 secondsClimate Disclosures with Jana Utter
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews returning guest Jana Utter. Jana is the 2022 Risk Management Honor Roll inductee and a former RIMS SERMC Chair. Jana remains active on RIMS committees. On May 6 at 2:45 pm, she will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance in ROOM 25AB. The SEC is in the news with final and proposed Climate Disclosure Rules announced. Jana shares her knowledge, experience, and risk philosophy, a cluster of acronyms, and why ERM needs to connect more fully with ESG. Jana will be co-hosting a session on the ESG track with Bob Wirth at RISKWORLD 2024. Listen in to learn more about emerging ESG risk reporting and disclosure.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s episode of RIMScast. My friend Jana Utter returns to discuss ERM, ESG, and the new Climate Reporting Disclosures; the SEC, the CSRD, and more. We’ve got a lot of acronyms today!
[1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:24] Today’s guest is one of my favorites. She is Jana Utter, the Vice President of Enterprise Risk Management at Centene Corporation. In 2022, RIMS named her to the Risk Management Honor Roll. She is the former chair of the RIMS Strategic and Enterprise Risk Management Council. Jana is knowledgeable about ERM and ESG.
[2:50] Since there were new SEC Climate Disclosure Rules announced, I wanted Jana to come back on the show and fill us in on what we need to know. This dialogue will dovetail with her upcoming RISKWORLD session on May 6th at 2:45 p.m. in Room AB25, Sustainability Reporting, Making ERM Transparent. It is part of the ESG track. She’ll be co-presenting with Bob Hirth.
[3:25] Jana Utter, welcome back to RIMScast! Jana was the 2022 RIMS Risk Management Honor Roll Inductee. Jana and Justin go back quite a few years. This is her third time as a RIMScast guest. Jana was the chair of the RIMS Strategic and Enterprise Risk Management Council. She misses it a bit but has moved on to other RIMS volunteer activities.
[4:10] Jana is here to discuss the SEC Climate Disclosures in the news. The U.S. SEC proposed final rules for Sustainability Reporting Standards. Also, the EU Corporate Standard Reporting Directive (CSRD) is making headlines.
[5:02] Jana thinks it is important as risk professionals to think of sustainability in the same way that we think about enterprise risk management. They are both important. Jana speaks of the 2017 COSO ERM Update, Integrating Strategy with Performance.
[5:29] That COSO document says that ERM helps enhance performance by more closely linking strategy and business objectives to risk. ERM affects value strategy and is linked to the business. The COSO framework also discusses how ERM leads to better decision-making.
[5:48] The International Sustainability Standards Board (ISSB) says sustainability factors are becoming part of mainstream investment decision-making. Companies are called upon to provide high-quality global comparable information on sustainability reported risks and opportunities.
[6:28] As ERM professionals, we are trying to identify risks to help protect the value and future ongoing business concerns of the company. Sustainability reporting is trying to do the same thing, protect the long-term value of the company. To Jana, that seems to be a natural fit.
[7:00] Justin and Jana agree that the data should support the story-telling of the organization or the risk professional. Sustainability reporting is a big part of that data, just as financial statements are.
[7:17] Sustainability reporting disclosures publish additional information by a company to inform stakeholders, including investors, business partners, employees, and customers. Jana thinks about it the same way as about financial statement information, which caters to the same stakeholder audience.
[8:14] Jana notes it’s important to know which of the different reporting directives for sustainability reporting standards apply to your company in the jurisdictions or geographies in which your company operates. Global sustainability disclosures are not 100% consistent. In the U.S., some states have additional expectations for ESG reporting above the SEC rules.
[10:10] ESG is showing up in commercials. Jana finds that interesting as her friends and family still don’t know what the acronym ESG means. It’s appearing in the mainstream, with DEI.
[11:31] Jana says that a lot of people who are responsible for enterprise risk management, including her industry peers, are not also responsible for sustainability reporting and disclosures. How can risk professionals get connected to the sustainability reporting team?
[12:23] Jana recommends risk professionals use the RACI matrix: Who’s Responsible? Who’s Accountable? Who’s Consulted? And Who’s Informed? If you’re not in this matrix, ask to join it as a consultant. She lists ways to contribute by connecting to different areas of the company.
[13:56] It’s important to know where your company operates. U.S. companies with no operations outside the U.S. may be able to follow the IFRS SASB Sustainable Accounting Standards and the SEC Climate Disclosure rules and other SEC-related rules that cover sustainability, as well as any state rules.
[14:59] If you’re U.S.-based with any operations in Europe, you’re going to want to monitor CSRD and make sure you understand and follow that protocol. That should cover you for the majority of any sustainability risks in the U.S.
[15:42] Jana’s go-tos are the International Financial Reporting Standards (IFRS), International Sustainability Standards Board (ISSB), and Sustainability Accounting Standards Board (SASB). ISSB includes the Taskforce on Climate-Related Financial Disclosure (TCFD). TCFD and CDP (formerly Carbon Disclosure Project) are closely aligned.
[16:46] Jana repeats, pay attention to the IFRS and what they do. IFRS is geared to the investor community. Also watch the Global Reporting Initiative (GRI), which is focused on social and environmental impact reporting.
[17:46] SASB is the Sustainability Accounting Standards Board. Justin invites you to look for these acronym links in the show notes.
[18:06] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[18:19] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[18:35] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[18:55] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.
[19:13] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App, available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there’s so much happening. This is a great way to stay on schedule.
[19:38] On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that’s on your mind.
[20:03] Steve’s a great guest. We’ve already recorded next week’s episode together. In a clip from the episode, Steve says his risk group at LA County was responsible for about 100K county employees. He didn’t know all their names, but if he knew their name, that was probably a bad thing! Be sure to tune in to RIMScast next week for more podcasting gold!
[20:35] Steve was a lot of fun and our session at the Global Studio on May 8th at 2:10 p.m. is going to be a blast! Be there!
[20:43] Webinars: On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula.
[21:08] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months!
[21:30] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[21:38] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[21:53] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.
[24:15] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[22:46] Jana Utter has a session at RISKWORLD on May 6th at 2:45 p.m. with Bob Hirth, called Sustainability Reporting: Making ERM Transparent. It’s part of the ESG track. It will be in Room 25AB. Jana is excited about the session. There are a lot of great sessions that run concurrently, but everybody should head over to Room 25AB on May 6th at 2:45 to hear more from Jana!
[23:35] Risk professionals are supposed to have a line of communication to the C-suite and the enterprise to take these announcements seriously. Jana says a risk professional has to treat sustainability reporting and disclosures like any other risk. An emerging risk can sometimes bubble up to become a noticed risk.
[24:42] Jana tells of her experience in reporting what ERM saw as up-and-coming emerging risks, capturing ESG and sustainability-related risks, and reporting disclosure expectations bubbling up in emerging risks. It eventually gets the attention when the time is right.
[25:40] Keep any emerging risk in the reporting to the extent possible. When the time is right, it will become important, not only to the ERM professional but to others where you’ve been trying to raise the flag. Risk professionals, make a note!
[26:19] Jana says Scope 3 Emissions are pretty complex. It is comprised of 15 categories. Scope 1 is a company’s use of natural gas. Scope 2 is its use of electricity. They’re more straightforward.
[27:16] The focus of Scope 3 is supply chain emissions. Most enterprise risk management professionals may not know or have had any reason to focus on how many suppliers their company has. It can be thousands or tens of thousands. It’s challenging.
[27:54] The Greenhouse Gas Protocol and other authoritative sources have ways to categorize types of vendors and use categorizations as a way to calculate emissions. It’s still very complex and much more subjective.
[28:30] To get the quality of reporting you need for financial statements, with external auditor reviews and having the same level of controls and tightness on the calculations, Scope 3 becomes quite complex.
[28:56] Justin reads from the U.S. EPA guidance on Scope 3: “The result of activities from assets not owned or controlled by the reporting organization but that the organization indirectly affects in its value chain.” Scope 3 emissions include up-chain and down-chain. A risk professional has a lot of work to do dealing with Scope 3 emissions.
[29:37] Jana mentions that a challenge around Scope 3 is double counting. A manufacturer uses a third party to deliver goods to a retailer. Both the manufacturer and the retailer count the third party for emissions. Communication has to occur between the manufacturer and its retailers. So Scope 3 emissions reporting is not required now.
[31:04] Jana talks about possible consequences of the failure of an enterprise to comply with the rule. It will probably be similar to any other failure to report accurately. You’ll get a letter with a deadline to comply. There could be levels of penalties. It could be the same as not filing your financial statements on time. Jana suggests you check with your legal counsel.
[33:10] Another trend Jana sees is the rise of Artificial Intelligence. It’s on everybody’s mind. There are sessions at RISKWORLD on the upside and downside risks and benefits of AI. AI has the ability to bring together a lot of information for the ERM practitioner. It still needs human interaction to determine what those results might mean and play out for your company.
[34:32] Jana would not limit the research to what the AI brought back for a data set. AI can’t replace the human experience and reasoning ability.
[35:05] Another topic Jana sees, as we get to 2025, people are looking to the end of the decade from a risk perspective, taking a little longer-term view than normal for risk professionals, looking past current and emerging risk and thinking ahead. How are the risks of today going to progress to 2030? Justin invites Jana to come back in 2030 for a look back!
[36:32] Justin describes how he has eased into using AI for simple things.
[37:17] On May 6, at 2:45 p.m. in Room 25AB, Jana will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance. It may be one of the last times we see Bob Hirth speaking in a session with Jana. Bob has quasi-retired. They will reminisce a bit about what came true and what did not.
[38:57] Jana and Bob will take questions if there is time at the end and maybe during the session. Check out Sustainability Reporting: Making ERM Transparent. This is going to affect your organization!
[39:22] Jana, it has been such a pleasure to reconnect with you! We always find your insights very enlightening. We’ll have you back before 2030! Let’s set a date after we wrap and a date for 2030! Thank you, Jana!
[39:42] Special thanks again to Jana Utter for joining us here on RIMScast. She’s one of our favorites and she will be one of yours, too, when you see her live at RISKWORLD, on May 6th at 2:45 p.m. in Room 25AB for Sustainability Reporting: Making ERM Transparent! Registered attendees should use the RIMS Events App to get you where you need to go at RISKWORLD.
[40:08] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!
[40:40] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[41:25] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[41:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[42:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
RIMS Risk Management Awards Edition 2024
Spencer-RIMS Risk Management Challenge — Live at RISKWORLD
SEC Climate Disclosures — March 2024 announcement
(On March 6, 2024, the SEC issued a final rule different from the proposed rule.)
RIMS Webinars:
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“ERM, ESG, and More Acronyms with Jana Utter” (2022)
“Scenario Planning in 2024 with the RIMS SERMC”
“RISKWORLD 2024 Keynote Peter Diamandis”
“Harnessing Innovation’s Promise with ERM Conference 2023 Keynote Bob Roitblat”
“Live From RIMS ERM Conference 2023”
“ERM’s Value Proposition with Chris Mandel”
Sponsored RIMScast Episodes:
“Platinum Protection: Underwriting and risk engineering's role in protecting commercial properties” | Sponsored by AXA XL (New!)
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Jana Utter: Vice President, Enterprise Risk Management, Centene Corporation
Tweetables (Edited For Social Media Use):
It’s important as risk professionals to think of sustainability in the same way we think about enterprise risk management. We think about ERM as being important. Then sustainability is also important. — Jana Utter
There’s a lot out there and you can get overwhelmed by trying to meet the requirements or expectations of all of them. — Jana Utter
In reporting disclosure expectations bubbling up in emerging risks, it eventually gets the attention when the time is right. — Jana Utter
As we get to 2025, I’m seeing a lot of looking to the end of the decade, from a risk perspective, taking a little longer-term view than we normally do as risk professionals, coupling current and emerging and what may be new on the horizon, thinking ahead to 2030. — Jana Utter
30 April 2024, 8:14 am - 37 minutes 7 secondsRIMS 2024 Goodell Award Winner Eamonn Cunningham
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Eamonn Cunningham about his career in risk management for a large shopping mall developer based in Australia and about his work as Founder and President of the RIMS Australasia Chapter. Eamonn shares experiences, philosophy, and practical career advice. He describes the natural diversity of Australia and how it is an advantage in risk management. Eamonn is passionate about the importance of relationships. He stresses that networking builds relationships. Eamonn recalls how he would convert risk management skeptics in the construction industry. He reveals a secret of breaking the glass ceiling into the room where big decisions are made and he stresses how critical it is to speak the language and jargon of your audience, especially when presenting to executives. Eamonn will be presented the Goodell Lifetime Achievement Award at RISKWORLD 2024. Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s episode of RIMScast. My guest is RIMS 2024 Goodell Award Winner Eamonn Cunningham. You know him as the Founder and President of the RIMS Australasia Chapter. He had a wonderful career at Westfield and we’re going to talk all about it today.
[1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:24] Named in honor of RIMS’s first president, the Harry and Dorothy Goodell Award pays tribute to an individual who has furthered the goals of the society and the risk management discipline through outstanding service and achievement. The RIMS 2024 Goodell Award recipient is Eamonn Cunningham.
