RIMScast

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews guests Katie Sexton and Adrian Castillo, recorded live at the RIMS Leadership Forum 2024 in San Antonio, Texas on January 25 and 26. Katie and Adrian each describe the companies where they work, their ERM responsibilities there, how they began in the risk management profession, and what they do for their respective RIMS Chapters. They discuss the risk management culture of their Australasia and Mexico Chapters and planned activities for 2024. Listen in to learn more about the RIMS Australasia and RIMS Mexico Chapters. Key Takeaways: [:01] About RIMScast. [:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it's a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today's episode of RIMScast. We will be joined by leaders from the RIMS Australasia Chapter and the RIMS Mexico Chapter. [:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode's show notes. [2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode's show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:52] RIMS recently hosted its Annual Leadership Forum in San Antonio, Texas. This is a chance for chapter leaders to meet, network, and share ideas on how to strengthen their own chapters as well as RIMS, globally. Justin was delighted to meet several of you and he invited some to be on the show, who traveled long distances. [3:14] We will hear from two leaders today. The first guest is the Vice President of the RIMS Australasia Chapter 2024, Katie Sexton. She is also the Risk Manager for Woods Bagot, a global architectural firm. Justin wants the RIMScast audience to hear what she's got in store for her chapter and how she has championed ERM at Woods Bagot. [3:47] Katie Sexton, welcome to RIMScast! Katie is Vice President of the RIMS Australasia Chapter and next year, she will be the chapter President. Her daytime job is Global Leader of Risk for Woods Bagot, an architectural firm. [4:17] Woods Bagot has studios in 17 cities around the globe. It has been an architectural practice for about 150 years. Its largest operations are in Melbourne and Sydney. Katie is based in Melbourne. Katie has always enjoyed architecture. Before Woods Bagot, Katie was at a large American engineering firm. [5:06] The risk group at Woods Bagot consists of two people. Katie's title is Global Leader of Risk. Woods Bagot has a unique way of managing risk. From an insurance perspective, their key risk is professional liability for project disputes and litigation. From a company perspective, cyber is a massive risk. [6:01] Other concerns are health and safety, legislative and governance compliance, with the increasing cost of compliance being a key risk for international firms, data protection, and supply chain risks. Woods Bagot also works in interior design and consulting so it's a multi-disciplinary firm operating in multiple environments. [7:03] Woods Bagot has a company-wide ERM framework that gets reported up to the board. A lot of their regions have the risk registers they manage and comply with. Projects also have their risk registers. Katie has been with Woods Bagot for eight-and-a-half years. She replaced the old ERM framework and built one from scratch. [7:55] It's key for documents to be streamlined and easily reported up to the board and the Audit and Risk Committee. The risk group does workshops every year with board members and the Audit and Risk Committee to update the ERM framework, based on risk tolerance levels, risk appetite, and a risk register, all collated together and reported. [8:35] The Woods Bagot ERM framework is an ongoing process. They improve it and streamline it every year after the workshops with the board and Audit and Risk Committee. The initial development of the ERM framework took about six months. The board and executive team receive the framework well, as they are quite risk-aware. [10:01] The RIMS Australasia Chapter has a great board with collaborative members. Everyone pulls their weight. Katie loves working with chapter members. She enjoys promoting risk management and networking for younger, rising professionals, and sharing knowledge from herself and sponsors, partners, and RIMS. [11:23] The RIMS Australasia Chapter's conference held last November was a one-day event in three venues, ending with a working drinks session. The theme was The Human Factor. Great partners came to talk. It was an excellent event. The 2024 event will be in the fourth quarter. The Australasia chapter website link is in this episode's show notes. [12:21] Katie says "Get involved if you're not already. Get to the events of your chapters and global RIMS. They're always great and the networking's fabulous. Come to Australia to see us and get involved in our events! Most of them are online. You can listen to them or the recordings. Like us on LinkedIn, as a lot of our events are open to all." [13:23] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [13:47] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode's notes. Save $100 when you register for any February or March Virtual Workshop using the promo code RIMSVW100. You must use the code through February 9th. Register today! [14:10] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women's Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [14:31] 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. [14:45] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer's scholarship program is open but coming to a close on March 1st for Ph.D. applicants. [15:00] Spencer's course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [15:18] Our next guest is the Global ERM Manager for CEMEX, a global company known for its cement ready-mix concrete and aggregates and urbanization solutions. He is also the president of the RIMS Mexico Chapter. We had a nice chat about the state of risk management in Mexico, the RIMS Mexico Chapter, and business continuity. [15:49] Adrian Castillo, welcome to RIMScast! Adrian has been a risk professional for nearly 20 years. He has dealt with risks for his entire life. Adrian is with CEMEX, a global cement, ready-mix, and aggregate company, and a construction material producer. He has been working at CEMEX for a quarter of a century. [17:07] As a global company, risks include conflicts in the Middle East, the geopolitical situation with shifts of power, climate-related events, and natural disasters. Last year, Mexico was impacted by Otis. The intensity of the storm was new for Mexico and it took weather monitors by surprise. Overnight, it went from a category one to a category five. [18:41] CEMEX has operations in the Middle East, including Israel, and Europe. Their supply chains are impacted by the present conflict. The effects are spreading beyond the Middle East. CEMEX monitors the risks to keep ahead of them. [19:25] Adrian believes that in Latin America, in general, their risk awareness is not yet mature. In the beginning, they have a tendency to deny the risk of something happening. Then, they say they will cross that bridge whenever they come to it. It is a very resilient culture, on the positive side. [19:58] Nothing can prepare you for a situation, other than performing risk management techniques and programs. Once a situation hits you, it's an overwhelming sensation. If you're not prepared, there's a great risk that you might not overcome it. Once you have done your risk management assessment and preparation, you have extra confidence. [20:32] For global companies, especially, preparation is key. In business continuity, you prepare for the worst and hope for the best. Adrian says that in Latin America, they still need to foster that risk awareness culture. [21:04] The risk group at CEMEX, in the sides of ERM, security, and business continuity, is close to 100 people. Adrian's boss manages these groups. Adrian and his team give them support and guidance on preventing risks and mitigating the consequences of risks that happen with crisis management techniques and guidance. [21:59] Adrian talks about CEMEX's Business Continuity Implementation (BCI) plan. They revamped it after the pandemic so they could be more prepared and more resilient than they were before the pandemic. The plan will be unveiled in several months. 2023 was preparation for the 2024 kickoff. [22:48] The RIMS Mexico Chapter raises awareness of risk. Its membership is composed of people who have risk management responsibility and believe that risk has to be managed formally and professionally. All managers manage risks. If you have a technique and a plan you follow with discipline, that gets you ahead, with better sleep. [23:35] Adrian says that's something Mexico needs to work on, with the rest of Latin America; raising awareness of risk. Risk management needs to be managed professionally, in a disciplined way. [23:59] Adrian says they are planning at least one but possibly two activities to revamp the RIMS Mexico Chapter and regain momentum. They want to support their risk management professionals to network, learn, get content, and be updated. Those are the objectives they have for this year, to raise the level of maturity in risk awareness. [24:55] The dates of events will soon be finalized. They want one event in the first quarter and one after vacations. The link to the RIMS Mexico Chapter is in this episode's show notes. They are launching a new web page, supported by RIMS staff. 2024 will be a year of revamping. They are also working on digital content for those who can't travel. [26:21] Justin thanks Adrian for being on RIMScast. [26:35] Special thanks to Katie Sexton of the RIMS Australasia Chapter and Adrian Castillo of the RIMS Mexico Chapter. Links to their chapter pages are in this episode's show notes. We hope to see them again at RISKWORLD 2024, May 5th through May 8th. Register now at RIMS.org/RISKWORLD. [27:03] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App! [27:28] 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. [28:12] 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. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store. [28:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [28:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [29:15] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe! Mentioned in this Episode: Riskworld 2024 — San Diego, CA | May 5–8, 2024 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS Mexico Chapter RIMS Australasia Chapter 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA RIMS Webinars: Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024 Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual WorkshopsRIMS-CRMP Prep Workshops Related RIMScast Episodes: "Diving in with RIMS 2024 President David Arick" "Kicking Off 2024 with RIMS CEO Gary LaBranche" "Risk Management in 2024 with FERMA CEO Typhaine Beaupérin" "Scenario Planning with the RIMS SERMC in 2024" Sponsored RIMScast Episodes: "Alliant's P&C Outlook For 2024" | Sponsored by Alliant (New!) "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. "Subrogation and the Competitive Advantage" | Sponsored by Fleet Response "Cyberrisk Outlook 2023" | Sponsored by Alliant "Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market" | Sponsored by TÜV SÜD "Insuring the Future of the Environment" | Sponsored by AXA XL "Insights into the Gig Economy and its Contractors" | Sponsored by Zurich "The Importance of Disaster Planning Relationships" | Sponsored by ServiceMaster RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Katie Sexton, Global Leader — Risk at Woods Bagot RIMS Australasia 2024 Vice President Adrian Castillo, Global ERM Manager at CEMEX RIMS Mexico 2024 President Tweetables (Edited For Social Media Use): The way we at Woods Bagot manage risks is unique to architecture. From an insurable perspective, our key risk is professional liability or project disputes and then litigation. — Katie Sexton Our ERM framework is an ongoing process. We improve it and streamline it every year, particularly after the workshops that we do with the board and Audit and Risk Committee. — Katie Sexton Once a situation hits you, it's an overwhelming sensation. If you're not prepared for it, there's a great risk that you might not overcome it. Once you have done your risk management assessment and preparation, you have that extra confidence. — Adrian Castillo Every manager in the world manages risks. That's why they are managers. If you have a technique and a plan you follow with discipline how to monitor and manage those risks, that gets you ahead, and that gets you a better sleep at night. — Adrian Castillo

