RIMScast

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Mrunal Pandit of Tata Consumer Products about being the RIMS Risk Management Honor Roll Inductee 2024, having math in her DNA and how that relates to risk management and insurance, her role at Tata Consumer Products. They discuss how "once-in-a-lifetime" catastrophic flood events seem to be happening regularly, and how to proactively and prudently prepare for them. Mrunal tells how she developed Tata's risk framework playbook for natural catastrophes and how risk management is supported by Tata's philosophy of social responsibility. Listen in to for experienced advice on proactively preparing your business to mitigate the risks of climate change. Key Takeaways: [:01] About RIMS and RIMScast. [:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I am excited to be joined by RIMS Risk Management Honor Roll Inductee for 2024 Mrunal Pandit of Tata Consumer Products. [:40] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Workers' Compensation, Employer's Liability and Employment Practices in the U.S. [58] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:11] Let's talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session with Parima on July 18th and 19th. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and a RIMS-CRMP Exam Prep with Utah Valley University on August 7th and 8th. [1:32] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certifications Page of RIMS.org and in this episode's show notes. [1:47] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode's show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org. [2:08] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode's show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more! [2:38] You can also head over to RMmagazine.com. [2:41] In next week's episode, we will have our mid-year update with RIMS Publications Director Morgan O'Rourke and Risk Management magazine Senior Editor, Hilary Tuttle. [2:56] My guest today is Mrunal Pandit. She is the Global Head of Insurance at Tata Consumer Products in India. She is the first person to hold that position at Tata. She has made some outstanding achievements in her role and that is why she was named the RIMS Risk Management Honor Roll Inductee for 2024. There is so much to discuss about her impact! [3:29] Her profile in RIMS Risk Management magazine's Awards Edition was a great read and we wanted to extend that, here on RIMScast. The link to the article is in this episode's show notes. [3:40] RIMS Risk Management Honor Roll Inductee for 2024, Mrunal Pandit, welcome to RIMScast! [4:07] It was a very happy moment for Mrunal and her family when she was awarded as the Risk Management Honor Roll Inductee for 2024. It represents a significant milestone in her professional career as an insurance and risk management professional and recognition for the work she has done so far. What better validation could she ask for than from RIMS? [5:25] Mrunal is a numbers person. She addresses the significant role of math in the risk profession, such as in decisions about retaining a risk or transferring it to insurance, based on a quoted premium. It's all numbers to Mrunal and factoring in the data is intriguing and exciting. She says she "speaks in numbers." [6:31] The article, written by Russ Banham, is available in the Awards Edition of Risk Management magazine. A link is in this episode's show notes. [6:57] Mrunal calls risk management interesting and dynamic. The world's risk landscape is constantly changing, with global supply chain risks, geopolitical scenarios, and emerging risks like cyber. Challenges keep changing year after year, which keeps Mrunal on her toes and leads her to many learning opportunities. [7:28] Mrunal refers to Tata Consumer Products. When she started, it was a plantations company, then a beverage company, and now a fast-moving consumer goods (FMCG) company. This has added to the complexities of the risks, allowing Mrunal to implement the risk management framework prudently. She has found that to be gratifying. [8:03] The organization grew; with that, the risk complexity grew and Mrunal's knowledge as a risk manager grew. [8:36] Mrunal drinks Tetley Tea and a lot of the Indian-made Tata Tea, two of Tata's products. Tata Tea is a different blend from tea sold in the United States. The teas are blended for the geographic market. Mrunal recommends Justin try Masala chai or Mumbai chai teas. [9:30] Are these once-in-a-lifetime weather events that now happen frequently in India attributable to climate change? Mrunal says climate change has evolved from one of the ten most important risks to the first or second most important risk in India. It plays a significant role in Mrunal's risk management strategy today. [10:21] Climate change creates risks to manufacturing, storage, business operations, the supply chain, and business. It is prudent to take the necessary proactive steps to ensure that the overall losses due to climate change are reduced or mitigated. Climate change is becoming an integral part of every business risk. Every risk manager should view it very prudently. [11:38] Mrunal joined Tata Beverages, as it was called, in December 2017. They were proud of having few claims in most locations. A devastating flood in 2018 with many human casualties and much asset damage led Mrunal to build a disaster playbook for settling calamitous claims. [13:05] Tata now has a framework and playbook for what needs to be done before any natural catastrophe, including earthquake, floods, and cloudbursts, and what steps need to be taken before the catastrophe happens. Technology gives some warning time before most natural catastrophes. Tata sends notifications to the affected teams about what they need to do. [13:44] The playbook also covers what needs to be done at the time of the event, and post-catastrophe, if there are losses, the necessary steps for mitigating the risk and recovering prudently, step by step. [14:12] Mrunal talks about monsoon seasons. Before the monsoon season, Tata sends a detailed note to the affected geographic areas about monsoon preparedness and the "dos and don'ts." Every year there are cloudbursts, which happen any time of year. Those are also captured in the disaster playbook. [15:32] Mrunal uses the RIMS Risk Maturity Model as an important tool in Tata's risk management. It helped her to understand what risks Tata needed to self-insure and what risks it needed to transfer to insurance. [16:58] Justin mentions an upcoming audio and possibly video series about the Five Pillars of the Risk Maturity Model. [17:30] Risk mitigation and disaster management are huge, going forward. Mrunal believes there are no geographic areas that will be spared the effects of climate change. We may see nothing is happening today, but tomorrow we don't know what will happen. With data analytics, AI is going to play a very significant role, telling us the data patterns, going forward. [18:02] It is prudent for us, as risk managers, to understand that we are going to have our businesses and operations, maybe not tomorrow but three or five years down the line, affected by flooding or another natural catastrophe that would hamper the business. [18:19] So it is prudent to inform our business that this is the trend, going forward. Necessary steps need to be taken from the business continuity perspective. It's a process to prepare for catastrophe in your geographies where you have a lot of operations. Come up with a business continuity plan. [19:06] It's RIMS plug time! Webinars! Servpro will make their RIMS Webinar debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [19:28] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I'll have that link up soon on an upcoming episode. [19:47] Review your organization's ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [20:02] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities. [20:21] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October. [20:39] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode's show notes. [21:01] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. [21:26] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance. [21:50] That was a great episode, so after you listen to this episode, go back and listen to Episode 293! [21:55] Back to my interview with RIMS RiIsk Management Honor Roll Inductee 2024, Mrunal Pandit! [23:09] Tata has always given preference to its employees in taking care of them, concerning the death claims from catastrophic events, irrespective of the fact that they were insured or not, Tata ensured that the families were taken care of. The head of HR is quite involved in this assistance. Tata supports employees, even advising them on pension plans to sustain families. [24:38] Mrunal talks about ensuring that death claims are handled with care and respect. These are the people who have given a lot to the company. Tata takes care of the families when they need it the most. They push the insurers to pay the claim to the next of kin within 10 to 12 working days after the documents are given. [25:52] For a catastrophic event, Mrunal separates it into baskets: the claims for physical assets, covered by the property policy; human capital, covered by a policy and by trusts; students who were studying there were originally not covered, and the flood in 2018 happened before they were covered by insurance. Mrunal had told senior management there was a coverage gap. [27:14] Senior management paid attention and was receptive to Mrunal's points about a coverage gap. In risk management, the risk manager has to proactively understand the risks for the business and provide solutions ahead of the events. You also have to have empathy for the employees working for you. Tata values its employees as an integral part of the organization. [28:28] The empathy and philosophy of the organization require spending money to take care of employees. [28:57] Mrunal tells how she supported her proactive strategy and theory with numbers about the human capital and how death and disability trends in their industry and their organization could affect their business. This led to decisions by senior management about what to insure. [29:58] Mrunal has been in the insurance and risk management profession for almost two decades. She has no plans to retire as she still finds this field quite interesting. [30:34] Mrunal's last words to early risk management professionals: "Some of the professionals in my organization have told me, 'Mrunal, insurance is an evergreen field. People, even after they retire, continue to keep on working, so there must be something interesting in this field.' I said, yes, absolutely!" [30:53] "Risk management today is much more complex. For the young professionals who love to look at data and who love numbers, these are exciting times! For those who want to learn how to tackle complex multi-phasic challenges, this is a great time. For those who look at risk management as a career and not just another job, there is no better period than now." [31:28] "I alluded to cyberrisk, climate change, the changes in regulations worldwide, and conflicts between geographies. Each brings with it its own set of opportunities. For example, technology has made a significant impact on asset mapping, tracking, valuations, weather modeling and forecasting, and setting up early warning systems, which we also use." [32:01] "These are the hard skills but there's also a softer side to it. In order to have a fulfilling career, we need to bear in mind that the work we do involves people and impacts people's lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field." [32:30] Justin tells Mrunal, It has been such a pleasure to meet you and I'm so happy for all your success. Congratulations again on this wonderful achievement. I hope we have a chance to meet in person. Maybe you'll come to RISKWORLD 2025 in Chicago. Mrunal says Yes, and Chicago happens to be her husband's favorite place. He studied at the University of Illinois. [33:06] Special thanks, again, to RIMS Risk Management Honor Roll Inductee 2024, Mrunal Pandit. You can read her profile in the special Awards Edition of RIMS Risk Management magazine and learn more about her experience with the RIMS-CRMP through the RIMS-CRMP Stories feature available through RIMS.org. Links to both are in this episode's show notes. [33:30] It's Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [34:05] 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 pd@rims.org for more information. [33:50] 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. [35:08] 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. [35:25] 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 Content@RIMS.org. [35:47] 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: RIMS-CRMP Stories — "Mrunal Pandit: RIMS 2024 Risk Management Honor Roll Inductee"Spencer Educational Foundation — Funding Their Future Gala 2024 RISKWORLD 2025 will be in Chicago! May 4‒7 RIMS DEI Council Spencer Educational Foundation — Grants Page — Apply Through July 30. Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30 RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024! RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App Florida RIMS Annual Conference — July 30‒Aug. 3, 2024! RIMS Webinars: RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "RIMS 2024 Goodell Award Winner Eamonn Cunningham" "RIMS 2024 Rising Star Chelsea Andrusiak" "RIMS 2024 Risk Manager of the Year, Steve Robles" "Julie Bean, 2024 Heart of RIMS Award Winner" Sponsored RIMScast Episodes: "Harnessing the Power of Data and Analytics for Effective Risk Management" | Sponsored by Marsh (New!) "Accident Prevention — The Winning Formula For Construction and Insurance" | Sponsored by Otoos "Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties" | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit and RIMS Treasurer Manny Padilla! RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Mrunal Pandit of Tata Consumer Products Tweetables (Edited For Social Media Use): This award represents a significant milestone in my career as an insurance and risk management professional. It's a recognition, I feel, by the global leaders and professionals in this field for the work I have done so far. — Mrunal Pandit The organization grew; with that, the risk complexity grew and my knowledge as a risk manager grew. — Mrunal Pandit It is prudent to take the necessary steps, proactively, to ensure that the overall losses due to climate change are reduced or mitigated. — Mrunal Pandit The way the climate patterns are evolving worldwide, I would not say there is any geography that is spared; each and every location. Today we may see that there is nothing that's happening, but tomorrow we don't know what's going to happen. — Mrunal Pandit We need to bear in mind that the work we do involves people and impacts people's lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field.. — Mrunal Pandit

