RIMScast

The Risk and Insurance Management Society, Inc.
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RIMScast

The official podcast of RIMS, the Risk and Insurance Management Society. Tune in for weekly discussions about risk management hot topics, interviews with leaders in the profession, and updates on RIMS events and education.

  1. 1 DAY AGO

    Kicking off 2025 with RIMS CEO Gary LaBranche

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews RIMS CEO Gary LaBranche about what you can expect from RIMS in 2025. This value-packed discussion offers Gary’s comments on 2025 RIMS President Kristen Peed, RIMS’ 75th Anniversary events, possible insurance impacts of proposed trade tariffs, nuclear verdicts, and third-party litigation. Gary encourages you to join RIMS Advocacy and the RIMS Legislative Summit on March 19th and 20th, 2025 to lobby on Capitol Hill. He shares insights on public safety, security, and of course, news of RISKWORLD 2025 and more.   Listen for how you can participate in 2025 RIMS events. Key Takeaways: [:01] About RIMS. [:16] About this episode, coming to you from RIMS headquarters in New York, kicking off 2025 with RIMS CEO Gary LaBranche! Gary, welcome back to RIMScast! [:59] Interview! Gary had a quiet, fun New Year’s Eve at home, dining on Asian sea bass with champagne and watching television. [1:39] This is a big year for RIMS. RIMS has a new president, Kristen Peed. Justin has known her since he started with RIMS. Kristen is a long-time volunteer, very positive, and great at representing RIMS. She continues in a long line of volunteer leaders who have built RIMS. [2:29] Gary reports that RIMS 2024 president David Arick had a wonderful term. On David’s last day, the Wall Street Journal published an interview with him; a wonderful capstone to his year. [2:49] RIMS board presidents serve as unpaid volunteers. They travel for board meetings and events, taking time away from their families and jobs. Gary says everyone should appreciate what the board president and officers, chapter leaders, and other volunteers do to help RIMS. [3:35] Reading the history of RIMS, Gary is struck with and inspired by the long line of volunteers who put their shoulders to the wheel, creating this organization. [3:59] RIMS is delighted to have Kristen. Kristen is with Sequoia. You’ll get to meet her at RISKWORLD, the RIMS Canada Conference, and other activities in 2025. Kristen embodies the spirit of the RIMS community. [4:29] This year is the 75th anniversary of RIMS. It’s a good opportunity to reflect and appreciate all that came before us. RIMS New York traces its roots to the 1930s. Later, four groups came together to create the National Association of Insurance Buyers, today known as RIMS, in 1950. [5:44] The NAIB provided networking and learning opportunities for commercial buyers of corporate insurance. They saw that it would be helpful to have a national view and ultimately, an international view of the issues and trends in the commercial side of insurance. [6:26] Reading the history gives you a better sense of how RIMS has played a key role in creating today’s insurance world. Justin points out that they organized RIMS without email or interstate highways! They worked hard to make the organization happen. [8:31] RIMS will celebrate its 75th anniversary throughout the year. Chapter leaders will soon attend the Annual Leadership Forum to kick things off. At the RIMS Canada Conference 2024, RIMS unveiled the 75th Anniversary logo and themes. RISKWORLD 2025 will be the tent pole event. [9:21] This will be the biggest RISKWORLD in history! The biggest RIMS annual conference was held in Chicago 20 years ago. RISKWORLD 2025 will be in Chicago from May 4th to May 7th and RIMS is expecting to see well over 11,000 attend. Other events will also feature the anniversary. [9:53] RIMS is launching the Texas Regional Conference, with the four Texas chapters, in August, in San Antonio. It’s a wonderful opportunity for folks in that region to gain access to the power and value represented in the RIMS community. [11:04] About trade tariffs: Gary recently spent an hour at a U.S. Chamber of Commerce meeting, talking with top trade policy experts. U.S. President-elect Donald Trump has mentioned tariffs. How would new tariffs impact consumers? What might they do to the cost of insurance? [13:05] If any goods go up in cost, that could potentially have an effect on the cost of insurance, just as inflation causes prices to go up. If you’re insuring a fleet of trucks, where do you get the parts to fix those vehicles? Will the cost of those parts go up? [14:05] Right now, we don’t know. There are differences of opinion. Some 60% of replacement truck and auto parts are made outside of the United States. If tariffs are imposed on those, and if those costs are passed on to consumers, that will raise the cost