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews guest David Arick, RIMS 2024 President. They discuss David's career and how he was introduced to the profession of risk management David speaks of his experiences with RIMS early in his career, serving on the boards of the Central Ohio Chapter and the St. Louis Chapter. David shares his thoughts on how experienced risk professionals can give back and pay it forward by engaging with young rising risk professionals who are curious, thirsty for knowledge, and searching to add value and expand their careers. The conversation turns to David's attendance at RISKWORLD for over 20 years, and how he will be participating this year at RISKWORLD 2024 in San Diego, May 5th through May 8th. Listen in! You are invited to learn more about David Arick in the Leadership Corner at RIMS.org. Key Takeaways: [:01] About RIMScast. [:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it's a leap year! Advance Registration rates end on February 29th, 2024. [:38] About today's episode of RIMScast. We will be diving right into a conversation with RIMS 2024 President David Arick. [:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The two-day RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. Visit the certification page on RIMS.org for more information. A link is in these show notes. [1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode's show notes. [2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register! [2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode's show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year! [2:52] RIMS likes to keep things exciting and every year we have a new president. We are delighted that the RIMS 2024 President is David Arick. David is very well known among RIMS members and chapters. He was originally an officer and a board member for the Central Ohio and St. Louis RIMS chapters. [3:11] David then served in Society roles as a member of the RIMS International Committee. He was Chair of the Long Range Planning Committee and a member of the External Affairs Committee. He joined the board in 2019 and was Vice President in 2023. We've got much to discuss with David. [3:28] His first Leadership Corner installment is now live. The link is in this episode's show notes. We're here to create a new dialog based on that and hear about what his plans are for RIMS, the greater risk profession, and how RIMS has played a pivotal role in his career. [3:55] I'm very pleased to be joined by RIMS 2024 President David Arick. David, welcome to RIMScast. [4:10] Justin and David did a webinar together right after the pandemic hit on where they thought the pandemic would lead and how bad it might get. Now they know how bad it got. [4:30] David's first Leadership Corner article as the new President is up on the RIMS.org website. There is a link in this episode's show notes. David is all about diving in. [5:09] David praises past RIMS presidents including immediate past president Jennifer Santiago. He feels fortunate to have served on the board with them and to be following in Jennifer's footsteps. She's there whenever he needs something. Having watched her as President in a tumultuous year gave David an idea of what to expect. [5:43] David is excited by the opportunity and feels humbled to follow in the footsteps of people he has watched from afar and admired over the years. [6:21] David's first experience in risk and insurance was in a claims group with Nationwide Insurance, while he was working his way through school. Then he got a job in risk management at a bank. That was where he learned about RIMS. He decided he wanted to continue in the career of risk management. [7:14] A few years later, David was working for Abbot in Chicago where he gained global experience. He then went to Emerson Electric in St. Louis, another global company in a different sector. He moved to GE in 2001 and enjoyed working there for three years. Then he came to International Paper. [8:05] David likes that risk management gives you a lot of opportunity to see across different functions both inside and outside the company. You learn a lot about the DNA of a firm. Risk management works with people across the firm and they look to risk management for guidance. You work with a broad network of external partners. [9:14] Every industry has its unique challenges and every company is different in how they view financial decision-making and legal concerns. A way of thinking, being inquisitive, and gathering facts is transferable from one industry or firm to another. If you are around risk management for a while, you build a standardized tool kit. [10:29] David's view on standards is that they have a place, depending on your industry. Every industry has different regulations that may determine the standards you follow. [11:27] In David's first risk management position, he needed knowledge. Some people in the risk department invited him to a meeting of the local Ohio chapter of RIMS. He quickly saw the available network of local risk managers, insurance companies, brokers, and others who attended chapter meetings. They were all helpful in helping David learn. [12:20] David was asked to join the board and there he saw what chapter leadership looked like. Later, he served on the chapter Board in St. Louis. Those opportunities helped him learn to network differently to attract prospective members and make meetings successful. [13:18] David commends chapter leaders who find dynamic programming to bring people back, with speakers and topics that differentiate going to a meeting from staying at home and watching a podcast or a webinar. [14:03] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. [14:28] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode's notes. [14:36] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women's Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time. [14:58] 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. [15:11] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer's scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [15:30] Spencer's course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [16:28] David discusses the biggest risks of the year ahead: how new technology will be used and the new risks it will introduce. What are the controls and framework around new technology? Cybersecurity is a current and future issue. Remote work presents a set of issues and challenges. How do you manage culture, working from a couch? [18:00] In the U.S., litigation and the abuse of the legal system are huge problems affecting a lot of industries and impacting their ability to continue. Litigation costs are out of control. There are also concerns about wars, supply chains, and natural disasters. These things will keep risk professionals busy. [18:33] The World Economic Forum released its global risks report for 2024. They list misinformation and disinformation as the number one risk for the two-year outlook and the number five risk for the ten-year outlook. Cyber insecurity is number four on the two-year outlook and number eight on the 10-year outlook. [19:07] Adverse outcomes of AI technologies is number six on the 10-year outlook and wasn't on the two-year outlook. We have these short-term and long-term risks to be thinking about within the profession. David will be presenting with a group from Marsh and Zurich at the RISKWORLD 2024 Conference on the WEF global risks report. [20:44] Ahead of the conference, David suggests reaching out to your IT and information security folks and your legal department about AI technology. It's on their radars, too. It's a great opportunity to learn how they view this topic, how it applies to your company, and what they need from risk management. Draw in your insurance advisors, also. [22:07] David sees that it is effective when people with experience engage with those people without as much experience who are curious and want to learn and grow. There's a group of young professionals who are thirsty for knowledge and want to expand their value and grow their careers. David hopes you engage with them. [23:21] Try to give back and pay it forward a little bit. One of the exciting elements of engaging with young risk professionals is showing them that there is a path forward, helping them navigate through some uncertainty, and showing them that there are a variety of ways to be successful. Networking helps a lot in finding a path for a person. [24:05] David prefers in-person interaction to a virtual experience. He loves to be with people to see by their body language what resonates with them. It allows a genuine conversation that builds relationships. [24:47] An upcoming in-person event is RISKWORLD 2024, May 5th‒8th, in San Diego, California. David guesses he has been to RISKWORLD more than 20 times. This one will be special for David as he will be onstage and leading some of the events. David has presented at many conferences, preparing for months. He loves seeing people react. [26:16] David looks forward to RISKWORLD like a reunion. There are many old friends and people you only get to see there and you make new friends as you learn and have fun along the way. RISKWORLD presents relevant topics, "ripped from the headlines." People want cutting-edge knowledge to take with them from leaders in the space. [27:16] David looks for speakers he respects and that he knows will deliver insightful information in a way that is meaningful to the attendees. He looks for topics he knows he wants to learn something about to take back. He looks for good speakers. [28:40] David has advice for first-time RISKWORLD attendees. First, don't over-commit. Things take longer than expected. Once you're late on your schedule, you're playing catch-up. Second, think about where you're meeting people when you're scheduling things. Things are spread out. Factor in the travel time and don't overschedule. [29:49] Justin adds, "Comfortable shoes! Maybe an extra pair of socks. There's a lot of walking involved. These convention centers are big!" [30:19] Justin looks forward to seeing David on stage in the opening session of RISKWORLD 2024 in San Diego and to attending his session with Marsh and Zurich on the WEF Global Risks Report. "Go hear from the RIMS President directly!" [30:44] Justin looks forward to seeing David at other RIMS events this year. Justin thanks David Arick. [31:00] Special thanks to RIMS 2024 President David Arick, for joining us here on RIMScast. We hope to hear more from him throughout the year. Be sure to catch his presence at RISKWORLD 2024 in San Diego, May 5th-8th for many of the ceremonies and his session on the WEF Global Risks Report. Register today! RIMS.org/RISKWORLD. [31:29] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App! [31:55] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [32:37] 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. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store. [33:01] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [33:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [33:38] 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 RIMS SERMC Professional Report: Managing Alternate Futures with Scenario Planning 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA RIMS Leadership Corner: David Arick NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation Spencer Educational Foundation – Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS CRMP Virtual Workshops RIMS Webinars: Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024 Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024 RIMS Presents: How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat | March 15, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual WorkshopsRIMS-CRMP Prep Workshops Related RIMScast Episodes: "Kicking Off 2024 with RIMS CEO Gary LaBranche" "Risk Management in 2024 with FERMA CEO Typhaine Beaupérin" Sponsored RIMScast Episodes: "Alliant's P&C Outlook For 2024" | Sponsored by Alliant (New!) "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response "Cyclone Season: Proactive Preparation for Loss Minimization" | Sponsored by Prudent Insurance Brokers Ltd. "Subrogation and the Competitive Advantage" | Sponsored by Fleet Response "Cyberrisk Outlook 2023" | Sponsored by Alliant "Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market" | Sponsored by TÜV SÜD "Insuring the Future of the Environment" | Sponsored by AXA XL "Insights into the Gig Economy and its Contractors" | Sponsored by Zurich "The Importance of Disaster Planning Relationships" | Sponsored by ServiceMaster RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest David Arick, RIMS 2024 President Tweetables (Edited For Social Media Use): I find that risk management gives a lot of opportunities to see across different functions inside and outside the company. You learn a lot about the DNA of a firm. … In risk management, we have to gather information. We have people contact us looking for guidance. — David Arick Every industry has its unique challenges. Every company is different in how they view things. If you are around risk management for a while, you build a standardized tool kit. — David Arick I commend chapter leaders in today's world where you've got so much information. You're trying to find that dynamic programming that brings people back. It requires you to network more broadly within your chapter and the community. — David Arick Reach out to your IT and information security folks and your legal department about AI technology. It's on their radars, too. Learn how they view this topic, how it applies to your company, and what they need from risk management. — David Arick It's invigorating for me to hear how much better prepared young professionals are for their careers because they studied risk management or they grew up thinking about what it's like to be a risk and insurance professional. — David Arick

Tom Easthope, Carol Fox, and Denise Sobczak discuss scenario planning and the new paper from RIMS SERMC on managing alternate futures. They talk about the importance of scenario planning in enterprise risk management and its benefits and customization. They also mention upcoming workshops and webinars on risk management.