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Lilian Vanvieldt-Gray of Alliant Insurance Services about her risk and insurance career journey, what DE&I initiatives mean in her growth, the sorts of programs she has launched, and how she proves their worth on social and financial levels. She tells how a professor tried to steer her to trade school so she wouldn't fail in the big university and how the lack of inclusion at her first job limited her career opportunities until a boss who saw her potential nudged her firmly ahead. She is passionate about the power of DE&I to do moral good and grow business profits. Listen in to learn what diversity, equity, and inclusion can mean for your company. Key Takeaways: [:01] About RIMS and RIMScast. [:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services! We will discuss what it takes to launch and measure the effectiveness of a DE&I Initiative. [:47] Lillian will also be the honoree at this year's Spencer Educational Foundation Funding Their Future Gala on September 12th in New York City. [:58] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 26th and 27th, our friend Elise Farnham leads the two-day course, Captives as an Alternate Risk Financing Technique. On July 9th and 10th, we have Managing Workers' Compensation. [1:18] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:31] Let's talk about prep courses for the RIMS-CRMP. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th. [1:53] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NSE Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode's show notes. [2:14] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode's show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more! [2:44] You can also head over to RMmagazine.com. [2:49] Lilian Vanvieldt-Gray is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services. She is also this year's honoree for the Spencer Funding Their Future Gala, which will be held, on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. [3:15] We are going to hear about her risk and insurance career journey, how DE&I initiatives have played a part in her growth, the sorts of programs she has launched, how she measures them, and how she's able to prove their worth on social and financial levels. [3:36] Lilian Vanvieldt-Gray, welcome to RIMScast! [4:02] Lilian says that being the 2024 Honoree for the Spencer Funding Their Future Gala feels amazing, phenomenal, and stupendous! She says she's at a time in her life when she's happy doing the things she wants to do and she's making a difference. This honor helped her get there. [4:50] Lilian's risk and insurance career started in 1988. After she graduated from UCLA in 1987, she worked for a financial planner in Beverly Hills. In October of 1987, the stock market crashed. It was a disaster for the small firm where she worked and Lilian decided she wanted to have a different career. [5:38] Lilian's girlfriend worked at an insurance company. She told Lilian they were hiring interns. It would be a boost from her current $18K a year to $28K a year. Insurance had her at "Hello." [6:43] About 22 years ago, Alliant came to Lilian's attention in a bad renewal market when they "stole" one of her clients. Listen in for details. Then Alliant offered Lilian a job and she accepted. [8:23] Lilian tells how she moved into the EVP and Chief DE&I Officer roles she holds with Alliant. After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure all of their employees had a space and a sense of belonging. They created the DI department. [9:05] The conversation Alliant initially had with Lilian was about leading the Alliant Charitable Foundation. The foundation's goal is to bring people in to expand the industry, make it more accessible to everyone, recognize the contributions of marginalized communities, and reward them for their contributions to the industry. [9:32] Internally, the foundation wanted to recognize Alliant employees, to ensure they have a safe space to be their authentic selves, and have opportunities to advance within the organization. Lilian was asked to help the foundation raise money and get the message out. [9:52] As that work progressed, Alliant asked Lilian to do more. So she moved some accounts around to be able to do more. [10:41] Lilian says Alliant has always had a commitment to DE&I. They haven't wavered from it. That commitment to DE&I comes from the top leadership. With commitment from the top, everything falls into place. If Lilian gets pushback from a department, when she goes to leadership about it, they'll have a conversation with them about why DE&I is important. [11:27] DE&I initiatives are morally right and also financially smart and good decisions for business. When done properly, from an authentic place, they can drive your bottom line. [11:59] Lilian's challenge is measuring her initiatives. Alliant's 2024 push is to get everyone's self-identification to be able to track how doing X results in Y. [13:35] Alliant has a six-pillar strategy to change the culture within the organization through a series of trainings, bringing in speakers on well-being and mental health, financial literacy, a 401(k), investing, and FICO. It's a culture where your employer supports your whole being, including professional development and mentoring for career advancement. [14:53] Alliant is evaluating external mentoring and internal mentoring to find which is more effective, having the employees help them come to that conclusion. They also use peer coaching, giving people different entry points to grow professionally. They also work with training agencies and industry DE&I associations such as NAAIA. [16:04] Lilian feels synergy with these associations. DE&I isn't just for marginalized people but also for their allies. Everyone grows when something is diverse. One learns when different ideas come to the table. You don't know what you don't know until you bring diverse people in, have those conversations, and get those perspectives. [17:00] Being able to show the value of that to everyone is how you move the needle and it's also how you make a lot of money. [17:09] It's RIMS plug time! Webinars! Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green, featuring insight from former RIMS President, Chris Mandel. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [17:36] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I'll have that link up soon on an upcoming episode. [17:55] Review your organization's ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [18:10] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities. [18:30] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October. [18:46] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode's show notes. [19:10] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified by the end of September. Be sure to apply by June 30th, 2024. On September 12th, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our guest today, Lilian Vanvieldt-Gray, is the honoree. [19:38] Back to the interview with Lilian Vanvieldt-Gray! [20:18] Lilian is one of six on her DI team. One has the charitable foundation as her sole responsibility, including the Fellows program, one of Alliant's hallmark programs from the foundation. There is an internal side of DI and several employee resource groups. [21:18] Lilian calls the managers of these programs "best in class," which has led to Alliant receiving recognition for these programs. [21:59] Lilian says women are all over the insurance industry, in roles without opportunities for advancement. For a woman to get into leadership, she has to have someone looking out for her, and sponsoring her. [23:12] When Lilian went into the insurance industry, she went into training. At the end of the training program, they assigned people to departments. All women and people of color went into claims and all men went into leadership and sales. Lilian had a boss who believed in her. He created a position for her in account support. [23:50] Lilian didn't take the job because she didn't believe she could do it. Someone else took the job. The boss asked her what was going on. He said he had created that job for her. He created another account support position for her. [24:29] Had he not created that opportunity for her, Lilian believes she would still probably be a claims supervisor. [25:49] Lilian says in DE&I, helping women and other marginalized employees up through the ranks is called allyship. There are programs to teach about the value and benefits of allyship. Allies can move the needle faster than anyone else can. [26:11] If you are considering joining a group, you can join as an ally without being a part of that community. Being an ally means you're not part of that community. Join and bring your influence to help them do better in their career. [27:54] A Fearless Fund case ruled that it is discriminatory to set aside funds for loans just to African-American women's businesses. That could affect many types of programs, like internships and fellowships. DE&I is working to change the mindset of a lot of people. DI has become a "bad word." [29:48] Lilian stresses that DE&I helps a business financially. DE&I is right morally. Lilian wants to help people understand why being an ally is going to be an advantage to them. [30:33] Some high-profile DE&I leadership positions have been eliminated recently. Lilian speaks to this for DE&I in the risk and insurance space. DE&I might be rebranded to Engagement or a People Office. DE&I is for all employees. If there are nine ERGs, everyone in the company will have been touched by or associated with someone from one of them. [32:01] Lilian wants people to understand that DE&I impacts everyone and it's not anything they need to fear. [32:44] Lilian's DI department has partnered with the Spencer Educational Foundation to help manage an Alliant Foundation insurance degree grant program for Southern University, an HBCU in Louisiana. Lilian tells how that came to be. It's been a great partnership. [34:32] Lilian will accept a special honor at the Spencer Educational Foundation 2024 Funding Their Future Gala on Thursday, September 12th, 2024 at the Cipriani 42nd Street, in New York City. Lilian invites all podcast listeners in the New York area to attend. [35:25] The proceeds go toward scholarships for students coming into the insurance industry and programs like the grant at Southern University, bringing the insurance industry to communities that are not familiar with it and normally are marginalized out of it. [35:46] If you look at the videos of last year's scholarship two recipients, after you finish crying, you will want to send them a check. [35:55] For sponsorship and tickets, you can contact FundingTheirFuture@SpencerEd.org. A link is in this episode's show notes to the email address, as well as to the Gala's page. [36:43] Lilian's advice for young risk professionals: "When you think about insurance; when you got up, the bed you were lying in is insured, the street you drove to work on was insured; the trees that were being cut, and the person cutting the trees that you saw are insured. The car you were in is insured. The building you walked in… Insurance is everywhere." [37:14] "It's in your home, your apartment. Insurance drives the world. You can come in and it's not just going from door to door selling. It can be analytics, marketing, or social media; it can be any number of things. Think about insurance and think about the future you can create for yourself. There's lots of money in this industry. Don't leave it on the table." [37:52] "I do this because I had a professor one year tell me when I was graduating from high school, and I was an honor student, 'I think you should consider going to a trade school because I don't want you to fail and I think going to this big school you're going to struggle and fail. I'm doing what's best for you,' and he tried to talk me out of going to the UC system." [38:38] He couldn't see the value of what she brought to the table. Lilian is now the broker for the community college system the professor wanted her to attend. You have to believe in yourself. Don't let anyone else define who you are. Define yourself in the brightest of lights because you can't achieve it if you can't see it or dream it. Define your dreams for yourself. [39:14] Special thanks, again, to Lilian Vanvieldt-Gray. A link to the Spencer Educational Foundation's Funding Their Future Gala 2024 on September 12th is in this episode's show notes. Buy tickets; reserve a table. We want to see you there. [39:30] Final reminder: June 30th is the deadline to apply for the Spencer Educational Foundation's Risk Manager on Campus Grant. A link is in this episode's show notes. [39:47] It's Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [40:21] 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 pd@rims.org for more information. [41:05] 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. [41:23] 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. [41:39] 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 Content@RIMS.org. [42:01] 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: Spencer Educational Foundation — Funding Their Future Gala 2024 FundingTheirFuture@SpencerEd.org RISKWORLD 2025 will be in Chicago! May 4‒7 RIMS DEI Council Spencer Educational Foundation — Grants Page — Apply Through July 30. Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30 RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024! RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RIMS Webinars: Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "Spencer's 2024 Outlook" "LAAIA Atlanta Chapter President Jose Aponte" "Giving Back with APIW President Liz Kramer" "Global Perspectives with RIMS Mexico, Australasia Chapter Leaders" "Solving Wicked Problems with Dr. Gav Schneider" "Equality and the Risk Profession with Elisa Stampf" "Pride Month with the Rainbow Risk Alliance" Sponsored RIMScast Episodes: "Harnessing the Power of Data and Analytics for Effective Risk Management" | Sponsored by Marsh (New!) "Accident Prevention — The Winning Formula For Construction and Insurance" | Sponsored by Otoos "Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties" | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars RMMagazine.com RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Treasurer Manny Padilla! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Lilian Vanvieldt-Gray of Alliant Insurance Services Tweetables (Edited For Social Media Use): Insurance had me at "Hello." — Lilian Vanvieldt-Gray After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure that all of their employees had a space and a sense of belonging. — Lilian Vanvieldt-Gray Do we do things because they're morally right? 100%. Do we do them because it's financially a smart decision and a good business decision? 100%. DE&I is not just about doing the feel-good thing. If you're doing it properly, it can drive your bottom line. — Lilian Vanvieldt-Gray When I came into the insurance industry, at the end of the training program, they had to assign us to different departments and all of the women and all of the people of color went into claims and all of the men went into leadership and sales. — Lilian Vanvieldt-Gray What makes me sad is that now DI has become a bad word. — Lilian Vanvieldt-Gray Define yourself in the brightest of lights because you can't achieve it if you can't see it. You can't achieve it if you can't dream it and don't let anyone else define your dreams. Define them for yourself. — Lilian Vanvieldt-Gray

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Victoria Ogbuehi of Coca-Cola about her education, her aspirations, her 12 years in public security, and her move into risk management. She describes the personality traits that are most helpful in an ERM career, such as a learning mindset and a habit of hard work. She describes winning her awards, as well as the importance of the RIMS-CRMP to her career and even her confidence. She cautions young professionals that if they are lazy, they should not try to work in risk management. Listen in to learn about a fascinating career move from security to risk management. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Victoria Ogbuehi, RIMS-CRMP. She is the Senior Risk and Resilience Manager for Coca-Cola Hellenic Bottling Company in Nigeria and a four-time Outstanding Security Performance Award winner! Lots to discuss! [:51] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 18th and 19th, we have Fundamentals of Risk Management. On July 9th and 10th, we have Managing Workers' Compensation. [1:07] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:20] Let's talk about prep courses for the RIMS-CRMP. Our guest today is a beneficiary of the RIMS-CRMP Exam Prep Course. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th. [1:50] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NST Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode's show notes. [2:11] Victoria Ogbuehi is the Senior Risk and Resilience Manager for the Coca-Cola Hellenic Bottling Company, based in Nigeria. I know her from being a RIMS-CRMP holder. She has a fascinating career I wanted everyone to hear about, including 12 years at the Nigerian Security and Civil Defense Corps! [2:40] Victoria was risk-adjacent and then made her way over to full-time risk management. I can't wait for all of you to hear what her risk journey has been like. [2:52] Victoria Ogbuehi, welcome to RIMScast! [3:25] Victoria's 12 years with the Nigerian Security and Civil Defense Corps, coming right out of school, were the most stressful years of her life. Entering the real world, she saw her school days seemed to be out of reality. The 12 years were hectic but they were a cherished time and a learning process that made her find her footing in her risk role today. [4:14] Victoria started as a core inspector and grew in rank. She had never intended to be a security professional. [4:48] Victoria studied economics in her undergraduate years. She had wanted to work in the Central Bank of Nigeria, the World Bank, or the Securities and Exchange Commission. She wanted to help grow economies. [5:27] Victoria has never worked at a financial center or in the field of economics. In her third year as a public security professional, she felt stuck and she knew it was time to pursue a career in security. In Nigeria, some job applications are restricted to an age window and she wanted to make a change. She wanted security to be her calling for life. [6:40] Victoria went back to school to study law enforcement and criminal justice. With that degree, she felt more confident and motivated. She went back again to study law. She understood that knowing the law would help her be a better law enforcer. She got certificates for security management and operations. It was her journey of building for 12 years until she left. [8:08] Security is a male-dominated field, globally. For Victoria, it was not about men dominating the field but about the passion for what she did. [9:08] There were so many challenges for Victoria in Security. One of the biggest challenges was inadequate training. She is very studious and doesn't like to go a year without taking a course in something. For three years, she wasn't exposed to any courses. Then she took them at her own expense without support. She had to beg her employer to acknowledge her studies. [10:12] Another big challenge for Victoria was that there was no motivation. She felt stuck all the time. Simply put, there were few opportunities for growth. [11:00] Victoria had heard about risk and insurance at school. As a student, she did not see herself as becoming a risk manager. However, when the opportunity to become a risk manager eventually came, she applied. The application process was tough. The position was strategic and she had to appear before the Managing Director and the Group Chief Risk Officer. [12:21] Victoria had the advantage of her knowledge of economics and 12 years of security operations experience. She saw this opening more as an opportunity to learn something new than as a job. The people who hired Victoria saw potential in her. She didn't have confidence in herself but relied on her economics education. That was Victoria's journey to risk management. [13:38] It's RIMS plug time! Webinars! On June 13th, our friends from Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. [13:52] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [14:08] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I'll have that link up soon on an upcoming episode. [14:28] Review your organization's ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [14:42] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities. [15:02] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October. [15:18] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode's show notes. This year's honoree will be Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services. [15:41] Lilian Vanvieldt-Gray will appear on an upcoming RIMScast episode. Be sure to subscribe to RIMScast through your favorite podcasting app to make sure you catch that episode and the 291-plus other episodes that antedate it. [15:58] Back to the interview with Victoria Ogbuehi! In addition to being an employee of Coca-Cola, Victoria is involved in ERM. Victoria says applying ERM at her group in Coca-Cola is not difficult but complex. The group has well-developed guidelines for enterprise risk management. Over 80% of what you do are deterrents. They have robust processes in place. [17:24] Victoria engages every risk-accountable leader. She notes four serious security risks across the business: kidnapping, terrorism, crime, and internal fraud. Other functions, such as supply chain, finance, procurement, and so on, each have specific risks they are looking out for. Victoria's duty is to coordinate the risk management efforts of the different functions. [18:34] Victoria facilitates Risk Review Sessions and ensures that all the accountable risk owners understand the expectations, especially when reviewing the effectiveness of the measures they put in place. She helps evaluate risk response plans and contingency plans and helps the risk owners understand what is expected of them. It's a gradual process. [19:16] When there's a change in leadership, Victoria onboards them on the expectations. Risk is not managed by one person or department but is a cross-functional collaborative effort. That is what ERM is all about. Victoria works to understand each group's processes and operations so she can advise them in the best way. [20:01] Victoria would not say that Coca-Cola HBC in Nigeria is targeted directly for risks or threats. Nigeria is a very diverse country and the most populous in Africa. Because of the diversity, the crimes committed differ across regions. Coca-Cola HBC is one of the biggest companies in the country and has operations across the country. [21:15] Coca-Cola HBC ensures that they identify all of the crime hot spots and proactively advise their employees on the safe places to go and unsafe places to avoid, how they can avoid those places, and how to conduct themselves in the event they find themselves in those environments unexpectedly, or anything happens. Environments continue to evolve. [22:09] The ERM group continually monitors the threat velocity and gives advice based on their findings. It is an ongoing activity. Nowhere in the world is completely safe. They do assessments, giving their employees priority and keeping everyone as safe as possible. [24:07] Victoria has been the honoree of the Outstanding Security Performance Award four times. She considers how far she has come. She used to sleep eight hours a night; now, she sleeps six because she wants to keep getting results. She keeps telling herself to work hard. Her work has been appreciated and honored. That's what the OSPAs mean to her. [24:55] Victoria speaks of adding the impact of the RIMS-CRMP certification to her title. RIMS is powerful! The certification is one of the best things to happen in her career. She looked for the best single certification available and saw that the RIMS-CRMP was it, so she worked hard for it. She was concerned about passing the exam but the course curriculum was well put together. [26:03] RIMS-CRMP magnified Victoria's confidence level because she knows what she talks about is correct. Her confidence has been building up since earning it. [27:14] Victoria's advice to young professionals considering entering the risk management field: "Please don't even venture if you are a lazy person! You can't try it, OK? You have to be very hard-working, tolerant, and patient. These are some of the qualities that will help you accomplish your purposes as a risk manager. You're going to be working cross-functionally." [27:47] "You cannot wake up one day and say this is what I want to do today and I want to do it alone. It is difficult to manage risk alone. It's something you do cross-functionally. You need collaborative and persuasive skills and know-how to talk to people and have them listen to you; how to engage people naturally." [28:18] "For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how far they will go to respond to you. You are accountable for those risks. You need a lot of endurance, patience, and tolerance. You have to be hardworking and studious." [28:53] "Every day you have to be learning new things because the risk landscape continues to evolve. You cannot be a lazy person." [29:09] Special