RIMScast

The Risk and Insurance Management Society, Inc.

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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.

15h ago

The Risk Leader, Reimagined with Michelle Dewarrat

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Michelle Dewarrat, a member of the Strategic and Enterprise Risk Management Council, about the two sessions she will co-present at the RIMS ERM Conference 2026 on November 19th and 20th. They discuss what attendees can expect from these advanced sessions, one on Agentic AI and one on the Multifunction Risk Leader. Michelle also shares her career path, how she landed in ERM, and her ERM philosophy. Listen for Michelle's insights into operationalizing your ERM Program. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by Michelle Dewarrat, a member of the RIMS Strategic and Enterprise Risk Management Council who will be co-presenting two sessions at the RIMS ERM Conference 2026, which will be held November 19th and 20th. [:45] It's an ERM-centric episode! Before we get to our interview… [:50] Webinars: Origami Risk will return on December 10th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." This was rescheduled from October, and if you were registered for it, you are automatically registered for the new date in December. [1:08] We will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On November 10th, we will host a session about the "Terrorism Risk Insurance Act and Program: an update on Federal Developments." [1:23] On December 3rd, we've got "Third-Party Litigation Financing: What Nuclear and Other Verdicts Mean for the Industry and Your Bottom Line." Find all webinars at RIMS.org/webinars. [1:34] I've got a link on this episode's show notes to the virtual workshops for the RIMS-CRMP. [1:40] Special announcement: On December 3rd and 4th, 2026, from 10:00 a.m. to 5:00 p.m., you can prepare for the RIMS-CRMP exam with the RIMS 2026 President, Manny Padilla, at St. John's University at 101 Astor Place in New York City. [1:57] The exam application fee is included if you register for this prep course. Visit RIMS.org/Certification and the link in this episode's show notes. [2:07] The Q3 Edition of RIMS Risk Management Magazine is now available at RMMagazine.com. Check it out! [2:14] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and more informative and entertaining content from RIMS. Subscribe to the channel today! [2:31] A special message from ERM Conference Keynote Roger Spitz: "I'm Roger Spitz, Chairman of the Disruptive Futures Institute and President of Techistential, where I advise leaders on strategic foresight, artificial intelligence, and decision-making under deep uncertainty. [2:54] "I'm excited to join you at the RIMS ERM Conference, November 19th and 20th, in Columbus, Ohio. [3:01] "My keynote, "Black Swans and Golden Geese: Risks and Returns in the Era of Unpredictability," will explore how systemic disruption, accelerating technological change, and AI are challenging the traditional approaches to risk management. [3:16] "When risks are interconnected, unpredictable, and capable of cascading across entire systems, yesterday's models may no longer be enough. How can we anticipate disruption, build organizational resilience, and adapt quickly enough to turn uncertainty into opportunity? [3:33] "We'll examine new approaches to navigating complexity through my Triple-A Framework: Antifragile, Anticipatory, and Agility. In an unpredictable world, the forces that look like value destruction for the unprepared are where to concentrate for those ready to move. [3:53] "They're the golden geese that surface in disorder. [3:56] "I look forward to seeing you at the RIMS ERM Conference. Register at RIMS.org/ERM2026." [4:07] Thank you, Roger. We look forward to seeing you at the RIMS ERM Conference. [4:11] On with the Show! We have another featured speaker on our show today. Michelle Dewarrat is the Senior Vice President of Risk Management for Balfour Beatty Investments and a valued member of the RIMS Strategic and Enterprise Risk Management Council. [4:26] Michelle will co-present two sessions at the RIMS ERM Conference. Catch her November 19th at the session "The Autonomous Risk Officer: How Agentic AI is reshaping ERM." [4:38] On November 20th, Michelle will co-present "The Multi-function Risk Leader Round Table: Managing Across Domains Without Losing Control." We're going to get a little bit of a preview of these sessions and learn a bit about Michelle's career and her ERM philosophy. Let's get to it! [4:55] Interview: Michelle Dewarrat, Welcome to RIMScast! [5:01] Michelle has two sessions at the RIMS ERM Conference 2026: one on November 19th, "The Autonomous Risk Officer: How Agentic AI is Reshaping ERM," and then, on the 20th, "The Multi-function Risk Leader Round Table" with two other SERMC members. [5:29] This is not