[2:44] Many of you know him directly or by reputation. He launched the RIMS Australasia Chapter and had a wonderful career at Westfield, which develops malls and commercial properties worldwide. There’s a wonderful feature about him and his work in the Awards edition of RIMS Risk Management Magazine. A link is in this episode’s show notes.
[3:08] Justin and Eamonn have met but this is the first time they have connected in depth. Eamonn is a wonderful interviewee. He imparts a lot of wisdom in this interview for risk practitioners at all stages of their careers. After meeting him virtually or in person, you become a fan of Eamonn Cunningham. Listen for Happy Days references!
[3:37] RIMS 2024 Harry Goodell Award winner Eamonn Cunningham, welcome to RIMScast!
[4:11] Eamonn Cunningham will be receiving the Goodell Lifetime Achievement Award at RISKWORLD 2024. Eamonn says he is unbelievably honored to be receiving this very prestigious award! He has been told to limit a speech to two and a half minutes. He has his speech down to 2:29!
[5:11] There’s a great article featuring Eamonn Cunningham and his career in the Awards Edition of RIMS Risk Management Magazine. Today, we’ll expand upon that article and talk about some of the things that there wasn’t space for in the article.
[5:32] Once Eamonn gave up being an accountant, he migrated to the wonderful industry of risk management. He ended up at Westfield shopping malls. He especially enjoyed the retail aspect of the real estate industry. There is a lot more to risk than buying insurance. He was able to show the benefit of risk management early at Westfield.
[6:28] Eamonn helped develop malls of 100 retail stores and more. There was a total property value of about $7 billion. They were complex, diverse projects. There was a lot of fun and lots of challenges. Eamonn enjoyed meeting people who were not initially converts to risk management. He called them his hard cases.
[7:46] Eamonn made it his endeavor to shine the light. He was fortunate even in the tougher cases to get them to say they got it. Development and construction people were his hardest cases. They thought they knew more than Eamonn about risk management. He had to show them how his token involvement could help them a little bit.
[8:45] The help, which was offered free of charge, sparked interest, and “away we went”!
[8:59] In some cases, senior management of a company questioned why they were spending a fortune on insurance as the only way to manage risk. Is there a better way? They learned that risk management was the better way, going from operational risk management to enterprise risk management. That was Eamonn’s career at Westfield.
[10:15] Eamonn notes that accepting diversity in all respects is important. Almost all of Australia’s growth has come from immigration from many different cultures, ethnicities, religions, and practices. It is easy to embrace diversity in Australia and to see it as an advantage. It’s part of the Australian spirit.
[11:54] Eamonn believes the basic risk management framework philosophy is the same the world over. Its implementation varies from country to country. The Australian culture is open and direct. They get to the heart of the matter quickly. Get the risk, figure out how to manage it, and bring it back quickly within the risk appetite.
[12:55] The members of AC/DC are not on Eamonn’s contact list. Justin thinks of AC.DC and Midnight Oil when he thinks of Australia. Eamonn notes that the lead singer of Midnight Oil, Peter Garrett, was also a politician.
[14:05] Eamonn is passionate about the importance of relationships in the profession and with underwriters. You don’t just focus on the upcoming renewal. Smart risk managers will have an eye on the renewal for the following year and the year after. This is especially true in the real estate industry, where everything is considered long-term.
[14:59] The management of the insurance program is long-term. As a risk manager, you create and nurture relationships with market participants. These relationships need to be on a win-win basis or there is likely to be a parting of the ways sooner rather than later. Eamonn saw his job as removing volatility from the risk team of the organization.
[15:37] Eamonn saw some risk managers who prefer to be bottom-feeders, going for the cheapest price every year. Eamonn told them that way of working is doomed to failure. It will create volatility. The senior people at the organization do not expect volatility from the risk manager.
[16:12] Eamonn owes a lot of his risk management success to the choices he made in partnering with industry peers. Two-way relationships have both give and take. Professional relationships are like personal ones. The more you nurture them and respect them, the more rewarding they will be to you.
[17:03] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[17:16] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[17:31] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[17:52] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.
[18:10] RIMS Webinars: Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management.
[18:27] On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd.
[18:43] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months!
[19:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:12] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[19:28] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.
[19:49] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[20:11] How can risk managers break the glass ceiling? Always choose your words carefully. You must be perceived as credible and relevant. Make sure you know your business like the back of your hand. You must be tenacious. Don’t automatically take “no” for an answer. If you must accept “no,” make sure there is a valid reason for it.
[21:20] Eamonn stresses that you need to sharpen soft skills, particularly oral skills. Always consider yourself as having the capability to do more for the business. Push that point whenever possible. You must get into the room where the big decisions are made.
[22:12] Eamonn believes risk professionals have an enormous advantage in that they have one thing in common with the CEO. They are responsible for the entire business, not just a part of it. They need to know how the entire business operates.
[22:58] The most successful CEOs surround themselves with great people. As a risk manager, surround yourself with great people who operate in other parts of the business. Get them in sync with the risk-aware way of doing business. You’ll have a person promoting your case to the business. As a result, you will get noticed.
[23:51] Justin and Eamonn discuss ISO frameworks for ERM. Do your intel on your audience. Don’t be technical unless they are asking for the technical. Use jargon they understand and want to hear. Don’t place yourself in an ivory tower or preach from a pulpit. Be in the business and use the lexicon of the business. Watch the body language.
[25:58] Do necessary reconnaissance before making a presentation or board reporting as a risk manager. At Westfield, Eamonn had the job of inducting future non-executive directors into their management routine. While inducting them, he learned their interests and stored that information for future use in presentations.
[27:58] Eamonn co-created the RIMS Australasia Chapter. Risk managers were meeting informally, but they wanted a formal structure, so they looked for an association and found RIMS. They ran analysis and intel and put a case to the CEO at the time. She accepted their position. [25:54] Ten or 12 of Australia’s largest companies signed on and threw in seed capital. Eight or nine months later, at RIMS LA 2013, Eamonn got the banner for the chapter.
[28:24] As part of that structure with RIMS, there are a lot of resources on the table and it creates opportunities to network. That’s manna from heaven when it comes to risk managers whose CEO tells them to do more.
[28:50] The RIMS Australasia Chapter started with approximately eight members. Now there are 60 to 70 formal members, with followers on LinkedIn numbering about 450.
[29:23] After Eamonn got the banner in 2013, he set up his succession plan. There is a capable Vice President in the wings, Katie Sexton, who, subject to the vote of members, will become President next year. Katie was on the February 6th Episode of RIMScast.
[30:57] Eamonn’s advice to new risk professionals: “Pick your industry, it doesn’t matter what industry, and embrace yourself, track your career. You’re going to deviate all over the place. Upscale constantly, never stop learning and knowing more about the business. You can’t do it all on your own.”
[31:40] Eamonn believes the term risk manager is a misnomer. The risk manager is the conductor of the risk management framework with a multitude of people in the field and home offices around the world. You can’t do it on your own and you need to be good at getting the message out to your disciples.
[32:27] Eamonn has retired from Westfield. Now he stays alive mentally by keeping active. He will take a backseat in the chapter, and stay until the rest of the board tells him it’s time to go.
[33:36] Eamonn sees heat maps as risk and opportunity perspective maps.
[33:55] It has been such a pleasure to have a chance to spend this time with you! I’m going to see you in San Diego, just before you accept your award. I want to thank you for all you’ve done for RIMS over the years, as well!
[34:24] Special thanks again to Eamonn Cunningham for joining us here on RIMScast. He will accept the Goodell Award on May 6th at RISKWORLD 2024. Learn more about his career in the Awards Edition of RIMS Risk Management Magazine, available now and through a link in these show notes. A link to the Australasia Chapter is there as well.
[34:49] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[35:14] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[35:55] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[36:12] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:27] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[36:47] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
Spencer-RIMS Risk Management Challenge — Live at RISKWORLD
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
RIMS Risk Management Awards Edition 2024
RIMS Webinars:
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”
Sponsored RIMScast Episodes:
“Elevating RMIS – The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Eamonn Cunnigham: Outgoing President, RIMS Australasia Chapter
Tweetables (Edited For Social Media Use):
I’m just unbelievably honored by the prospect of standing up there on stage and receiving this very prestigious award. I’ve been told to limit a speech to two and a half minutes. I’ve done all the work and I’ve nailed it at 2:29! — Eamonn Cunningham
I felt that there was a lot more to risk than just simply buying insurance and of course, with all of the casualty incidents, you can so easily show the benefit of risk management, which I was able to do very early on in Westfield. — Eamonn Cunningham
I found that I really enjoyed meeting people who were not converts, at least initially, to risk management, and I used to call them my hard cases. — Eamonn Cunningham
Risk professionals have an enormous advantage in that they have one thing in common with the CEO. They are responsible for the entire business, not just a part, just like the CEO. They need to know how the entire business operates. — Eamonn Cunningham
23 April 2024, 7:01 am - 38 minutes 48 secondsSupply and Bike Chains with Emily Buckley
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Emily Buckley about her career after ten years at Kroenke Sports Entertainment and two years at Specialized Bicycle Components. Emily shares how she learned and developed, working with people around the world at Kroenke, and then how she moved to Specialized Bicycle Components seeking greater opportunities for advancement. Emily is a Board Director at the RIMS Rocky Mountain Chapter after being recruited to the chapter by Peggi Miller, her first risk management boss. Emily speaks of her enjoyment of risk management, and how she has been supported and mentored. In keeping with the laid-back atmosphere at Specialized, Justin and Emily keep the bicycle puns in motion throughout the interview. Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest is Emily Buckley. She is a Board Director of the RIMS Rocky Mountain Chapter and the Insurance Risk Manager for Specialized Bicycle Components.
[:57] The timing of Emily’s RIMScast debut is strategic. You’ll find out why in a moment!
[1:02] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:11] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:25] There’s a strategic reason Emily Buckley is now making her RIMScast debut. April is Supply Chain Integrity Month and May is National Bike Month, which has a Bike to Work Week, starting May 13th, Bike to Work Day on May 17th, National Ride a Bike Day on May 5th, and several other special days.
[2:53] When Justin thinks of bicycles and supply chains, Emily Buckley comes to mind because of her great work leading risk at Specialized Bicycle Components. Considering recent events, it’s a good time to speak about supply chain risk management with Emily.
[3:09] It’s an opportunity to discuss what it’s like to work for a globally recognized brand and get an update from the RIMS Rocky Mountain Chapter and what’s happening in Colorado.
[3:18] Justin and Emily met at the RIMS ERM Conference 2023. Emily Buckley, welcome to RIMSCast!
[3:31] Emily Buckley was an ambassador to Global RIMS at the RIMS ERM Conference. Emily is excited to be on the show!
[3:59] May 5th is National Ride a Bike Day and April is Supply Chain Integrity Month. Emily is the Insurance Risk Manager for Specialized Bicycle Components! Emily is also a Board Director for the RIMS Rocky Mountain Chapter.
[4:36] When Justin met Emily he thought she was like the queen of Colorado. Emily was involved on the periphery of the RIMS ERM Conference. RIMS organized a tour of Ball Arena, and Emily worked there with Peggi Miller, VP of ERM at Kroenke.
[5:21] Emily was in the Risk Management Department of Ball Arena for 10 years. Peggi was her boss for all her time there. Peggi was the one who took a chance and hired her as a 20-something-year-old who knew just enough about insurance to be dangerous.
[5:52] In 10 years, Emily rose from Analyst to Director of Risk Management under Peggi’s mentorship. Peggi’s knowledge and experience in the industry are invaluable. Peggi launched Emily in her career; Emily says she will always be in Peggi’s debt.
[6:17] Working for KSE at Ball Arena exposed Emily to a portfolio of different industries, lines of business, and risks. Emily led several projects. It took her a couple of years to build a reputation. As she developed, she asked Peggi for more responsibility and Peggi gave her anything she wanted to take on.
[7:03] Peggi Miller is the Vice President of Risk Management at Kroenke Sports & Entertainment (KSE) and the Vice President of the RIMS Rocky Mountain Chapter.
[7:53] Before Emily started at the Ball Arena, they hosted the Democratic National Convention. She recalls March Madness. The Monster Jam sticks out to her. They hauled in lots of dirt and the building smelled like dirt for days. Years ago, they did a circus with animals. Walking past the caged tigers was fun!
[10:03] Emily loved her job and the people at KSE but the opportunity to advance further wasn’t there. She was looking at the job market and saw a posting for Specialized. She thought that this could be an opportunity to build something.
[10:39] Going through the interview process, she found this was a new position for them. They were looking for someone with experience to come in and build a program and department from the ground up. She couldn’t say no. This was in August of 2022.
[11:30] Emily is a department of one person at a global company. She gets to meet or talk to many teammates from around the world. Every day is a new adventure. The challenge is that, as a department of one, things can’t get bottlenecked through her. She has learned to delegate a lot and automate as many of the simpler items as she can.