Typhaine Beaupérin, CEO of FERMA, discusses the evolving role of risk managers and the importance of knowledge exchange and collaboration between associations. They highlight the upcoming FERMA Forum in Madrid and FERMA's International Risk Manager Survey. The podcast also explores the partnership between FERMA and RIMS, emphasizing in-person networking and the internationalization of risk management.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews guest Sacha Coburn, CEO of Coffee Culture for leadership and coffee talk. First, he reconnects with Kerry Bakkerus, RIMS NZ & PI Chapter President on what to expect at the technology-based RIMS New Zealand & Pacific Island Chapter's February 12th event, Embrace The Unknown: Unleashing the Power of Risk. Sacha Coburn is one of the presenters at that event and Sacha will be presenting Leading from the inside out. Justin and Sacha explore Sacha's career path and how she became a thought leader in coffee culture and franchising culture. Listen in to Sacha's insights into leadership, culture, and action. Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] About today's episode of RIMScast. Our marquee interview will be a pick-me-up with Coffee Culture CEO Sacha Coburn. [:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is in this episode's show notes. [1:44] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode's show notes. [2:01] I'm stoked for the RIMS New Zealand & Pacific Island Chapter's February 12th event, Embrace The Unknown: Unleashing the Power of Risk, co-presented by our friends at Marsh. It's a day-long event that leans into technology, innovation, AI, and all the upside risks that risk professionals need to consider in 2024. [2:26] One of the event's speakers, Sacha Coburn, CEO of Coffee Culture, will be joining us shortly. [2:33] First, we'll hear again from Kerry Bakkerus, the president of the New Zealand & Pacific Chapter of RIMS, who will tell us all about the event, what inspired it, and why you should be there. Kerry Bakkerus, welcome back to RIMScast! [2:56] Embrace The Unknown: Unleashing the Power of Risk will be on February 12th at the Pullman Hotel in Auckland, New Zealand, hosted by the RIMS New Zealand & Pacific Island Chapter. Kerry says getting the conference organized has been an interesting journey. They had decided to use ChatGPT as much as they could. [3:35] Kerry asked, "ChatGPT, what's a great title for a risk conference?" The title came from ChatGPT. "ChatGPT, what's a great agenda for a risk conference?" The agenda was inspired by the agenda developed by ChatGPT. The content and narratives on the website are by ChatGPT. Kerry says they have exciting, on-the-day things planned. [4:55] Kerry comments on the speakers and agenda for the day. She looked for speakers with inspirational content and thought leadership. She wanted attendees to bring away things they could apply in their day-to-day. Dr. Gav Schneider is bringing a completely wild and different topic. Kerry is excited to hear every speaker. [5:38] They brought in Sacha Coburn as a person who can talk about soft skills and how to bring out the best in our people and ourselves to achieve our business objectives. [6:04] Registration for Embrace The Unknown: Unleashing the Power of Risk is still open. A link to the full agenda and registration is in this episode's show notes. Kerry Bakkerus, thank you so much for rejoining us here on RIMScast! [6:31] Sacha Coburn is the CEO of Coffee Culture, a boutique franchise of coffee locations in New Zealand. Sacha is going to lend her perspective on risk and leadership and give us a preview of her session at Embrace The Unknown, titled Leading from the Inside Out. Sacha Coburn, welcome to RIMScast! [7:23] Sacha joins us live from Hamilton, New Zealand. Sacha reports that seismically, Hamilton is the safest place to live. She moved there after the devastating earthquakes in Christchurch in 2011 and 2012. Safe places are not always particularly beautiful or renowned, Sacha notes. [9:21] Sacha started as a lawyer. She always went to the same coffee shop and it was the case of the barrister meeting the barista. They hooked up and she joined Chris in the business. She found she liked the coffee business much more than the courtroom. They started to plan how they could grow what they did into more communities. [11:27] Sacha's other activities include involvement in the fitness industry, governance roles in construction, and golf clubs. She has a curious mind about what makes people tick. She has a Master's degree in adult education. She recently graduated from Harvard Business School asking herself how to get the best out of people and our organizations. [12:01] As a result of her questions, she has been speaking to different industry groups about leadership and about what it takes to succeed and understand the new environment we're operating in. That's how she came onto the radar at RIMS. [13:07] A boutique franchise is selective about locations. Every store they open is in an ideal location, run by people who have been carefully selected. Every store in the franchise has a familiar Coffee Culture look, excellent music, and design quality. Each store is beautifully and architecturally designed in keeping with its surroundings. [14:20] That makes them expensive shops. It takes a particular type of person with pride in what they do to be a successful operator. For a long time, they had a longer list of approved franchisees than they had locations for. That shifted recently. [14:57] After the COVID-19 pandemic, it's increasingly difficult to get finance for hospitality ventures. Friends tell Sacha that this has been the same around the world. Hospitality has been smashed through the pandemic. People have gotten good at making coffee and meals at home. Banks are holding tightly to their money. [15:28] Coffee Culture has lists of people approved for franchises and now they are starting to find more sites becoming available as other operators fall over. [15:58] The criticism of Coffee Culture is that they have been slow to grow. After 27 years, they have 20 outlets. They don't want to open them for the sake of opening them. They want the best location in every town they are in. That requires being patient for measured, strategic growth. [16:47] Corporate culture and leadership tie together at each franchise location. A coffee shop is a service provider. You must be willing to put others first and understand what it is that people need. You must give amazing service to someone who has only spent $7.00. Why wouldn't you? The lifetime value of that customer is far greater. [18:59] In areas around the world with high longevity, the elderly meet together every day, sit around, and drink coffee, wine, or ouzo. They have a culture of celebrating and commiserating together. A coffee shop can survive through good economic times and harsh economic times if it gets its environment right. It gives structure to society. [21:37] If you come into a Coffee Culture, are greeted by name, and your usual order is known, it gives you validation and comfort. Sacha believes some people love Coffee Culture because it helps them not to be lonely. [22:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [22:55] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode's notes. [23:11] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [23:29] 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. [23:43] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer's scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [24:01] Also, Spencer's course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [24:25] Sacha wants Coffee Culture to be the Cheers of coffee locations, where everybody knows your name. To differentiate themselves from other franchises, they are clear on what they do and what they offer. They build a beautiful store where everybody can come and get energized for a very small amount of money. [25:33] The stores are beautiful. People notice the quality of the design. It's no individual element but the sum of the parts. Coffee Culture is thinking of the customer experience all the time. The temperature is right. The curated music playlist is right for the time of the day. The coffee offering is incredibly strong and stays on top of the trends in coffee. [26:11] The staff are well-trained. Coffee Culture invests a lot of money in training programs to make sure the staff is delivering the right experience. Sacha asks about corporate culture: how do you make sure that the things you value are valued by the people who work with you? That's always the challenge and a huge risk. [27:16] Sacha and Chris relied on Sacha's legal knowledge when they launched the Coffee Culture system. They knew what worked and did everything they could to mitigate the risks along the way. Their measured growth is a risk-averse strategy for growth. They only wanted to open stores they would be willing to own themselves. [28:53] Coffee Culture made sure that all their operations and all their franchisees were insured adequately and appropriately, in the event of unhoped-for risks. People were underinsured when the Christchurch earthquakes struck, so the government stepped in. That act cost Coffee Culture the advantage they had from being adequately insured. [29:46] Sacha comments that every time a government intervenes to protect people from risks that they should have foreseen themselves, it tips the scales of the free market. Those who are prudent and manage risks ought to be rewarded for that. [30:06] Sacha's session at the RIMS New Zealand event, Embrace The Unknown on February 12, 2024, is called Leading from the inside out. We will learn the Three Cs of contemporary leadership. 1.) Create Clarity from confusion. 2.) Instill Confidence in your people. 3.) Have the Commitment and the courage to act. [34:36] We are living in a time of deep action being necessary. The speed that you need to get things to market means we need to find a way of going faster and making courageous calls with the commitment to act and do stuff. We need an action bias. [36:09] Sacha's inspirations include people with messages that matter. Oprah Winfrey "talks to you" in a crowd of 20,000. Glennon Doyle is another inspiration. These are people who courageously live their truth. That's what Sacha wants to do as a leader. When Sacha had cancer, she thought, "All I have to do is live; now, … I've got a story!" [40:33] Sacha wanted to know the risks. She asked the oncologist and the surgeon to tell her all of the odds, all of the stats, and all of the research. She wanted to know what she had to do to beat this thing and she would do it all. She had chemotherapy, radiotherapy, hormonal treatment, and a mastectomy. [40:59] Then she went to the complementary medicine people and did everything they told her to do as well. She wanted to be able to tell her children she gave everything she could to be there for them. Her children were eight and four. [42:03] Embrace The Unknown will be a fabulous event. Justin is glad for everyone to attend Sacha Coburn's session, Leading from the inside out. [42:15] Special thanks to Sacha Coburn of Coffee Culture, for joining us here on RIMScast. She will be a presenter on February 12th, 2024 at the day-long live conference, Embrace The Unknown at the Pullman Hotel in Auckland, New Zealand. The event is hosted by Marsh and the RIMS New Zealand & Pacific Island Chapter. [42:35] The link is on this episode's show notes. Go check it out and register and when you are there in person, please tell the organizer that you think RIMScast should have a live presence at the 2025 event! [42:45] 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! [43:11] 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. [43:54] 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. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store. [44:19] 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. [44:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [44:56] 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: Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Riskworld 2024 — San Diego, CA | May 5–8, 2024 RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation Spencer Educational Foundation — Grants Page Dan Kugler Risk Manager on Campus Grant RIMS Webinars: How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "Solving Wicked Problems with Dr. Gav Schneider" "Kicking Off 2024 with RIMS CEO Gary LaBranche" "2023 Risk Year In Review with RIMS Risk Management Magazine Leaders Morgan O'Rourke and Hilary Tuttle" "RIMS Global Perspectives 2023 featuring Kerry Bakkerus" Sponsored RIMScast Episodes: "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response (New!) "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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests Kerry Bakkerus, RIMS NZ & PI Chapter President Sacha Coburn, Coffee Culture CEO Rimsnzpiconference2024.cispecialists.co.nz Tweetables (Edited For Social Media Use): I asked, "ChatGPT, what's a great title for a risk conference?" And so, our title comes from ChatGPT. — Kerry Bakkerus I have a Master's degree in adult education. I've recently graduated from OPM at Harvard Business School, asking myself how do we get the best out of people and how do we get the best out of our organizations. — Sacha Coburn I wanted to know the risks. I asked the oncologist and the surgeon to tell me all of the odds, all of the stats, and all of the research. I wanted to know what I had to do to beat this thing and I would do it all. — Sacha Coburn I don't believe that we are living in a time of deep thought; I think we are living in a time of deep action being necessary. — Sacha Coburn

