Sports, Spotlight, and Risk Leadership with Rich Lenkov, Founder and CEO of SERMA

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Regulation and equity in NIL

Rich discusses the need for NCAA or federal guidance and the uneven effects across universities with varying resources.

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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 Rich Lenkov, Founder and CEO of SERMA, about the unique aspects of risk management in sports and entertainment, such as stadium security and crowd safety for a big game or event. They look at what SERMA offers to risk professionals in sports and entertainment. Rich speaks of cross-disciplinary collaboration and the specialized content offered by SERMA. Rich shares his thoughts about the Day of the Endangered Lawyer and the importance of the Constitution and international law.

Listen for tips on sports and entertainment risk management.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:17] About this episode of RIMScast. Our guest is Rich Lenkov, the Founder and CEO of SERMA, the Sports and Entertainment Risk Management Alliance.

[:43] We will talk about all things sports and entertainment risk-related and get his play-by-play on what it takes to succeed in sports and entertainment risk. But first…

[:54] RIMS-CRMP and Some Prep Courses. The next virtual prep courses will be held on March 110th and 11th and again on April 21st and 22nd. Links to these courses can be found through the Certification page of RIMS.org and through this episode's show notes.

[1:12] RIMS Virtual Workshops are coming up. On February 2nd and 3rd, Pat Saporito will host the debut of the two-day course, "Storytelling with Data for Risk Management".

[1:26] On February 4th and 5th, Ken Baker will return to deliver the course, "Applying and Integrating ERM".

[1:35] 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.

[1:47] RIMS members always enjoy deep discounts on the virtual workshops.

[1:51] The next RIMS Webinar will celebrate Women's History Month by exploring "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" on March 6th.

[2:00] We'll be joined by a Chief Risk Officer, an underwriter, and a broker, who will explore their career paths and risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. Check out the link in this episode's show notes.

[2:23] The RIMS-CRO Certificate Program in Advanced Enterprise Risk Management is hosted by the famous James Lam. This is a live virtual program that helps elevate your expertise and career in ERM.

[2:36] You can enroll now for the next cohort, which will be held over 12 weeks from April 14th through June 23rd. Links to registration and enrollment are in this episode's show notes.

[2:52] On with the show! Our guest today is Rich Lenkov, Founder and CEO of SERMA, the Sports and Entertainment Risk Management Alliance. Rich is a lawyer by trade, but he is vested in the success of risk management, particularly against the backdrop of sports and entertainment.

[3:13] With all the developments, regulations, or lack thereof, Rich has got a lot to say. We'll have a volley of ideas about sports risk management, active shooter preparedness at a stadium, name, image, and likeness rights for college athletes, and other topics.

[3:41] Rich is also the host of SERMA's SERMAPod, so it's nice to have a podcasting brother on the show. Let's get to it…

[3:49] Interview! Rich Lenkov, welcome to RIMScast!

[4:07] Rich tells about hosting the SERMAPod. About 11 years ago, Chicago radio station WGN approached him to do a legal podcast for them, Legal Face-Off. About five years ago, SERMA started the SERMAPod. It's been a lot of fun! This is SERMA's fifth year, too.

[4:50] Rich is a Capital Member of Downey & Lenkov. He's a full-time lawyer. This is Rich's 30th year in practice, having started in 1996.

[5:16] Downey & Lenkov began in 2001. Rich has been with the firm since 2002. A Midwest-based law firm, Downey & Lenkov primarily handles insurance defense in Illinois, Indiana, and Wisconsin.

[5:29] Downey & Lenkov does insurance defense in all its forms, from sports and entertainment law to premises liability, workers' compensation, employment, construction, products, and anything like that. They also do some transactional work and some professional liability.

[5:47] That's Rich's day job. They're busy and have lots of clients. There's too much work, and not enough lawyers to do it! Rich says that servicing his clients is really rewarding.

[6:07] Rich also has a production company. With that background and having worked in sports and entertainment law, he realized that there were not a lot of resources devoted to sports and entertainment risk management.

[6:43] In discussing these issues with clients and colleagues, Rich saw a hole in the market for someone to provide content, networking, resources, and information-sharing. So he thought, why not? That's how SERMA got started.

[7:01] Justin gives a shoutout to Emily Buckley, a member of both RIMS and SERMA. SERMA hosted a wonderful event at the RIMS ERM Conference 2025 in Seattle, and Emily invited Justin.

[7:41] Rich has been a RIMS member, strong advocate, and supporter for almost his whole career. He finds it to be an incredible resource for knowledge and networking. He says the regional and national events are second to none. Lots of SERMA members are RIMS members.

[8:03] Early on, SERMA decided to partner with groups like RIMS and local RIMS chapters. As the new kids on the block, SERMA is indebted to RIMS for inviting them to host events with them.

[8:49] Rich says that a lot of the risks in sports and entertainment relate to high-profile companies, teams, leagues, and studios. The whole world is watching. When there's a tragedy or a weather event at a sporting event, it's not limited to the grounds.

