Distilling Risk and Resilience with Manjit K. Minhas

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Navigating Innovation and Risk in Product Development

This chapter explores the delicate balance between fostering innovation and managing risks in product development. It underscores the importance of collaboration among stakeholders to successfully launch new products while safeguarding a company's reputation and market standing.

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Episode notes

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

In this episode, Justin interviews Manjit K. MInhas, Calgary-born entrepreneur, engineer, venture capitalist, and Co-founder and CEO at Minhas Brewery, Distillery, and Winery, from the age of 19. Manjit appears on Dragon's Den on the CBC and is a multiple entrepreneur. Justin and Manjit discuss her entrepreneurship journey, how she insists on risk professionals at the table from the beginning of any business, and what her risk philosophy is. Manjit shares thoughts on business resilience and her upcoming opening keynote at the RIMS Canada Conference 2025 on September 15th in Calgary. She offers a Q&A at the end of her keynote.

Listen to learn about startups, innovation, and having risk management at the decision table.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:17] About this episode of RIMScast. Our guest is Manjit Minhas. You might know her from Dragon's Den in Canada. She's also the Co-founder and CEO of Minhas Brewing and Distilleries.

[:45] We will get a sample of her keynote, which will kick off the RIMS Canada Conference 2025 in Calgary, on September 15th. We've got a really fun episode for you today!

[:56] RIMS-CRMP Workshops! The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes.

[1:16] RIMS Virtual Workshops! RIMS has launched a new course, "Intro to ERM for Senior Leaders." It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts!

[1:33] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes.

[1:44] Several RIMS Webinars are being hosted this Fall. On September 18th, Origami Risk will present "Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration".

[1:56] On October 9th, Global Risk Consultants returns to deliver "Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes".

[2:06] On October 16th, Zurich returns to deliver "Jury Dynamics: How Juries Shape Today's Legal Landscape".

[2:14] On October 30th, Swiss Re will present "Parametric Insurance: Providing Financial Certainty in Uncertain Times".

[2:23] On November 6th, Hub will present "Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World". Register at RIMS.org/Webinars.

[2:35] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th.

[2:49] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks.

[3:02] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS.

[3:17] On with the show! Our guest today is Manjit K. Minhas, a Calgary-born entrepreneur, engineer, and venture capitalist.

[3:28] You know her from the Minhas Brewery, Distillery, and Winery, which has grown into a global empire, with over 90 brands sold across North America and 16 countries.

[3:38] You also know her from CBC's Dragon's Den, which premieres its new season, featuring Manjit, in September 2025. Manjit will distill her risk philosophies on reliance and leadership today, here on RIMScast. I'm so excited to have her join us! Let's get to it!

[4:01] Interview! Manjit K. Minhas, welcome to RIMScast!

[411] Manjit loves risk professionals and loves working with them. She is very excited to speak to risk professionals from many industries at the RIMS Canada Conference 2025.

[4:27] Manjit has worked with risk professionals in her companies and through the boards she sits on and the companies she advises or invests in. She sees a variety of talents and skills in risk professionals. They have a technical expertise and a strong foundation in methodologies.

[5:01] Manjit says risk professionals identify not just the basic operational and financial risks but strategic risks and mitigation risks. There is so much M&A happening in every sector. Their technical expertise is very important.

[5:22] Manjit explains, they are really good at data analysis and modeling, and making that data and a large volume of information into something that matters, that decision-makers can use to make great decisions, and think about the pros, the cons, and sometimes the blind spots.

[5:57] The risk officers Manjit hires have her ear. She always likes them to be at the table. She wants their perspective beforehand rather than after. They are good at listening, taking it all in, succinctly communicating, and helping with stakeholder management.

[6:18] Manjit believes that with their business acumen and their wealth of knowledge from so many parts of the business, risk managers should be at the table all the time. She wants their input from the outset.

[6:42] Manjit believes that more business leaders with that viewpoint are coming up. It's a matter of how long you've been an entrepreneur or founder. Manjit has been an entrepreneur for 26 years. She and her brother started when she was 19. The drinking age in Canada is 18.

[6:58] Manjit was studying engineering at the University of Calgary and came up with the idea of getting into the private label spirits business, and a couple of years later, the beer business. They started as a sales, marketing, and branding company, and then got into manufacturing.

[7:16] It went step by step. It was not overnight, by any means. She just started young and has been at it for a long time. With that time comes experience, knowledge, and understanding that there are a lot of smarter people than she, that she needs to collect around the table.

[7:34] At year four or five, she didn't have the same perspective she has now. Founders and entrepreneurs in early stages are still figuring it out and don't have the resources to have the same perspective as Manjit. As they gain self-awareness, they look to risk professionals.

[8:14] As a 19-year-old, Manjit says she had no concept of risk. She didn't have money or a reputation at risk. Now, she has a lot more of those things, plus a list of a dozen more, that are at risk. A young person doesn't think they're risking anything other than time and energy.

[8:48] Manjit thinks time definitely makes all of us a bit smarter.

[8:52] The risk professionals working for Manit work under the legal department.

[9:42] Manjit talks about her risk professionals. As a business owner, you want to have the confidence that you have someone there identifying risks, assessing the impact, prioritizing risks, developing mitigation plans, and assigning responsibility. The list goes on.

[10:18] In this day and age, things are changing so fast, from policy, regulation, and the labor environment. There's a long list of things that companies need to be aware of. They can't just close their eyes. They have to have a plan.