of insurance. [14:56] Justin sees tariffs impacting insurance rates, the supply chain, and decisions risk professionals make about materials to use. Tariffs may not have their intended effect of having you “buy American” if you’re in America. It may not work that way. [15:28] Gary notes that tariffs, historically, have had the long-term effect of spurring domestic production. The question is, how fast will that happen? How long will it take to create the infrastructure to create more cement or truck parts? Where will the workers come from? [16:16] If there are price increases for supplies and materials or if there are disruptions in the supply chain, that will have a dragging effect in terms of the cost of insurance. RIMS publications will tackle this topic and report on it as they have done for 75 years. [17:08] Dave Arick was interviewed in the Wall Street Journal, He discussed how “nuclear verdicts” of $10 million or more are influencing what happens in the insurance markets. Nuclear verdicts create higher costs. [17:47] If insurance companies are paying out more and more for those claims, they’re going to try to recoup that cost through higher premiums in the future. RIMS is concerned about the runaway growth of nuclear verdicts. [18:11] Ultimately,  the claims bar pumping up the demands for recompense is having an impact on cost. When someone is hurt, there should be recompense for that. The issue is the significant growth in multi-million dollar verdicts that are outside of what is reasonable and fair. [18:53] If that happens, it simply drives up the cost for businesses to do business. If people are getting 10 times the reasonable recompense for their injuries, it starts to add up significantly. [19:35] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be announced. [19:42] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [19:58] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [20:10] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes. [20:21] Congratulations to my RIMS colleagues! RISKWORLD 2024 was honored with the 2024 TSNN Trade Show News Network Award for Outstanding Commitment to Advancing DE&I in the Risk Management Community Through Intentional Programming and Representation! [20:44] The programming included real-time translation technology and partnerships with DE&I organizations NAAIA, AAIN, and APIW, fostering a globally inclusive environment, and keynote speaker Academy Award-winning actress, Marlee Matlin, on inclusion and accessibility. [21:10] The TSNN Award is a huge honor and RIMS is so pleased that our continued DE&I efforts are being recognized by various industries, specifically in events and exhibitions. [21:23] Of course, a big shout-out to the RIMS DE&I Advisory Council for their unwavering commitment to helping advance DE&I initiatives at our conferences and RIMS events throughout the risk management community. [21:36] There are still DE&I sponsorship opportunities available for RISKWORLD 2025 in Chicago. You can visit the link in this episode’s show notes for more details. [21:51] Back to My Interview with RIMS CEO Gary LaBranche! [22:03] Justin and Gary consider third-party litigation, which impacts the courts, laws, and legislation. Gary will attend the RIMS Legislative Summit, to be held on March 19th and 20th. [22:39] Gary says the plaintiffs’ bar has discovered the power of investment. They have learned they can gather investors who will back a potential lawsuit and fund lawsuits that come along, in return for a share of the proceeds of that suit. That has always been concerning. [23:13] Something that has become an additional concern is the lack of transparency as to where those investment funds are coming from. They could be coming from anywhere, inside or outside the U.S. They could be from sources that could be illegal. It’s unknown. [23:45] As a matter of national security and public policy, RIMS thinks it’s time we have better insight into the sources of funds for third-party litigation. Gary will be on Capitol Hill, lobbying with members of Congress for transparency in funding third-party litigation. [24:09] A link to the RIMS.org/advocacy page is in the show notes. If you’re a RIMS member and want to go to Capitol Hill for a couple of days with the very knowledgeable RIMS staff and have a chance to meet with your Representatives in Congress, that’s the way to do it. [24:26] Gary will be there, RIMS General Counsel, Mark Prysock, will be there, and a few other very knowledgeable folks will help you prepare for these fun “pitches.” Gary says it’s a blast. You’re telling your story and why this is something of concern to you. [25:12] Typically you’ll be meeting with staff members who are directly involved in the public policy process. They want to hear your story, especially if you’re from their district. It’s a lot of walking, listening, and talking