thanks, again, to Victoria Ogbuehi. You can learn more about Victoria and her fascinating career through the RIMS-CRMP Stories feature. A link is in this episode's show notes. [29:24] It's Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [29:56] 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 pd@rims.org for more information. [30:40] 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. [30:58] 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. [31:14] 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 Content@RIMS.org. [31:35] 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 2025 will be in Chicago! May 4‒7 RIMS DEI Council Spencer Educational Foundation — Grants Page — Apply Through July 30. RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024! RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RIMS-CRMP Stories — New interviews featuring today's guest Victoria Ogbuehi and RIMS Treasurer Manny Padilla! "Leveraging Insurance and Risk Management to Address Political Risk" — RIMS Executive Report RIMS Webinars: Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024 Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "Live Again from RISKWORLD 2024!" "Global Perspectives with RIMS Mexico, Australasia Chapter Leaders" "Solving Wicked Problems with Dr. Gav Schneider" "Safety and International Risk Leadership with Franck Baron" "Active Shooter Preparedness and Insurance with Paul Marshall" Sponsored RIMScast Episodes: "Accident Prevention — The Winning Formula For Construction and Insurance" | Sponsored by Otoos (New!) "Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties" | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Victoria Ogbuehi of Coca-Cola Hellenic Bottling Company Tweetables (Edited For Social Media Use): It was very stressful. It was very hectic. But it happened to be one of the most cherished times of my life because it was a time when I had to go through the learning process that made me find my footing so easily in my role today. — Victoria Ogbuehi, Ph.D. One of the biggest challenges for me was inadequate training. I'm a very studious person. I'm not the kind of person who just wants to go a year without intentionally undertaking a course of studying something. — Victoria Ogbuehi, Ph.D. You find us everywhere you go in Nigeria. You can't stop refreshing Nigeria. Everybody wants to drink our water. You can't go a day without taking a bottle of Coke! — Victoria Ogbuehi, Ph.D. For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how they will respond to you. — Victoria Ogbuehi, Ph.D.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Julie Bean, 2024 Ron Judd Heart of RIMS Award Winner about her career in risk management, including how she ended up at seven companies in her first two years, and about her extensive involvement in RIMS Chapter committee leadership, chairing three committees and co-chairing a fourth committee at the same time. Her advice to new risk managers: Get involved in your RIMS Chapter, join committees, and build your network. Networking builds your career. Listen in for risk management insight and thoughts about being involved. Key Takeaways: [:01] About RIMS and RIMScast. [:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by the Ron Judd Heart of RIMS Award winner for 2024, Julie Bean! [:37] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management. [:59] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:16] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, "Accident Prevention — The Winning Formula For Construction and Insurance". I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change. [1:46] The link to this dedicated episode is in this episode's show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at Content@RIMS.org or Sales@RIMS.org. [2:12] The Ron Judd Heart of RIMS Award recognizes the volunteer contributions of a RIMS member who serves as a role model while keeping the chapter and the society vibrant and resilient, truly exemplifying the heart of RIMS. Julie Bean is best known as an omnipresent force in the RIMS Chicago Chapter. She is this year's recipient. [2:38] We saw her take to the stage in San Diego during RISKWORLD 2024. We had a chance to connect afterward and I'm so glad to present this interview where she will share some of her insight and knowledge on her work as a risk professional and her illustrious career, and what it took to balance being a RIMS chapter and a risk professional. [3:06] 2024 Ron Judd Heart of RIMS Award winner, Julie Bean, welcome to RIMScast! [3:38] Julie says it was an amazing feeling to receive the Ron Judd Heart of RIMS Award at RISKWORLD 2024. She worked for a month on her acceptance speech, but then the presenters told her there would not be time for remarks. She was just happy to walk across the stage with an enormous headshot behind her! The San Diego Convention Center has a huge stage. [4:49] Julie takes a moment to reflect on the award. When her chapter nominated her and she saw the letters of recommendation, she was touched. She had never felt she was going over and above; it's in her DNA to be part of the chapter, one of the largest next to New York. The chapter's energy is so exciting! Julie always felt it an honor to be a part of it. [5:46] Julie says, "Thank you to my incredible chapter and all of the risk professionals whom I've had the honor of meeting over these 20-something years. It was an honor to be there." [6:15] Julie was a Marketing and English double major, with no risk or insurance classes. In the working world, she was expecting to go into marketing but worked in companies that either shut down or were bought by somebody else. In two years, she was at seven companies. Through all that, she learned about resilience in companies and within herself. [6:58] After her sixth company, Julie went to her headhunter to reinvent herself and find something else. That has helped her a lot in the risk management world because resilience is what it takes to protect the company and make it stronger. [7:30] Julie is at the Chamberlain Group; in July it will be 19 years. She joined at the level of the parent company, the Duchossois Group. It's a family-owned company. The Duchossois Group bought and sold several companies. Julie ended up at the Chamberlain Group once the other companies were divested. She has always been doing risk management for Chamberlain. [8:03] Chamberlain is the access solutions company with the garage door operators LiftMaster and Chamberlain and MyQ Technology. Julie has always been a department of one, so she has learned to surround herself with people who help her in her profession and help her company. [8:35] To work as a department of one, Julie created her path forward in a family business. The Duchossois Group gave her flexibility and autonomy in her role. She understood there was no vertical mobility. [10:17] Julie learned early that she needed to surround herself with a network of smart people. Her broker and professional networks are extensions of her department. [11:04] Julie is risk-averse. She looks for the worst thing that could happen and asks if they want to take that risk. There are upsides to taking risks. Her RIMS committee work allowed her to lead and taught her to delegate. Once you delegate, your committee is much stronger. [12:22] Julie tells about her RIMS journey. Dan Morris, a one-time RIMS chapter president, and Julie's boss at ServiceMaster, encouraged Julie to attend RIMS chapter meetings and serve on committees. In the Chicago Chapter, there are many opportunities because many things are going on. At one time, she was chairing three committees and co-chairing a fourth. [14:15] Julie is thankful that her boss at the time, Colleen O'Connor, found it valuable for Julie to spend time on committees because of the networking and the knowledge she gained from her involvement with RIMS. [14:49] Julie speaks of the benefits to her career she derives from networking. People she knows at RIMS are the most brilliant minds in the risk community and they are so willing to share their thoughts. When she has a problem, she asks for help and the answers come quickly. [17:09] For several years, Julie had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have different, unique challenges than a large public Fortune 500 company. Julie says those sessions were incredible. She could always reach out to any of those peers to get good advice. [17:54] It's RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars 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. [18:18] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [18:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I'll have that link up soon on an upcoming episode. [18:54] Review your organization's ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [19:09] The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities. [19:29] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October. [19:45] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode's show notes. [20:06] Back to the interview with the Ron Judd Heart of RIMS Award winner Julie Bean! [20:29] Julie is in Oakbrook, Illinois, where the Chamberlain Group resides. It's a suburb outside of Chicago. RIMS will be in Chicago for RISKWORLD 2025 in May 2025. In May, there's a good chance of having good weather in Chicago! Julie will most definitely be there! [22:20] Julie's biggest challenge over the years has been to show the value proposition of the risk management role. If it's done correctly, nobody notices you. You're not a profit center. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening because you had good risk control? [22:58] What is the value of putting the correct insurance in place so that you're covered and protected when there are losses? Julie tries to encourage people in the organization to understand that risk is everybody's responsibility. The risk manager does not own risks. A risk manager gets involved with the other departments to understand the risks in the organization. [24:20] When Julie lost her first job for reasons beyond her control, she was shocked. She says you have to think about what you offer a company, not what companies are going to offer you. After the third and fourth job losses, she switched her mindset. In those experiences, she had learned what she didn't want to do: crunch numbers in spreadsheets with no human interaction. [25:16] The roles Julie enjoyed were solving problems and interacting with people; understanding the situation and figuring out how to fix it or make it better. No matter how good you feel about yourself when they hand you that box and send you out the door, it's not a happy place to be. [25:49] Have your network of peers and be involved with it. That's how you'll find your next job; that's how Julie found Duchossois, 19 years ago. Her peers told her, "Take a chance, you might like the culture." [26:42] Julie explains the end of REBEX as ties were cut between the Milwaukee Wisconsin Chapter and the Chicago Chapter. Chicago RIMS Chapter joined forces with the Mid-Illinois RIMS Chapter to rebrand REBEX as Chicagoland Risk Forum and stay a regional conference. [27:45] The move carried a lot of risk but it was needed to revitalize the conference. Julie made many conference calls with chapter leaders. It almost didn't work but everyone on the committee was energized and determined to make it happen. When it did, Julie felt like she was walking into RISKWORLD. It was a definite success in the first year and it is a big moneymaker. [29:45] Julie talks about managing expectations. She does this from day to day in her job. That gets people to trust you. You can't always deliver good news but you can manage expectations and that gives credence to your role. [30:37] Julie's advice to the next generation of risk managers: "I would just say that what they get out of participation in RIMS will far outweigh any expectation they have, without question. The people are so willing to give of themselves. Get involved. Be the one in the room to raise your hand and say, 'I think I want to be a part of that.' Start small. Take manageable bites." [31:18] "As soon as they get in, I would guarantee that they will be hooked by the exuberance and the energy of the group." [31:32] Julie, it has been such a pleasure to meet you. I look forward to seeing you next year at RISKWORLD 2025, for our 75th anniversary. It's a big deal; we're already planning for it. [31:46] A quick plug for the 2024 Chicagoland Risk Forum, hosted by the Chicago RIMS Chapter. It's the Ninth Annual Chicagoland Risk Forum, on September 19th, 2024. It's a big day; 8:00 a.m. to 7:00 pm. It's at The Old Post Office, an incredible venue with a rooftop bar. It's free for risk managers and staff! Please sign up and join us! A link to register is in this episode's show notes. [33:49] Julie, thank you so much for joining us here on RIMScast! [33:52] Special thanks, once again, to Heart of RIMS Award winner Julie Bean, for joining us here today. There are so many great takeaways from her insight! Be sure to learn even more about her in the special Awards Edition of Risk Management magazine. The link is in this episode's show notes. [34:08] On September 19th, 2024, the RIMS Chicago Chapter Chicagoland Risk Forum 2024 will be held at The Old Post Office. Visit ChicagolandRiskForum.org for more information. Remember, it's free if you are a risk manager! [34:27] Let's continue with the plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [35:01] 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 pd@rims.org for more information. [35:45] 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. [36:03] 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. [36:19] 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 Content@RIMS.org. [36:40] 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 2025 will be in Chicago! May 4‒7 RIMS Risk Management Awards Edition 2024 (featuring Julie Bean) Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024 RIMS DEI Council Spencer Educational Foundation — Grants Page — Apply Through July 30. RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App RISKWORLD 2024 Show Daily — May 6, May 7, May 8 RIMS Webinars: 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 Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "RIMS 2024 Goodell Award Winner Eamonn Cunningham" "RIMS 2024 Rising Star Chelsea Andrusiak" "RIMS 2024 Risk Manager of the Year, Steve Robles" Sponsored RIMScast Episodes: "Accident Prevention — The Winning Formula For Construction and Insurance" | Sponsored by Otoos (New!) "Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties" | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Julie Bean, ARM, CRM, Head of Risk Management at Chamberlain Group Tweetables (Edited For Social Media Use): If you're the smartest person in the room, you need to find another room. — Julie Bean For several years I had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have very different, unique challenges than a large public Fortune 500 company. — Julie Bean If risk management is done correctly, nobody notices you. You're not a profit center. You don't sell or manufacture anything. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening? — Julie Bean No matter how good you feel about yourself when they hand you that box and send you out the door, it's not a happy place to be. — Julie Bean