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. We're kicking off the new year with an interview with RIMS CEO Gary LaBranche. We look back on 2023, with almost 10,000 attending RISKWORLD 2023, and how RIMS reacted in a dangerous crisis, but mostly ahead to what's in store for 2024. This includes Riskworld 2024 in San Diego, CA with its "infinite opportunities," greatly expanded space for DEI, innovative keynote Peter Diamandis, and developments with the RIMS-CRMP, growing by roughly 20% yearly. Listen in to CEO Gary LaBranche's plans for chapters, what he foresees for AI in insurance and risk management, and more. Key Takeaways: [:01] About 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. [:30] About today's episode of RIMScast. It's our first episode of 2024 and we will be rejoined by RIMS CEO Gary LaBranche. [:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:44] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:02] The deadline to submit award nominations is Friday, January 5th, 2024. Last call for nominations! A link to the awards applications and guidelines page is in the show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed; other awards might appeal to you or a friend. [2:33] The first episode of 2024 kicks off with a dialog with RIMS CEO Gary LaBranche. Gary is here to discuss some of the things that went really well for us in 2023, challenges that became opportunities, a preview of RISKWORLD 2024, and other fantastic opportunities for the greater risk management community and risk profession. [3:15] Justin introduces RIMS CEO Gary LaBranche and welcomes Gary back to RIMScast for the first episode of 2024! Gary compliments Justin for the diversity of guests and notes that the RIMScast audience is just exploding! [4:14] In the next two weeks, we're going to hear Sacha Coburn from New Zealand, the CEO of Coffee Culture, and on January 16, FERMA CEO Typhaine Beaupérin will be on the show. [4:42] In February, Gary goes to New Zealand to participate in the New Zealand conference. On the same trip, he will stop by the Australia chapter, and then go to Singapore, where he will meet with RIMS-CRMP holders before making his way home. [5:05] In October, Gary will attend the FERMA (Federation of European Risk Management Associations) meeting in Madrid. The FERMA President is Charlotte Hedemark, a RIMS-CRMP holder. [5:47] Gary discusses 2023, his first full year leading RIMS. It's been fun, challenging, and a learning adventure. Gary had come to RIMS in June 2022 from the Investor Relations Society, and at first, coming up to speed was like drinking from a firehouse. In 2023, he felt he could slow down from sprinting all day to jogging at an even pace. [7:31] Gary says RISKWORLD 2023 was wild. If you've never been, you don't fully appreciate the energy, the size, and the scope of it, with almost 10,000 attending, and amazing sponsors and exhibiting partners. It was fun, exciting, and engaging. As CEO, Gary was running around, meeting, greeting, and speaking for about 16 hours a day. [9:08] Getting so many people together in person, fully engaged in learning, networking, and doing business, was a blast. [9:40] Justin fills in the audience about the active shooter situation a couple of miles away at the close of the conference and prevented the closing keynote speaker from coming in. Gary LaBranche and the RIMS leadership handled things really well on what should be locked down. They turned the experience into an educational opportunity. [10:44] About two-and-a-half miles away, in mid-town Atlanta, four women were shot, and another woman was killed in a shooting. No one affiliated with RISKWORLD or RIMS was involved. [11:24] Police put up a security perimeter to apprehend the shooter and extract and treat the injured. The perimeter included four of the 32 hotels where RISKWORLD guests were staying and two of the eight shuttle bus routes were shut down. Gary tells of conflicting reports about the shooter at the time of the shutdown. [13:10] They decided to cancel the closing general session and the famous closing party, out of concern for safety and out of respect for the families of the shooting victims. The gunman was not apprehended for eight hours. [14:02] Immediately after the incident, RIMS leadership began a detailed, comprehensive after-action report and analysis. They wanted to understand what they did right, what they could have done better, and what they wanted to do differently in the future. They had executed their 72-page crisis management plan but they learned it wasn't enough. [14:33] As a result, RIMS officers Gary LaBranche, Stuart Ruff-Lyon, and Josh Salter have spoken at the ASAE meeting, the Expo! Expo!, a U.S. Chamber gathering of association CEOs, and the Professional Convention Management Association in San Diego on the same topic, sharing their after-action analysis, and what they did outside of the plan. [15:50] They will continue to speak on the analysis. RIMS is producing a convention safety toolkit later this year; a guideline of best practices for convention and event safety to take care better of the hundreds of thousands of people who attend association and other events and meetings throughout the year. [16:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [16:54] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode's notes. [17:10] On January 4th, RIMS's Public Policy Committee will explore Nevada's "Defense Within The Limits" Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session. [17:28] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [17:43] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [17:56] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer's scholarships program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants. [18:15] Also, Spencer's course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details. [18:30] Gary LaBranche will be appearing at Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand, on February 12th, 2024, hosted by the RIMS New Zealand & Pacific Island Chapter. It will be a lot of fun and very informative. Innovation, technology, AI, and more will be explored. [18:54] We had one of the speakers, Dr. Gav Schneider, on the show recently, and we had New Zealand chapter president Kerry Bakkerus on with us recently. Later this month, we will also be joined by Coffee Culture CEO Sacha Coburn who will be a speaker there, as well. Registration is still open. The link is on this episode's show notes. [19:24] The keynote speaker for RISKWORLD 2024 will be Peter Diamandis. Gary is a big fan. Peter has challenged Silicon Valley, tech in general, and entrepreneurs to push the envelope of innovation. He founded the X Prize Foundation to incentivize "moonshot" thinking in space travel and environmental and other kinds of activity. [20:43] Peter Diamandis is an advisor to many of the biggest names in tech and is highly respected. With Steven Kotler, he wrote Abundance: The Future Is Better Than You Think. Gary calls Abundance one of the most fascinating books about the future and why it is better than you think it will be; with innovations that can make the world a better place. [21:41] Gary highly recommends reading Abundance and coming to San Diego in May to see and hear Peter Diamandis. Justin asks Gary to get Peter Diamandis on RIMScast! [22:15] DEI will have an expanded presence at RISKWORLD 2024. It won't just be a lounge. The lounge space in 2023 was insufficient for how popular it was and the conversations that were held there. This year, it will have a theater. There will be a DEI reception to explore and celebrate the diversity that we so warmly embrace. [23:17] Justin and Gary list some of the DEI advocacy groups that will be represented at RISKWORLD 2024. Their involvement is meaningful to RIMS and meaningful to the diverse communities. We need to work to enhance equity, inclusion, and diversity. [24:29] Looking to the future, there will be a fight for talent in a wave of retirement. Attracting and retaining the best and the brightest in this field will become more important than ever. It's all hands on deck. We have to pursue every viable and reasonable strategy. [24:59] Justin and Gary discuss the momentum of the RIMS-CRMP. RIMS-CRMP is RIMS's fastest-growing program. There will be 1,200 certification holders in 2024, in 40+ countries. It's growing roughly 20%, yearly. It is the only ANSI-accredited global risk management certification. RIMS announced a collaboration with PARIMA in 2023. [26:15] Household name companies are now bringing RIMS-CRMP courses to their employees, 50 at a time. That's helping to grow the program and raise awareness of it. [27:04] RIMS Membership is growing. It declined during the COVID-19 pandemic when chapters couldn't meet. It's not quite back to pre-pandemic levels but it's getting close. RIMS grew about 10% in 2023. That is very exciting. Chapters are getting back online and back to their business of bringing people together. [27:54] RIMS launched a program in 2023 to help provide higher-quality websites for the branches. About 30 chapters have accepted this free program. That will continue to grow in 2024. RIMS provides a management infrastructure for chapters to help with administrivia. Running a chapter is a lot of work. All chapters run on volunteer effort. [30:39] As we re-emerge from the height of the pandemic, Justin and Gary agree that the future of the chapters is looking bright with face-to-face and digital presence. Gary hints at interesting programming ahead. Trying to skate to where the puck is going to be is a challenge for any organization, especially for large organizations. [31:25] At RISKWORLD 2024 in San Diego, they are dedicating an entire stream of programming sessions to AI, which will be the big game changer for insurance management and risk management. It's already starting to impact the way insurance is analyzed and priced, and how worker's compensation claims are managed. [32:11] We all owe it to ourselves to continue to monitor and learn about Generative AI and, generally speaking, other forms of large language models. I think it's going to be critical for us, going forward. [32:28] Thanks to RIMS CEO Gary LaBranche for rejoining us on the first 2024 episode of RIMScast! [32:37] RISKWORLD 2024 will be held from May 5th through May 8th in San Diego, California. Learn all about the infinite opportunities to be had at RISKWORLD by visiting RIMS.org/riskworld. The link is in the show notes. [32:52] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App! [33:19] 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. [34:02] 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. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store. [34:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [34:44] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [35:06] 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 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Webinars: Nevada's "Defense Within The Limits" Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "2023 Risk Year In Review with RIMS Risk Management Magazine Leaders Morgan O'Rourke and Hilary Tuttle" "Legal and Risk Trends with Katherine Henry" "Solving Wicked Problems with Dr. Gav Schneider" "RIMS Global Perspectives with 2023 RIMS chapter presidents featuring Kerry Bakkerus" "RIMS Public Policy and Advocacy 2023" "Strategic Moves with RIMS CEO Gary LaBranche" (2023) "Taking the 'Next Steps' with NAAIA Executive Director and COO Omari Jahi Aarons" (2023) "Risk Insight with AAIN Leadership" (2023) "Introducing RIMS CEO Gary LaBranche" (2022) Sponsored RIMScast Episodes: "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response (New!) 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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests Kerry Bakkerus — President of the RIMS New Zealand and Pacific Island Chapter. Morgan O'Rourke and Hilary Tuttle — The leaders of the RIMS flagship publication, Risk Management Magazine. Tweetables (Edited For Social Media Use): It's exhausting, is what the year 2023 was! It's been fun, it's been challenging, it's been exciting, it's been a learning adventure! — Gary LaBranche Immediately after the shooting incident, we began a very detailed, comprehensive, thorough after-action report and analysis because we wanted to understand what we did right, what we could have done better, and what we wanted to do differently in the future. — Gary LaBranche We all owe it to ourselves to continue to monitor and learn about Generative AI and, generally speaking, other forms of large language models. I think it's going to be critical for us, going forward. — Gary LaBranche