    48 min

  2. 6 JAN

    Risk Management, Appliances with Christine Schelble

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company about her work at GE Appliances, a Haier company. She shares how she began with GE Appliances, shortly after GE sold GE Appliances to Haier. She talks about how she works as a department of one and the relationships she has built throughout the company and with insurance brokers and TPAs. She speaks of the necessity of making changes when a relationship isn’t good or a risk philosophy isn’t a match. Christine also shares about her risk career and how her risk philosophy has remained constant wherever she has worked. She gives tips for preparing a request for proposal when a change is necessary and shares her advice for less experienced risk professionals. She speaks of the history of the Greater Bluegrass Chapter of RIMS, where she sits on the board, and the benefits of actively participating in a RIMS chapter. Listen for wisdom about keeping current with the insurance market, getting your designations, and changing with conditions. Key Takeaways: [:01] About RIMS. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes. [:30] About this episode, coming to you from RIMS headquarters in New York. Our guest is Christine Schelble, the Director of Insurance & Risk Management at GE Appliances. We are going to discuss career development in risk management. [:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025. [2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes. [2:25] Interview! Christine Schelble is the Director of Insurance and Risk Management at GE Appliances, a Haier company. She is one of the founding members of what is now the Greater Bluegrass Chapter of RIMS, which won the 2024 Chapter of the Year Award at RISKWORLD. [2:49] Christine has decades of experience leading risk management initiatives for global companies. We will learn about what it takes to be in that sort of position, how she progressed throughout her career, and when and where she saw opportunities and took them. [3:07] This will be a fun way to kick off 2025; let’s get started! Christine Schelble, welcome to RIMScast! [3:18] GE sold GE Appliances on June 6, 2016, to Haier, the world’s largest home appliance company. They are located in China. Christine works for Haier U.S. Appliance Solutions, Inc. doing business as GE Appliances, a Haier Company. It is the Haier U.S. headquarters. [4:09] Christine is a department of one. She works with people throughout the company. The goal of risk management is to spread that philosophy throughout the company. It has only improved since she started. She has lots of support when it comes to claims and coverage. [5:11] Christine had come from a technology company and was very familiar with the technology supply chain. When she came on board, she met with the supply chain people to learn their philosophy and processes. The only time she gets involved with them is for an insurance claim. [6:05] In appliances, Christine says there are so many “Black Fridays” in the year that you can see the returns ebb and flow throughout the year. It’s not a serious problem. [6:44] Christine left Lexmark in 2001 after 15 years. One of her risk management connections called her and said that the position was opening at GE Appliances. She wanted new challenges so she sent in her resume, interviewed with them, and got the position. [7:43] Christine says it’s one of the best jobs she’s ever had. She’s been able to take everything that she’s learned and implement it into a startup program. That has been rewarding. When she started, it was the first time GE Appliances was managing and purchasing insurance coverage. [8:23] Christine joined GE Appliances three months after the sale and took a couple of months to understand how things worked. She started making changes at her first renewal because she could see where things hadn’t worked out in relationships and coverage. [9:25] Risk management for your company is not a static position. It’s constantly changing. You’ve got to constantly look at what’s going on in the insurance market and what’s going on internally and adapt your coverages, deductibles, and maybe your relationship with your TPA. [9:17] The way the program looked in 2016 when she came in is not the way it looks now. [9:30] The biggest third-party GE Appliances works with is the claims administrator. Otherwise, Christine works with brokers. Currently, she works with three different brokers for the competition. If the relationship is not great, she’ll change the people on her account. [10:28] For risk managers coming up in the industry, Christine recommends keeping up with your education, getting your designations, attending webinars and seminars, and doing everything you can to keep up with what’s going on in the insurance market. It’s constantly changing. [10:49] Christine will do an RFP when she’s looking to change something. You’ve got to have face-to-face conversations with your brokers, carriers, and TPAs. You have to educate them on your business and products. Your company and products are not the same as another’s. [11:41] If you’re just moving to a TPA because they gave you the lowest price, it’s not going to work unless you work with them and have an ongoing relationship. Christine has them come in, meet her people, go through some of GE Appliance’s processes, and see the plants. [12:01] Christine has done the same things in her previous jobs, as well. [12:15] TPAs changed how they worked during the pandemic. The TPA world will continue to change in reaction to changes in the world.  [12:50] Christine has a process for developing an RFP. She starts with having a non-disclosure agreement in place. That’s very important. Then she shares exposure information, the insurance schedule, the actuary report, and a loss run or two, so they can understand the overall risk.   [13:33] She puts hot points into the RFP, how to move claims forward, and how the program should be improved and moved forward. That’s been her philosophy throughout her career. [14:17] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be arranged. [14:25] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [14:41] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [14:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes. [15:04] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada. [15:22] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. [15:45] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org. [15:57] Back to the Conclusion of My Interview with Christine Schelble!  [16:23] Christine shares how she works as a department of one. She just continues to do what she’s educated to do. When she looks back, it feels great to see all that she has done. It’s important to get the relationships going so that people can trust you. [16:49] Christine works with the Finance, the supply chain, the manufacturing finance people, and Legal, where she is located. It’s about building the trust factor. [17:12] Christine is a long-time member of the  RIMS Kentucky and Bluegrass Chapters, which are now the RIMS Greater Bluegrass Chapter. Christine has been in RIMS since she started in risk management. She loves the support from other risk professionals and the networking. [18:13] Christine started with RIMS in the D.C. area, then in Connecticut. She moved to New Jersey and was in RIMS in New Jersey and New York. When she moved to Kentucky, she joined the chapter. She was president for a year or two around 2003 or 2004. [18:46] Christine is thrilled that the younger members of the community have started the chapter back up. During economic downturns there was a loss of people and others couldn’t get out to meetings.