[10:47] Manjit is an optimist. She wakes up thinking that where there is a challenge, there is an opportunity. She believes that when things are tough, there are a lot of problems to solve. That's when great businesses are born. Great entrepreneurs are good at solving and discovering.

[11:29] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org.

[11:43] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today!

[12:00] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. Register now to save $110 and secure your spot at the ERM event of the year.

[12:16] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register.

[12:31] Let's Return to Our Interview with RIMS Canada Conference 2025 Opening Keynote, Manjit K. Minhas!

[12:41] Minhas products include a beer for Trader Joe's, and a fair number of private-label, controlled-label, and white-label brands throughout North America, including food service. If you've had a beer-battered onion ring or French fry on the East Coast, you've had Minhas beer.

[13:28] Minhas has a diverse business within the liquor industry.

[13:37] Manjit discusses reputational risk. There is reputational risk in any consumer-facing business. She says, often, what separates you from the flurry of competitor advertising is taking some risks with your brand image.

[14:15] She shares an example of making a decision early on that was to get noticed, but also to protect the Minhas brand. Marketing professionals are more forward-thinking, and risk professionals are more conservative. Manjit comes to a happy middle-ground decision.

[15:40] Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.

[15:58] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025.

[16:14] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well.

[16:28] Let's Conclude Our Interview with RIMS Canada Conference 2025 Opening Keynote, Manjit Minhas!

[16:39] Manjit states that innovation is one of the fun parts of R&D. Manjit talks about different vodkas and beers. Innovation has a financial and reputational cost, and the cost of pushing away another product from retail shelves, for a variety of marketing reasons.

[17:40] There are a lot of reasons you don't want to innovate and upset the apple cart. The risk professionals help by getting the metrics for the decision. When will you see if the risk is paying off? It's an art. There are a lot of people involved, so that leadership can make a decision.

[18:33] Manjit says there are a lot of nerves in the launch phase of innovation, after being in business this long. It's different when you're new. Once it's out and Manjit sees the execution phase, that's when she gets excited. All of the pieces of the puzzle have come together.

[19:18] When Manjit started the business, it was super cool to see her brand offered on the menu or in the bar. It still is, going to the grocery store with her daughter and seeing their craft sodas. Her daughter went up and turned the bottles so the logos were forward-facing.

[19:40] It never gets old. Her brother is the same way. They send photos to each other all the time. They package 600 cans a minute at all their facilities. It's a big operation. But to Manjit and her brother, it's like it's still the two of them against the world.

[20:29] It's the drive to keep winning that gets Manjit up every day. Minhas is the 9th largest brewery in North America. How are they to keep climbing that ladder and keep getting better, compared to themselves?

[20:53] Some Minhas facilities in the States offer tours. But they have secrets they want to protect. It's a very competitive industry.

[21:23] Manjit explains operational resilience and risk strategy in the light of supply chain disruptions and tariffs. It's something we all need to look at and not take for granted. Look at critical operations, people, facilities, technology, third-party dependencies, ownership, and more.

[22:08] They look at every part of that as to how they can be resilient and be better than their competitor, and do it more efficiently, quicker, with faster adaptation, and recover when things don't go right. Everybody is a part of it. They're doing more scenario testing than ever before.

[22:44] Minhas is looking at different impacts and how long they can get through them. What are the tolerance levels? Their culture is more transparent to both issues, where they are winning and where they are not. Manjit lists the many types of business resilience.

[23:26] If your business is not looking at using technology and AI to your advantage, what are you doing? Resilience is more than the easy definition.

[23:57] How does Manjit keep a consistent approach to risk across all her verticals? It's communication. Manjit doesn't think there is such a thing as too much communication. Ideas have to be shared. It has to be a collaborative space to understand everything that comes.

[24:25] A lot of people know Manjit from Dragon's Den. She has been on for 10 years and just finished filming her 11th season, which is airing soon. She'll let people take selfies with her.

[25:11] Some of what to expect from Manjit on September 15th, in Calgary: She'll talk about her story, lessons learned, mentorship, the courage, skills, and talents that have brought her success, and fun stories about leadership.

[25:37] Manjit will give some advice on how to build confidence, self-awareness, negotiation, and lots of fun things. She will leave about 15 minutes for an open Q&A session. She always enjoys learning what people in the audience are wondering. It's fun!

[26:08] We look forward to seeing you on September 15th, 9:00 a.m. In Calgary! It's been such a pleasure to meet you! Thank you for joining us on RIMScast!

[26:44] Special thanks again to Manjit Minhas for joining us here on RIMScast! We are so excited for her to kick off RIMS Canada 2025 with her keynote on September 15th at 9:00 a.m. in Calgary.

[27:00] Be sure to register today! This is the last call! Visit RIMSCanadaConference.ca for more information and to register! I've also got a link in today's show notes to the closing keynote interview, Amanda Lindhout. She was fantastic, as well. See her on September 17th.

[27:20] 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.

[27:49] 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.

[28:07] 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.

[28:25] 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.

[28:41] 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.

[28:55] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org.

[29:07] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Canada 2025 — Sept. 14‒17 | Last week to register!

RIMS ERM Conference 2025 — Nov. 17‒18

Spencer Internship Program — Registration Open Through Oct. 15.

10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open!

RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open!

RISKWORLD 2026 — Members-only early registration through Sept 30!

Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025, in NYC!

RIMS-Certified Risk Management Professional (RIMS-CRMP)

The Strategic and Enterprise Risk Center

RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9.