Authors of RIMS Executive Report on Risk Appetite and Tolerance, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt discuss challenges in setting risk appetite statements, importance for organizations, and insights for risk professionals on ERM. They highlight the value of clear risk appetite statements in enhancing risk programs and how tolerance breaches can lead to strategic adjustments. The podcast also explores collaboration in ERM, skills for risk professionals, and sponsorship opportunities for companies targeting global risk professionals.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews live at RISKWORLD 2024 Tina Cameron, author of the RIMS Executive Report, Leveraging Insurance & Risk Management to Address Political Risk, about her risk management career and the winners of the 2024 Spencer RIMS Risk Management Challenge, the IIRM Hyderabad Vigilant Challengers and their risk management professor, about what it took to win the challenge. They share their vigilant path to victory by learning real-life risk management skills. Listen in for risk management nuggets of wisdom. Key Takeaways: [:01] About RIMS and RIMScast. [:15] These interviews were recorded live at RISKWORLD 2024 in San Diego with the author of a RIMS report on political risk and the winners of the 2024 RIMS/Spencer Risk Management Challenge. [:44] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management. [1:05] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:22] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, "Accident Prevention — The Winning Formula For Construction and Insurance". I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change. [1:52] The link to this dedicated episode is in this episode's show notes. It is complimentary for RIMS members and nonmembers. Go check it out! [2:04] RISKWORLD 2024 was a smashing success, hosting approximately 10,000 attendees. On-site in San Diego, I recorded two more interviews I wanted to share with the global RIMScast audience. I found them so insightful and they captured some of the energy we were experiencing on the exhibit-room floor. [2:31] The first interview was with a fascinating risk professional, Tina C. Cameron. She is the Senior Manager of Global Insurance for World Vision International. Tina also authored a recent RIMS Executive Report titled Leveraging Insurance & Risk Management to Address Political Risk. A link is in the show notes. [2:57] Since Tina travels worldwide, she's an authority on the subject. On Wednesday, May 8th, Tina and I found a Tiki Bar near RIMS HQ and we set up the mic to talk about the Executive Report, her work, and the many risks and challenges a risk professional or business leader must consider before setting up operations abroad. [3:22] I am pleased to share this interview with the global risk management community. Tina Cameron, welcome to RIMScast! [4:00] Tina Cameron is with World Vision International. She started her career with a degree in business finance. She also studied global economics. She got a position as a corporate cash manager. That led to a job of half cash manager, half risk manager. After that, she only took risk manager jobs. She lists the industries she worked in that gave her a broad base of experience. [4:54] Tina got her ERM and qualified for the RIMS Fellow. She also worked in mergers and acquisitions, due diligence, and audit. Tina was very interested in international matters. Her father was a world traveler and adventurer. He slept on the ground in some places. Tina has always been interested in other cultures. She wanted to be in a larger international organization. [6:03] Tina joined World Vision International, an organization in about 100 underdeveloped countries. These countries don't have all the privileges of developed countries. World Vision works to establish relationships with the government and bring humanitarian aid. They deliver humanitarian aid to poor children in the poorest countries in Africa, South America, and Asia. [6:52] World Vision International also does microloans. Tina says one of the most important things is helping girls get into school in countries where girls are not valued as highly as boys and have no access to schools. World Vision helps families get their girls into school. They pay for education and transportation so girls in those countries have an equal opportunity. [7:43] Tina talks about Leveraging Insurance & Risk Management to Address Political Risk. The main point of the report is to prepare. You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people. [8:46] You have to work with security firms. World Vision International has in-house security because they are in the most dangerous places in the world. Their security team prepares World Vision people to go into a country with strenuous training. A person is not eligible to go into the country without passing security training. [9:04] World Vision employs local nationals and also people from around the world to help. There are a variety of people flying in for operations. Employing local nationals creates goodwill. There are also lots of volunteering opportunities all over the world. The jobs World Vision creates are opportunities for locals to help their communities. [9:48] World Vision International is a Christian organization but they do not proselytize or force Western values on people. They go in with respect for the culture and religion. They go in only to help the locals get to the best circumstances they can with food security, clean water, sanitation, and hygiene. World Vision gives them the skills to be self-sufficient and then leaves them. [11:03] Tina says a lot of firms don't pre-plan for political risk. Then, once in the country, they ask carriers for political risk insurance. In a lot of cases, coverage will be denied to firms that are not known to the carriers. Tina wrote in the executive report the things you can do to get underwriters comfortable with your risk profile. [11:37] Carriers need to get to know you and your operations, and that you understand security. They need to know your travel. Do this ahead of time and also get your various other forms of insurance without country exclusions. The carriers know World Vision International, so they don't get normal exclusions. [12:18] We've been there since the fifties. You can't just jump in and expect to get insurance. It will either be denied or it will be extremely expensive. If you're planning on going into a new country, get with a specialist broker who understands political risk and can guide you through the process. That's when you first begin to understand your risk. Start a year in advance. [13:32] Tina's paper was written for risk managers who roll up their sleeves and put their hands in the dirt. It's necessary to do due diligence on the country. Ask yourself about the power grid, internet service, and what cell phones will work there. Can you dial out of the country? Who controls the water and power? What are the roads like, if any? What about waterways? [14:48] Are there fire stations? Are they all-volunteer? Are your people trained to put out fires? Hire outside security for your commodity warehouses. What's the flooding like? You'll want to be on high ground. We can take a lot from what we've learned here in the U.S. from natural disasters and other places where you've had losses. [16:27] Tina suggests learning the best way to secure roofing so you don't have a roof claim with every hurricane season. [16:45] You have to have a contingent supply chain plan. You may need to airdrop. Look for other suppliers. What are the cyber laws in that country? How do you handle local cash? The top person on the ground needs to have a credit card with a high limit. Emergencies can happen, including needing emergency evacuation. Extracting people requires payment in advance. [18:03] Tina discusses her participation in RISKWORLD, RIMS education, and the International Council. She and Justin give a shoutout to Gayle Jacobs, an SVP at Marsh, who advises World Vision International on political risk. Gayle Jacobs had a session at RISKWORLD 2024. [19:27] Tina, thank you so much for joining us! [19:42] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. [20:15] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [20:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I'll have that link soon on an upcoming episode. [20:54] So review your organization's ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction. [21:09] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities. [21:29] If this description applies to you, then you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October. [21:49] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode's show notes. [22:01] My next guests flew from India to compete in person at RISKWORLD 2024 for the 2024 Spencer RIMS Risk Management Challenge. They won! The winners were The Institute of Insurance and Risk Management Hyderabad. Their team name was the Vigilant Challengers. [22:17] They won the challenge that began seven months ago with 38 universities dedicating their time and effort to address a risk management case study based on the city of Tukwila, Washington. During RISKWORLD, the field was narrowed to three university teams and those finalists presented one last time in front of the conference attendees and a panel of judges. [22:39] The Vigilant Challengers won and they also won a $10,000 prize, courtesy of RIMS and Spencer. They were led by our good friend Professor Roop Kumar Nagumantri, the university representative. I wasn't going to let them leave for a flight back to India without getting them on the show, live in person! [23:01] Vigilant Challengers of IIRM Hyderabad, welcome to RIMScast! [23:23] Justin met Professor Nagumantri in 2017 or 2018 at RIMS India. Professor Nagumantri has bolstered risk management in India. He is proud of his fantastic team, Vigilant Challengers. They have a lot of energy! It's an extraordinary experience for them. [23:57] Shivya Tuli, Elvis John, and Yagnasritha Mallavajhala introduce themselves and the area of risk management they study at IIRM Hyderabad. Risk management is not yet a popular course in India. Coming to IIRM has been advantageous to each of the Vigilant Challengers participants. Professor Nagumantri tells how he selected the team. There was a test. [26:02] How the IIRM Hyderabad team approached the Tukwila, Washington risk case study. They started by reading the city budgets and risk materials to formulate a buying approach. It took almost three months to read the materials. It took them about six months to prepare their presentation. [27:15] The Vigilant Challengers detail how they made their presentation. It was their first time on an international stage. The judges made them comfortable. At the finals, they were a bit nervous, seeing that the hall was full. Again the judges and audience made them comfortable. It was a wonderful experience. [28:10] The team used slides and technology to help their presentation. They presented like they were selling. They wanted the City of Tukwila to be better, to mitigate risks, and to get over all the risks. Their presentation was a balance of technology and individual explanations. The audience feedback was amazing and gave them a lot of confidence. [29:32] The Vigilant Challengers recommend future challenge participants to back up innovative solutions with real-world examples. The more research you do, the better your report will be. The hard work and late nights helped. The team considered the human element of working with a city. They provided a practical