[12:28] Having a broker who understands and supports Emily’s role has been very helpful. The broker has taken things off her plate and has been as helpful as possible going above and beyond what a broker normally does.
[13:06] Emily is working on taking off the training wheels at Specialized. She is not yet a cyclist but she has her eye on a mountain e-bike that she’s very excited about.
[14:21] Specialized Bicycle Components is headquartered in Morgan Hill, California. Emily believes it is the best bicycle company in the world. Their products are unmatched. They make e-bikes, mountain bikes, road bikes, a fantastic line of bikes for kids, and e-bikes for kids. Their riders are the best in the world.
[14:59] Emily works remotely. It was a challenge at first but after COVID-19, working remotely has become the norm. Justin says working remotely takes a little greasing the wheel to build rapport. Emily gets to locations as much as she can to have face time, shake hands, and have lunch with people to get to know them on a personal level.
[16:02] Emily explains how her experiences heading projects at KSE are beginning to apply to her work at Specialized Bicycle Components. Now that Specialized has a dedicated person/department to focus energy and resources, they can accomplish ERM projects they have wanted to do for some time. The executives tell her to run with them.
[17:58] They ask Emily, how can we help you, how can we support you? She loves that Specialized empowers its employees to run with projects and ideas and bring them to the next level.
[18:17] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[18:30] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[18:46] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[19:07] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[19:16] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[19:24] RIMS Webinars: On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[19:37] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains.
[20:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[20:18] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[20:34] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, government officers, legal professionals, and more.
[20:55] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[21:19] Emily speaks of the culture at Specialized Bicycle Components, a California-based company. It’s built around fun, adventure, and creativity. Emily says risk managers are often known as the “fun police.” Risk management is a balance there. She is there to advise and keep the company safe.
[23:42] With COVID-19, the supply chain was a challenge for a lot of companies. Specialized saw thefts coming in and out of Los Angeles. That was a huge challenge that Specialized worked to circumvent by diverting out of L.A. and putting in some controls. Within a few months, thefts were down. That was all before Emily was hired.
[24:52] A recent supply chain challenge was the barge that hit the Key Bridge in Baltimore in March. Besides the losses to families, the shipping containers may never reach their destination, leading to cargo losses and claims.
[26:22] Regarding the war in Ukraine and Russia, when Emily was at Kroenke, the concern was to make sure there were no employees there and that Kroenke complied with sanctions about paying companies there. With sports teams, there are players from around the world. Ukraine and Russia have not caused disruptions with Specialized.
[27:45] The challenge with e-bikes is the batteries make underwrites and engineers incredibly nervous. Media carry reports of homes burning from batteries. It’s becoming mainstream for homes to have some sort of Lithium-ion battery in them. The industry is scrambling to figure out how to manage these risks.
[29:28] Engineers are still developing best practices for Lithium-ion batteries, including how to store them in warehouses. Insurance is about relationships, and being able to get in front of people and tell your story. Specialized Bicycles has an amazing story to tell and they want to tell it to their underwriters.
[30:33] The RIMS Rocky Mountain Chapter has a brand new website! One of the Directors, Taneal Pickles, revamped the website to improve the chapter’s image.
[31:17] The RIMS Rocky Mountain Chapter hosted the RIMS Western Regional Conference in 2023. It was hosted in Vail in early October. Emily says it was fantastic and they could not have picked a better week to do it. The fall colors were popping. They did some hiking. There was great content with great speakers.
[31:58] Emily says the RIMS Rocky Mountain Chapter is “just a bunch of insurance nerds who like to have fun and talk about insurance now and then.” The chapter President, Neil Colclough, supports Emily and the ideas she brings forward. Emily started a social events committee for fun monthly events with peers.
[32:41] Peggi recruited Emily into the RIMS Rocky Mountain Chapter. It took a few tries but Emily is glad she succeeded. It has been a fun ride. On June 20th there will be a Rockies game and picnic for members. The 28th annual golf tournament will be in Littleton, Colorado at Arrowhead Golf Course in August. It’s already sold out.
[33:28] To learn more about the RIMS Rocky Mountain Branch, go to RockyMountain.RIMS.org.
[34:04] Emily’s advice to new risk managers: “Network! This industry is all about whom you know; your connections are going to be invaluable. This industry, at the foundation, is your relationships with people and how you know them.” It’s work and you have to be intentional with it. It pays off!
[34:53] Justin is glad he and Emily spoke! Just before RISKWORLD, Emily is going to speak at the World Broker Network Global Conference in San Diego, on a client panel. She will also attend RISKWORLD. Justin thanks Emily for being on RIMScast!
[36:03] Special thanks again to RIMS Rocky Mountain Chapter Board Director, Emily Buckleyn for joining us here on RIMScast! Visit RockyMountain.RIMS.org for more information about that fantastic chapter! Justin is looking forward to seeing her at RISKWORLD, as well, in San Diego, from May 5th through May 8th.
[36:26] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[36:51] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[37:34] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[37:51] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[38:06] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[38:27] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
National Supply Chain Integrity Month (April)
National Bike Month Days and Events (May)
RIMS Webinars:
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“RIMS 2023 Rising Star Emily L. Bloedel”
“Risk and Compliance Tips for Importers and Exporters” (2022)
Sponsored RIMScast Episodes:
“Elevating RMIS — The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Emily Buckley: Insurance Risk Manager — Specialized Bicycle Components, Inc.
Board Director, RIMS Rocky Mountain Chapter
Tweetables (Edited For Social Media Use):
Specialized Bicycle Components was looking for someone to come in, who had experience and could build a program and a department from the ground up. The stars aligned and I couldn’t say no. — Emily Buckley
The executive team at Specialized says, Yes, whatever you want to do, let us know, and run with it! Go! We need this! This is important! How can we help you? — Emily Buckley
Learning the culture and philosophy of the company has been a lot of fun at Specialized Bicycle Components. — Emily Buckley
Network! This industry is all about whom you know; your connections are going to be invaluable. This industry, at the foundation, is your relationships with people and how you know them. — Emily Buckley
16 April 2024, 10:53 am - 37 minutes 58 secondsRIMS 2024 Rising Star Chelsea Andrusiak
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS 2024 Rising Star Chelsea Andrusiak, featured in the upcoming special Awards Edition of RIMS Risk Management Magazine, available in mid-April. In this episode, Justin and Chelsea discuss her job as an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada (FCL), and what they do. Chelsea started with FCL right out of school and in seven years she was able to halve the losses of the Fleet Department. She tells of changes in the Risk and Insurance Department, and what she learned from former RIMS President Nowell Seaman when he joined the Risk and Insurance Team at FCL. Justin and Chelsea talk about the RIMS 2024 Rising Star Award that will be presented at RISKWORLD 2024. Listen in to hear what this rising star has learned through RIMS and SKRIMS.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest is RIMS 2024 Rising Star Chelsea Andrusiak and we will talk about her achievements and her great honor!
[:54] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! There’s a link in this episode's notes.
[1:12] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:15] My guest today is Chelsea Andrusiak. She is an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada. She is also a Director and Vice-President, North for the Saskatchewan RIMS Chapter, or SKRIMS.
[2:32] I covered Chelsea’s achievements in the Awards Issue of RIMS Risk Management Magazine, online in mid-April. In our dialog today, we will learn more about her success with captives, her risk philosophies, and words of wisdom for other rising stars! RIMS 2024 Rising Star Chelsea Andrusiak, welcome to RIMScast!
[3:04] Justin and Chelsea have known each other through RIMS for a few years and really connected at the RIMS Canada Conference 2023. Justin’s favorite part was hosting the RIMS Canada version of Family Feud.
[4:45] Chelsea was behind the scenes with the script as an Executive Producer. They put on a great show! It was a team effort. The Western Canadian RIMS Presidents took home the title. It was a show worth repeating.
[6:26] Chelsea is based in Saskatoon, Saskatchewan, and works for Federated Co-operatives Limited, a co-operative owned by 160-plus retail co-operatives that operate throughout Western Canada from the Island of BC to Western Ontario, up to the Arctic. FCL exists to serve those retail members and enable their operations.
[7:02] FCL provides wholesaling, manufacturing, and distribution services, in addition to administrative services, including insurance, marketing, and accounting, to help set up its retail co-operatives for success. FCL centralizes for efficiency and localizes for effectiveness. FCL is owned by its 160-odd independent autonomous co-operatives.
[8:08] There is a wonderful profile about Chelsea in the digital edition of RIMS Risk Management Magazine’s Awards edition. It will be available in mid-April. Check for updates RIMS.org and on RIMSorg on LinkedIn.
[8:43] Chelsea graduated with a finance degree from the University of Saskatchewan Edwards School of Business in 2016. She was hired at FCL and has been there ever since. She has been in one position for eight years, but the program has changed so much since 2016 that it doesn’t feel like the same job.
[9:33] Chelsea works with the same risk and exposure today as she did in 2016, but with a very different way of managing risk. Her one job has had different iterations of the role over eight years.
[10:05] Insurance at FCL used to be managed in the Legal Group. It was heavily broker-led without a lot of risk management on the insurance side. Shortly after a couple of large losses in 2011 and 2013, FCL brought the insurance out of Legal into a stand-alone department and hired an insurance manager.
[10:28] After a couple of years, they added to the department. That’s when Chelsea was hired. FCL took it from a broker-led, passively managed program to using different risk-financing techniques, and program structures, finding the best way to optimize risk, own the journey, and take on some of the risk.
[11:04] The risk management department is proud of the work they’ve done. They’ve reduced losses in the last eight years. They’re willing to prove it by insuring their own risk through captive insurers.
[11:29] The first thing Chelsea worked on at FCL was the Fleet Department. It was a lot to learn. An automobile is both property and liability insurance, so she learned both sides of the program quickly. FCL hadn’t kept good data on their exposure: types of units, number of units, radius of operations; or their losses.
[12:18] FCL had more losses than it should have. Chelsea got in at the ground level and made a lot of fast improvements to the program. She cleaned up the data to tell the story of the risk. She worked with a Fleet Safety Group for safety initiatives. They cut claims in half from 2016 to 2023.
[13:23] Co-op trucks are driving billboards. FCL didn’t want Co-op trucks to be seen in ditches or involved in incidents. It was reducing brand risk as well as safety risk. There’s a lot of pride in the Fleet and the Fleet Safety Department.
[14:49] The numbers lead the dialog. FCL does many things, including food distribution, home and building supplies distribution. FCL owns a refinery, manufactures animal feed, blends fertilizer, etc. Its business lines are insured in different ways. The food distribution business is different from the refinery business.
[15:28] Data at the FCL conglomerate level needs to be understood at the individual business operations level to treat the risk at the enterprise level.
[15:57] Chelsea has to sit in front of underwriters and tell them the story from the operations level to the enterprise level so it makes sense to them. If they understand the risk control initiatives and the data she presents, it impacts the premiums and losses. She puts tangible numbers on all the work she does.
[17:29] Chelsea has two captives at FCL. She set them up from the ground level. The first was in 2019 in Barbados. The second captive was set up in Alberta in 2023. Chelsea talks about working over email and Teams with Barbados, and in building a relationship in person in Alberta.
[18:58] It took Chelsea six to eight months to finalize the captive in Barbados. She finalized the captive in Alberta in two months. By the time they set up the captive in Alberta, Nowell Seaman, with captive experience, had joined Chelsea’s team.
[20:41] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[20:54] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[21:09] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[21:30] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[21:40] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[21:48] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[22:09] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains.
[22:37] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[22:50] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk”. The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility.
[23:11] The report is exclusively available to RIMS members for the first 60 days. Visit the link in this episode’s show notes and also the Risk Knowledge page of RIMS.org to download.
[23:34] Nowell Seaman is a former RIMS President. He’s been a wonderful supporter of RIMS and his coworkers. He came out of retirement to join FCL. Chelsea had been leading Insurance and Risk by herself when he joined. Chelsea says Nowell calls his time at FCL his victory lap and she agrees.
[24:34] Chelsea had known of Nowell through SKRIMS but had not worked with him before FCL. Chelsea was intimidated at first by him. Then Nowell told her she needed to learn to speak up more! He had been brought in to mentor Chelsea so she could be ready to take over the program. It worked.
[26:52] Chelsea is the second SKRIMS member in four years to win the Rising Star Award. The last Rising Star from SKRIMS was Katherine Dawal, now SKRIMS President. Justin predicts that every Leap Year, we’ll have a member of the SKRIMS Chapter win the Rising Star Award. Saskatchewan produces risk managers as well as NHL players!
[27:56] Chelsea says the SKRIMS board and membership are some of the best people she has ever met. They are engaged, enthusiastic, and down-to-earth. She enjoys hanging out with them. It’s like hanging out with friends. It’s a good group of people.
[28:22] They have fun running the chapter and it shows. They won an ECHO Award this year for the second year in a row. They’re seeing results and it doesn’t feel like work. They’re just having fun along the way and doing good things.