    25 min

  3. 24/12/2024

    Year In Risk 2024 with Morgan O’Rourke and Hilary Tuttle

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for the Q4 Edition Risk Year in Review. They discuss the biggest risk events we’ve seen in 2024, including natural disasters following climate change and even the recent murder of the UHC CEO. They give their forecasts for 2025, with cybersecurity being an expanding area of risk, combined with AI, and regulatory changes likely under the new administration.   Listen for categories of risk your organization is sure to face in the coming year. Key Takeaways: [:01] About RIMS. [:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes. [:30] About this episode, coming to you from RIMS headquarters in New York. This episode is our special 2024 finale! Hilary Tuttle and Morgan O’Rourke of RIMS Risk Management Magazine will join us to discuss the top trends and stories from 2024 and what to expect in 2025. [:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025. [2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes. [2:25] Interview! The Q4 edition of RIMS Risk Management Magazine is my favorite of the year! It is The Year in Risk edition. We’ll have a chance to revisit all the risk highlights from 2024. [2:42] Here to discuss what made the cut and trends we need to look out for in 2025 are RIMS Director of Publications and Risk Management Magazine Editor in Chief, Morgan O’Rourke and Risk Management Magazine Managing Editor, Hilary Tuttle. [3:01] There is so much to discuss from cyber security to executive safety. As a show of appreciation to the RIMScast audience and subscribers worldwide, we’ve got so much great content in one huge episode, as opposed to spreading it out over two episodes. [3:18] You don’t have to wait, it’s all here for you at once! Let’s get to it! [3:30] Morgan O’Rourke and Hilary Tuttle, Welcome back to RIMScast! [3:39] Morgan and Hilary are here to discuss The Year in Risk, which is the title of the Q4 edition of RIMS Risk Management Magazine. How does 2024 stand out from other years? [4:04] Morgan starts looking back at the year’s events in October. He recalls the bridge collapse in Baltimore in March. There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It’s just a matter of what flavor they are this year. [5:15] Morgan categorizes big risk events. There are accidents, like the bridge in Baltimore that affect shipping, and natural disasters, including storms, earthquakes, and record heat. 2024 is the hottest year on record, with the hottest day in recorded history, July 22. [6:38] The AXA Future Risks Report lists climate change as the number one risk. Climate change brings natural disasters to places that don’t normally see them, like wildfires in the Northeast. [7:55] Hilary says there were a few hundred fires in New York City this year. The NYFD had to put together its first brush fire task force. In the first two weeks of November, they had 271 fires. Canada has had a terrible year for fires, continuing from its 2023 fire season. [9:25] Climate change puts everybody at risk. The risk landscape expands so that everybody’s in the game. Paraphrasing Flannery O’Connor, Hilary says 2024 was a disaster in truth everywhere. Disasters are not new but they are occurring in different places and times than before. [10:22] There were 11,000 fires in the Northeast this year, largely in October and November. It’s a different season and in a different region. The traditional risk models are thrown out the window. [10:49] Morgan comments that this year we saw the earliest category 5 hurricane formed: Beryl in June. We’re starting to throw out more of the parameters for when you need to be prepared for something. [11:21] We are seeing more geopolitical conflict, supply chain issues, and risks that didn’t seem impactful in regions that seemed stable and reliable. Thirty percent of shipping goes through the Red Sea. Shipping is 90% of the supply chain. [11:55] Hilary says in the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. This has become more of a problem this year. [12:42] There are risks we itemize as the things that are causing problems. Then there are bigger-picture risks you don’t necessarily identify when you’re thinking about your problems. [13:01] You’re thinking about supply chain disruption and natural catastrophes and business interruption, but not about the climate change that may cause them. [13:42] Morgan says people have to focus on the problem that’s in front of them. You have to deal with the acute issues before you can deal with the systematic ones. It’s hard to solve systematic problems. [14:28] Morgan sees polycrisis as interconnected risks. Hilary sees the word as an easy way to allude to something that has been happening for a long time. She can’t think of a time in which you truly faced only one risk without having to think of multiple interconnected risks. [17:35] Morgan edited the new RIMS Executive Report, “Understanding Interconnected Risks” authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope. [17:48] The paper is available only for members until February 12th, 2025. Then it will be publicly accessible. [18:16] Morgan says the key for the paper is in its practicality about how you should go about prioritizing risks and understanding where they connect within your operations to communicate with departments and executives and implement risk mitigation. It’s actionable. [19:30] Morgan considers that the value of RIMS membership and Risk Management Magazine is in learning what to do about risks. [20:02] Hillary objects to the term polycrisis. It over-intellectualizes a problem to the detriment of focusing on how to solve it or what to do about it. [20:58] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [21:23] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [21:34] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [21:54] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [22:32] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes. [22:40] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes. [22:51] Back to our Year in Risk Interview with Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine!  [23:16] Justin brings up the recent shooting and killing of the UHC CEO. Morgan was at the same hotel but didn’t hear about it until he had walked to the office. [23:46] If RIMS Risk Management Magazine had been a print publication, this event would not have been included. Being a digital publication, Risk Management Magazine was able to cover it. [23:59] Hilary starts with executive safety and employee safety. She speaks of reputation risk and monitoring social media discussion. For most who commented on social media, this murder was no surprise. UHC had a tremendous failure of reputation risk and public listening. [25:28] Hilary was saddened but not surprised by the incident. She calls privatized health insurance in the United States a horror show. You can’t let cashing those executive incentive checks blind you to public response. [26:27] Morgan says it’s amazing to see that public sentiment was decidedly unsympathetic, but it’s not unexpected. Hilary mentions the rates of medical debt in the U.S. Hilary saw an outpouring of approval of the murder, which is an awful response to have. [27:15] If you’re in a position where that is the public sentiment around your organization, you need to fire your PR firm and think very seriously, not only about how you’re conducting business but a