[9:17] There is a lot of scrutiny. Laws are involved, or legislation is produced. These are frequently ground-breaking losses for high-profile brands. Brand protection is important. Some of the biggest companies on the planet are very concerned about how their brand is perceived.

[9:39] Rich says, the types of risks and claims are different from "garden-variety" hospitality or construction claims. You're dealing with unique circumstances. How do you extricate actors from the jungles of Costa Rica in a weather event? How do you protect the Super Bowl?

[10:03] Those are not things that risk managers deal with every day. They are unique, specialized risks. Rich says he's learning new things every time SERMA provides content that's not seen anywhere else.

[10:17] Justin adds that the teams and athletes themselves are some of the most recognizable brands in history, such as Michael Jordan.

[10:32] Rich says SERMA members deal with high-profile claims and risks. SERMA has done lots of content on handling workers' compensation claims from players. A lot of high-profile athletes, making a lot of money, are also pursuing workers' compensation claims.

[10:58] Workers' compensation for highly-paid athletes is very expensive. All the teams are very attuned to what they are spending on workers' compensation.

[11:11] SERMA brings together lawyers, risk managers, insurers, claims professionals, vendors, outside counsel, and other vendors who support the industry. At the end of 2025, SERMA had around 700 members with a ratio between industry professionals and vendors of seven to one.

[11:41] Rich says SERMA consciously makes its environment one where risk managers, claims managers, and general counsel can meet and share resources in a relatively confidential way.

[12:02] SERMA is not a space with a lot of salesmanship, but networking is encouraged. SERMA wants everyone to develop relationships. SERMA's priority is to have great, cutting-edge content, rather than just selling products.

[12:43] Rich believes cross-disciplinary collaboration is important. We learn from each other. When Rich handles a sports or entertainment claim, he sees it from his perspective; he doesn't know what it's like to have boots on the ground at a venue when they are securing a big event.

[13:12] It's important to collaborate with people who handle safety and security. When Rich speaks as an attorney to these folks, they have no idea what effect their initial investigation of a claim will have on discovery or if they go to trial. You have to learn from each other.

[13:35] Rich finds that collaboration with risk professionals has been great. SERMA's risk professionals bring a unique perspective to the table.

[13:52] A risk manager for a team or venue has to cover everything. A whole world of claims happens on any given sporting event. So much goes on behind the scenes that impacts the risks that the risk manager has to deal with.

[14:09] Rich took his son to a Bears game over the weekend; they enjoyed it and went home. The risk manager, for weeks and months before, was dealing with everything from security to food preparation, active shooter drills, player injuries, and claims.

[14:29] There is so much that any given game brings on a risk manager. The risk manager starts all over again the next day. It's a challenging environment. Rich says most risk managers would tell you that their jobs are really rewarding.

[14:59] Rich was talking to the risk manager for the Boston Celtics. He gets to watch the Celtics every day. Sports risk management is difficult, it's challenging, but it's also a lot of fun. You get to be in spaces that most of us can only dream of.

[15:14] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. Booth sales are open now!

[15:36] General registration and speaker registration are also open right now! Marketplace and Hospitality badges will be available starting on March 3rd. Links are in this episode's show notes.

[15:51] Let's Return to Our Interview with SERMA CEO Rich Lenkov!

[16:11] Rich says that between operations and the risk team, there is sometimes a lack of communication. Programs that are running well have good communication between operations and the risk team.

[16:28] The people running security and game day operations have serious jobs with lots involved. They might not be thinking of some of the things the risk manager thinks about.

[16:42] As people see the effects of proper planning and enterprise risk management, they are training the people on the ground to react as quickly as possible and employ many preventive measures to avoid issues in the first place.

[17:47] Rich says trending and current topics drive SERMA. SERMA wants to provide content you can't get anywhere else. This space evolves every day. Wherever you get your news, you'll see issues involving sports, entertainment, the law, and risk, almost every day.

[18:24] SERMA tries to be a provider of cutting-edge content, as well as a good basis of content that applies to lots of areas in sports and entertainment risk. SERMA decided from the beginning not to be a provider of content and resources for everyone.

[18:52] Rich says some of SERMA's webinars only attract a small group of people. SERMA did a webinar on roller skating risk. That's not for everyone, but it's important to a lot of SERMA's members. It's not something you'll see anywhere else. It's very specific, cutting-edge content.

[19:13] Justin hosts webinars for RIMS. Some attract a wider audience than others. Quality is prized over quantity. Some webinars that are not as well-attended are information-rich. Some are very exciting to learn about.

[19:41] Rich says SERMA was very conscious from the beginning to be a different organization. SERMA is not looking for volume of membership or content. It's looking for quality. SERMAnar in New York, SERMA's tentpole event, is capped at 150 people. In LA last year, it sold out quickly.

[20:05] SERMA wants people to leave events feeling that they went to an intimate gathering and met two or three good connections. That's a good use of time. SERMA wants to be a quality content provider.

[20:33] SERMAnar IV is The Sports and Entertainment Risk Conference, coming up on April 16th and 17th at Citi Field in New York City. The agenda is packed.