the first time Michelle is presenting at the RIMS ERM Conference. Last year, she did a panel with some of the GRC platforms. Michelle says she feels as ready as you ever are to speak publicly. [5:46] Michelle is the SVP for Risk Management at Balfour Beatty Investments. She is based in Phoenix, Arizona. She does a lot of public speaking in her role. It's how she engages in the business. She started her career in Sales and Operations. [6:24] Michelle says the culture piece and the relationship piece are key to having a successful program. Justin says he has a great respect for people who are in sales. [7:06] Michelle says there are a few different functions that report to her in the Risk Department at Balfour Beatty Investments. She has one other risk professional who works on ERM and an Operational Assurance team that does control testing and operational audits. [7:20] Michelle says Balfour Beatty Investments is a UK publicly traded business. They are implementing Provision 29, so Michelle is working with the group on that. She also has a Quality Assurance and Quality Control (QAQC) function that reports to her. [8:01] Michelle has been with Balfour Beatty Investments for two years. They were under a monitorship as a military housing business to build out their Risk and Control Framework and build out their Risk Function. [8:21] Balfour Beatty Investments has a couple of other businesses in the U.S., mostly working in construction, buildings, and infrastructure. Most of Michelle's tenure has been focused on military housing, but they have other investments they work through with the leaders there. [8:45] Michelle says that, out of sales and operations, she moved into quality assurance and then into compliance. She did compliance for about a decade. Then she was asked to transition over to risk management. She has been solely in risk management for about eight years. [9:11] Michelle was at Insight, a technology reseller, when she moved from Compliance to Risk Management. She continued in Risk Management at CSG, her last company before Balfour Beatty Investments. [9:30] Justin says his first job was for the New York Law Journal, part of the American Lawyer Media brand. [10:12] Michelle says she loves that ERM is never boring. You get to work with all pieces and functions of the business. You get to be brought into all different projects, especially once you've embedded and built those relationships and shown the value you bring ahead of time. [10:27] Michelle says it's also the strategy. She likes figuring out how we can drive business forward. Risk is essentially strategy. When you can build those relationships and see the business grow because of what you're doing, that's always amazing. [10:45] Justin says you've got to have patience. Michelle says she learned that over time. [11:09] Michelle says in her day, you went into Risk with the experience you brought to the table. Risk was not an option when she went to college. You have to be continuous learners in Risk. If you're not, you run into some challenges. You have to be open to new experiences. [11:40] Michelle says ERM forces you to keep learning. ERM is the risk practitioners, program experts, and framework experts, but all the business units are the subject matter experts, and ERM needs to come to their level and learn what they're doing and understand it. [11:58] Michelle says knowledge in risk is a mile wide and an inch deep. We are not experts in every part of the business; we just help facilitate it. [12:14] Michelle says you always have new leaders coming in with different perspectives and experiences on how they interacted with Risk at previous organizations. Getting their attention is all about showing value. It needs to be a two-way street. She talks about that with her folks. [12:33] Michelle tells her people, You know the value. We've seen it as practitioners. We know what we can bring to the table. We know what has happened in the past. [12:40] Michelle says getting that seat at the table is always a challenge, and it always has been. A sales background comes in handy. You know the value, but you have to earn that trust. [12:49] You have to continue to work at it and never get complacent with where you are. New leaders come in and the dynamics change. [13:13] Michelle's approach is to get in front of new leaders as soon as possible when they start. She offers them support. The first 90 days in a new position are just a flash. You don't know where to start and who owns what. Building confidence within the risk function is helpful. [14:15] Michelle says it's always a challenge to balance new risks, whether regulatory changes or moving into new verticals. There are always challenges. Michelle says she doesn't think anyone outside of healthcare had the pandemic on their risk register. They had to adapt quickly. [14:28] Michelle says, For us, it's k
Nov 2