    49 min

  4. 17/12/2024

    ERMotivation with Carrie Frandsen, RIMS-CRMP

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Carrie Frandsen, the ERM Director of the University of California and a RIMS-CRMP Commissioner. Justin and Carrie discuss all things ERM. In particular, Carrie explains the purposes of ERM, what constitutes success in an ERM Program, and how to start an effective ERM Program in your organization.   Listen for ideas on fitting ERM into your organization’s daily processes and decision-making, with resources to set you on the path to ERM success. Key Takeaways: [:01] About RIMS. [:14] Public registration for RISKWORLD 2025 is now open! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes. [:30] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Carrie Frandsen, for some ERM motivation. She is the system-wide ERM Director for the University of California and a RIMS CRMP Commissioner. [:58] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. [1:09] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:27] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:42] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:57] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito, starting on March 12th, 2025. [2:18] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes. [2:29] Interview! Our guest today is one of the most enthusiastic people I know on the topic of ERM! She is Carrie Frandsen, the system-wide ERM Director of the University of California. She’s also a RIMS CRMP Commissioner. [2:48] Carrie is here to talk about all things ERM. Whether you want to build a program from the start or you want to enhance an existing program, this is the mind that you want to tap into! We are thrilled that she’s here. Let’s get to it! [3:03] Carrie Frandsen, Welcome to RIMScast! [3:13] Carrie says she is a true ERM geek! With enterprise risk management you need the ability to think organization-wide. [3:25] Not just to think organization-wide but you need to be able to think about the world and how things that are changing in the world, like politics, economics, and sociological changes, impact your organization. Then you have to get other people excited about that. [3:42] You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups that are second-line, and help them get excited about building an enterprise-wide view of risks across the organization. [4:03] Once you’ve got your second line of defense, you can build that risk committee to democratize risks across the organization. Everybody can see the risks in their silo and how things impact each other across different units. [4:36] Carrie says the primary goal of enterprise risk management is to enhance an organization’s ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation. [4:49] ERM helps organizations make more risk-informed decisions. It helps improve resilience and removes obstacles to achieving strategic objectives. [5:06] ERM is part of the governance and management of an organization. Know what could impact you from outside the organization as well as things that are changing in your policies, procedures, and processes. Make sure those are effective to continue achieving your objectives. [5:37] ERM can provide an early warning on risks and the effectiveness of controls. When you’re using ERM in decision-making, it can help you to challenge assumptions before decisions are made. It can help you to set the frame for the decision and help you consider the alternatives. [6:02] ERM can help you ensure that appropriate actions are taken to reduce your risks. It helps the organization to learn and adapt. [6:14] Healthcare organizations do root cause analysis, a good risk assessment technique to figure out how to make negative outcomes not happen again. There are a lot of risk assessment techniques that can help you, depending on the situation your organization is working on. [6:42] Culture is how things are done. A risk-aware culture is essential for a successful ERM implementation. It fosters an environment where risk is openly discussed and employees feel comfortable in identifying and reporting potential risks without fear of repercussions. [7:08] This allows organizations to address issues proactively before they escalate. If you have a risk-aware culture, risks and risk assessments are integrated into decision-making and risk is considered at all levels of decision-making from strategic planning to operational activities. [7:29] This helps to ensure that risk is a key factor in every management decision. Employees can take ownership of risk management. [7:38] The University of California has a motto: “ERM means Everyone’s a Risk Manager.” Individuals doing their day-to-day work in their area of expertise are the ones who know best what their risks are and how to manage their risks. [7:58] Our role as risk managers is to support these employees by giving them training in ERM, and risk assessment tools, and letting them talk to other people about risks that may impact them that aren’t in their area. That distributed approach enhances the effectiveness of ERM. [8:18] A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices. [8:36] At the top level of ERM are the board and leadership. They set the tone for the organization’s risk culture. They need to understand the dynamic risk environment in which the organization operates. They need to know of rising risks so they can make good decisions. [9:06] At the day-to-day level, where the work happens, is the risk owner. That’s the person with the accountability and authority to manage that risk. [9:18] The business unit level is where risk management and control processes take place. An organization’s risk is inseparably connected to its objectives. The responsibility for managing risk can’t lie with anyone other than the person who’s responsible for achieving those objectives. [9:36] Good risk management is everybody’s responsibility. What does the Risk Manager do? The risk leader provides the infrastructure, tools, coaching, leadership, and resources. [10:08] Resources can be anything from software to workshops to all sorts of things to help people identify, manage, monitor, and report on the risks. [10:20] Risk managers can champion a risk-intelligent culture across the organization. Risk-intelligent culture is a term coined by Deloitte in a white paper. [10:46] Risk managers are the ones who champion the integration of ERM into existing policies, structures, and processes. They get the risk committees going, they make sure that the issues get escalated to leadership, and that policies, procedures, and controls are improved. [11:07] Risk Managers facilitate proactive risk thinking. They conduct risk sensing and report on emerging risks. An ERM person is a generalist. They don’t manage a particular area but check in with everybody about rising risks and report that information. They have people tracking risks. [11:55] We have a new political landscape and changes in society. There are always new health issues arising. As long as there’s somebody in an organization paying attention to conditions, the ERM person’s role is to make sure those things get considered at the leadership level. [12:19] A Risk Manager can provide a structured discipline for the consideration of risk in decision-making. They can lead risk workshops. They can make sure a risk-assessment process is built into regular management meetings. They can support risk-mitigation activities. [12:46] Risk Managers can support mechanisms to provide timely risk information to decision-makers. [12:54] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”. [13:14] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [13:25] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [13:45] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [14:23] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes. [14:31] Nominations are also open for t