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter, and Morgan O'Rourke and Hilary Tuttle, the leaders of the RIMS flagship publication, Risk Management Magazine. Kerry Bakkerus previews the RIMS New Zealand & Pacific Island Branch hosted conference, Embrace The Unknown: Unleashing the Power of Risk. Morgan O'Rourke and Hilary Tuttle review the year in risk 2023 and suggest what might be coming in the year in risk 2024, without offering precise predictions. They also speak of their journey putting together the final print edition of RIMS Risk Management Magazine, and describe the digital online future of the magazine. Listen in for an informative end-of-year wrap-up. We'll be back in January 2024. Key Takeaways: [:01] About RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. [:31] About today's episode of RIMScast. We will be joined by the editorial leaders of Risk Management Magazine to look back on the year in risk, 2023, and what's coming up in 2024, plus a visit from the president of the RIMS New Zealand / Pacific Island Chapter. [1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:35] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:52] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:11] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:39] I recently caught up with my friend Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter. On February 12th, 2024, The RIMS New Zealand & Pacific Island Chapter will be hosting a day-long event in Auckland, called Embrace The Unknown. It's all about innovation, technology, AI, and more. [3:04] You may remember from a recent episode of RIMScast, Dr. Gav Schneider from The Center for the Study of Wicked Problems. He will be there along with Sacha Coburn, CEO of Coffee Culture. She is an upcoming guest for January. [3:20] Kerry Bakkerus is here to tell us all about the event and why it's going to stand out from many others. Kerry, welcome back to RIMScast! Embrace the Unknown: Unleashing the Power of Risk will be held on February 12th at the Pullman Hotel in Auckland, New Zealand. It is hosted by the RIMS New Zealand & Pacific Island Chapter. [4:01] It has been an interesting journey to organize the conference. They decided to use ChatGPT as much as they could. Kerry asked ChatGPT for a great title for a risk conference. That's how they got the title. She asked ChatGPT "What's a great agenda for a risk conference?" The agenda was inspired by the agenda developed by ChatGPT. [4:36] The content on the website for the conference was delivered by ChatGPT. They used technology as much as possible to support the conference. There are exciting tech things planned for the day of the conference. [5:44] Kerry looked for speakers to bring inspirational content and thought leadership. They were mindful of content and speakers about which people would be able to say they learned something they can apply day-to-day, including leadership skills. They wanted a variety of interesting speakers. Kerry is excited to hear each one. [6:58] Registration for the conference is open now and Kerry asks you to register now, to give the organizers time to prepare. The conference agenda addresses how technology and innovation are going to drive work as we know it. Topics range from macro to micro. Special thanks to Terry Bakkerus for rejoining us on RIMScast. [8:45] Register today for Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand. The link is in this episode's show notes. [8:55] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [9:17] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode's notes. Check it out and register! [9:33] On January 4th, RIMS's Public Policy Committee will explore Nevada's "Defense Within The Limits" Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session. [9:50] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [10:06] 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. [10:24] It is always fun when Morgan O'Rourke and Hilary Tuttle of RIMS Risk Management Magazine join me for either the mid-year review or the end-of-the-year review. Since this is December, it's the end of the year in risk 2023. [10:39] Morgan and Hilary are here to tell us what is going on with risk management, where we might be going, and what's new in the world of Risk Management Magazine, itself that you need to know about. [10:52] Morgan O'Rourke and Hilary Tuttle, welcome back to RIMScast! [11:41] Morgan talks about the fun of researching and producing the Year in Risk issue of Risk Management Magazine. It's the one feature that Morgan does during the year when he gets a byline. Morgan, Hilary, and Justin discuss some of the risks in 2023. [13:49] The times of the year are confusing for Morgan and Hilary because they are always writing a month or two ahead. [14:31] Data breaches are perennial. It isn't necessary to write an article about every breach. There were some interesting breaches but you have to get into the why of what makes them interesting. Hilary notes the collapse of the cryptocurrency exchange FTX. Corporate fraud or regulatory activity are hard to condense to 200 words. [18:20] Why did AI move to the number 4 risk this year from the number 14 risk last year? Morgan comments on the Biden Administration's sprawling policy on AI. AI is becoming an emerging risk. Hilary compares it to covering COVID-19 originally. [20:48] Risk Management Magazine is going all-digital. The December issue is the last print issue. It is part of the trend of how people consume media now. Being all digital provides the ability to include more content that is more responsive to news and current events. It's about speed. [22:07] Hilary notes that rather than having a publishing cycle, digital publishing is like everything, everywhere, all at once. She is always looking for content. Please feel free to reach out if you have any ideas to contribute. The website is RMMagazine.com. New articles go up regularly. They plan a quarterly digital issue. They will send out notices. [23:00] This is part of the new wave of being there more often for readers including newsletters and social media content. They are figuring out how to tell stories effectively in a shorter turnaround. They are actively soliciting feedback. [23:31] The magazine will receive submissions throughout the year. The magazine will be published on a continued rolling basis. It's the best way to stay ahead of the issues people are concerned with. Risk happens quickly and constantly. [25:37] About how COVID-19 or pandemics are being managed. We've gotten used to it. We are dangerously overlooking the public health risk. Hilary does not think there is a new normal for business response to COVID-19. We've found ways to live with the risk or to manage it the best we can. It's part of the fabric of living. Get your COVID shot. [29:50] About the term "polycrisis." We are always in a polycrisis. We have to deal with many risks at once. It's not a new environment. Whatever you call it, manage the risks. [32:33] About predictions: In Risk Management Magazine of March 2020, in the list of emerging risks, there was no mention of COVID-19. Morgan says any prediction of risk is destined to fail. Hilary Tuttle notes that the cyber predictions she writes are consistently extremely accurate! [33:41] Generally speaking, things are going to happen! This was a mild hurricane year, but next year may not be. There will be extreme weather that may get more intense. New regulations will be released on data privacy or cybersecurity. There will be a lot of cyber issues. [34:50] Hilary speaks of connections to draw between risks. What didn't make this issue was a lot of line items around natural disasters. The many minor hurricanes we had were notable in atypical ways. Southern California had Hurricane Hilary, the first tropical storm there in 20 to 30 years. It was the first tropical storm warning ever issued there. [36:14] One of the hurricanes this year was the first Category 5 ever to hit Western Mexico. They were wholly unprepared for it. It was one of the most devastating storms Mexico has ever seen. Risk is increasingly impacting areas in ways that we haven't thought about. How will traditional risks impact untraditional areas or industries? [36:58] Morgan cites the wildfires in Canada that affected all of North America, not only the West Coast. The skies of New York were orange! [37:37] Justin compliments Morgan and Hilary on the fine job they did of getting the final print episode of Risk Management Magazine out. There is an exclusive digital issue with more resources available now online. The link is in this episode's show notes. [38:45] Special thanks to Morgan O'Rourke and Hilary Tuttle of RIMS Risk Management Magazine for joining us on the year-end episode of RIMScast! Check out their work on RMMagazine.com. If you're a member, hold on to that final print edition of RIMS Risk Management Magazine. It might be a collector's item one day! [39:07] We're taking a brief break in December and then we'll return on January 2, 2024, with RIMS CEO Gary LaBranche. [39:15] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [39:39] 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. [40:22] 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. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store. [40:46] 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. [41:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [41:23] 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 2024 — San Diego, CA | May 5–8, 2024 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023 RIMS Webinars: Nevada's "Defense Within The Limits" Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: "Solving Wicked Problems with Dr. Gav Schneider" "Near-Misses Still Count – RIMS Risk Management Magazine Leaders" (July 2023) "RIMS Global Perspectives 2023 featuring Kerry Bakkerus" "Emerging Cyber Trends with Davis Hake of Resilience" "RIMS Public Policy and Advocacy 2023" "Strategic Moves with RIMS CEO Gary LaBranche" Sponsored RIMScast Episodes: "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response (New!) "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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests Kerry Bakkerus — President of the RIMS New Zealand and Pacific Island Chapter. Morgan O'Rourke and Hilary Tuttle — The leaders of the RIMS flagship publication, Risk Management Magazine. Tweetables (Edited For Social Media Use): I asked ChatGPT, "What's a great agenda for a risk conference?" And so, the agenda is inspired by the agenda developed by ChatGPT. All the content and narratives on our website are also content delivered by ChatGPT. — Kerry Bakkerus If you look at "The Year in RIsk, there are a lot of different things. The Biden Administration released an AI policy that's very sprawling. It covers just about everything that AI could touch but it's more like recommendations.— Morgan O'Rourke One of the hurricanes this year was the first Category 5 ever to hit Western Mexico. They were wholly unprepared for it. It will be one of the most devastating storms that Mexico has ever seen. — Hilary Tuttle