[29:22] Katherine Dawal never got to walk the stage when she won the RIMS Rising Star 2020 Award because of COVID-19. She will walk the stage to pick up the ECHO Award for SKRIMS and Chelsea feels like she is walking the stage for both of them in picking up her RIMS 2024 Rising Star Award.
[29:45] Justin recommends joining the SKRIMS people if you see them at a Karaoke bar at RISKWORLD; they know how to cheer on the singers and get a crowd going!
[30:24] Chelsea felt a big shift in her career when she started to get involved with RIMS in 2019 for the RIMS Canada 2021 Conference in Saskatchewan, which unfortunately was canceled due to COVID-19. She started networking and meeting people with experience in the risk profession. She translated textbook knowledge into application.
[32:27] Chelsea wants to maintain success now that she is known as a Rising Star. Justin notes some of her current work accomplishments.
[33:35] Chelsea’s advice to college students or new employees considering risk: “Be prepared. It’s nothing like you think it’s going to be! I moved from a business analyst role at FCL to the insurance team. I thought I knew what I was getting into and it ended up being entirely different, which is, I think, why I’m still here! It’s exciting!”
[33:57] “Every day, you show up and something new happens! There’s a new crisis to solve! It’s dynamic and interesting and you never live the same day twice. You need to be able to think on your feet and manage the uncertainty of this profession but once you’re in it and you find your foothold, it’s unlike any other type of job. Hold on!”
[34:40] Justin thinks more great things are going to come from Chelsea’s work! Chelsea, congratulations, and thank you so much for being a friend and joining us on RIMScast!
[34:56] Special thanks to RIMS 2024 Rising Star Chelsea Andrusiak. She will receive her award at RISKWORLD 2024. You can read her profile in the special Awards Edition of RIMS Risk Management Magazine which will be available mid-April 2024. Maybe we’ll see her again on stage one day, receiving the award for Risk Manager of the Year.
[35:22] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[35:50] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[36:34] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[36:52] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[37:08] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[37:30] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Canada 2024 | Vancouver, BC | Oct. 6–9, 2024
RIMS Webinars:
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“RIMS 2023 Rising Star Emily L. Bloedel”
“RIMS 2023 Risk Manager of the Year Theresa Severson”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
Sponsored RIMScast Episodes:
“Elevating RMIS — The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
New white paper: “Improving Standard of Care and Reducing Mental Health Risk in Construction” (Sponsored by Zurich)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
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Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
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Join the Conversation!
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About our guest:
Insurance & Risk Analyst, Risk Management Federated Co-operatives Limited
Tweetables (Edited For Social Media Use):
FCL centralizes for efficiency and localizes for effectiveness. Our hundred and sixty-odd retail members are all independent, autonomous legal entities and they own us. — Chelsea Andrusiak
[Over these eight years], it doesn’t feel like the same job. It’s comparing apples to oranges, the work we did in 2016 vs. the work we do now. Technically, it’s all the same risk and exposure but we have a very different way of managing it. — Chelsea Andrusiak
It’s data-in, data-out. You need to tell the stories so that you can say this is how it resulted, this is the impact on our business, our premiums, and our program. — Chelsea Andrusiak
I felt a big shift in my career when I started to get involved with RIMS in 2019. Before that, I had the textbook knowledge. I was doing some designations. But the rubber hits the road when you get involved in RIMS and you start to network. — Chelsea Andrusiak
9 April 2024, 7:06 am - 33 minutes 55 secondsBridging The Workers' Comp Talent Gap with Nikki Jackson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Nikki Jackson, MBA, CPCU, ARM, CDMS, Vice President of Strategy & Marketing at MTI America. Nikki speaks about her invitation into the industry and shares the highlights of her career. She discusses her enthusiasm for workers’ compensation and what she has learned in the field. She speaks of her thoughts on AI and then explains what she will cover in her two sessions at RISKWORLD 2024 on May 7th. Nikki tells about how supportive her family has been in her career as she travels.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest today is Nikki Jackson and we will talk all about workers’ compensation and risk management.
[:53] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[1:13] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:15] My guest today is the Vice President of Strategy for MTI America and I don’t think I’ve ever met anybody as enthusiastic about workers’ compensation as she is. She is Nikki Jackson, MBA, CPCU, ARM, CDMS. Nikki will be leading two discussions at RISKWORLD on May 7th.
[2:41] At 10:45 a.m., Nikki will be leading The Workers’ Compensation Talent Shortage, the industry’s largest exploratory study focused on workers’ compensation, and at 2:45 p.m., Nikki will co-host Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases.
[2:58] Nikki Jackson is a dynamic force in the field of workers’ compensation! Let’s get her perspective on the state of workers’ compensation today. Nikki Jackson, welcome to RIMScast!
[3:35] Justin especially loves doing RIMScast episodes when he knows the guests. Justin and Nikki met at a RISKWORLD session that he hosted a couple of years ago and they have stayed in touch. Nikki is passionate about workers’ compensation.
[5:17] Nikki was fortunate enough to be invited into this industry by Jami LeTourneau of Liberty Mutual. Jami was a team manager in Philadelphia. She looked at Nikki’s resume and saw she was a Certified Nursing Assistant (CNA) and had been a paralegal. Jami said that worker’s compensation would be perfect for Nikki. She hired her on the spot.
[6:24] Nikki went to Boston to go through Claims College. When she got back, she started adjusting workers’ compensation claims and asked a lot of questions over the cubicle walls. She decided to learn all she could about policies, pricing, claims adjustment, and TPAs.
[7:26] Jami was working toward her CPCU and she suggested to Nikki to take the ARM class and then the CPCU class, so she did. She wanted to get into leadership so she went to work for a TPA in King of Prussia, Pennsylvania. She got to work with Southwest Airlines and she calls Southwest an incredible employer that cares about its people.
[8:04] Nikki shouts out to Patty Cowell, Dave Banta, and countless others in Southwest’s phenomenal risk management program. Nikki got into a leadership role. It was “nuts” but such a great environment to learn in. She had a team of adjusters handling multiple states in the Northeast.
[8:41] They worked with amazing clients like Best Buy, Cargill, Eaton, Louis Vuitton, and many more. She got to see how they worked their workers’ compensation programs and to sit at the table with them. It started to feel like a partnership with some of her clients.
[9:25] At that TPA, they offered more than workers’ compensation. Nikki started to look at integrated programs, then liability, and then saw opportunities in disability and leave of absence, so she got a few other designations to learn those lines of business.
[9:46] That’s how she wound up on the Delta Airlines program and got national exposure to workers’ compensation. Workers’ compensation is her “baby.” She still has liability exposure, and her husband is an adjuster on the liability side. Dinner conversations are often damage points with a truck vs. a car, and the percentage at fault.
[10:25] Working with risk professionals has helped Nikki see gaps in the industry. She saw what both good programs and not-so-good programs look like. She had a good grip on claims at a granular level but also from the 10,000-foot above view by working on technology projects and innovations to make the experience better for all stakeholders.
[11:06] Now Nikki is on the ancillary side and more than ever, she understands how a vendor’s technology, people, and network impact claims.
[11:37] Workers’ compensation is a great place to be. There’s no shortage of work. Nikki suspects that there were about 1.1 million workers’ compensation claims filed in 2023 for about 125 million workers. She predicts 3 in 100 workers will file workers’ compensation claims this year. There are about 324,000 adjusters.
[12:45] Financially, workers’ compensation is the shining star of casualty, for now. The coverage is affordable for companies and it looks like it will stay that way, at least for this year, and things are looking good for businesses.
[13:02] There are a few things to keep an eye on. Mental injury is a huge focus right now. There is an increase in the more serious injuries, referred to as catastrophic losses. There is a growing focus on workplace safety initiatives and injury prevention programs. Medical costs and inflation affect serious injuries.
[14:18] A new law in California requires employers to have a workplace safety and accident prevention plan in place by this summer. Nikki believes we will see similar laws in other states.
[14:30] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[14:43] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[14:59] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. A three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[15:20] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[15:29] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[15:37] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[15:59] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:29] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk.” The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility.
[16:48] The report is exclusively available to RIMS members for the first 60 days. Visit the link in this episode’s show notes and also the Risk Knowledge page of RIMS.org to download.
[17:08] Nikki is a geek about AI. She says we all use it every day, all the time. We just may not realize it. Technology is playing a huge role in workers’ compensation. A recent survey showed that 77% of respondents in the risk and insurance industry say that they’re jumping on the AI bandwagon in some form or another.
[18:45] It’s used in sales, underwriting, ops, and claims processing. Nikki talks a lot about the use cases on social media, for fraud detection, to assign new claims, or predictive analytics to flag claims that could go in the wrong direction. It’s used in the risk control and pricing space. You’ve got to get on board.
[19:33] There is still a talent shortage in workers’ compensation. AI just augments the role of claims professionals. It’s an aging industry and with a lot of experienced claims adjustors retiring, that institutional knowledge will be hard to replace. AI can’t do it at that level.
[20:04] For professionals new to workers’ compensation, who lean into AI, it will be a great place to be. They’ll need to learn how to use the tools properly or build them into the claims system in the right way. Their inboxes are flooded with massive amounts of data in medical and legal documents that take a long time to read and pull data from.
[20:43] A resource to help you get the data that much faster, more efficiently, and possibly with less human error, is a tremendous advantage.
[21:10] We’re coming up on RISKWORLD 2024 in San Diego, California, from May 5th through May 8th. Nikki is leading a session called “The Workers’ Compensation Talent Shortage,” the industry's largest exploratory study focused on workers’ compensation.
[21:41] Nikki is excited about RISKWORLD 2024. Carey Armistead from SOMPO North America will join her. They will dive into the study. There were two groups surveyed: 432 college students about what is important in attracting them, and 140 claims professionals, speaking about retention of talent. Nikki thanks all who participated.
[23:36] Nikki has two sessions on May 7th. The morning session at 10:45 a.m. is about the workers' compensation talent shortage. The afternoon session, joined by Dawn Watkins at 2:45 p.m. is a career development session discussing the attributes, traits, and unique characteristics within diverse groups. It will also cover goals for claims.
[24:18] Nikki and Dawn will link DE&I to results in increased innovation, improved decision-making, and better outcomes. It should be a good session.
[25:37] Nikki had her fourth child since the last time Justin saw her. She posted on LinkedIn about maternity and parental leave and the accommodations that were made for her. She was uncomfortable posting, but many people have seen her through each child and each work change and supported her.
[29:24] Nikki’s husband and family support her travel and absences. Shoutout to George!
[29:55] Nikki Jackson has two sessions at RISKWORLD 2024 on May 7th, one at 10:45 a.m. and one at 2:45 p.m. Anybody who’s going to be there, check out her sessions! She’s one of the most enthusiastic people Justin has ever seen at RISKWORLD.
[30:26] Nikki will be available for questions after her sessions. She’s very active in her sessions and loves the interaction and the energy.
[30:43] Nikki, thank you so much for joining us on RIMScast!
[30:52] Special thanks again to Nikki Jackson for joining us! She will be hosting two sessions at RISKWORLD 2024 on May 7th.
[31:01] The first session is at 10:45 a.m. in Room 29CD, for The Workers' Compensation Talent Shortage, Gaining Insight from Adjusters and College Students. At 2:45 p.m., for the second session, she will be in room 24BC, for Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases.
[31:20] Hang around if you have questions for Nikki after her sessions. To learn more about her, visit ElevatetheAdjuster.org.
[31:33] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[31:57] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[32:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[32:56] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:12] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[33:32] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Webinars:
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Risk Fundamentals with Chris Hansen”
“Including Disability In DEI Efforts with Alycia Anderson”
“Future Workers Comp Scenarios with Dr. Richard A. Victor” (2020)
Sponsored RIMScast Episodes:
“Elevating RMIS – The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Risk Management Magazine: “Balancing Workplace Safety with Employment Protections for Cannabis Use”
New white paper: “Improving Standard of Care and Reducing Mental Health Risk in Construction” (Sponsored by Zurich)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Nikki Jackson, MBA, CPCU, ARM, CDMS Vice President of Strategy & Marketing | MTI America
Elevate The Adjuster — Elevatetheadjuster.org Nikki Jackson at RISKWORLD, May 7, 2024
10:45 a.m.
The Workers’ Compensation Talent Shortage: Gaining Insights from Adjusters and College Students
Career Development
ROOM 29CD
2:45 p.m.
Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases
Diversity, Equity & Inclusion
ROOM 24BC
Tweetables (Edited For Social Media Use):
I was fortunate enough to be invited into this industry by a woman named Jami LeTourneau, who was and still is with Liberty Mutual. She was a team manager in Philadelphia. — Nikki Jackson
Financially, workers’ compensation is the shining star of casualty, for now. The coverage is affordable for companies and it looks like it will stay that way, at least for this year. — Nikki Jackson
We all use AI every day, all the time. We just may not realize it. — Nikki Jackson
I tend not to sit still. I tend to be all over the place, walking and getting close to folks, and I love the interaction and the energy. — Nikki Jackson
2 April 2024, 7:14 am - 34 minutes 20 secondsLAAIA Atlanta Chapter President Jose Aponte
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Jose Aponte, the LAAIA Atlanta Chapter President. They discuss his career in the industry, what led him to be a founder of the Atlanta Chapter of the LAAIA, what the LAAIA has accomplished so far, and what the current and future expectations are of the LAAIA for DE&I in the insurance and risk management industry. Jose talks about the growing numbers and influence of the Latino population. They wrap up with a discussion of Jose’s upcoming panel at the DE&I Studio at RISKWORLD 2024.
