ERM, Retail, and Risk with Jeff Strege

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Navigating Tariffs and Seasonal Challenges in Retail

This chapter examines the influence of recent tariffs on the retail sector and how they are integrated into an Enterprise Risk Management framework. It highlights the seasonal dynamics of the sporting goods industry and the strategic planning needed to address unique retail challenges throughout the year.

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

Justin and his guest, Jeff Strege, Senior Director for Risk Management at Academy Sports + Outdoors, explore what led Jeff to risk management, and the path that led to Academy Sports + Outdoors within the sporting goods and outdoor retail space. Jeff comments on his work building out the ERM framework at Academy to improve claims management, employee safety, and liability prevention. Jeff shares his approach to workers’ compensation and Academy Sports + Outdoors’s goal to help the workers recover and return to work. In addition to career insights, they discuss Jeff’s upcoming panel participation in HUB’s webinar on April 17th, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach,” covering topics such as third-party litigation funding and its impact on the industry.

Listen to Jeff’s wisdom, born from experience, on managing your risk career.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.

[:25] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary!

[:41] About this episode of RIMScast. Our guest is former RIMS Houston Chapter President, Jeff Strege. We will talk about his career and how ERM continues to play a pivotal role today.

[1:08] RIMS-CRMP Workshops! As part of RIMS’s continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.

[1:28] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.

[1:45] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[1:56] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.

[2:14] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.

[2:33] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th.

[2:51] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer’s Executive Director Megan Miller at MMiller@Spencered.org.

[3:13] Our guest today is Jeff Strege. He is the Senior Director for Risk Management at Academy Sports + Outdoors. Academy is one of the U.S.’s largest sporting goods and outdoor stores with 301 locations across 21 states, as of March 2025.

[3:33] Jeff is also a long-time RIMS member. He’s the former president of the RIMS Houston Chapter and is a RIMS-CRMP holder.

[3:41] In addition to his outstanding resume, Jeff will be lending his insight to the RIMS Webinar on April 17th, presented by HUB in their Ready for Tomorrow series. It’s called “From Defense to Prevention: Strengthening Your Liability Risk Management Approach.” A link is in the notes.

[4:01] In today’s RIMScast interview, we will discuss how ERM has played a role in his career and how he manages risk in so many locations at the Academy. We will get a preview of his upcoming appearance on the Hub webinar and his thoughts on third-party litigation funding and its impact.

[4:27] Interview! Jeff Strege, welcome to RIMScast!

[4:45] As a Houstonian, Jeff grew up with Academy Sports + Outdoors. He’s a long-term customer. In September 2020, Jeff promoted himself from customer to team member, although he still is an avid customer of Academy.

[5:07] As the Academy brand is so well-known and beloved in Texas, Jeff has had the Risk Director role on his radar for many years. He had told his wife many times that if that role ever opened up at Academy, he would want to talk to them. In mid-2020, it did, and here he is!

[5:29] Academy has 301 stores across 21 states as of March 7, 2025, and is headquartered in Katy, Texas, a Western suburb of Houston. Jeff graduated from Katy High School.

[6:23] Academy Sports + Outdoors sells fun. They say “Have fun out there.” The items Academy sells are intended to help people be outdoors and active. Academy does a lot of work around product safety with manufacturers and suppliers, making sure they’re sourcing safe products.

[6:45] Academy Sports + Outdoors sells firearms and ammunition. Its goal is to be the most responsible retailer of those items in the country.

[7:13] Academy Sports is responsible for following the laws of 21 states. Jeff has worked for national, multi-national, and global organizations, so he has worked with similar requirements.

[7:48] Jeff worked for Sysco twice, first in the 90s and then in 2016 in a risk role similar to his current role at Academy Sports. Sysco went on a growth initiative while Jeff was there the second time and it was fun to be part of that but he couldn’t pass up the opening at Academy.