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews Katherine Henry, Partner and Chair of the Policyholder Coverage Practice of Bradley, Arant, Boult, and Cummings in today's episode. Katherine will be one of the presenters in the January 4th RIMS webinar, Nevada's "Defense Within The Limits" Ban Explored. Justin and Katherine explore the risk trends of 2023 and what she expects from 2024. Next, they cover the upcoming webinar on Nevada's new liability insurance "Defense Within The Limits" ban, what the effects of the ban are, and how the ban is expected to spread to other states. Katherine concludes with how she and her co-presenter at the webinar, Mark Habersack, expect to elaborate on this topic. Listen in for a professional perspective on risk trends for 2024. Key Takeaways: [:01] About 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] In today's episode, we will be rejoined by our good friend, Katherine Henry, of the law firm Bradley, Arant, Boult, and Cummings, to discuss legal trends from 2023 and what risk managers should expect in 2024. [:58] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:14] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:37] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:54] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:13] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:41] Katherine Henry is the Partner and Chair of the Policyholder Coverage Practice at Bradley, Arent, Boult, and Cummings, a national law firm. Katherine and I will discuss the trends that drove the legal and risk professions in 2023, what to expect in 2024, and Nevada's Defense Within the Limits ban that may set a precedent for other U.S. states. [3:12] Katherine is one of the two presenters of an upcoming RIMS webinar called Nevada's "Defense Within The Limits" Ban Explored, on January 4th, 2024 at 1:00 p.m. It will be presented by the RIMS Public Policy Committee. Register now, especially if you're a RIMS member! This is going to be a big deal for you! [3:37] Katherine Henry, welcome back to RIMScast! [4:25] Katherine says risk managers have been really busy in 2023. She thinks first of cyber risk and cyber insurance. Insurers are getting their hands around it and premiums have escalated. Risk managers are finding they have to bring in IT and other folks to answer the much more complex questions on cyber. The cost of breaches has gone up. [5:40] Katherine discusses recent big hacks. One of the biggest risks lies with your vendors. Insurers are looking at that when setting your premiums. [6:19] Another big problem in 2023 is supply chain. It has become more difficult to insure it. It is difficult to procure business interruption insurance. Many insurers have left this market. Risk managers deal with this by eliminating sole sourcing and JIT warehousing. You have to have more goods and more local warehouse space available. [7:55] AI is the next big risk on Katherine's mind. The National Association of Insurance Commissioners (NAIC) has been looking at AI for quite a few years and its impact on insurance. Insurers have implemented AI chat boxes in personal lines. For risk managers, the question is what are we going to see in commercial lines? [8:41] Insurers may be able to use AI to assess damages better and to move more quickly. Risk managers will be dealing more with computerized platforms than individuals in the underwriting process. That's a few years away. Because AI is being integrated into so many platforms, it's a liability insurance risk for organizations. [9:55] Climate change is another major concern Katherine has. We see its impacts on agriculture in what you can grow and where you can grow it. The effect on sea levels in ports is a concern. It will affect living conditions around the world. It will continue to be a high-level concern for risk managers. [10:42] Katherine brings up the wars as another big concern for risk managers. Events have been canceled because of protest risk. We don't know the eventual impact of the Israel and Hamas conflict. Russia has agricultural and oil risks. There is the risk of war with China and Taiwan. [11:29] Swine flu and pneumonia are concerns now. There are respiratory illnesses among children in China. Illnesses and protests present physical risks. [12:41] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [13:02] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [13:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for the Risks of Tomorrow. On January 4th, RIMS's Public Policy Committee will explore Nevada's "Defense Within The Limits" Ban. That's why Kathy Henry joins us today. [13:44] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [14:00] 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. [14:38] It's difficult for organizations to take a political stand. People come at them from both sides. They are also challenged when they don't take a position. It's hard for organizations to know the right position to take. That's an organizational risk. You can't please all the people all the time. [15:38] Runaway or out-of-control verdicts are a risk when you take a case to a jury. Something that should be resolved for $1 million or two could be a $40 million liability. Insurers are aware of this. Katherine warns risk managers to give notice to their tower of excess insurance when a risk comes up that could be subject to a "nuclear" verdict. [16:48] Justin brings up nuclear verdicts in connection with recent PFAS settlements. RIMS did a webinar about it a month ago. Very high settlements open the door for future litigation or actions. Justin reads from Reuters on November 26th about a U.S. appeals court ruling protecting 3M and other companies in PFAS litigation from a class action. [19:11] Katherine Henry will be co-hosting a webinar on January 4th, Nevada's "Defense Within The Limits" Ban Explored. Katherine Henry and Mark Habersack are going to explore this ban. [19:33] Katherine gives a high-level overview of the ban. There are two types of liability policies. One includes a defense that is outside the limits; other policies put the cost of defense inside the policy limits. A $5 million policy within the limits provides $5 million to pay defense and damages. [20:11] The Nevada legislature wrote a new law that every liability policy in Nevada must include defense outside of limits, so insurers have an unlimited obligation to defend you until the case is resolved. The Webinar will talk about what caused that to happen in Nevada, what the potential solutions are, and the potential implications around the U.S. [21:06] This legislation overturns the business relationship between insurers and insureds. Insureds will no longer be able to purchase less expensive defense within-limits policies. That change has immense financial consequences. Justin will be the host for that webinar. [21:30] The legislation sets a time for this change to occur. Businesses need time to place liability coverage. Risk managers's jobs have changed greatly from what they were 20 years ago when they were purchasing insurance and working with insureds. Now they're assessing their enterprise's risk. There will be a lot of work for 2024. [22:28] Justin thanks Katherine Henry for joining us. [22:42] Special thanks to Katherine Henry for joining us on RIMScast! You'll hear more from Katherine on January 4th, 2024 during the RIMS Webinar Nevada's "Defense Within The Limits" Ban Explored. She will be joined by former RIMS Nevada Chapter President, Mark Habersack. Register at RIMS.org/webinars and the link in the show notes. [23:07] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [23:33] 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. [24:17] 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. The RIMS app is available only for RIMS members! You can find it in the App Store. [24:42] 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. [24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:21] 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 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023 RIMS Webinars: Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 Nevada's "Defense Within The Limits" Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: Fundamentals of Insurance | Dec 12 See the full calendar of RIMS Virtual Workshops All RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13–14 Course Related RIMScast Episodes: "RIMS Public Policy and Advocacy 2023" "Emerging Cyber Trends with Davis Hake of Resilience" "Fleet Safety with Nets Executive Director Susan Gillies-Hipp" "Cybersecurity Awareness Month with Pamela Hans of Anderson Kill" "Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021" Sponsored RIMScast Episodes: "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response (New!) 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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest Katherine Henry Bradley, Arant, Boult, and CummingsKatherine Henry is the Chair of the Policyholder Insurance Coverage team. Katherine's practice focuses on meeting clients' business objectives in matters involving insurance. She regularly advises Fortune 10 and other companies on complex insurance programs involving manuscript and specialty policies, including programs with multi-national coverage towers of $500 million to $1 billion, and programs incorporating various risk transfer and financing mechanisms, such as fronting programs, paid deductible programs, and collateral agreements. Her practice spans all aspects of policyholder insurance coverage, from initial policy placement and renewals to claims management and litigation, both in the United States and abroad. Her past and present policyholder clients include two of the world's largest automakers, the world's largest home improvement specialty retailer, an auto insurance company, a vacuum cleaner manufacturer, a quasi-governmental defined benefit plan, numerous healthcare-related entities, a private-equity investment firm, various banks and financial institutions, and a national trade association for the gases and welding industry. Tweetables (Edited For Social Media Use): For risk managers, this is really important. One of the biggest risks lies with your vendors, your third-party vendors. That can be the weak point. — Katherine Henry There's been a case reported of swine flu in the UK, now. There are these respiratory illnesses among children in China. It's not a pandemic but it's still a risk. — Katherine Henry Runaway or out-of-control verdicts are something organizations are facing everywhere. It's very difficult to take a case to a jury. Something that should be resolved for $1 million or $2 million could be a $40 million liability. Insurers are aware of that. — Katherine Henry