Listen in for Jose’s story of lifting the industry and the Latino talent he wants to attract to the industry.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. I will be joined by Jose Aponte, Atlanta Chapter President for the Latin American Association of Insurance Agencies.
[:54] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:32] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[1:49] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[2:13] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan.
[2:37] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:48] Jose Aponte is my guest. He is a vice president at Alliant and the president of the Atlanta Chapter of the Latin American Association of Insurance Agencies (LAAIA). Jose will be one of the featured speakers at the DEI Studio at RISKWORLD 2024. His session will be on Monday morning, May 6th at 10:00 a.m., following the opening keynote.
[3:16] We wanted to hear his take on the state of DE&I today, how he and the LAAIA are upholding a legacy that began nearly 60 years ago, and the methods they are using to recruit and retain the next generation of risk talent. Jose Aponte, welcome to RIMScast!
[3:53] Jose Aponte will be at RISKWORLD 2024 representing the Latin American Association of Insurance Agencies. Jose tells of his career path, working in sales, then in claims for direct carriers. He worked briefly for Wells Fargo, and then Marsh. With Marsh, Jose relocated to Atlanta, GA, where he was recruited by Alliant.
[5:15] Jose works for Alliant as a Senior Account Executive Lead. He supports various producers. His role is market-facing and client-facing, which he enjoys. He manages a large book of business with large business and large middle-market accounts.
[5:49] When Jose started at Marsh, he was asked to be part of Marsh’s Hispanic Employee Resource Group called OLA. They have chapters throughout the country. It was a great experience for him.
[6:08] They also wanted, as an ERG Group and with the Diversity Inclusion Division at Marsh, to see how they can expand further and support Latino Inclusion within the industry. Jose suggested they support the LAAIA and help them expand. George Woods connected Jose with Javier Naranjo, (now a past president of LAAIA) in 2015.
[6:45] The intent was to support Latino engagement with the insurance industry and risk management. How could they help the LAAIA expand? The LAAIA was established in 1969. Jose helped, along with several other founding board members, to form the first LAAIA chapter outside of Florida, in Atlanta, with Marsh’s support, right before COVID.
[7:25] Other chapters have since expanded beyond Atlanta. Jose is the Atlanta Chapter President. There are chapters in Houston and Dallas Texas, and Denver, Colorado, and there are more to come.
[8:02] The LAAIA was launched in 1969. At the time, Latino insurance agents weren’t able to seek appointments or partnerships with carriers. The LAAIA was founded by Manual Arques with seven founding members of Cuban descent out of Southern Florida to help Hispanic Latino insurance agents receive carrier appointments.
[9:00] There were carriers at the time that did not want to insure Latinos. That general inequity was the catalyst. Today two of the seven founding members are still alive. They are honored in Hispanic Heritage Month because of their vision and foresight in establishing the LAAIA. The LAAIA stands strong today.
[10:00] Pastor De La Tejera and Andy Rodriguez, two of the founders and past presidents share an aura of wisdom and experience in meetings of past presidents. They are inspiring. Jose wants to be like them and inspire others as well.
[10:32] In 2024, Jose would like to see more Latino leadership in the insurance industry. The talent pool of Latino speakers for panels is very limited. How do we fix that? We need to build the pipeline and attract more Latino talent into the industry. That is the main focus of LAAIA, to attract young Latinos to the insurance and risk management industry.
[12:11] When he was a broker, Jose told people working for him that insurance was the industry where Warren Buffet had most of his assets. Why would you not want to be part of an industry with so much potential for wealth? To attract people you have to be a great storyteller and show people how the industry and all its verticals align with them.
[12:57] The challenges are the lack of Latino leadership, how to build our pipeline for the up-and-coming talent, and for current talent, how to further expand and be in those management positions as well.
[13:28] Jose helped found the Latinos at Alliant Employee Resource Group two years ago. He tells members that even though they don’t have the title “leader,” they can be leaders in the sense of driving for change. Be disruptors in that regard. The LAAIA looks for scholarship funding, partnering with the Spencer Educational Foundation.
[14:13] The LAAIA awarded two scholarships to risk management talent and they are determined to do more. The LAAIA just partnered with the University of Southern Florida and brought in various resources to provide $2,500 in scholarships to expand and market the industry.
[14:48] The success of the LAAIA is measured by how much young talent they sponsor, and how many members are in the organization who receive mentorship on the benefits of being a member. The benchmark is the size of their book of business and how the LAAIA encourages them to expand through mentorship with expertise and knowledge.
[15:30] The LAAIA looks at how is the member’s success, looking forward. How is the members’ knowledge being developed by the educational resources, training, and continuing education seminars? Jose notes that members are increasing, as well as the quality of membership and the expensing of it.
[15:55] The IAAIA has a very committed legislative committee. It tracks legislative issues in Florida, Georgia, Texas, and Colorado and interacts with local legislators. Last month they had lunch with Georgia Insurance Commissioner John King, addressing issues that are going on affecting IAAIA members and insurance consumers.
[16:48] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, will lead the two-day course, Fundamentals of Risk Management.
[17:07] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th at the San Diego Convention Center. A link is in this episode’s show notes.
[17:25] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there.
[17:41] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[18:00] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Risk Management.
[18:27] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[18:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[19:15] Justin recently had Megan Miller and Tandeka Nomvete of Spencer on RIMScast for Women’s History Month. Tandeka is on the board of the Atlanta Chapter of the LAAIA. Megan said in the interview that she hopes one day to see a panel of only women talking about an issue not tied to the challenges of women in the profession.
[20:01] Similarly, Jose would be pleased to see a panel of Hispanic and Latino industry experts talking about auto liability, for example, and not Hispanic and Latino issues. Jose would like to see how risk managers develop in their career track. The LAAIA has to reach out to find out who are those individuals and bring them to the panel.
[21:21] Comparing the DE&I visions of LAAIA and RIMS, Jose believes they align very well. It’s about bringing in future leaders within a culture of DE&I. The LAAIA has great partnerships with diverse allies. There is so much intersectionality in our industry; we have to think about how we can support each other. The LAAIA does that very well.
[24:17] Jose will be at RISKWORLD 2024 in sunny San Diego. He will host a conversation at the DEI Studio in support of the evolution of the risk profession, Latinos and Latino women in the industry, and equity, making sure things are more fair. Latinos represent a GDP of $3.2 trillion and it keeps climbing with a growing population.
[25:14] The insurance industry is well aware of the impact of the Latino population. We need more Latino men and women in the industry to speak to them. This is a global trend. Your opportunities are greater when you know two languages and greater still if you know three.
[26:38] Typhaine Beaupérin of FERMA was on RIMScast. She speaks at least five languages. It’s a great life skill. Jose used two languages in his first job as a bilingual claims rep.
[27:54] In his first job, Jose did not have a champion or mentor. When he started at Nationwide, he sought champions and support from leadership, and he found them. He mentors and volunteers now to help others avoid learning the hard way. We need individuals from RIMS who have experience to be mentors committed to advancement.
[29:48] Jose will be in the DE&I Studio on Monday, May 6th, at 10 a.m. Pacific, following Peter Diamandis’s opening keynote. Jose is excited to speak to colleagues from other boards and organizations such as NAAIA, Insure Equality, and APIW. It will be an amazing discussion at the DE&I Studio. Come by with your questions and solutions!
[30:49] The details are on this episode’s show notes. Justin looks forward to getting a selfie with Jose in May! There is a link to LAAIA and a link to Jose Aponte in this episode’s show notes. Jose also invites listeners with questions to talk to him on LinkedIn.
[31:29] Jose, thanks for joining us on RIMScast!
[31:36] Special thanks again to Jose Aponte of the LAAIA for joining us here today on RIMScast. A link to the LAAIA.com site is in this episode’s show notes. If you’ll be attending RISKWORLD 2024, be sure to check out Jose’s session at 10 a.m. Pacific, on Monday, May 6th, in the DE&I Studio. A link is also in this episode’s notes.
[32:03] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[32:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[33:09] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[33:24] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[33:59] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Water and Women in Risk with Sarah Mikolich”
“Giving Back with APIW President Liz Kramer”
“RISKWORLD 2024 Keynote Peter Diamandis”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Jose Aponte, Atlanta Chapter President, Latin American Association of Insurance Agencies
Tweetables (Edited For Social Media Use):
When I started at Marsh, I was asked to be part of Marsh’s Hispanic Employee Resource Group called OLA. They have chapters throughout the country. It was a great experience for me. — Jose Aponte
The LAAIA was founded in 1969 by Manual Arques with seven founding members of Cuban descent out of Southern Florida, to help Hispanic Latino insurance agents receive carrier appointments. There were carriers at the time that did not want to insure Latinos. — Jose Aponte
In 2024, I would like to see more Latino leadership in the insurance industry. The talent pool of Latino speakers for panels is very limited. How do we fix that? We need to build the pipeline and attract more Latino talent into the industry. — Jose Aponte
The insurance industry is well aware of the impact of the growing Latino population. We need more Latino men and women in the industry to speak to them. — Jose Aponte
26 March 2024, 7:52 am - 34 minutes 4 secondsRIMS San Diego Chapter President Cheryl Berman
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
As RISWORLD 2024 in sunny San Diego is just around the corner, I am delighted to welcome RIMS San Diego Chapter President Cheryl Berman to RIMScast. Cheryl is serving as Chapter President for the second time and has been a RIMS member since 1994. Sharing her background, Cheryl tells how she joined RIMS as she transitioned into the safety and workers’ compensation field working for a drywall and plaster specialty contractor. We discuss workers’ compensation, California’s new SB 553, the CA Workplace Violence Prevention Plan, and the RIMS San Diego Chapter. The RIMS San Diego Chapter is presenting a webinar on the new regulation on March 28th.
Listen in for Cheryl’s story of learning the risk management profession within the specialty contractor world.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. Our guest is RIMS San Diego Chapter President Cheryl Berman. We’ll talk about construction safety, risk, and RISKWORLD 2024.
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:10] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:40] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:06] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[2:23] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award actress, director, and activist, Marlee Matlin!
[2:47] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan.
[3:11] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there!
[3:22] My guest today has spent decades in construction risk. This is her second presidency of the RIMS San Diego Chapter. She is Cheryl Berman and she is here to discuss her career, construction risk, and safety risk. She has some words of wisdom for anyone moving into the construction and risk space.
[3:46] San Diego is our host chapter for RISKWORLD 2024, so we’ll be talking about that, as well. Cheryl Berman, RIMS San Diego Chapter President, welcome to RIMScast!
[4:30] Cheryl fell into risk management. She has always been in the building industry, starting in operations. She went from operations to asset protection, then to safety and workers’ compensation. When her company was spun off, it became Cheryl’s job to get insurance for the company. Nobody else at the company had insurance knowledge.
[5:25] That’s how Cheryl’s risk management career started. She joined RIMS at that time to become more knowledgeable about risk and insurance. That was in 1994. A RIMS member for 30 years!
[6:09] In 1994, RIMS met in person and had newsletters that came in the mail. There were committees, including Workers’ Compensation, Insurance, Safety and Loss Control, and Legal Legislation. Besides monthly chapter meetings, committees met two or three times a year. There was a lot of personal interaction.
[7:10] Construction wasn't a RIMS topic at the start, but there were other people in the chapter with a background in construction so that helped.
[7:58] Brady West is Cheryl’s employer. Brady West is a drywall contractor, including lathe and plaster and metal framing. It is a specialty contractor, not a general contractor. Brady West works primarily on commercial projects. Cheryl reviews contracts both upstream with clients and downstream with subcontractors.
[8:52] Cheryl is the whole Risk Group at Brady West. She’s a department of one. She is used to it. In some roles, she has had HR and Payroll report to her but she was the only risk manager. In one company Cheryl worked for, things landed on her desk randomly. A trainee had been told, “If you don’t know what to do with it, put it in Cheryl’s in box”!
[10:00] Workers’ Compensation is probably the number one thing that happens in most construction companies. Construction injuries can cause drastic changes in someone’s life or just require stitches and be done. When it changes a life, it is difficult. A claim is filed and it is hoped the worker will recover and return to work.
[11:47] California has a new Senate Bill for instituting a workplace violence prevention plan for any company that has an employee. Cheryl explains different issues that may come up at different locations, depending on the local population. The mandate takes effect on July 1, 2024. However, Cal OSHA has not come up with a final rule for plans.
[15:01] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management.
[15:24] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th. A link is in this episode’s show notes.
[15:41] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there.
[15:56] On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[16:20] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:44] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:12] The RIMS San Diego Chapter on March 28th will host CA Workplace Violence Prevention Plan: Are You Ready for the New Regulation? That regulation is known as SB 553. A link to the RIMS San Diego Chapter event is in this episode’s show notes.