[8:23] Academy Sports + Outdoors has a risk department of 10 who report to Jeff. Jeff oversees the Enterprise Risk Management framework, the Insurance and Data Analytic functions, the Safety functions, and the Claim Management functions.

[8:50] Jeff has three direct reports and they have functional contributors who are assigned to and report to them. Jeff’s management style is to find the best possible people he can find. He’s not a micro-manager. All of his staff are solid professionals who are good at what they do.

[9:14] That allows Jeff to focus on strategy and executing strategic objectives while the staff keeps things working from day to day. Jeff reports to the General Counsel. In other companies, Jeff has reported to the General Counsel, HR, Treasury, or Finance.

[9:42] Risk can logically report up a variety of chains to the leadership of an organization, as it touches so many aspects of the business.

[10:22] Relative to firearms sales, Academy Sports has a compliance team to manage the process. They do an outstanding job.

[10:39] When Jeff arrived at Academy Sports, one of his charges was to mature the ERM framework across the various organizational functions. Having the opportunity to work on that made Jeff a student of the business, which is one of the Academy’s values.

[11:09] Coming into the business, Jeff was fortunate to receive a safety culture already well-entrenched in the distribution centers. That team has been retooled over the years and continues to evolve as it trains and supports the operators in safe practices in their work.

[11:45] Academy workers’ compensation goal is to help team members recover so they can come back to work. They take a deliberate approach to working with them so they get the treatment they need, their benefits are paid timely, and their questions are answered.

[12:11] Academy made a TPA change a couple of years ago that’s given them more proactive tools. Both safety and claims are processes that Academy Sports continues to fine-tune.

[12:25] The foundational strategy is “safety first.” If you’re talking about managing claims but not about safety, there’s a miss there, in terms of managing risk.

[13:01] Plug Time! During this interview, we discuss the RIMS Texas Regional Conference 2025, held from August 4th through the 6th in San Antonio, Texas, at the Henry B. Gonzalez Convention Center. That’s where we held RISKWORLD 2018.

[13:22] The day of this episode’s release, April 15th, is the day registration opens for the RIMS Texas Regional Conference. You can get the Advance Rate from now through May 16th, 2025. A link is in this episode’s show notes. You can also visit the events page of RIMS.org to register.

[13:43] If you will be in the Dallas/Fort Worth area on April 17th, be sure to stop by Lonestar Park for DFW RIMS’s 7th Annual Night at the Races. It will be a blast! Guest, Member, and Student tickets are available. Visit DFWRIMS.org and the link in this episode’s show notes.

[14:12] Let’s Return to My Interview with Former RIMS Houston Chapter President Jeff Strege!

[14:32] Jeff arrived at Academy Sports on Monday, September 28, 2020, and the company executed its Initial Public Offering on Friday, October 2nd, 2020. In preparing for the IPO, the company had built an ERM framework that helped inform the prospectus for investors.

[14:59] When Jeff joined, he was charged with taking the framework foundation and building upon it to round out how Academy Sports views risk, scopes it, and manages it across the organization. It was a fascinating process.

[15:21] He’s gotten to know many good, smart people who are driving aspects of the business.

[15:28] Every year, Academy Sports looks at ways to enhance the framework, to make sure it’s as meaningful and informative to the leadership team and board as it can be.

[15:54] The framework looks at ISO standards but most of it is inward-focused within the business of Academy Sports. What’s going on in the world? How do we prevent or prepare for it? Should something occur, what strategies do we have to respond, react to, and recover from it?

[16:39] Before the recent tariffs were passed, the risk team had discussed tariffs generically. Tariffs appear as subsidiary risks in a few places within the framework. Nobody in an organization can control what government leaders do.

[17:22] In a way, sporting goods is a seasonal industry. Academy Sports + Outdoors sells a variety of different things and operates in a variety of climates. There’s a holiday season and there are gift-giving holidays. The seasons for outdoor activities differ depending on location.

[17:54] In Texas, Jeff grills and fishes year-round. It’s different in a Northern climate with four distinct seasons. Hunting seasons are specifically defined. The things Academy Sports sells peak at different times of the year and the peaks sort of offset themselves.