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin interviews Bob Bowman, the CRO of Wendy's in today's episode. Bob will be the guest panelist in the December 12th RIMS webinar, Prepare Yourself for the New Generation of Risk. Bob speaks of his career trajectory and what he learned as a claims manager for Safeco Insurance, a risk manager for Macy's, and the Chief Risk Officer of Wendy's. He talks about connecting with programs across the corporate reach of Wendy's and what falls under his oversight as the CRO. Justin shares the focus of the December 12th webinar and also provides his words of advice for young risk Listen in for an interesting overview of ERM at Wendy's. Key Takeaways: [:01] About RIMScast. [:14] RISKWORLD 2024 will be held in sunny San Diego, California, from May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens in November 2023. Public registration opens December 6th, 2023. Visit RIMS.org/riskworld for more information. [:35] About today's episode, a discussion of franchising, merging risks, and professional development, with our guest, Bob Bowman of Wendy's. [:56] The RIMS CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:39] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:56] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:15] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but there are other awards that might appeal to you or a friend. [2:43] Bob Bowman is the CRO (Chief Risk Officer) for Wendy's. We will talk about franchising risks, merging risks, enterprise risk management, and professional development and hear about his career, which started in insurance. He worked at Macy's for several years and is now at Wendy's [3:10] We're going to talk about how and when Bob and his risk group are involved at different stages of decision-making for this global brand. [3:20] Quick plug! Bob Bowman is going to be the guest panelist for our upcoming RIMS webinar, presented by Riskonnect on December 12th. It's titled Prepare Yourself for the New Generation of Risk. The link is in this episode's show notes. Anyone who hears this interview will want to hear more from him in this webinar on December 12th! [3:45] Bob Bowman, welcome to RIMScast! [4:12] Bob's title at Wendy's is Chief Risk Officer. He has been with Wendy's for a little under 10 years. Bob tells of his time before that. He started in claims management in 1990 at Safeco Insurance. He backed into insurance as his degree is in restaurant and hospitality management. [5:38] From Safeco Insurance, Bob moved into the risk management space with help from a mentor and professional networking connections. [6:10] Bob was at Macy's for over 20 years. Macy's was going through a lot of change and transition at the time. When Bob joined Macy's, retail was vital and thriving. When Bob left Macy's, retail was just becoming aware of Amazon. Digital commerce was making itself known. [6:58] Bob had done an internship with Wendy's in college. Twenty-plus years later they made him an offer. He had loved his experiences at Macy's but everything was siloed. The offer at Wendy's was to connect the siloes and steer the ship. The pieces he had learned at Macy's had to be translated into a single strategy for success at Wendy's. [8:14] Risk management both in retail and at Wendy's is about product and process. It's all about delivering something of perceived value to the consumer, along with an experience. The experience might be the more important part of the equation. It's getting the product and experience right every time, in the perception of the customer. [9:10] Wendy's corporate headquarters hired Bob to work with the risk management team they had and develop it for organizational resilience, business continuity planning, crisis management, and enterprise risk management. [10:15] Bob tells how he referred to ISO and COSO in charting the path for Wendy's. It is now part of the way Wendy's manages every program. Every program begins with a framework selection of ISO, COSO, or another standard or industry best practices. [10:59] Food preparation and location selection are under other leaders. Bob's space is risk management in any and every program at Wendy's. He uses a consistent business model across all of the programs. [11:37] Franchising is a unique business model. It has many advantages but also comes with inherent risks. There is less control with autonomous, independent businesspeople working within a single brand with a desire to deliver a consistent experience to the customer across the franchise system. [12:46] Wendy's franchisees are autonomous but must be respectful of regulation. [13:42] The Wendy's corporate risk management group has grown since Bob started. There were six to eight risk managers in 2014. Today it is a group of about 15. [14:31] Bob discusses what is behind the growth of risk management at Wendy's. There is increasing complexity in the world, so there is increasing value in and appreciation for risk management. The way Wendy's transacts business has changed and continues to change. There are new technology risks. [16:17] When Bob started in the industry, there was a push to master tangible risks. Over the last five years, that has become a push to master intangible risks: digital data technology, network systems, cloud, hardware, software, and so forth. [16:51] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito. [17:12] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [17:28] At 5:00 p.m. India Standard Time, on December 1st, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown. [17:49] Bob Bowman, our guest today is on the next webinar. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for the Risks of Tomorrow. [18:05] On January 4th, RIMS's Public Policy Committee will explore Nevada's "Defense Within The Limits" Ban. On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. Justin will host that session and will be joined by three expert panelists. He is looking forward to reaching you all with this session. [18:26] 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. [19:37] Bob describes risk as uncertainty. Wherever there is uncertainty, that is risk. What are the things that need to be true to reduce that uncertainty? That's risk management. You can apply that easily to intangible risk. Bob does not have the technology background that would equip him to participate in the innovation discussion. [20:28] Bob trusts the CTO and others with technology backgrounds to guide him so he knows how to advise the C-suite. The intangible risk space is growing across nearly every aspect of the business. To be effective, Bob partners with every business function. [22:31] Wendy's attempts to simplify risk management. To Bob, if you are going to be effective as a risk management practitioner, simplifying is the table stakes. The balance of the business has little interest in and appreciation for risk management until it's relevant through their lens and on their terms with the results they are trying to achieve. [23:45] What has enabled Bob and his team to find some success is the risk profile, which is getting to know the risk from the perspective of the business, and the business leaders. It's up to the risk managers to speak the language of risk from the perspective of the leaders and grasp the challenges of each functional area of the business. [24:41] Risk management is asking, what could we do to make that desirable outcome more certain or increase the probability that we will hit that target. Bob asks, If I could guarantee you a greater probability that you will achieve your goals, wouldn't you begin thinking about more goals? Wouldn't you be more ambitious about accomplishments? [25:36] New items and new recipes would only come to the risk management department in terms of food safety. [26:31] Bob says he was on the periphery of the breakfast menu unveiling and he gives credit to an amazing team. Breakfast For Us in its current form is a recent innovation. Without prompting from risk management, the team coming up with the menu asked, what are the things that need to be true for this to be a successful endeavor? [27:01] That is risk-based decision-making from the outset of the idea. There was a lot of labor, expertise, and collaborative decision-making across the entire organization for months that went into the development of the breakfast menu. Bob wonders how many of the things that needed to be true went from not yet being true, to true, in the process. [29:30] Bob talks about the collaborative partnership between the Wendy's corporation and the franchisees. All parties have to be represented in the discussion. [30:09] Bob speaks about his part in the webinar coming on December 12th, Prepare Yourself for the New Generation of Risk. It goes toward the dilemma that many risk professionals are confronted with. There are so many new, evolving, uncertain areas of risk and risk management. The world is delivering us a heavy dose of VUCA! [30:52] We've got to be equipped to understand the VUCA World and be able to translate it to our organizations. This webinar will focus on that. Justin will host. It's a great way to close out the year! [31:33] As Bob looks back on his career, his advice to young people considering risk management is to get a mentor and a professional network, do hard work, and be willing to expand one's skill set. Support great people to be supported by great people. That's a universal part of the equation. [32:31] Special thanks to Bob Bowman of Wendy's for joining us on RIMScast! You can hear more of Bob's perspective and experience in the December 12th RIMS Webinar sponsored by Riskonnect titled Prepare Yourself for the New Generation of Risk. Register at RIMS.org/webinars and the link in this episode's show notes. [32:52] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [33:19] 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. [34:03] 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. The RIMS app is available only for RIMS members! You can find it in the App Store. [34:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [34:44] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [35:07] 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 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023 RIMS Webinars: Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023 Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 Nevada's "Defense Within The Limits" Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management | Dec 7 Fundamentals of Insurance | Dec 12 See the full calendar of RIMS Virtual Workshops All RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13–14 Course Related RIMScast Episodes: On The Menu: Restaurant Injury Risk Trends in 2023 Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises Risk Insight with AAIN Leadership and Panda Express Fleet Safety with Nets Executive Director Susan Gillies-Hipp Sponsored RIMScast Episodes: "Why Subrogation is the New Arbitration" | Sponsored by Fleet Response (New!) "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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest Bob Bowman on LinkedIn Tweetables (Edited For Social Media Use): When I joined Macy's, retail was strong, vital, and thriving. By the time I left Macy's, retail was just becoming aware of Amazon. Digital commerce was making itself known. — Bob Bowman There is less control with independent businesspeople who desire to maintain that independence. At the same time, you're working within a single brand, with a desire for consistency, and a desire to deliver a consistent experience to the customer across the system. — Bob Bowman I would tell young risk managers to get a mentor and a professional network, do the hard work, and be willing to expand one's skill set. Support great people to be supported by great people. — Bob Bowman

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Lawanda "Elle Michell" Hall joins me today to share her accumulated knowledge as a risk professional in the corporate space and as a passionate risk entrepreneur. Elle had known from her days in high school math that she wanted to be a risk management professional. She explains how she navigated that path through her chosen major, her student affiliation with RIMS, and by taking a position in claims to experience risk management from the client's point of view. She shares some of her experiences in supply chain risk at Coca-Cola, and her plans for her company, Intelligent Intentions. Having grown up in urban Atlanta, she is passionate about risk management in the community and for small businesses looking to participate in the supply chains of enterprise companies. Listen in for a passionate plea for improved education and communication around risk management for all companies. Key Takeaways: [:01] About RIMScast. [:14] RISKWORLD 2024 will be held in sunny San Diego, California, from May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens in November 2023. Public registration opens December 6th, 2023. Visit RIMS.org/riskworld for more information. [:33] About today's episode, a discussion of supply chain risks and professional development, with our guest, Lawanda Elle Michell Hall. [:54] The RIMS CRMP is the only competency-based risk management credential that matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:13] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:38] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:55] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:14] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but there are other awards that might appeal to you or a friend. [2:42] Elle Michell Hall is the CEO of Intelligent Intentions. She is also very active with the Spencer Educational Foundation. She has a fascinating career that has dealt with enterprise risk management and supply chain, among others. Let's hear about what she's done and where she's going! Elle Michell Hall, welcome to RIMScast! [3:41] Elle is in the minority of people who joined the risk industry on purpose! She received a degree in risk management in insurance from Georgia State University. She had been inspired by a high school AP course called Decision Science; now it is called Quantitative Analytics. She