[17:44] Cheryl’s top priority in construction is workplace safety. In California, companies must have an injury and illness prevention plan. Cheryl has training prepared for all the tasks a worker would do. It’s constantly being tweaked as different work and machinery come down the pike. It’s reviewed as processes change; at the least, annually.
[19:22] In the three decades Cheryl has been in the profession, she believes more attention is paid now to risk management and safety. Awareness has improved.
[20:06] Cheryl’s advice to anyone entering the construction field as a risk professional is to understand the operations side before dictating what safety is. Have some experience in understanding the pressures of the workers, to help them better. Cheryl’s operations-side experience was helpful when she transferred to the administration side.
[20:43] Cheryl’s experience told her what workers can do and what they struggle with.
[21:26] At the first company where Cheryl worked in the asset protection side, they knew her from her 15 years of experience in operations. When she transitioned to a new company, the person who hired her was her champion. Cheryl shares a workers’ comp experience from that job that turned into a home run for her.
[23:51] The EEOC helped Cheryl get an outside sales position with very little experience so she worked hard to learn the trade. She worked only once briefly for someone who did not believe in her and she moved quickly to another job. She is very appreciative of the wonderful advocates and people who have helped her throughout her career.
[25:53] Justin noticed that the leadership of the RIMS San Diego Chapter is comprised almost entirely of women. They volunteer their time and are passionate about the profession and their careers. Cheryl says the chapter is fortunate to have some very capable people on the board.
[26:36] Cheryl tells about her time on the board, including two terms as president, first in 2002, and at present. She has been on the chapter board since 1995, with a five-year break. Her professional career grew parallel to her RIMS career.
[28:38] Cheryl leads by example showing that women can have a great career in risk management.
[29:37] Cheryl is very excited to have RISKWORLD 2024 in her home city of San Diego.
[30:15] The RIMS San Diego Chapter is planning a reception for RIMS staff, the board of directors, and RIMS past presidents on the Friday before RISKWORLD 2024 starts.
[31:02] Special thanks to RIMS San Diego Chapter President Cheryl Berman, for joining us here on RIMScast. Visit SanDiegoRIMS.org for more information. They have a fascinating session coming up on March 28th about SB 553 the CA Workplace Violence Prevention Plan. The link is in this episode’s show notes.
[31:33] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[31:58] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[32:44] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[33:01] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:17] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[33:59] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS San Diego Chapter Presents: CA Workplace Violence Prevention Plan | March 28, 2024
RIMS Webinars:
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Water and Women in Risk with Sarah Mikolich”
“Giving Back with APIW President Liz Kramer”
“RISKWORLD 2024 Keynote Peter Diamandis”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Cheryl Berman, RIMS San Diego Chapter President
Risk Manager at Brady West, Inc.
Tweetables (Edited For Social Media Use):
Getting insurance for the company landed on my desk because there wasn’t anybody else in the company who knew anything about it. — Cheryl Berman
In one of the companies I worked for, things would just land on my desk and I’d ask “Why is this here?” But I’d figure it out and I’d deal with it. — Cheryl Berman
In California, companies must have an injury and illness prevention plan. — Cheryl Berman
We are fortunate to have some very capable people on our RIMS San Diego Chapter board. — Cheryl Berman
19 March 2024, 6:10 am - 35 minutes 4 secondsGiving Back with APIW President Liz Kramer
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
RIMS proudly observes and celebrates Women’s History Month in March. We are thrilled to welcome APIW President Liz Kramer. We talk about her international career in insurance and risk management, how she got there, her experience as a woman in insurance, and how the Association of Professional Insurance Women (APIW) influenced her career from the start and why she agreed to serve on the board and now as President. We discuss the four pillars of APIW, including the importance of serving and giving back. We hear about her DE&I goals and her upcoming participation at RISKWORLD 2024 on the DE&I panel and the Women’s Meetup.
Listen in for more information on the Association of Professional Women in Insurance and how you can learn even more by attending RISKWORLD 2024.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. Our guest is Liz Kramer, the President of the Association of Professional Insurance Women (APIW).
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP.
[1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:00] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:15] My guest today is Liz Kramer. She is the President of Excess and Surplus Lines at Munich Re Specialty. Today, she’s here in her capacity as President of the Association of Professional Insurance Women.
[3:34] In observance of Women’s History Month and International Women’s Day, we’re going to talk a little bit about her three decades in risk and insurance and where and how some of APIW’s goals align with RIMS’s goals in the way of ensuring the next generation of women professionals and also in the way of DEI.
[3:59] Liz will be at RISKWORLD 2024 at the community meetup on May 6th and she will also be presenting a session in the DE&I Studio, so we’re going to have a lot to talk about. I love getting these sorts of perspectives. I know you all do, too, so let’s have some fun!
[4:16] Liz Kramer, welcome to RIMScast!
[4:24] Liz studied economics. Not wanting a desk job, after graduation, she went to Japan and taught English for a year and a half. She came back and realized she needed health insurance and a stable job so she joined Marsh and McLennan in their Japanese Client Services Division. That’s when she started to learn about insurance.
[5:20] Liz learned about underwriting and got into the underwriter training program at Gen Re as an E&S underwriter. After three years, Gen Re merged with an international company and Liz had the opportunity to go back to Japan, which she loved. She was in Tokyo for four years. She enjoys change and new opportunities.
[7:45] Liz learned German in school and Japanese in Japan. While in Japan, she lived in Japanese and worked in English.
[8:19] Liz was pretty young when she went to Japan. It was a risk being a young woman alone in the country. Her youth was a hurdle in Japan. She had support in the States, but it was tough. She learned a lot, including how to advocate for herself and how to lean on others. Her job was to build a local team to replace her, and she did.
[9:43] After eight years in the business, she came back to the U.S. For 16 years, she did several things: specialty treaty, prop management, and business development. Then through a former client contact, she went to Zurich for three years in three great roles.
[10:21] Someone reached out to her from Munich Re. She would report to the CEO in a new role, Chief Underwriting Officer. She joined them in 2020 and is there today, now as the President of the E&S Division.
[11:32] Liz started in 1993 when the leadership teams were mostly men. She is grateful for all the managers and the men in her career who advocated for her and listened to her. She worked incredibly hard to succeed. She tells the women of APIW, don’t put your head down; put your head up, network, and make connections.
[12:32] When you make connections, your brand gets recognized and noticed and you learn more about what is out there.
[12:56] Liz would say she still doesn’t advocate enough for herself. She had a woman who is her current boss, encourage her to make the move over from the Chief Underwriting Officer back to writing a P&L. You have to step out of your comfort zone sometimes. There’s an incredible amount of diverse talent in the industry.
[14:14] Liz feels very blessed in her career. She doesn’t get resentful about bumps in the road. When she was pregnant with her second child, 18 years ago, a manager assumed she would want to stay home with two children. But her manager’s boss told her “We absolutely want you to come back.”
[15:14] If you hear it from one person, it doesn’t mean everyone feels that way. Still today, we have biases and make assumptions. We should always ask, instead of assuming, if we think they are capable.
[15:57] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management.
[16:19] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[16:27] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[16:44] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[16:59] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[17:25] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:53] A quick plug for Liz Kramer and APIW. They will be co-hosting their Women’s Leadership Forum with NYCAIW on March 26th, 2024 at 4:00 p.m. at The View at Battery Park in downtown Manhattan. The topic is “Midlife Collision.” This explores what happens when you are raising your family and caring for your parents at the same time.
[18:24] The panel will be comprised of women leaders in risk and insurance who are there to support each other during this critical life event. Register at the APIW.org events page or the link in this episode’s show notes.
[19:00] Liz learned about APIW early in her career. She was working mostly in New York and APIW has a strong presence in the NY area. She has been a member of APIW on and off throughout her career and saw the value and benefit of it.
[19:49] As a member, she was asked if she wanted to join the board and she immediately said yes. She understood what was important about what they were doing and she wanted to expand their reach and awareness, not to the big cities only but throughout the industry. She was an officer and treasurer for four years.
[20:46] When she was asked about becoming president, at first she declined as she was too busy at work and didn't feel like she could commit her time to that role. After two years, she agreed to stay on the board as treasurer and take the two-year term starting in two years. She wanted to make sure she went into it prepared. They made that plan.
[22:16] She has been the president since September of 2022. This September, she will pass the baton to a new president and stay on the board for another two years as “past president.”
[22:38] It was important to Liz to give back to an organization that has been important to her over the years. It’s fulfilling to give back and serve. Giving back gives her a better perspective.
[23:39] The four pillars of APIW are 1) Learning and development, 2) Connectivity and networking, 3) Supporting DEI, and 4) Giving back. APIW networked cities give back to their local communities. When doing strategic planning, the board lives and breathes the four pillars.
[25:53] Liz compares the APIW DEI vision with the RIMS DEI vision, including gender inclusion and encouraging dialog.
[26:56] Liz is a huge fan of the insurance industry. She says it’s a noble industry that does some great things. Her hope for women in insurance is that there continue to be numerous leadership opportunities for women who are in the industry now and that there will be more balance at senior levels.
[27:31] In the U.S. workforce, 47% of the workforce are women. In the insurance industry, it’s close to 60%. The industry is welcoming and attractive for women. It needs to attract more diverse talent with STEM and liberal arts backgrounds for all levels of leadership. It’s a great industry and there are great opportunities for women.
[29:50] Liz will be on the DE&I panel at RISKWORLD 2024 in San Diego, representing APIW. There will be a women’s meetup hosted by APIW right after the panel. Liz and other APIW board members will present who APIW is and share information about it. Liz is considering talking about women and risk-taking.
[31:25] Then they will go into breakout groups to hear from the attendees. Liz invites you to come. She would love to see you face to face. That’s Monday the 6th.
[31:52] It’s been such a pleasure getting a chance to meet you, Liz! I look forward to seeing you at RISKWOLD 2024. We encourage everyone to go check out your session and the community meetup.
[32:20] Special thanks again to Liz Kramer, the Association of Professional Insurance Women president. Links to the APIW events that I mentioned are in this episode’s show notes. There is a link to the RISKWORLD 2024 agenda, where you can find the APIW presence in sunny San Diego, California from May 5th through May 8th, 2024.
[32:43] Happy International Women’s Day, everyone!
[32:48] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[33:12] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[33:52] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[34:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:24] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[34:44] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
Association of Professional Insurance Women
APIW NYCAIW Women’s Leadership Forum | March 26, 2024
RIMS Webinars:
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Water and Women in Risk with Sarah Mikolich”
“Leadership and Coffee Talk with Sacha Coburn”
“RISKWORLD 2024 Keynote Peter Diamandis”
“A Menu of Risk Options with Elle Michell Hall”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Liz Kramer
APIW President APIW.org/team/executive-officers LinkedIn: Liz Kramer
Tweetables (Edited For Social Media Use):
I was speaking with a group of women yesterday, with APIW, and saying don’t just put your head down; you’ve got to put your head up, you’ve got to network, and you’ve got to make sure you make those connections. That’s when your brand gets recognized. — Liz Kramer
I have been a member of APIW throughout most of my career. I saw the value and benefit of that. — Liz Kramer
We owe it to our industry and colleagues to give back, in some way. It’s really fulfilling, also. Make sure your head’s not down all the time. — Liz Kramer
I’m a huge fan of the insurance industry. We say it’s a noble industry and it does some great things. My hopes for women in insurance are that we continue for the women that are in the industry to have numerous leadership opportunities — Liz Kramer
12 March 2024, 6:15 am - 32 minutes 18 secondsSpencer’s 2024 Outlook
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guests Megan Miller, Spencer Educational Foundation Executive Director, and Tandeka Nomvete, Spencer Educational Foundation External Engagement Director. They discuss the recent Spencer Day and Megan presents a brief history of the Spencer Educational Foundation. Megan and Tandeka review the various programs of Spencer and who benefits from them, the Spencer events coming up including those at RISKWORLD 2024 and the Spencer Gala on September 12th, 2024. Megan and Tandeka speak of their experiences as women in the risk and insurance industry and how that experience has evolved over the years. They discuss their hopes for DEI within the industry.
Listen in for all that the Spencer Educational Foundation offers schools and organizations focusing on risk management and insurance.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. We will be joined by leaders from the Spencer Educational Foundation and we’ll discuss everything they do to ensure the future of the profession.
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP.
[1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:00] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:16] The Spencer Educational Foundation was established in 1979 and remains the leading organization funding the education of future leaders in risk management and insurance.
[3:27] My guests are two of the leaders of the Spencer Educational Foundation. Executive Director, Megan Miller rejoins us, and External Engagement Director Tandeka Nomvete makes her RIMScast debut. We’re going to talk about the things that Spencer does to ensure the future of the profession and foster growth.
[3:47] Against the backdrop of Women’s History Month in March, we will discuss how the profession has evolved and how the professional landscape is leveling out. We’re going to get a rundown of all the cool things and events that Spencer has coming up this year, starting with RISKWORLD.