[18:25] The Academy Sports merchandising teams are diligent and deliberate in how they plan for cycling products for the seasons.

[18:44] Holiday is the big season. In that, Academy Sports is like other retailers. Back-to-school time is also important.

[18:57] The backyard grilling is Jeff’s favorite section of the store. When he goes into the store with his wife he has to look at some grills. Jeff also works out and runs so there are several aspects of the store that he shops.

[19:16] Academy sells location-specific licensed apparel. In Academy Sports + Outdoors in Houston, there is gear for the Astros, Texans, and Rockets.

[19:49] From the standpoint of team member safety, Jeff refers to OSHA. Also, some states have more stringent safety requirements. Jeff’s safety team drives consistency of practices and training across the footprint of the 21 states where Academy Sports + Outdoors operates.

[20:36] Most of Jeff’s work is done in Houston but his team gets out in the field periodically on a schedule. Jeff likes to go into the stores and distribution centers. That’s where the business occurs. The work at Corporate supports the people who serve and interact with customers.

[21:10] RIMS Webinars! Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.

[21:29] Today’s guest, Jeff Strege, is a panelist in that session! He’s going to talk about it a little bit right after the break.

[21:38] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.

[21:45] Zurich’s webinar, “Understanding Third Party Litigation Funding” was rescheduled to May 1st at 1:00 p.m. Eastern. If you were already registered for the original date, you are now registered for the May 1st session with Zurich.

[22:09] On May 22nd, GRC, a TÜV SÜD Company, presents their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.

[22:22] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[22:33] Let’s Return to my Interview with Jeff Strege!

[22:46] Jeff will be joining RIMS on the HUB webinar about third-party litigation funding (TPLF) on April 17th, two days after the airing of this episode. Third-party litigation funding is a major issue for RIMS and the profession.

[23:08] Academy Sports + Outdoors sees TPLF from time to time in litigated matters, but not often. The HUB webinar is largely focused on rising litigation costs and the rising value of litigated matters. Third-party funding is a driving force of that rise.

[23:35] When there’s a funding mechanism behind the damages claim by a plaintiff, there are interest obligations with that mechanism, which can be stiff. It does inflate the value of some matters.

[24:13] Once Academy Sports + Outdoors learns third-party funding is present in a litigated matter, that’s in the front of mind as they evaluate and proceed with trying to conclude the case.

[24:32] In the HUB webinar on April 17th, Jeff will be discussing the client’s experience, not only with TPFL but also around social engineering. There is a good panel put together for this discussion with varied perspectives that will offer a well-rounded conversation.

[24:55] Panelist Bob Tyson of Tyson & Mendes, a defense lawyer in California, has creative approaches to managing and negotiating litigated cases. Panelist John Ferguson, Head of Excess Casualty at Zurich Insurance, brings an insurer’s perspective to the webinar.

[25:29] Panelist Carol Murphy of HUB is one of the best brokers Jeff has worked with. Jeff is looking forward to sharing the stage with this group, talking about managing claims litigation, prevention, and pre-litigation management. Safety is critical. Jeff will bring that up.

[26:02] The link to the webinar is in the show notes. Register today! Registration is complimentary for RIMS members! You’ll hear this webinar live with Jeff Strege of Academy Sports, Fred Ferguson of Zurich, Bob Tyson of Tyson & Mendes, and Carol Murphy of HUB.

[26:34] Jeff has been involved with RIMS since the mid-1990s when he was with Sysco Foods for the first time and was elevated to the risk management role there. Starting with Houston, Jeff has been involved in various chapters in various capacities.

[27:07] RIMS has been an important part of Jeff’s career. He’s gained solid relationships through RIMS that have yielded business relationships and relationships where he’s been able to help others and be helped by them. RIMS will be very important to him as long as he works in risk.

[27:51] Jeff was President of RIMS Houston for two years, until January of 2024. He serves on the board as Past President.