solution that will help the city. [30:40] Thoroughly research the subject and the audience you are addressing to relate and connect with the particular case study. Research and hard work are very important. [31:11] The team members stayed up late and worked on Zoom calls after staying at the college until 8:00 or 9:00 at night. [31:32] Professor Nagumantri says Spencer's Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. They learned to do research and apply the findings to a problem. They will make good CROs. [32:29] Special thanks once again to Tina Cameron and the winning team of the RIMS Spencer 2024 Risk Management Challenge, IIRM Hyderabad Vigilant Challengers. [32:49] A link to Tina Cameron's RIMS paper, Leveraging Insurance & Risk Management to Address Political Risk is in this episode's show notes as is more information about the IIRM Hyderabad Vigilant Challengers and their victory. [33:04] Also check out last week's RIMScast episode for more coverage of RISKWORLD 2024 with some fantastic interviews, live and in person! [33:13] It's plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everyone loves the RIMS App! [33:45] 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 pd@rims.org for more information. [34:29] 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. [34:46] 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. [35:02] 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 Content@RIMS.org. [35:23] 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 2025 will be in Chicago! May 4‒7 NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page — Apply Through July 30. Spencer Educational Foundation 2024 Funding Their Future Gala RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13. RIMS Risk Management Awards Edition 2024 Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins! RIMS Executive Report: Leveraging Insurance & Risk Management to Address Political Risk RISKWORLD 2024 Show Daily — May 6, May 7, May 8 RIMS Webinars: 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 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "Live! From RISKWORLD 2024" "RISKWORLD 2024 Keynote Peter Diamandis" "Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter" "RIMS 2024 Goodell Award Winner Eamonn Cunningham" "RIMS 2024 Rising Star Chelsea Andrusiak" Sponsored RIMScast Episodes: "Accident Prevention — The Winning Formula For Construction and Insurance" | Sponsored by Otoos (New!) "Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties" | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Tina C. Cameron on LinkedIn Senior Manager, Global Insurance at World Vision International The winning IIRM Hyderabad team, The Vigilant Challengers! Shivya Tuli, Yagnasritha Mallavajhala, Elvis John, and Institute of Insurance and Risk Management (IIRM) Hyderabad Representative: Kameswara Venkata Roop Kumar Nagumantri Tweetables (Edited For Social Media Use): You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people. — Tina C. Cameron We've been there since, I think the fifties. So, you can't just jump in and expect to get insurance. It's either going to be denied or it's going to be extremely expensive. — Tina C. Cameron The 2024 Spencer RIMS Risk Management Challenge was an opportunity where we could explore the city virtually and get to know more about it. — Shivya Tuli Spencer's Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. — Professor Roop Kumar Nagumantri

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Oliver Wild, the President of AMRAE, Joan Woodward, Executive Vice President for Public Policy at Travelers, and Chuck Baxter, Executive VP at IPISC, all live at RISKWORLD 2024. First, Oliver discusses AMRAE's 2024 RMIS Panorama. Next, Joan discusses Travelers' 2024 CFO Study. To finish the episode, Chuck discusses World Intellectual Property Day and the importance of IP rights in your organization. There is much to learn from these RIMScast guests. Justin also reveals the location of RISKWORLD 2025. Key Takeaways: [:01] About RIMS and RIMScast. [:15] These interviews were recorded live at RISKWORLD 2024 in San Diego, from May 5th through May 8th. [:39] Before we get to the interviews, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, there is Fundamentals of Risk Management. [1:05] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar. A link is in this episode's show notes. Listen for more about RIMS events later in the show. [1:30] My first guest is the President of the Association for the Management of Risk and Insurance Enterprise or AMRAE. Their complimentary 2024 RMIS Panorama is now available for download. The last time we saw the folks from AMRAE on RIMScast was in 2019. François Beaume from AMRAE was in the RIMS office and we had a fun, impromptu interview. [2:03] This year, I sat down with the AMRAE 2024 President, Oliver Wild. Oliver is the Chief Risk Officer for Veolia, a company providing water risk management, water reclamation, and water treatment. He was at RISKWORLD 2024, representing AMRAE. We talked about the Panorama, its improved functionality and accessibility, and the trends identified in the Panorama. [2:46] Oliver Wild, welcome to RIMScast! [3:05] Oliver is the President of AMRAE, the French equivalent of RIMS. They have over 1,600 risk manager members. They organized their conference in February 2024 in Deauville, France. There is a link to the event site in this episode's show notes. The last time Justin spoke with someone from AMRAE was in 2019. Justin interviewed François Beaume in the RIMS office. [3:59] The new Panorama is the 17th Edition. Oliver says AMRAE is reaching out to more risk managers with the help of IFRIMA, FERMA, and other risk associations. For this edition, AMRAE got responses from 250 risk managers in 36 countries. It gives an international view of the use of risk management information systems. [4:30] The number of vendors has also increased. It's a very dynamic market. [4:49] AMRAE integrates risk managers' views. There are risk manager testimonials and expert opinions on the market from insurers and brokers. It's a neutral, objective study and very business-focused, reaching into different departments in the organizations. [5:38] You can access the full report. It's free. You can also get direct access to the data with a QR code that gives you dashboards so you can slice and dice the data and get the view you want to see, per country and vendor, and the risk managers' responses. [6:54] It's a growing, dynamic market. More risk managers are implementing risk management information systems. The trend is a single risk management information tool to respond to the needs of many departments. On average in a company, 50 people use that tool to help them report to the board or their executives. [7:47] A critical aspect and key benefit of these data-rich risk management information tools is information sharing, including real-time data. The number one reason risk managers implement this type of tool is for risk mapping. Other benefits are driving your action plans, following up on them, and sharing risk maps with your internal audit. [8:43] A recent trend is to use these systems for risk management and prevention. To a lesser extent, Oliver sees internal control feeding into that. [8:57] Oliver speaks of the popularity of SaaS. The quality of SaaS tools has improved, off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement and it takes about four months. The average cost for these tools is €100K a year but differs by country. In the U.S., bigger systems cost more. [10:53] The digitalization of the risk management function is critical and you're seeing that in the insurance market as well leading to the big expansion of risk management information tools. [11:10] Oliver shares his view on AI. The GenAI aspect is very new and is developing quickly. It's already in current risk management tools. Oliver mentions "sanity checks" to improve data quality. Risk managers say AI helps them in fraud prevention by looking at financial patterns of fraud. In the insurance market, AI helps analyze policies and scan through prevention reports. [12:11] AI can make the risk manager's life easier and more efficient. You need human eyes to see the analysis and human ears to hear it, but AI gets you on your way. It's a real-time analysis. [12:52] AMRAE organizes an annual event in Normandy and Deauville. It gets about 4,000 people. It's a great event with plenary sessions and around 30 workshops for risk managers. The Panorama is the 17th Edition, but AMRAE produces analysis of other topics year-round, based on the topics of the moment. AMRAE does prospective thinking on future risks. [13:33] There's also a training part with certified training and modules to help risk management face their challenges. Risk management is now at the board level and modules help risk managers get used to talking to C-suites and execs. There is training on the Corporate Sustainability Reporting Directive (CSRD), aimed at the environmental impact of the company. [14:17] In the Risk Management System Panorama, people are using AMRAE training to do their reporting on CSRD. That's one of the areas of focus of the report this year. [14:28] AMRAE does a lot of smaller events in regions in France to reach out to a maximum of the risk management community. AMRAE has six centers across France, hosting events throughout the year. AMRAE is the association of reference for the risk management community in France. Their equivalent of RISKWORLD is called Les Rencontres (The Meetingplace). [15:16] Les Rencontres covers the whole risk ecosystem for all stakeholders, with discussions, cocktails, and dinners. It's fun and a key source of information. It has a big student population. Last year over 300 students attended. The students bring their CVs and talk to the carriers about a job for when they graduate. Les Rencontres is always the first week of February. [16:02] Oliver Wild is also the Chief Risk Officer for Veolia. There are 17 people at the head office and a network of offices around the globe in 58 countries. That's about 90 people in risk and insurance combined. They deal with risk mapping, identification, and prevention. They run captives and insurance programs. The risk managers interact with all the other departments. [16:49] Oliver, it has been such a pleasure to talk with you. You'll come back for another episode, virtually, unless you want to ship me out to France? [17:05] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. Some RIMS board members will be there to lend insight, as well. [17:37] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. All of these sponsors had a wonderful presence at RISKWORLD on the showroom floor and we sincerely appreciate our partnerships with them. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members! [18:12] Our next guest is the President of Travelers Institute and Executive Vice President for Public Policy at Travelers, Joan Woodward. Joan led a session at RISKWORLD, From Forecast to Forefront: New Research on the CFO's Strategic Mindset. At that same time, Travelers released its special report, 2024 CFO Study. A lot of the session info was based on this brand-new report. [18:44] I caught up with Joan right afterward. We extended the dialog from her session and explored some of the details from the 2024 CFO Study. Joan Woodward, welcome to RIMScast! [19:11] Travelers decided this year to survey over 600 CFOs and Heads of Finance at large companies with 500 or more employees across a mix of industries to get their views on topics from core responsibilities and corporate strategy to the macroeconomic concerns on the minds of CFOs. CFOs are key decision-makers in selecting the right solutions. [20:10] CFOs rely on risk managers in the company. They wear multiple hats. Travelers wanted to know what keeps them up at night, how they deal with complex risks, and whom they turn to to help them manage that risk. [20:40] A lot of major companies have their enterprise risk management teams report to the CFO. A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. Risk management and the CFO go hand-in-hand to advise the board and their CEO. [21:24] The Travelers study uncovered four key themes; one is the expanding role of CFOs with internal and external constituencies in risk management and overseeing that function to ensure the business is resilient against any type of risk. [22:01] Risks change all the time, so this is an evolving landscape. Twenty years ago, we weren't talking about cybersecurity insurance or cybersecurity risk. Risks are evolving; the CFOs' jobs are evolving with that. [22:15] Other concerns in the report are workforce post-pandemic challenges around finding and retaining talent, the cost of labor, macroeconomic conditions, supply chain, and geopolitical risk. Joah's office is the airport; she works all over the country. She has traveled for the last 25 years of her career but thinks there's value to the corporate culture in the office. [23:20] Travelers has a three-day-a-week in-the-office policy; some are there four or five days. Some prefer to be home for two work days, or on the road with their jobs. Employers need to be flexible and make adjustments as needed. The labor shortage has shifted the leverage toward the employees, rather than the employers. [24:13] Employers need to adjust for the employee demographics coming on board. Their expectations about the workforce are different than the expectations of Baby Boomers of thirty