Whatever Happened To Predictability? Roger Spitz Explains

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Roger Spitz on a variety of ERM and futurist topics, including his career path and the thought leadership he provides today. They discuss unpredictability, uncertainty, and why the future is not clearly seen. They discuss the importance of agility and how improv prepares for it. Roger shares his thoughts on how ERM practitioners can be ready for the unknown. Listen for Roger's thoughts on antifragility, being anticipatory, and agility. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by Roger Spitz, Chair of The Disruptive Futures Institute, President of Techistential, and the opening keynote speaker for the RIMS ERM Conference 2026, which will be held November 19th and 20th in Columbus, Ohio. [:48] Before we get to our interview… [:50] Webinars: On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." [:59] Origami Risk will return on December 10th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." This session was rescheduled from October, and if you were registered for that one, you are automatically registered for the new date in December. [1:15] We will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On November 10th, we will host a session about the "Terrorism Risk Insurance Act and Program: an update on Federal Developments." [1:31] On December 3rd, we've got "Third-Party Litigation Financing: What Nuclear and Other Verdicts Mean for the Industry and Your Bottom Line." Find all webinars at RIMS.org/webinars. [1:41] I've got a link on this episode's show notes to the virtual workshops for the RIMS-CRMP. [1:47] Special announcement: On December 3rd and 4th, 2026, from 10:00 a.m. to 5:00 p.m., you can prepare for the RIMS-CRMP exam with the RIMS 2026 President, Manny Padilla, at St. John's University at 101 Astor Place in New York City. [2:04] The exam application fee is included if you register for this prep course. Visit RIMS.org/Certification and the link on this episode's show notes. [2:14] The Q3 Edition of RIMS Risk Management Magazine is now available at RMMagazine.com. Check it out! [2:21] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:39] On with the Show! The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. Learn more and register at RIMS.org/ERM2026. Our guest today will be kicking things off at the conference. [2:58] He is Roger Spitz, the Chair of The Disruptive Futures Institute and the President of Techistential. He joins us today to provide a preview of his keynote, "Black Swans and Golden Geese: Risks and Returns in the Era of Unpredictability." I'm stoked, and I want to get right to it! [3:18] Interview: Roger Spitz, Welcome to RIMScast! [3:44] Roger says he's probably the only futurist with a background in M&A. He started as a chartered accountant (ACA) in the UK and moved into investment banking. He was Global Head of M&A for BNP Paribas, advising boards, CEOs, and investors on acquisitions and divestments. [4:19] Roger was based in London. In 2017, the CEO asked him to rebuild the M&A Tech practice in San Francisco. He promised himself when he came here that he would go down the rabbit hole of change. [4:34] Roger did a lot of microcourses on complexity systems, foresight, even stand-up comedy, and all kinds of things, looking at change from different vantage points. He felt futures was an interesting umbrella for that. [4:54] Roger felt that the way even the most sophisticated, well-paid business leaders think about the world as a linear, predictable, stable, controllable set of assumptions was not only wrong, but that the cost of relying on those assumptions would increase. [5:12] Roger says, after a few years, he decided to leave investment banking and spend full-time thinking about strategic foresight. He wrote a book. He set up a practice, Disruptive Futures Institute. At the time, it was esoteric to think about unpredictability, but today he's pretty busy. [5:47] Roger says that amongst the microcourses he took, one vantage point for understanding change was stand-up comedy, especially improv. He did several courses on improv to think about the surprise element and change from that perspective. It's how he got to where he is. [6:43] Justin says he did stand-up as well. He understands the rush of it, but there is spontaneity to it. He didn't do improv as a class, but he did stand-up for a year in Manhattan. In stand-up, you learn a lot about yourself and what you can endure. It's just you and the audience. [7:22] Roger says he learned about himself and his confidence. He also learned what features cause surprise, but also that with the right tools, mindset, and ways of seeing the world, there's