    26 min

  5. 10/12/2024

    AI and Regulatory Risk Trends with Caroline Shleifer

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Caroline Shleifer, Founder and CEO of RegASK about the RegASK report, “The 2025 State of Regulatory Affairs and Compliance Report.” Justin and Caroline discuss how regulatory affairs professionals see AI adding the most value in three key areas of their day-to-day activity: augmentation, automation, and acceleration. Caroline shares some examples of these areas of AI. The report highlights AI and ESG as areas of increasing regulation. Caroline shares how risk management professionals can best prepare for the unique challenges these emerging regulatory areas present. The report suggests that AI solutions could transform regulatory affairs work, particularly in summarizing and adapting requirements to specific organizational contexts. Caroline offers her thoughts on risk management roles evolving alongside this AI adoption in regulatory affairs.   Listen for ideas on leveraging AI tech to stay current with the evolving regulatory landscape. Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode, coming to you from RIMS headquarters in New York. Our topic is AE adoption and regulatory risks with the Founder of RegASK, Caroline Shleifer. [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. [1:00] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year. [1:18] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:34] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:49] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [2:00] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th. [2:12] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes. [2:26] Interview! The adoption of Artificial Intelligence in an enterprise’s operations, workflows, and processes is on our members’ minds. AI presents its own unique set of regulatory risks. My guest today is here to discuss insights about AI adoption. [2:46] She is Caroline Shleifer, the CEO and Founder of RegASK, which recently released “The 2025 State of Regulatory Affairs and Compliance Report.” She is here to discuss some of the trends that she noticed from the surveys of senior executives and business leaders. [3:04] She shares her perspective on the upside potential of AI adoption and ways that risk professionals can work alongside regulatory professionals to ensure everything runs smoothly and above board. We’ve got data, trends, and perspectives to explore. [3:21] Caroline Shleifer, Welcome to RIMScast! [3:49] RegASK’s new report is “The 2025 State of Regulatory Affairs and Compliance Report.” [4:15] Caroline worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market. [4:47] Doing that, Caroline realized that many times there was a challenge in understanding which regulations applied or in being caught off guard by a regulation they were not aware of. Sometimes these regulations prevent businesses from launching a product as they plan. [5:28] It’s important to understand and catch up with the fast-moving regulatory environment. The challenge is understanding what applies to an organization well in advance so there are no delays or non-compliance. This is a recurring challenge for small and large companies. [6:00] Caroline looked at the technology used in the banking and finance systems to help with compliance. She wondered why not apply that technology to the consumer product and life science industry to develop a product to help the regulatory affairs team stay current. [6:35] About six years ago, Caroline founded RegASK, starting small with her clients in the consumer products and consumer health industry. She expanded it progressively to larger geographies and industry verticals. [7:06] Caroline respects risk professionals as they deal with challenges that are often overlooked by other business units. When the work is well done, no one sees it, as it seems seamless. No one sees the day-to-day work behind the scenes to prevent non-compliance. [8:02] Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial or having a big financial impact. [8:45] Sometimes the compliance manager is the default risk manager and wears many hats. [9:33] When Caroline formed RegASK, she saw something like AI was coming. She didn’t see how quickly it would come. Things that took RegASK years to develop a few years ago, take less than a year to develop now. RegASK has accelerated its roadmap due to recent developments.  [10:49] According to the RegASK report, 38% of regulatory affairs professionals feel at risk of non-compliance due to unawareness of specific regulations. That agrees with the feedback RegASK gets from its clients. [11:21] It’s very challenging to understand every regulation. RegASK provides the curation of regulatory information and helps pass the information to the right teams at the right moment with the right language, including what the impact and risk may be for different business units.  [12:27] The report says 27% of senior executives expect regulatory risks to have the biggest impact on businesses in 2025. Everyone should be aware of these risks and be attentive to understanding the landscape and what is happening around them. [13:17] Monitor regulatory agencies. Learn where and how to collect information and who should get the information you collect. Get training for the regulatory affairs team and the broader company on how to collect, summarize, and convey this information. [14:04] The third point is to understand that now you have some technology that can help in this process. Understand what your needs are and adopt AI technology to some aspects of your workflow to solve some critical challenges you have. [14:34] Understand what your workflow is. If you digitalize a process that is not optimal, you end up with a suboptimal digitalization and outcome. Study your current process and challenge it to see how it could be improved. Understand where technology can be leveraged in your process. [15:10] RegASK helps companies to understand their workflow and how it can be improved. Caroline recommends picking the right partner to help you. Caroline notes that RegASK has been featured in a Gardner industry report on regulatory agencies and technology solutions. [16:18] Plug Time! RIMS Webinars! On Thursday, December 12th, our final RIMS Webinar of 2024 will be presented by OneTrust: “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”. [16:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members. [16:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing. [17:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award. [17:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes. [17:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes. [18:04] Back to the Interview with Caroline Shleifer!  [18:20] Justin likes the part in the report that zeroed in on AI in regulatory risk management: augmentation, automation, and acceleration, three areas where AI will add value to daily activity. [19:10] Caroline says these are the key areas where the technology can support regulatory risk professionals. She gives an example of augmentation. AI can take the capture of regulatory change and augment it with external information that can come into play. [19:40] You can augment your initial data with additional feedback from your internal team’s experience and external experts. With technology, you can easily collaborate and have information in one place and integrated into your workflow. [20:29] Acceleration is about speeding up your workflow. Instead of searching multiple databases and websites, AI technology can leverage the search much faster. You type a question to get sources of information and then converse intelligently with the system. [21:12] Automation handles mundane repetitive tasks. You can automate searching for regulatory agency information. [22:01] The report also highlights ESG as an area of increasing regulation internationally. ESG regulations demand increased transparency a