[20:47] There are six panels in a day and a half, with lots of great content covering everything from IP issues to how to break into sports and entertainment risk management. There is a general counsel forum. There's a lot of great content. Citi Field is a beautiful place.

[21:59] A 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.

[22:19] Spencer awards undergraduate, graduate, Ph.D., and Pre-Instructor of Practice Scholarships to students enrolled at an accredited college or university in the U.S. and Canada, and physically studying in either location. No remote coursework eligibility from other locations.

[22:36] Including part-time, graduate scholarships to risk management and insurance professionals continuing their education.

[22:41] Since 1980, Spencer has invested more than $11.1 million in the scholarship program with awards to over 1,700 students. More than 85% of Spencer's scholarship recipients remain in the industry to this day.

[22:57] They've got undergraduate scholarships, full-time Master's scholarships, part-time Master's scholarships, pre-dissertation Ph.D. candidates, doctoral candidates, and Pre-Instructor of Practice Scholarships all open now. The application deadline is January 31st, 2026.

[23:18] Visit SpencerEd.org/scholarships. You'll find the different application buttons. See the link in this episode's show notes for more information.

[23:30] Let's Return to the Conclusion of Our Interview with SERMA CEO Rich Lenkov!

[23:39] Justin asks about Name, Image, and Likeness (NIL) rights for college athletes, and the 2021 Supreme Court case NCAA v. Alston, that players in college have the right to earn from their NIL. They can be endorsed by a brand.

[24:14] Rich says Alston was the key case that challenged NCAA rules on athlete compensation. The Supreme Court unanimously held that the NCAA's restrictions were unlawful under the Sherman Act.

[24:34] It didn't directly address NIL, but it opened the floodgates. Rich comments on how we're seeing the effects of this every day. The Ole Miss quarterback just filed a lawsuit to have a seventh year of eligibility. For many of these players, it's more lucrative to stay in college.

[25:37] Rich says this affects women's college basketball and volleyball, as well. It's benefiting all college athletes and giving more agency to women college athletes. Libby Dunne does a sports clothing line. This is all tied to social media and influencing.

[26:41] The Transfer Portal has given athletes the ability to have more of a hand in choosing their future and career.

[27:08] Rich says a couple of weeks ago, a lot of major college coaches were bemoaning NIL. There's still no directive from the NCAA on this, in the fifth year. Major programs are complaining. There's room for more regulation. Universities are scrambling to catch up.

[28:05] There's a lot of pending legislation. There hasn't been any movement on setting forth regulations we could all abide by that level the playing field. Some universities have a lot deeper pockets than others to deal with this.

[28:31] Until there's legislation that makes this a little more equitable, you're going to have a lot of different applications of NIL.

[28:42] Justin says January 24th is the Day of the Endangered Lawyer. It highlights the threats to the rule of law and legal independence and the physical safety of lawyers, judges, and legal professionals.

[29:07] Rich says, Love Your Lawyer is another way of saying it. International law matters. On his Legal Face-off podcast, Rich discussed this recently with a professor on whether snatching a foreign leader and bringing him to justice in your country is lawful.

[29:44] Rich says the adage that everybody hates their lawyer until they need one is true. Not only lawyers but good lawyers are in danger.

[30:24] Rich's advice to lawyers is to stick with it. It's hard to stand up to some of the injustices and pressures you might face. The Constitution and international law will outlive most of us. They provide a compass to stick to what's right.

[31:15] Rich offers advice on how to succeed in sports and entertainment risk. There is a panel at SERMAnar in New York on it. You have to hustle, network, and get to know people.

[31:34] No one is going to knock on your door and give you a job in this incredibly competitive space. A lot of young lawyers want to go into sports and entertainment. You've got to hustle. There are lots of resources out there if you take the initiative.

[31:50] Start wherever you can. Get your foot in the door with any sports or entertainment entity or law firm in sports and entertainment. After that, kick the door down and hustle.

[32:18] Rich, it's been such a pleasure to record with you and to meet you. We've got the links to SERMA and The SERMA Pod in this episode's show notes. Hopefully, we'll have a chance to catch up at RISKWORLD.

[32:51] Special thanks again to SERMA CEO Rich Lenkov for joining us here on RIMScast. A link to TheSERMA.org is in this episode's show notes. There you will also find information about the SERMAnar IV, which will be held on April 16th and 17th, 2026, at Citi Field in New York.

[33:11] Be sure to check out The SERMA Pod, which is their podcast. I may be making an appearance there in the near future.

[33:20] In this episode's show notes, there are links to prior RIMScast episodes featuring RIMS members who are active in sports and entertainment risk. Those episodes are a slam dunk!

[33:33] 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.

[34:00] 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.

[34:18] 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.

[34:35] 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.

[34:50] 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.

[35:04] 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.

[35:15] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

The Strategic and Enterprise Risk Center

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RIMS Risk Management magazine | Contribute

RIMS Now

Spencer Educational Foundation Scholarships | Submission Deadline Jan. 31, 2026

RISK PAC | RIMS Advocacy

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!