[4:06] Megan Miller and Tandeka Nomvete, welcome to RIMScast!
[4:57] Spencer Day was on Monday, February 26th! They raised close to $10K, which allows them to award two additional scholarships this year. That’s two more students who are studying risk management and insurance, whom we can help to fund their education, make sure they make it through, and get into the industry! A record day!
[5:49] #SpencerDay is really catching on in the risk profession for organizations that want to boost their risk departments.
[6:17] Megan tells of Spencer’s history and purpose. It was founded over 45 years ago with two main goals: to fund the students and talent that are seeking to come into our industry and to attract more talent. Last year, Spencer awarded more program dollars than ever, raised a lot of money, and hit a high-water mark for the gala.
[7:05] In 2024, Spencer wants to do it all over again, a little bit better. Most of the programs have been awarded this year already. The scholarships are left to be awarded. Spencer is looking to raise over $3M this year.
[7:39] Tandeka says they want the Spencer Educational Foundation to be top-of-mind when people in the industry think about early talent and getting college students into this industry. They are open to partnering with existing non-profit organizations and associations within the industry. Together they can solve the talent crisis in the industry.
[8:11] Spencer eventually wants to establish more programs to support college students. It wants to expand to serve the risk management and insurance industry, in the U.S.A. and internationally. They are a small team of only three people, so they will start by hiring a fourth team member they are interviewing for now.
[8:47] RIMScast has had educators on the show, including Elle Michelle Hall and David Cisneros. Listen to those two episodes, linked in the show notes, to learn more about being an educator leading a program.
[9:30] Spencer provides funding to colleges and universities to develop risk management and insurance courses. Providing money for a risk curriculum exposes more students to careers in the industry and prepares those students better. In 2023, Spencer more than doubled its course development spending.
[10:24] In 2024, Spencer has a potential donor who is interested in putting massive dollars into course development. Spencer would love to see RMI 101 taught at every business school. There’s no reason these courses shouldn’t be within a business degree, taught by risk professionals, for the next generation of risk professionals.
[12:37] Tandeka tells what Spencer looks for in a proposal. Besides course development, Spencer offers scholarships, internships, Risk Manager On Campus (RMOC), general grants, and the Spencer RIMS Risk Management Challenge.
[12:55] The scholarship is a merit-based program for the top students across the U.S.A. and Canada who are interested in the industry and actively pursuing a career in the industry. Spencer wants to support those students and make it a little easier for them to enter the industry. They award undergraduate, master’s, and Ph.D. scholarships.
[13:19] Students need internships while in college to put all of their knowledge into practice. The industry does not have enough risk management internships. Spencer is attempting to fill that hole within the industry with the internship grants program by creating job opportunities for students.
[13:40] About the Dan Kugler Risk Manager On Campus grant. You can donate to support it on the Dan Kugler RMOC page of the Spencer website. The RMOC sends practicing risk managers to campuses to plant the seed in classes of up to hundreds of students and give them an introduction to the risk management industry.
[14:20] The General Grants program supports universities and colleges across the U.S.A. and Canada with what they need to attract students to this industry and creating experiential learning opportunities. Several of Megan’s professors use the General Grants program to take their students to the annual RIMS RISKWORLD conferences.
[14:59] The Spencer RIMS Risk Management Challenge is an international student competition. This year, nine countries from around the world participated.
[15:28] Spencer will be at RISKWORLD 2024 in San Diego, from May 5th through May 8th. They will have pickleball on Saturday afternoon. On Sunday they have the Gallagher Golf Tournament and Tandeka will run the first leg of the Risk Management Challenge. On Monday, the final round of the Risk Management Challenge will be from 1:00 to 3:00.
[16:36] On Monday night they have the Spencer Soirée, open to everyone. The winners of the Risk Management Challenge will be announced at the Soirée. The top teams will be ranked, one, two, and three and will be presented awards. Tuesday morning they have the Spencer Sedgwick 5K Run. These events are a big part of the fundraising effort.
[17:29] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. On March 13th and 14th, Chris Hansen hosts a two-day course on Claims Management.
[17:55] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[18:03] On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[18:16] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[18:31] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[18:47] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:11] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[19:50] March is Women’s History Month. It’s a great time to observe the achievements of women in risk management. Megan was a Spencer Scholar. She received the Part-time Master’s Scholarship that Spencer awards, while she was earning her MBA.
[20:28] Megan was working part-time in the industry, getting her MBA, and that allowed her to transition from an underwriting role to a key client management role, working with Fortune 100 clients. Now, at Spencer, running the organization, including the financial component, her MBA degree comes in handy.
[20:48] In terms of being a woman in the industry, Megan thinks the industry has come a long way. Early in her career, she helped develop women’s networks, getting panels together, and elevating issues to senior management. Megan recently noticed a panel on LinkedIn that was all women and the topic was not women in insurance but captives!
[21:46] Just seeing women coming together, and being the majority in situations where the topic is not just focused on how to advance women; that, to Megan, is a benchmark of success. She is proud that women are being tapped for their experience, technical ability, client-facing ability, and not just the fact that they’re women who persevered.
[22:18] Tandeka was fortunate to meet students in her college classes who were transferring to Georgia State University to study actuarial science and she followed them. That was her introduction to this industry. After graduating from Georgia State, she got a job with Marsh.
[22:54] Tandeka worked in Marsh’s Commercial Insurance Brokerage for five years. She moved on to the non-profit sector, for a student association as a recruiter, to help students get entry-level jobs and internships in the risk management and insurance industry. Tandeka joined Spencer a year and a half ago. It has been amazing!
[23:34] Tandeka has been working in this industry for about 10 years. She has seen a difference over the past 10 years. She didn’t see women in senior leadership 10 years ago. She would love to see it progress in the right direction in the future.
[24:08] Justin and Tandeka met at RISKWORLD 2022 in San Francisco, just before she was scooped up by Spencer. Everything happens for a reason, Tandeka says. Tandeka acts as an unofficial Spencer ambassador.
[25:42] Megan says the students who are applying for our scholarships and taking the courses we are helping to develop are a diverse group. A lot of our funds are going to students from historically underrepresented groups in our industry and minority-serving institutions like HBCUs and Hispanic-serving institutions. The diversity is there.
[26:23] Megan likes to say to donors, we can help you get the diversity in the door but you have to make them feel that they belong there. That’s where I would like to see the industry go, to have more companies embracing that inclusion piece, and doing a better job internally of building a culture where people feel included and heard.
[26:59] Tandeka says she would love for our industry to get to a place where diversity and equity are baked into who we are as an industry. Instead of subsections focused on DEI, I would love for all our companies and organizations to have DEI as part of their core programming; part of what they do every day, where it’s not even a discussion.
[27:42] The Funding Their Future Gala will be Thursday, September 12th at The Cipriani on 42nd Street. They will announce their amazing honoree before the RISKWORLD 2024 Conference. Plan to join them on September 12th, 2024! There’s a link to the press release for last year’s event in this episode’s show notes.
[29:24] Megan Miller and Tandeka Nomvete, thank you both so much! it’s a pleasure to speak with you!
[29:33] Special thanks to Megan Miller and Tandeka Nomvete of the Spencer Educational Foundation, for joining us. A lot is happening this year for Spencer! Get involved. Visit Spencered.org for more information. There is a link in this episode’s show notes.
[29:51] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[30:16] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[31:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[31:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].
[31:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Funding Their Future Gala 2023 Press Release
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“A Menu of Risk Options with Elle Michell Hall”
“Risk Management Education with David Cisneros”
“Celebrating #SpencerDay and Funding the Future of Risk Management”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Megan Miller Spencer Educational Foundation Executive Director LinkedIn Megan Miller
Tandeka Nomvete
Spencer Educational Foundation External Engagement Director
LinkedIn Tandeka Nomvete
Tweetables (Edited For Social Media Use):
The Spencer Organizational Foundation was founded over 45 years ago with two main goals: to fund the students and talent that are seeking to come into our industry and to attract more talent. — Megan Miller
We want the Spencer Educational Foundation to be top-of-mind when people in the industry think about early talent and getting college students into this industry. — Tandeka Nomvete
I’m proud that women are being tapped for their experience, technical ability, and client-facing ability, and not just the fact that they’re women who persevered in a male-dominated field. — Megan Miller
Besides course development, Spencer offers scholarships, internships, and the Risk Manager On Campus program. — Tandeka Nomvete
5 March 2024, 7:36 am - 26 minutes 35 secondsWater and Women in Risk with Sarah Mikolich
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest Sarah Mikolich, Risk and Insurance Coordinator at the Ontario Clean Water Agency. Sarah tells about her 25-year career path in risk and insurance management, describes the work of Ontaria Clean Water Agency, the partnership OCWA has with First Nations in Ontario, and what her priorities are at OCWA. She discusses the importance of World Water Day and how water brings peace. She shares her experience as a woman in risk and insurance and how the industry has become more gender equal.
Listen in for Sarah’s thoughts about the industry, networking in ORIMS, and her tips for women entering the risk and insurance industry.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s EPISODE of RIMScast. We will discuss water and sustainability, with Sarah Mikolich of the Ontario Clean Water Agency.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:06] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:08] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:22] Early registration rates are available through February 29th, 2024; yet another benefit brought to you by RIMS and leap year!
[3:31] March is Women’s History Month. March 22nd is World Water Day. Our guest today brings the best of both worlds. She is Sarah Mikolich, the Risk and Insurance Coordinator at the Ontario Clean Water Agency (OCWA).
[3:51] Many of you know Sarah as a long-time and very visible member of ORIMS. We’ll talk about her career, her work in water, and her perspective on how the risk profession is evolving to meet the needs of, and retain, women.
[4:09] Sarah Mikolich, welcome to RIMScast!
[4:49] Sarah started as a broker for a smaller brokerage and then for Aon in their large risk management sector. From there, she worked in risk management at a global medical company, and then at a global engineering firm. She learned what it’s like to put together a global insurance program. Sarah has been involved with ORIMS.
[5:25] Sarah has worked on the Canada Council’s newspaper. She has worked on two conferences in Canada. For the second conference, in Toronto, she helped organize all the speakers and seminars. Over the last 20 years, Sarah has made good friends in the risk industry.
[6:40] Sarah is coming up on three years with OCWA. She looks after the insurance program. OCWA is a Crown agency in Ontario. It reports to the Ministry of Environment, Conservation, and Parks. OCWA operates and maintains over 1,000 water and wastewater facilities in about 170 municipalities, for a population of about 4.5 million.
[7:35] OCWA is one of the biggest operators in Canada. Sarah’s department includes just herself. Her previous positions with the medical and engineering firms were also one-person shows. At OCWA, she reports to Legal, so she has support from her general counsel. She loves the responsibility of her positions, past and present.
[8:49] Sarah’s top priority is clean water. The next priority is the retention of their 600+ certified local water operators. Another high priority is cybersecurity. No cyber threats have bubbled up to Sarah’s department. Everything has been dealt with by the IT department.
[10:11] OCWA has an ERM department of one, not Sarah, but she is tuned into the ERM leader’s work. She has recently been asked to help with some of the board materials and minute-taking so she has learned a lot more about what the ERM program looks like.
[10:35] Because they are highly regulated, they lean conservative. They are fully supported by the Executive Management Team and the Board of Directors. The ERM department has done a top-down risk review and is rolling out a bottom-up look at risk, engaging the employees, and providing some ERM risk training, including for the board.
[11:15] OCWA is not mandated to test for “forever chemicals” or PFAS. The main focus is going to be on infrastructure upgrades. This needs to be addressed by researchers, water industry professionals, and governments at all levels, in the years ahead.
[12:01] OCWA has a partnership with First Nations in Ontario. First Nations face a lot of water risks, including some boil water advisories. OCWA is proud of this partnership, providing project management, capital management, emergency services, asset management, and improving the operation and maintenance of its infrastructure.
[12:48] In 2021, OCWA established a First Nations Advisory Circle to gain a greater understanding of the broader water issues facing First Nations communities. The Circle, which reports through the First Nations Committee of the Board of Directors, are individuals who identify as indigenous from a variety of backgrounds and communities.
[13:16] In 2022, OCWA created a First Nations Regional Hub that focuses exclusively on supporting water and wastewater sustainable operations and maintenance for First Nations communities.
[13:48] OCWA’s biggest client is in Mississauga, where its head office is. Sarah lives there and drinks the Ontario Clean Water Agency’s maintained facility water. She has an appreciation of what goes into clean water. She participates in facility tours and inspections; she has never seen a facility so clean. The facilities are fascinating.
[14:44] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique.
[15:10] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[15:18] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[15:39] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[15:54] On March 28th, our friends at TÜV SÜD GRC present Inflation and Property Valuation: Aligning Your Assets with Reality. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:16] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[16:31] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[16:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:12] World Water Day is March 22nd, 2024. The theme this year is Water for Peace, which focuses on the critical role that water plays in the stability and prosperity of the world. Henk Ovink, Ambassador to the U.N. for Clean Water, has been on the show twice. Justin has had a lot of guests speaking of clean water.