    32 min

  6. 03/12/2024

    Stacking Habits with Olympic Gold Medalist Jon Montgomery

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   As the 2010 Winter Olympics gold medalist in men’s skeleton, Jonathan “Jon” Montgomery became a national icon, renowned for his spontaneous and exuberant celebration. Since 2013, Jon has hosted The Amazing Race Canada, captivating audiences nationwide. His career highlights include winning his first World Cup race in 2008 and earning two silver medals at the 2008 FIBT World Championships. Inducted into the Manitoba Sports Hall of Fame in 2019, Jon continues to inspire through his passion for sport and community. Jon recently keynoted the RIMS Canada Conference 2024 in Vancouver, where he took the audience along on his journey to Olympic history. RIMScast Host Justin Smulison was in the audience and was inspired by Montgomery’s story, which revealed the parallels between risk management and sports and competition.   To help close out 2024 and usher in the winter, Montgomery joined RIMScast to discuss his risk philosophies, highlighted by the ups and downs of training and competition. Justin and Jon discuss Jon’s victory at the 2010 Olympics followed by his failure to qualify for the 2014 Olympics. Jon reveals where he fell short and how he turned this failure into a life-changing habit of learning lessons from every setback. Jon comments on the differences between individual risk-taking, and risk professionals applying more risk-aware thinking. Jon talks about journaling his wins and losses in life. Jon credits his team for everything he achieves, from the Olympics to Amazing Race Canada. Jon shares how a misunderstood training program challenged him to his limit but built him up for the 2010 Olympics. Jon’s secret sauce is his curiosity and his desire to chase the best-informed guesses. Jon recommends stacking habits to make short-term goals become long-term commitments.   Listen in to hear Jon’s take on the RIMS Canada Conference 2024 and what he experienced there. Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Olympic Gold Medalist, Host of The Amazing Race Canada, and recent RIMS Canada Keynote, Jon Montgomery! [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. [1:08] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:30] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025. [1:41] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th. [1:52] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes. [2:08] Interview! My guest today is one of my favorite RIMS Keynotes from 2024, the 2010 Winter Olympics Gold Medalist for Men’s Skeleton, Jon Montgomery. He’s an icon in Canada. He’s known since 2013 as the host of The Amazing Race Canada, captivating audiences. [2:27] He’s an all-around great guy. His keynote at the RIMS Canada Conference 2024 inspired me. We are catching up now to close out 2024 with a little extra inspirado! We will discuss his risk philosophies and how our listeners can apply these philosophies to their lives. [2:58] Jon Montgomery, welcome to RIMScast! [

    44 min

  7. 26/11/2024

    Live from the ERM Conference in Boston!