nothing wrong with surprise and unpredictability. You can take it and run with it. It's "yes, and." [7:48] Roger says if you don't have that toolkit or operating system, improv might feel a little bit uncomfortable or surprising. Roger took improv not only to learn about himself, but also to learn what toolkits are effective in these kinds of environments that are more prone to surprise. [8:40] Roger says, once you have a certain way of seeing the world, or mindset, it's in you. You're not going to unsee it or no longer think of "yes, and," or other reflexes. It's intuitive. Some exposure to improv is a very useful tool. [9:08] Justin mentions SNL UK. Roger says he is South African, the home of Trevor Noah, but spent more than 20 years in the UK. [9:51] Justin mentions we will see Roger on November 19th, kicking things off for us in Columbus, Ohio, for the RIMS ERM Conference 2026. The keynote is titled "Black Swans and Golden Geese: Risks and Returns in the Era of Unpredictability." [10:07] Justin asks: How should risk professionals rethink the traditional relationship between risk and return when organizations are operating in conditions of deep uncertainty? [10:22] Roger mentions two aspects: One is how one thinks about deep uncertainty, and two is what that means. [10:37] Roger starts with the foundations. The 100-year-old distinction between risk and uncertainty is helpful for environments which are relatively stable and predictable. You can get a sense of the probability of risk. Uncertainty is not as well understood. [11:26] Roger says the World Uncertainty Index is through the roof since the 1900s. Uncertainty is conflated with other things and is not always clearly understood. Conventional uncertainty is that you know the possible outcomes; you're just not sure about the "probabilization." [11:49] Roger continues: Who will win the elections? Will there be a recession? You know the question. There's an answer. It's pretty straightforward. [12:01] In deep uncertainty, you don't know the potential outcomes. You don't know the probabilities. You can't put a hierarchy on them, or if you did, they wouldn't necessarily be in agreement. You're not taking into account how these possible outcomes might interact. [12:27] Roger says you're not taking into account the next-order implications, nor is there agreement or alignment on how you might mitigate them or whether they even exist. [12:39] What are the exact implications- not just geopolitical, but technology, geofinance, societal- if China becomes the number one in the world in a dominant way, which is very possible? [12:54] What happens with longevity? What is longevity? Is it 200 years? No longer diseases? No longer aging? What happens if you work and live in space? What happens with singularity diversity if it happens? Once you put all that together, think about how they might interact. [13:10] Roger says that's deeply uncertain. Therefore, we wrote a detailed paper with the Head of Foresight of AXA on the topic on Risk.Net. We're looking at something more akin to unpredictability. [13:32] Roger says unpredictability is not the same as uncertainty. If you take uncertainty in an environment that is non-linear, emergent, with unknown unknowns, you need trial and error, playbooks, predict-and-act modeling; you don't have a known answer. [14:05] That is very different from the predict-and-act frameworks and modeling that a lot of the risk and return industry relies on. Not only is unpredictability a key feature of that, but the outcomes can be disproportionate, both for risk and returns. [14:31] Putting all that together, Roger says the most important thing is that you need to shift the mindset from a risk "probabilization" or return calculation to outcomes. What are the potential outcomes in terms of magnitude? [14:48] How do we think about what can lead to either breakdown or breakthroughs? What are the features that might make these outcomes potentially very sizable and that might be breakdowns or breakthroughs? [15:07] That's not the same as conventional predict-and-act modeling. It's not the same as scenario analysis, where you ask "what if something" and you have two edge cases. [15:19] Roger says my thesis is that what we're talking about is a constant environment, not a few edge cases or exceptions you need to think about the "what if" for. You don't really know. It's a constant. It's systemic. And therefore, it's business as usual, as opposed to an edge case. [15:40] A Quick Break! Many fantastic RIMS events are coming up in 2026 and 2027. The RIMS ERM Conference 2026 will be held in Columbus, Ohio on November 19th and 20th. Our guest today, Roger Spitz, is the keynote. We can't wait to see you
Oct 26