[17:48] Water can bring peace to the world. We all need clean water. It’s so important. There’s so much that needs to be done around the world to bring clean, fresh water to so many communities. If we all work toward doing that, in our capacity, providing water that’s clean, fresh, and sustainable, will bring peace.
[18:28] Sarah has been in the risk and insurance profession for 25 years. She reflects on how the risk and insurance profession has changed regarding gender equality. She believes it has changed quite a bit. She is meeting female risk managers, left, right, and center. She thinks it’s a wonderful field. She loves working with clients and partners.
[19:13] Being a woman is not as big an issue anymore. You’re a worker on a career path. Sarah has had great managers who have given her ways to grow in her career. Her previous companies are also working to be diverse. She is supported by her peers and her managers. The playing field has gotten more level, in Sarah’s experience.
[20:33] Sarah has mentored a few women. She doesn’t have many opportunities, being a sole specialist in a department of one. Working on the RIMS Canada Conference was a way she could promote her ideas and support other women to promote their careers. Justin emphasizes to listeners to get involved with RIMS to help others in their careers!
[21:54] Sarah’s tips for women entering the risk and insurance profession: “Education is the biggest one for me, learning as much as I could and picking up as many certificates as I could. Definitely, do your CRM, ARM, or the RIMS-CRMP. Network. Try to get a mentor or two. I’ve done a lot of networking at the global and Canadian conferences.”
[22:39] “So, get out there! Go to your chapter meetings. There’s a lot to learn; there are lots of great people out there to learn from. The risk management community is so giving. They’ll drop anything to help you; any question you have! Education and networking would be the biggest points. We all want to see each other do well.”
[23:41] Sarah Mikolich, it’s been a pleasure to have you on RIMScast finally! I wish you a happy World Water Day, 2024 and beyond!
[23:51] Special thanks again to Sarah Mikolich of the Ontario Clean Water Agency and also of ORIMS, for joining us. Links to her bio and work are in this episode’s show notes as well as links to World Water Day and Women’s History Month initiatives.
[23:19] There’s still time to get the early bird registration rate for RISKWORLD through February 29th. Visit RIMS.org/RISKWORLD and register there. Peter’s opening Keynote is one of the many memorable presentations we’ll be experiencing at RISKWORLD 2024.
[24:10] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[24:35] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[25:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[25:36] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:52] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at [email protected].
[26:13] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
RISKWORLD 2023 Keynote Johnny C. Taylor, Jr., SHRM President and CEO
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Scenario Planning with the RIMS SERMC in 2024”
“Solving Wicked Problems with Dr. Gav Schneider”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyber risk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: [email protected].
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Sarah Mikolich Risk & Insurance Coordinator at Ontario Clean Water Agency (OCWA)LinkedIn Sarah Mikolich
Tweetables (Edited For Social Media Use):
Ontario Clean Water Agency reports to the Ministry of Environment, Conservation, and Parks. We operate and maintain over 1,000 water and wastewater facilities in about 170 municipalities. One of our biggest clients is that sector. — Sarah Mikolich
No cyber threats have bubbled up to me. We’ve been able to deal with everything internally right now, with our IT department. Nothing’s come through as a threat. — Sarah Mikolich
There’s so much that needs to be done around the world to bring clean, fresh water to so many communities. If we all work toward doing that, in our capacity, water that’s clean, fresh, and sustainable, will bring peace. — Sarah Mikolich
I am meeting female risk managers, left, right, and center. I think it’s a wonderful field to be in. — Sarah Mikolich
27 February 2024, 9:49 am - 25 minutes 56 secondsRISKWORLD 2024 Keynote Peter Diamandis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest RISKWORLD 2024 Keynote Peter Diamandis about many intriguing topics, starting with Peter’s book, Abundance, Peter’s career and professional history as it relates to risk management, the purpose and importance of storytelling, and positivity. Peter shares the key for risk professionals to become great organizational leaders: it’s to depend analytically on the data! Peter shares his excitement about his RISKWORLD 2024 Opening Keynote on May 6th, what he will present, and how he will engage the audience.
Listen in for wisdom on risk and abundance.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. Our topic is risk and innovation, with RISKWORLD 2024 Opening Keynote Peter Diamandis.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:06] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[3:19] I’m so pleased to present an interview with our RISKWORLD 2024 Opening Keynote Speaker, Peter Diamandis. He’s a successful entrepreneur several times over, a thought leader, and a New York Times best-selling author of four books, including Abundance: The Future is Better than You Think.
[3:39] Peter Diamandis was named by Fortune as one of the world's 50 great leaders. He is also the Founder and Executive Chairman of the XPrize Foundation, which leads the world in designing and operating large-scale incentive competitions. He is also the Executive Founder of Singularity University.
[3:55] Peter Diamandis has a lot of experience with risk and risk professionals. He’s going to be one of the standout opening keynote speakers in RISKWORLD history. We’ll hear about his risk philosophy, what it will take for risk professionals to become organizational leaders, and a preview of his May 6th RISKWORLD 2024 Keynote.
[4:19] Peter Diamandis, welcome to RIMScast! Peter has aerospace engineering, molecular genetics, and medical degrees from MIT and Harvard. He started numerous companies in the space world and the exponential technologies world. For the last decade, his focus has been on longevity, adding decades of health to a person’s life.
[5:33] Peter has written several books he’s proud of, focused on optimism and abundance. Abundance: The Future is Better than You Think, Bold: How to Go Big, Create Wealth and Impact the World, The Future is Faster Than You Think, a few books on longevity, and exponential organizations.
[5:59] Peter has a large venture fund, Bold Capital, which has six or seven hundred million dollars. He’s investing heavily in AI and longevity. A lot of his work is helping people to change their mindset, which is one of the most important and relevant things we can talk about in the realm of risk. Peter asks you to consider your mindset.
[6:31] Imagine the most extraordinary leader on the planet, whomever you consider that to be. Ask yourself what got them there. Was it the money they had, their friends, technology, or was it their mindset? Peter posits that their mindset is what enabled them to be such an extraordinary leader and success.
[6:58] The next question is what mindset do you have, where does it come from, and what mindset do you need for the decade ahead in this period of extraordinary accelerating exponential change?
[7:41] There are a multitude of risks on the horizon at all times. Pandemics have been and will continue to be a global risk. We have risks on that scale from asteroid impacts. We have risks that are mounting in the realm of AI. We have risks from manmade biological disruptions.
[8:26] People don’t take into account the accelerating countervailing forces. We live in a day when individuals can come up with new strategies and technologies to combat problems. Individuals can also cause problems.
[9:20] Peter defines entrepreneurs as individuals who find juicy problems and solve them and the more entrepreneurs empowered with more powerful technologies, the more problems get knocked down. Then we are left with only first-world problems.
[10:02] The fundamental problem is, humans have a hard time truly judging risk accurately. The amygdala scans all of our sensory data. If it sees something that’s potentially dangerous, it puts you on “red alert.” It raises your blood pressure, narrows your pupils, and gets you ready for your fight-or-flight reaction.
[10:58] We tend to be easily tipped into fight-or-flight even though the chances of real danger are orders of magnitude lower. Peter describes loss of life through the violence of warfare or crime, through time. People would think from the news that we are living in the most dangerous time in history but we are living in the most peaceful time in history.
[11:46] The Middle Ages were disastrous. We romanticize the past. Today, your chance of dying from a violent act is minuscule compared to what it used to be.
[12:05] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique.
[12:31] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[12:39] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[13:01] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[13:14] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[13:29] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[13:54] Leading risk managers who are data-driven decision-makers would make good organizational leaders. Peter believes that depending on the human “gut” is no longer viable. Gut feelings based on years of experience are irrelevant. What is important is what the data shows.
[14:47] Peter states that risk managers who can gather the data, analyze it, and make data-driven decisions are going to be great leaders.
[15:12] Storytelling is how we convey means and ideas. We evolved as humans to tell stories and receive stories around the campfire. As long as humans are involved in a decision process, which they will be less and less in the future, an emotional connection is going to sway an individual. Great stories connect you with individuals.
[15:56] If you tell a great story and connect with a person emotionally, you can sway them pro or con, yes or no, on the decision that you want. So storytelling is fundamental. All day long, Peter seeks investments. Investments are selected by an investment committee that believes in the entrepreneur and the company and what they’re doing.
[16:33] When you’re trying to raise money, it’s super important to tell a great story about “Why me? Why this? And why now?” The data will sway at least equally, if not more but today, as flesh and blood, hearts and minds, storytelling is still critically important, whether you are selling or being sold.
[17:23] Peter is the opening keynote speaker at RISKWORLD 2024 on Monday, May 6th in San Diego, California. Peter says the world of risk assessment, risk balancing, and risk-taking is more important than ever before. Peter’s job is to tell stories to the audience to help them understand the role they have to play.
[17:44] Doing anything big and bold in the world is risky. If we take the risk out of everything, then we’re stuck, stagnant, and moving backward. There needs to be a way that entrepreneurs, companies, and even governments, can take risks that have the upside potential to transform society for the better.
[18:14] Peter wants to infect people with the positivity of this increasing world of abundance. A key area Peter wants to hit is that the world is getting better; we need to take risks to transform insurance. Fire insurance should prevent fires. Health insurance should keep you healthy. Life insurance should keep you alive a lot longer.
[19:17] The most exciting thing about all these exponential technologies is the reinventing of business models. How do we reinvent business models not only to financially protect against the risk but also to use technology to remove the risk, if at all possible, and change the way we think about all these areas?
[20:06] Peter loves Q&A. The more questions, the better. He wants to make several points. First, he wants people to see the data that the world has been improving at an extraordinary rate in terms of increased access to food, water, healthcare, and education; with reduced child mortality rates, maternal mortality rates, and violence.
[20:41] When you look at the numbers, they’re awesome. The question becomes … why is the world getting better on all these different dimensions? … It’s not that we’re getting smarter or that we have better politicians; it’s the impact of technology. Peter wants to share that to begin. The next point is to talk about what’s going on in the meta trends.
[21:03] Meta trends are the forces that are heading our way and changing everything. The meta trend in energy is from whale oil 100 years ago to fusion energy in the near term; looking at reinventing transport with flying cars and autonomous cars; and humanoid robots coming.
[21:23] Looking at longevity and the ability to add 10 to 30 healthy years to your life, and how that will impact society. Where we are with AI today and where it’s going; what are the challenges? How do we think about these challenges? Everything we’ve ever known is about to change.
[22:01] Artificial intelligence, in its current use and capabilities and how fast it’s evolving, and where it’s going needs to be a conversation in your board room, at your dinner table, and with your children, everywhere!
[22:28] Peter’s parting words: “I think the world of risk is about to be transformed and it’s going to be transformed by exponential technologies, sensors, networks, AI, robotics, all of these areas; AR, VR, and blockchain, and I want to show you what’s possible today and where these technologies are taking us in the next two to five years. It’s awesome!”
[22:49] “It’s an amazing time to be alive and I think that business models, companies, and the future of the entire risk industry are going to be refined and transformed. So that’s our conversation; I’m looking forward to it!”
[23:07] Thank you so much, Peter Diamandis! Looking forward to seeing you!
[23:11] Special thanks to Peter Diamandis for joining us and giving us a preview of his RISKWORLD 2024 Keynote which will be on Monday, May 6th.
[23:19] There’s still time to get the early bird registration rate for RISKWORLD through February 29th. Visit RIMS.org/riskworld and register there. Peter’s opening Keynote is one of the many memorable presentations we’ll be experiencing at RISKWORLD 2024.
[23:36] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[24:02] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.
[34:44] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.
[25:00] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:15] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at [email protected].
[25:36] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
Riskworld 2023 Keynote Johnny C. Taylor, Jr., SHRM President and CEO
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Scenario Planning with the RIMS SERMC in 2024”
“Solving Wicked Problems with Dr. Gav Schneider”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
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Sponsor RIMScast: Contact [email protected] or [email protected] for more information.
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About our guest
Peter Diamandis, PeterDiamandis.com
Moonshots with Peter Diamandis
Tweetables (Edited For Social Media Use):
Imagine the most extraordinary leader on the planet. … Ask yourself what got them there. Was it the money they had, was it friends, was it technology, or was it their mindset? … What mindset do you have? — Peter Diamandis
I define entrepreneurs as individuals who find juicy problems and solve them and the more entrepreneurs empowered with more powerful technologies, the more problems get knocked down. — Peter Diamandis
I also want to infect people’s minds with the positivity that is out there to show them this increasing world of abundance, which is counter to what we think of all the time. — Peter Diamandis
The question becomes … why is the world getting better on all these different dimensions? … It’s not that we’re getting smarter or that we have better politicians; it’s the impact of technology. So I want to share that to begin. — Peter Diamandis
The world of risk is about to be transformed … by exponential technologies, sensors, networks, AI, robotics, AR, VR, and blockchain. I want to show you what’s possible today and where these technologies are taking us in the next two to five years. — Peter Diamandis
20 February 2024, 8:32 am - More Episodes? Get the App
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