years ago, Employers have realized this and become more flexible. Employee engagement is the name of the game. You don't want people jumping ship for a raise at a competitor. [24:46] In the report, 88% of the CFOs surveyed are very confident that their company has taken necessary strategic steps to remain resilient. A lot of them believe the 2024/2025 economic outlook is pretty strong. Inflation is subsiding. Interest rates have come down. CFOs are comfortable with their risk management strategies. [25:28] Joan thinks the insurance industry, brokers, and agents have something to do with that confidence. There's a lot of expertise in the agent and broker communities and it's great that businesses have tapped into them. Agents, brokers, and carriers have seen it all with their claims data. [23:53] The 2024 CFO Study, A Travelers Special Report is available through a link in this episode's show notes. The TravelersInstitute.org has a plethora of information on their webinars and podcasts. [26:12] Justin and Joan are both strong users of LinkedIn. Joan wasn't an early adopter but joined about five years ago. She finds it to be a great tool for business growth and career development. She loves mentoring young people and putting out thought leadership. She's all in on LinkedIn. [26:42] Joan, it has been such a pleasure to meet you. I look forward to seeing you at RISKWORLD 2025. [26:53] A RIMS reminder! The links to the RIMS RISKWORLD Show Daily are in this episode's show notes. If you couldn't attend RISKWORLD, or if you did attend and want to relive some of the highlights of RISKWORLD 2024, check out the links in the show notes! Coverage of the general sessions, keynotes, and more can be found on the digital pages of the Show Daily. [27:25] My friends Joe and Chante from our marketing and design team always do a fabulous job with the layout, art, and distribution to all of you! A big shoutout to our good friend Joe Zwielich, also of RIMS, who was taking photos constantly while we were on site. He did a marvelous job. [27:48] On April 26th, the world celebrated World Intellectual Property Day, which is led by the World Intellectual Property Organization. With so much digitization and viral videos in the world, IP is a big risk for a lot of organizations. To learn more about this risk I reached out to one of my favorite members of the RIMS Greater Bluegrass Chapter, Chuck Baxter. [28:24] Chuck is the Executive Vice President of IPISC, Intellectual Property Insurance Services Corporation. They handle patent insurance. I thought it would be great fun to catch up with him. World IP Day has passed, but the risks have not. Let's learn what's ahead. Chuck Baxter, welcome to RIMScast! [28:54] Chuck has been attending RISKWORLD for eight or nine years. It's an important event for IPISC. IPISC specializes in insurance for intellectual property risks. IPISC has been insuring intellectual property risks exclusively for over 30 years. Intellectual Property is in everything. It's everywhere. It's in all kinds of business transactions. [29:55] It could be a copyright for something you created, or a name for your product or service, or an innovation protected by a patent. You might not recognize your copyright, or you may be at risk of being accused of infringing on a copyright or patent unknown to you. All risk professionals need to know the risks. [30:31] World Intellectual Property Day is important everywhere. Everyone has IP issues. Different countries protect it in different ways. The World Intellectual Property Organization promotes World IP Day to raise awareness that IP rights are important and should be protected. [30:52] They are the incentives for creators that provide rewards for the risks people take when they are doing something new. Those rewards in the form of IP rights can create value for a company. [31:10] If somebody comes after you for what you are doing, the freedom to operate within your market is crucial. Being accused of infringing on somebody else's IP rights can be devastating to a small-to-midsized company that can't sustain the multi-million dollar cost of fighting the case. Chuck sees a lot of suits, especially among competitors trying to shut down a new player. [31:47] Forward-thinking businesses obtain IP insurance before bad things happen. Risk professionals need to know that everyone should be thinking about this and putting IP insurance in place before they need it, like any insurance. It is essential. When a small company thinks ahead and has this protection, they're not simply squashed like a bug by a larger company. [32:43] The smaller company may have the better position. Chuck shares a case study of a small company's patent case that went to the Supreme Court. The company was under a legal cloud until they prevailed. [33:33] January 1st is Public Domain Day in the U.S. for workers over a certain age. The Winnie the Pooh copyright expired so horror movies are coming out with Winnie the Pooh. IP rights last for a set number of years, not forever. [34:45] It's not the idea that can be copyrighted but the expression of the idea. IPISC says overprotecting intellectual property is as harmful as underprotecting it. Creativity is impossible without a rich public domain. [35:26] Successful companies like the Disney Company built many of their franchises on public domain characters. Some Disney characters, like the original Mickey Mouse in Steamboat Wilie, are now in the public domain. [37:15] Chuck addresses IP for music. Copyright affixes the moment you put something into a tangible medium and digital recordings count. The most popular owners of copyrights in music are exposed to copying but you don't know who will be the most popular. [38:38] Popular works are exposed to claims of infringement by other creators if they can prove the creator of the popular work had access to the original work. Two independent creators may create the same thing without infringing. If one heard the other first, they may have copied it and be liable. You can do it for the love of it, but if you get some success, you've got exposure. [39:33] Chuck, it's been a real pleasure to speak with you on RIMScast. Thank you for coming to RISKWORLD 2024. [39:46] Special thanks again to my guests, Oliver Wild from AMRAE, Joan Woodward from Travelers, and Chuck Baxter from IPISC! Links to their LinkedIn profiles are in this episode's show notes. The reports that we reference are linked in this episode's show notes. [40:06] I had a great time hanging out with them and many of you at RISKWORLD 2024. Shoutout to the RIMS events team for outdoing themselves yet again! We'll see you in Chicago in 2025! [40:22] It's plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everybody loves the RIMS App! [40:55] 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 pd@rims.org for more information. [41:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [41:57] 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. [42:13] 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 Content@RIMS.org. [42:34] 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 2025 will be in Chicago! May 4‒7 NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13. RIMS Risk Management Awards Edition 2024 Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins! RISKWORLD 2024 Show Daily — May 6, May 7, May 8 AMRAE — Download the 2024 RMIS Panorama 2024 CFO Study: A Travelers Special Report IP ISC RIMS Webinars: 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 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "RISKWORLD 2024 Keynote Peter Diamandis" "Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter" "RIMS 2024 Goodell Award Winner Eamonn Cunningham" "RIMS 2024 Rising Star Chelsea Andrusiak" "The Rise of RMIS with Francois Beaume of AMRAE" Sponsored RIMScast Episodes: Accident Prevention — The Winning Formula For Construction and Insurance | Sponsored by Otoos (New!) Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties | Sponsored by AXA XL "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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Oliver Wild: President of the Association for the Management of Risk and Insurance of Enterprise (AMRAE), Group Chief Risk and Insurance Officer at Veolia Joan Woodward is Executive Vice President of Public Policy for Travelers and President of The Travelers Institute Joan's LinkedIn: Joan Woodward Chuck Baxter, Esq., Executive Vice President and General Counsel, IP ISC Chuck Baxter's LinkedIn: Chuck Baxter Tweetables (Edited For Social Media Use): One of the critical aspects of these risk management information tools, and one of the key benefits, is all about information sharing. — Oliver Wild The quality of SaaS tools has improved, right off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement. — Oliver Wild CFOs are key decision-makers in selecting the right solutions. CFOs rely on risk managers in the company. — Joan Woodward A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. — Joan Woodward Intellectual Property is in everything. It's everywhere. It's in all kinds of business transactions, whether somebody has created something new and has a copyright in it, they have a name for their product or service, or they have innovation that they protect through patents. — Chuck Baxter You can do music for the love of it, but you have to recognize that if you get some success, you've got exposure. — Chuck Baxter

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews RIMS Risk Manager of the Year 2024, Steve Robles, Los Angeles County. They discuss how his career progress how he negotiated a position to have a direct report to the County CEO and Board of Supervisors, as an Assistant CEO over Risk Management, and why he feels it was necessary to have a direct report with the strategic decision-maker. Steve tells of the importance of sharing knowledge with a network and how he built his coworkers to be his succession to be ready when he left. Finally, he leaves you with his advice for building your career upon your passion. Listen for wise risk management philosophy. Key Takeaways:y [:01] About RIMS and RIMScast. [:14] RISKWORLD 2024 is the yv w now in San Diego, from May 5th through May 8th. Use the RIMS Events App to organize your sessions, meetings, and other fun and educational experiences at RISKWORLD. [:30] About today's episode of RIMScast. This is a fantastic episode! I will be joined by RIMS Risk Manager of the Year 2024, Steve Robles. There's so much to discuss with him! [:56] There's a good chance that you are listening to this episode while you are with us in sunny San Diego, California during RISKWORLD 2024. Let's start with May 6th. In the morning on the Main Stage at 8:00 a.m., we have an Opening Keynote from Peter Diamandis. [1:14] At noon, PST, we've got the Main Stage Leadership Keynote, An Afternoon with Marlee Matlin, Academy Award-winning actress, director, and activist. The Spencer RIMS Risk Management Challenge Final Round will be held in Ballroom 6A at 1:15 p.m. [1:34] On the morning of Tuesday, May 7th we've got the Spencer 5K Fun Run, sponsored by Sedgwick. That event will be held at 200 Marina Park Way. At 8:00 a.m., we have our Industry Breakfast Keynote from Evan Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. [1:54] On Wednesday, May 8th, at 3:00 p.m., on the Main Stage, our Conference Finale and Closing Keynote will be delivered by entrepreneur, author, TV personality, and Shark, Daymond John. Each day there will be sessions at the DE&I Studio, the Global Studio, the Innovation Hub, the Thought Leader Theater, and the Wellness Center, in addition to the breakout session rooms. [2:21] Check out the full itinerary at RIMS.org/RISKWORLD, and the RIMS Events App. If you have any questions or want to pick up some wonderful RIMS swag, check us out at RIMS HQ. [2:39] The RIMS Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs the honorees have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981. [2:56] The 2024 RIMS Risk Manager of the Year is Steven Robles. Steve was recognized for his work as the Assistant CEO for the County of Los Angeles. He's featured in the special Awards Edition of RIMS Risk Management magazine. On Wednesday, May 8th, at 2:10 p.m., Steve and I will be at the Global Studio to extend this dialog. [3:21] Right now, we're going to have a lot of fun! We're going to talk about highlights of the past year and his career and what it means to be Assistant CEO for a major county in the United States of America. RIMS Risk Manager of the Year 2024, Steven Robles, welcome to RIMSCast! [3:56] Steve is excited to be a guest on RIMScast! Steve says it's extremely humbling to be RIMS 2024 Risk Manager of the Year. He has spent his entire career in risk management and to be honored like this is just an amazing feeling. It's wonderful to know all the people who have helped him in his career; Steve shares his award with them. We cannot do our jobs by ourselves. [4:56] The Awards edition of Risk Management magazine has a wonderful article by Justin that details Steve's career, especially the last couple of years and his work at LA County. The article's link is in this episode's show notes. [5:30] Steve was with San Bernardino County for almost 23 years; it was a lot of fun. He started his risk management career as a safety officer there. He worked with the Sheriff's department to ensure they were safe when they raided drug labs. He worked with all kinds of wonderful professionals. That's what got him