was intrigued by the application of math in the world. [5:27] Quantitative analytics is now used across many businesses to make projections and set themselves up for success. [6:41] People were used to thinking of risk managers as the "parent" who would say "no," so they were avoided at all costs until they absolutely had to ask. [7:31] Elle has a lot of creative energy to create solutions and not have to say "no." She works with people to figure out how to get to a "yes," in a sensible way aligned with the business objective. [7:56] Elle didn't see risk management entry-level positions available after graduation. Entry-level positions tend to be in underwriting, claims, or the brokerage world but not in corporate risk management. She joined RIMS in college. At a RIMS luncheon, George Miller of AIG asked her what she wanted to do when she graduated. [8:38] Elle wanted to be a risk manager but she didn't know where to start. George told her we're in this business because stuff happens and you need to figure out what that looks like when it happens, so I recommend that you start in claims. That will make you a more thoughtful risk manager on the front end as you're making coverage decisions. [9:00] George Miller gave her a phone number and told her that the AIG claims office was moving to Alpharetta, Georgia, a suburb of Atlanta. Elle said, great, and that's where she started. She learned to make decisions. GSU had given her minimum information about claims so she studied and achieved her AIC. AIG was her career boot camp. [9:39] In claims, you're dumped into the deep end, dealing with problems. People are upset. Her territory was New York and she had New York attorneys calling her names all day, every day. She learned not to take things personally. She learned to manage a matter to completion. It was a beautiful beginning to her career in risk management. [10:27] Elle grew up in Atlanta in the shadow of Coca-Cola. When she started at Coca-Cola, Elle was a little starstruck and nostalgic. Her previous position had been at Earthlink, where there were two risk managers who did everything. At Coca-Cola, there was a team of 12 to 15 people and the work was divided between them. [12:24] Coca-Cola is crucial to the economy of Atlanta. A lot of native Atlantans work for Coke. Working there feels safe like you're a part of Atlanta. You have an impact on your city and you're able to do good work. [13:14] Elle finds supply chain risk fascinating. She learns a lot about how culture impacts perception. People have different perspectives on the same risk, based on their cultural references. Elle learned how different types of products cross the borders of different countries. Border Patrols must respect Coke's quality standards and seals. [15:06] Some ingredients, such as Stevia, may appear to be something else. There have been colorful conversations around legalities and culture, the way things move, and the time in which they move, making sure that as things change hands, the insurance is in place and things are moving. There are difficult conversations. [15:34] Elle recalls fun times. She was the risk point of contact when the FIFA trophy was touring in 2014. She toured the plane that took it to all the different cities. She got reports from each stop, making sure the trophy was safe. It was like a tour around the world, over 100 stops, without leaving her office. The trophy traveled in luxury! [17:20] RIMS plug time! Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito. [17:42] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [17:57] On December 1st at 5:00 p.m. India Standard Time, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown. [18:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for the Risks of Tomorrow. [18:31] On January 4th, RIMS's Public Policy Committee will explore Nevada's "Defense Within The Limits" Ban. On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. Justin will host that session and will be joined by three expert panelists. He is looking forward to reaching you all with this session. [18:53] 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. [19:16] Elle sees a disconnect in understanding and communication around risk management and insurance. She's had to say no a few times to external parties that wanted to do business but were not risk-responsible. Elle mentions some of the risks small suppliers don't consider when they want to be part of a billion-dollar supply chain. [21:07] Elle uses the example of bottle caps. If you supply the bottle caps, but you don't show up with them, the entire operation is shut down. There is a lot that goes into the decision of who will supply the bottle caps. Every little piece matters in the big picture of keeping things moving. A tiny company can cause a multi-million-dollar shutdown. [21:53] With joint and several liability, Coke is at risk for that loss. Small companies don't understand their risk imprint and big companies don't do a good job of explaining it. They just analyze it and say no, we can't do it. In the world of supply chain, many challenges come from the lack of communication and education in risk management. [23:44] In business incubators, small companies are told about CPAs, lawyers, and putting their finances in order. No one tells them about risk managers or understanding what their risks are. How do they make sure they are not a risk but a risk partner to the organization they want to help? [24:16] That conversation is not happening and it needs to happen. Smaller companies need to be educated on the discipline of risk management. Elle is passionate about the risk profession. She is also passionate about community and she is a natural educator. [24:59] Manage your risk! Make sure that you're not having an adverse impact on the companies you are doing business with or the people in your community! [25:07] A big part of Elle leaving the corporate space and becoming an entrepreneur was driven by her wanting to serve her community. There aren't people in the community teaching small businesses about risk management or even that they need to know these things. [25:25] Elle thinks it's important to give some plain language about what risk management is. Small companies get RFPs, contracts, and jargon without knowing what they mean. Elle grew up in a very urban area and she fully understands risk management. She can translate the concepts for small businesses to grasp quickly. [26:24] Being able to apply her knowledge and do something with it is very meaningful to Elle. She always wants to know what she can do with this knowledge. She doesn't want just "brain decoration." [27:18] Elle says the biggest thing is to make sure that the data your business depends on is solid and that you understand how to adjust it for real-time because it is built on historical data. Things are changing a whole lot faster than they have before. Use your data but watch for trends as they come on social media so you can prepare properly. [28:53] Elle has always taken young people under her wing to mentor and help. She would sit with new members of the team, explain jargon to them, and help amplify their success and the success of the organization and the team. [29:30] Elle got an opportunity with Georgia State University and Spencer Educational Foundation to create a Professional Development Academy for first-generation college risk management and insurance majors. The Academy will address opportunities and drill down to amplify all that is learned in the degree program. [30:28] Elle is working with a professor at Georgia State University to create the Academy. It will open in January 2024. The announcement will come out soon on the Georgia State University Maurice Greenberg Risk Sciences web page. [32:52] The Professional Development Academy will focus on the day-to-day experience of the profession with a menu of detailed career descriptions and access to people who have done it, to make informed choices. A link is on this episode's show notes. [33:45] Justin hopes to see Elle at RISKWORLD 2024 in San Diego in May! [33:58] Special thanks to Elle Michell Hall. For more information about the program that we referenced in conjunction with the Spencer Educational Foundation, visit spencered.org/general-grants. The link is also in this episode's show notes. [34:17] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [34:41] 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. [35:23] 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. The RIMS app is available only for RIMS members! You can find it in the App Store. [35:46] 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. [36:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [36:22] 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 RIMS RISKWORLD Award Nominations — Jan. 5, 2024 is the deadline to submit! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Giving Tuesday for Spencer (Nov 28) Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023 RIMS Webinars: Business Interruption | Sponsored by Prudent Insurance Brokers Ltd. | Dec. 1, 2023 Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023 Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 Nevada's "Defense Within The Limits" Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management | Dec 7 Fundamentals of Insurance | Dec 12 See the full calendar of RIMS Virtual Workshops All RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13–14 Course Related RIMScast Episodes: Risk Management Education with David Cisneros Celebrating #SpencerDay and Funding the Future of Risk Management Risk and Compliance Tips for Importers and Exporters in 2022 Navigating Shipping Risks in 2022 with Capt. Rahul Khanna Sponsored RIMScast Episodes: Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. (New!) "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 "Technology, Media and Telecom Solutions in 2023" | Sponsored by Allianz "Analytics in Action" | Sponsored by Alliant "Captive Market Outlook and Industry Insights" | Sponsored by AXA XL "Using M&A Insurance: The How and Why" | Sponsored by Prudent Insurance Brokers Ltd. "Zurich's Construction Sustainability Outlook for 2023" "ESG Through the Risk Lens" | Sponsored by Riskonnect "A Look at the Cyber Insurance Market" | Sponsored by AXA XL 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 Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide 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 Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest Elle Michell Hall Lawanda "Elle Michell" Hall's professional career spans more than 20 years, serving in progressive Risk Management and insurance roles. Elle's rich life & career experiences coupled with her love for serving people and adroit problem-solving skills are the perfect ingredients for a thoughtful and impactful life coach. She blends innate creativity, natural inquisitiveness, and analytical acumen to guide her clients through various life and career transitions. As the Founder and CEO of Intelligent Intentions LLC, Elle is an award-winning, nationally sought-after life & career coach, consultant, thought leader, trainer, and speaker. Her coaching style exists, at the intersection of business savvy and edgy urban intellectual. Elle has a way with words and an engaging presence that perfectly packages her messages which are laced with intelligence, intention, and integrity. A native and current resident of Atlanta, GA; Elle earned a B.B.A. (Major: Risk Management & Insurance) and studied for an MBA at Georgia State University. She also received a Life Coaching Certificate from the National Coaching Society. Elle is a passionate advocate for foster children and a faithful supporter of the arts. Intelligentintentions.com Georgia State University Maurice R. Greenberg School of Risk Science Tweetables (Edited For Social Media Use): Lots of folks are in the risk industry who kind of fell into it. I am in the minority of people who did it on purpose! — Lawanda "Elle Michell" Hall I have a lot of creative energy to create solutions and not have to say "no." Let's work together and figure out how we can get to a "yes," in a way that makes sense and is aligned with our business objectives. — Elle Michell Hall The biggest thing is to make sure that the data your business depends on is solid and that you understand that you're adjusting it for real-time because it is built on historical data. Things are changing a whole lot faster than they have before. — Elle Michell Hall