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   The RIMS ERM Conference 2024 in Boston featured a stellar lineup of risk thought leaders who shared their experiences applying ERM practices to align risk management with strategy and showcase the value of more risk-aware corporate cultures. At the Conference, Justin spoke with two leading ERM practitioners in different primary areas to provide a range of perspectives. In this episode of RIMScast, Justin interviews Christopher Stitt about his session, which he based on the RIMS ERM Framework and the RIMS Risk Maturity Model. Justin interviews Catrina Gilbert about her position at the DFW Airport and her career in risk management and ERM, as well as current airport initiatives. Listen in for a sample of the offerings of the RIMS ERM Conference 2024 with its record-breaking full-capacity attendance.   Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:25] About this episode. Recorded live in Boston at the RIMS ERM Conference 2024, we have interviews with two fantastic guests! [:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:07] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:35] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [1:51] First Interview! Our first guest was a featured speaker on Day 2 of the RIMS ERM Conference 2024. His name is Christopher Stitt and he is the Founder and CEO of CrisisLead, LLC. [2:01] Chris’s session was titled “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” We’ll speak about that session and give a high-level overview for those who could not attend. [2:18] Chris has a fascinating background that led him to risk management and ERM. His career journey is an inspiration. We recorded live on-site at the Boston Hilton Plaza. Christopher Stitt, welcome to RIMScast! [2:51] This is Chris’s first ERM Conference. He’s enjoying it and likes getting a broader perspective of how the overall ERM community operates. It’s been a fantastic opportunity to network with some amazing professionals and learn from them! [3:20] Chris talks about the session he is giving, “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” It comes down to people. What sometimes gets missed in the ERM process is the human factor. [3:51] It’s about getting the buy-in necessary and the understanding of what risk is, not just from the senior level but across the board. A new concept, the Risk Intelligence Quotient, can help your organization understand how to look at, feel about, and interact with risk. [4:26] The Risk Intelligence Quotient, along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption. [5:03] Chris used the RIMS ERM Framework and the RIMS Risk Maturity Model as the foundation of his session. As he studied the RIMS Risk Maturity Model, he saw it was about the journey, from starting a risk program in a new business to developing a mature program. [5:37]

    25 min

  8. 19/11/2024

    Contract Review’s Role in Risk Management

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Andrew Bent on risk management involvement in developing requirements for contracts, the most important thing a risk professional can do before they start drafting insurance requirements, and the types of coverages and limits to include in a contract. Andrew shares his approach to reviewing contracts received from other organizations, and his pet peeves about reviewing contracts that have requests for endorsements or policy coverages that are hard to obtain or no longer exist. He shares some general tips for negotiations. Listen in for advice on win-win strategies in contract negotiations.   Key Takeaways: [:01] About RIMS. [:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD. [:26] About this episode. From RIMS headquarters in New York, we will delve into the importance of contract review in risk management with our guest today, Andrew Bent. [:47] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. [1:06] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes. [1:13] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker. [1:28] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”. [1:45] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. [1:57] Interview! Our guest today has 20 years of experience as a risk management professional and consultant and is known for the development, implementation, and optimization of ERM frameworks. He is Andrew Bent, the Senior Engagement Lead from Marsh Advisory. [2:17] Andrew is also one of the founding members of the RIMS CRMP Commission. He’s here to talk about the importance of contract review in risk management and to provide tips and strategies for effective review. [2:28] We will also discuss how contract review can even influence business relationships. Andrew Bent, welcome to RIMScast! [2:57] Andrew started in New Zealand as a chemical engineer. He compares chemical processes with risk frameworks. He then worked in risk management with the New Zealand Customs Service. [4:11] Australia and New Zealand’s governments made drastic cuts to public service about how resources were deployed. They did this with good risk management theory, the 4360 standard. [4:48] The Customs Service applied the 4360 standard to the risks of people, crafts, and goods coming across the border. They did risk assessments on many things. It was a good way for Andrew to understand how risk works and how to either mitigate risks or live with them. [5:22] There are only so many shipping containers that can get opened every day and so many people who can be evaluated every day if you don’t want to shut down your country’s entire commerce trade and flow. [5:41] Andrew stayed there for a few years. Then he moved to Canada in 2009, a financially difficult time. He loved Canada and found the people to be similar to New Zealanders. He worked in a large municipal police agency in Western Canada. [6:55] They were forward-thinking and strategic in how they thought about risk. He was able to help set up an enterprise risk management team and help accelerate the integration of strategy an

    33 min
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About

The official podcast of RIMS, the Risk and Insurance Management Society. Tune in for weekly discussions about risk management hot topics, interviews with leaders in the profession, and updates on RIMS events and education.

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  • Creator
    The Risk and Insurance Management Society, Inc.
  • Years Active
    2018 - 2025
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © All content in RIMScast is the exclusive copyright of The Risk and Insurance Management Society, Inc. (RIMS)
  • Show Website
    RIMScast

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