hooked. [6:41] The department Steve worked in at San Bernardino County was the Risk Management Department. From Safety, Steve progressed to Workers' Comp, Liability, Insurance, Indemnification, Contracts, and Finance. As he built his skill set and supervisory experience, he realized he could run the department. After 10 years, his goal was to head the department. [8:58] Justin points out a great takeaway for the audience: Build your skill set, build your network, and when the time is right, present yourself for promotion. [9:33] Steve's friends told him not to take the job at LA County. Steve likes to organize and he saw there was disorder to organize. In his home, he likes to do tile work. He saw the opportunity to do some good for a place that was a good fit for him. Steve loves LA County. It was a major seven-day-a-week commitment. He got his family to buy into it. Fortunately, his kids were grown. [12:40] RIMS plug time! For 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. [13:03] 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. [13:20] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App which is 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. [13:58] Back to the interview! Steve describes the extremely extensive interview process for the position at LA County. The panel and questions were pretty standard about Steve's experience and philosophy on building a risk management program. Once he made the first cut, he had to interview with each elected official on the Board of Supervisors and their Chief of Staff. [14:52] There were five Supervisors. He spent about two hours with each of them, over a week. After they approved him, he sat with the CEO. He wanted to have a direct report to the CEO. They met for about two hours. By the time he started his first day, it felt like he had worked a week. [16:06] Steve says the CEO was great. Steve learned from the CEO during the interview that he had worked with Steve's mom in a previous job and she had trained him on a lot of things in personnel! Steve said getting to know the board members and the CEO on a human level helped him a lot. Steve told his mom and she said, "Oh I know him, tell him, Hi!" [17:34] Justin recalls when he got an internship at a major television network because his grandmother knew the mother of the marketing director. Leverage every family connection you can! Steve's wife also has a family connection with one of the Board Supervisors and he name-dropped her as well. [18:13] Steve is easy to get along with. He tells how that helped him to bring people along to where he wanted to go on a program or initiative. He knew he needed other people on board. He started by building a story. Risk managers need to be good storytellers. Use humor to put people at ease and allow them to share their true thoughts. A better idea may come up in discussion. [19:40] Steve calls this conversation controlled chaos. [20:17] Steve made privacy and cyber a top concern. These concerns went hand-in-hand. One of the issues at Los Angeles County was that their technology was extremely disjointed. Seven computer systems housed seven different data sets to administer risk management and the county council program. [20:49] None of the systems communicated with each other but all systems had the same type of personal data and connected through the internet. That made seven different exposures. Steven developed a comprehensive system to consolidate the seven systems. Steven paid attention to the cyber aspects and privacy aspects of managing how the data got out. [21:34] This was in 2013. Offices involved were the CEO, Health System, Jail System, Social Services System, and other county systems, which had the same challenges. Their first milestone was when they had a breach! It helped to have something occur so Steven could build from the chaos. It was a wake-up call. [22:48] The breach springboarded the county departments to collaborate in their efforts to control cyber. Steven tells why the breach didn't threaten his job. He always says, "I don't know what's going to happen but I know we need to be prepared for something happening. And this is how we prepare for these types of things." [24:13] That means we need to have an emergency communication policy with collaboration on handling disasters. We need to prepare for what we don't know yet. As emerging risks came up, Steve brought them up. He brought up cyber and privacy long before there was a data breach. There was an emphasis on how they would respond to it. Steve also brought up AI years ago. [24:49] Steve doesn't know yet how AI is going to be a risk to us, but it's going to be a risk and we need to prepare for it. [24:58] One more RIMS Plug break! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. [25:32] 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! Register at RIMS.org/Webinars. Registration is complimentary for RIMS members! [25:51] 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. [26:07] RIMS wants to hear from you. Submit your session today. We've extended the deadline! 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. [26:29] 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. [26:50] Back to the interview with RIMS Risk Manager of the Year 2024, Steve Robles! Cyber and privacy kind of define the challenges of Los Angeles County because it's so big. The size of the organization is the challenge. There are 100K employees and a county budget of $46 billion. All that money is being spent somewhere. When money is being spent, a risk is associated with it. [27:36] The risk could be where to invest the money without losing it, to the costs of deploying staff. When you see analytics pointing to some future risks, how do you get the channel open to communicate it to the right people and get their buy-in to deploy risk prevention tactics? [28:38] Steve connected to his risk professional counterparts in other counties. He would call his counterparts in Orange County, San Diego, Riverside, San Bernadino, San Francisco, and other counties around. "Have you seen this trend?" or "I think we've got fraud here, what do you guys think and what have you done about it?" They would share information on many topics. [29:17] If it was in LA County, either other counties saw it first or they were trying to find out how LA County dealt with it. Steve would tap into his network of public sector risk professionals that went back to San Bernadino and the subject matter experts the county employed. He has known them for decades. They learned at the same time with different views of the same experience. [30:19] It broadens you to meet with other risk managers who came up through different paths and have different viewpoints that enrich you if you take in that information so you can make good executive decisions. [31:05] Steve had the greatest of all worlds at LA County because he had a great direct reporting relationship with the CEO and Board of Supervisors. He sees that other public sector entities do not have the same relationship between the risk managers and the CEOs. They report to a lower-level manager or human resources. [31:38] Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward. [32:21] Steve's former coworkers were his succession. Every year in LA County, Steve brought his staff together to help put together the strategic initiative. It brought them together as a team and they enriched each others' knowledge base. As time progressed, many of them became qualified in all aspects of risk management. Steve was planning his succession from Day 1. [33:26] Now, LA County has an interim risk manager, Destiny Castro, who was Steve's operations manager. What Steve told Destiny is "You can do this job. What you'll be surprised by is how fast things come at you. They come at you fast and there's not really a day off! You're the decision-maker." 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. [34:40] Steve has participated in a lot of the events of the RIMS LA Chapter. It's not just public entities there; it's rewarding to see so many perspectives represented by private entities. Steve feels relaxed there with his clan who share his experiences. There are good side discussions that go on with the vendors as well as the members. [35:50] Steve has spoken at some universities that have either established or up-and-coming risk and safety programs they are trying to expand. The students are fantastic and have great questions. Steve explains that risk management is not insurance; it's exciting. Anything bad you see in the news, you're a part of it! [37:28] Steve's advice for the next generation of risk managers: "Have a clear career path. Find your passion; what you're passionate about is where you should go. There are so many different directions you can go in risk management. My passion was organizing the mess; I wanted a position where I could put those pieces together. But there's so much more you can do." [38:02] "If you like contracts or if you like dealing with the human aspect of it you can go into claims. You take your personality and understand yourself and then find something that fosters that in your risk management career." [38:41] Steve says to enjoy yourself. Look at challenges as a game, as a chess match. Something is happening on the right side of the board and you need to position yourself to corner that risk, person, or whatever. It calms you down so you can think clearly about the steps that are going to be needed to win that game. [39:28] Steve, I want to congratulate you again on being named RIMS Risk Manager of the Year 2024. Do you have your speech prepared? (Steve is ready!) We're going to see you onstage on the morning of May 6th and spread the love! [39:58] Special thanks again to RIMS Risk Manager of the Year 2024 Steve Robles for joining us. Steve and I will lead a RIMScast Live session on Wednesday, May 8th at 2:10 p.m. in the Global Studio during RISKWORLD. Come and ask the Risk Manager of the Year your burning question! A link to the RIMS Risk Management Magazine Awards Edition is in this episode's show notes. [40:25] Registered attendees for RISKWORLD should use the RIMS Events App. That will get you where you need to go when you're at RISKWORLD. [40:32] RIMS Plug Time again! 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! [41:05] 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 pd@rims.org for more information. [41:48] 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. [42:06] 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. [42:22] 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 Content@RIMS.org. [42:43] 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 — Visit the Global Studio May 8 at 2:10 pm PST for RIMScast Live! with Steven Robles and Justin Smulison RISKWORLD Pre-Conference Workshops RISKWORLD Speakers NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 13. RIMS Risk Management Awards Edition 2024 Spencer-RIMS Risk Management Challenge — Live at RISKWORLD RIMS Webinars: 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 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "RISKWORLD 2024 Keynote Peter Diamandis" "Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter" "RIMS 2024 Goodell Award Winner Eamonn Cunningham" "RIMS 2024 Rising Star Chelsea Andrusiak" 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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Steve Robles: Assistant Chief Executive Officer at Los Angeles County Tweetables (Edited For Social Media Use): I have spent my entire career in risk management and to be honored like this is just an amazing feeling. It's wonderful to know all the people who have helped me in my career; I really am sharing this with everybody. — Steve Robles We cannot do our jobs by ourselves. — Steve Robles Risk managers need to be good storytellers. — Steve Robles Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward. — Steve Robles

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 pd@rims.org 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 membershipdept@RIMS.org 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 Content@RIMS.org. [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 RISKWORLD Speakers NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops 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 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep 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" "All Roads Lead to ERM" "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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. 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

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 pd@rims.org 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 membershipdept@RIMS.org 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 Content@RIMS.org. [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 RISKWORLD Speakers Spencer-RIMS Risk Management Challenge — Live at RISKWORLD NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3. RIMS Risk Management Awards Edition 2024 RIMS Australasia Chapter 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 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep 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 Virtual Workshops On-Demand Webinars 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 Risk Maturity Model® RIMS Events App Apple | Google Play Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org. 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