[28:12] Having moved around the country and having held different roles, Jeff has met risk professionals from many areas. He says RIMS has high-quality chapters all over the country. The four Texas RIMS chapters have a lot of positive energy.

[28:47] The chapters are working together with Justin’s team in New York to host the first-ever Texas RIMS Regional Conference this August. Jeff is on the planning committee and he’s excited about it.

[29:04] The RIMS Texas Regional Conference will be held from August 4th through the 6th at the Henry B. Gonzalez Convention Center in San Antonio, on the River Walk, the site of RISKWORLD 2018. San Antonio is Jeff’s favorite city in Texas. It’s a wonderful host city.

[29:30] There is a link in the show notes to the RIMS Texas Regional Conference 2025. Registration will open the week of the airing of this episode!

[29:49] Jeff is a RIMS-CRMP holder. He earned that certification in November of 2019. He was excited to see RIMS introduce the certification. What he likes about CRMP is its governance focus.

[30:23] Jeff had been doing risk management for a long time. The CRMP website has good sample test questions on it. He decided to work through the test questions several times. Then went and took the exam and scored pretty well, largely based on his experience.

[30:48] Jeff says his ERM work over the years was helpful. The RIMS-CRMP is a good designation. Jeff appreciates that RIMS gives CRMP holders opportunities to network. He will continue to carry the designation as long as he is working.

[31:09] Mos recertification points are CE-related. Jeff relies heavily on the Houston chapter’s offerings and the sessions and seminars at RIMS functions. He appreciates the flexibility in terms of what qualifies, such as participation in broker-sponsored industry education.

[31:50] Developing and delivering educational content is a favorite of Jeff’s. He has served as Risk Manager in Residence (now Risk Manager on Campus). Jeff tells every risk manager it’s amazing and they need to do it at least once. Jeff enjoys education and is always learning.

[32:24] Jeff shares his advice for risk professionals. As Boomers in the industry start to retire, it’s important to help the industry recruit, train, and young talent. It’s a passion of Jeff’s.

[32:52] There are a few things Jeff would tell young professionals. One is you are the CEO of your career. Your career is your responsibility. Don't wait for a leader to bring opportunities or promotions to you. Be a student of your craft and trade. Set goals with plans to achieve them.

[33:20] Jeff has managed his career that way by making strategic moves when it made sense for him to do so. He has no regrets. You’re the CEO of your career, all in. Don't wait for others to act on your behalf. Whatever it is, be a student of your craft and seek opportunities to learn.

[33:45] Grow your knowledge base, your experience, and your network. Jeff has benefited from RIMS in having a network of people who lean on each other and learn from each other. It’s a wonderful thing!

[33:58] Be a student of your business, wherever it is. Make connections within it. Seek out mentorships to learn on a broad basis what the business does and what its objectives are. You position yourself more visibly to add more value and to grow.

[34:29] Jeff Strege, you have been such an inspiration today. I appreciate you so much for joining us here on RIMScast and being so giving with your time and wisdom! I look forward to seeing you at the first-ever Texas Regional 2025, August 4th through 6th in San Antonio!

[34:48] Special thanks again to Jeff Strege for joining us here today on RIMScast! I look forward to seeing him at many RIMS events, including the first-ever RIMS Texas Regional Conference 2025, which will be held from August 4th through the 6th in San Antonio, Texas.

[35:05] Register today through the link in this episode’s show notes.

[35:12] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[35:37] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.

[35:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.

[36:13] 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.

[36:29] 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.

[36:43] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.

[36:50] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Links:

RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app!

Spencer’s RISKWORLD Events — Register or Sponsor!

RIMS Texas Regional 2025 – August 3‒5 | Advance registration rates are now open.

DFW RIMS - 7th Annual Night at the Races / Lone Star Park – April 17, 2025

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Risk Management magazine

RIMS Now

The Strategic and Enterprise Risk Center

Spencer Educational Foundation — General Grants 2026 — Application Dates

Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education