Panic, Purpose, Networking and Risk with Amy C. Waninger

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Amy C. Waninger, CEO of Lead at Any Level, about her more than a decade in the insurance industry and then moving into leadership development and consulting. They discuss what makes someone effective at leading through uncertainty. Amy explains what "leading at any level" looks like for someone who doesn't have a leadership title. She delves into navigating change, networking, leadership, and cultivating the talents you choose so you can bring forward the best value you have to offer to others. Amy talks about the human side of change and how to adapt to it internally before leading others through it. Amy tells about her experience as the closing keynote at the RIMS Texas Regional Conference 2026. Listen for Amy Waninger's advice for one practical way you can start building a stronger and more intentional professional network. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is Amy Waninger. She was a keynote speaker at the RIMS Texas Regional 2026, and she is here to discuss how networking can provide a path to leadership and opportunities in the risk management profession. Before we get to our interview… [:51] Webinars: On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." [:59] Origami Risk returns on December 10th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." This session was rescheduled from October, and if you were registered for that one, you are automatically registered for the new date in December. [1:15] We will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On November 10th, we will host a session about the "Terrorism Risk Insurance Act and Program: an update on Federal Developments." [1:31] On December 3rd, we've got "Third-Party Litigation Financing: What Nuclear and Other Verdicts Mean for the Industry and Your Bottom Line." Find all webinars at RIMS.org/webinars. [1:41] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [1:58] On with the Show! Amy C. Waninger is the author of Moving from Panic to Purpose: Surviving and Thriving During Unrelenting Change at Work, and she was the closing keynote for the RIMS Texas Regional 2026. [2:13] In this episode, we discuss how risk professionals at all levels can access frameworks that they can use, and the confidence to lead through whatever comes next. [2:28] Since Amy was an insurance professional for 10 years, she has unique insight into what many of you are going through right now. We'll talk panic, purpose, networking, and leadership today. We're going to have a lot of fun! Let's get started! [2:44] Interview! Amy C. Waninger, Welcome to RIMScast! [3:00] Justin says it's a cool opportunity to have Amy on the podcast, as this is the unofficial Networking Month in the U.S. [3:36] Justin notes that Amy is a former insurance industry professional. She calls herself a recovering insurance nerd. [3:53] Amy had an IT career first. In her career in information technology and software development, she was in a consulting role for a major insurance carrier for a couple of years. She transitioned into management at that carrier. She was there for almost 10 years. [4:19] Amy worked in Business Systems and IT Systems across Claims, Underwriting, Analytics, and Actuarial, in both Personal and Commercial lines. She has had exposure to a lot of things. She has a CPCU and "a whole bunch of other letters" after her name in that space. [4:58] Amy had been working for a very small consulting firm. It was a good insurance year, and Amy joined the insurance company for the bonuses. Then she fell in love with the industry. [5:29] Amy says when she worked for a major carrier, it was the first time she got real training on what to do as a leader in an organization. Up to that point, she had been reading books and cobbling together her own leadership philosophy. [5:47] Amy says that seeing that there was good training available to leaders in big organizations was eye-opening to her. That's a big part of why Amy started her own leadership development company. [6:00] Amy realized that she had been missing out on this information about a cohesive leadership narrative in her career up to that point. [6:28] Amy says starting a company takes more savings than you think it will. It takes more sales training than you think it will. And it takes a little more stupidity than you want to admit to. But she wouldn't change it for the world. She says she hopes she learns from her mistakes. [6:50] Amy says entrepreneurship is a big cycle of "try it, fail, try something else." [7:13] Justin asks what makes someone effective at leading through uncertainty. Amy says, one, being able to couch the change in a larger story that makes sense to people is really important as a leader in change. [7:26] Amy says, explain here's why this is happening. Here's what it means for us. Here's the opportunity, and here's what it could look like on the other side if we get this right. [7:41] Amy says from a personal navigation standpoint, leaders need to get their own oxygen flowing before they can help someone else. That is to find a way to respond that is authentic and values-driven, as opposed to reacting from a place of fear. [8:07] Amy says once people figure out what matters to them most in the change and align their activities and intentions toward what matters to them, then they can start to help others through it. [8:40] Justin asks what leading at any level looks like for someone who is not in a leadership role in their organization. Amy says she believes that your title does not make you a leader, and you need to lead first. [8:56] Leadership starts with knowing who you are and what you have to offer, and then pulling that forward at every opportunity so that you are maximizing your value to others, but also building confidence in yourself. [9:12] Leadership is about seeing an opportunity for what's needed and stepping into that fully, sometimes asking for permission, sometimes asking for forgiveness, depending on your environment. [9:25] Amy says leadership is stepping into those white spaces where there's a gap and saying I can take this; I can run with this. This is what I can contribute in this moment. That can happen for anybody, no matter where they sit. [9:39] Amy says she was doing this as an intern, seeing opportunities and stepping up, and speaking up when she saw something that needed a change or attention. [9:48] Every one of those moments becomes a defining moment in your career when people see your potential and what you have to offer and say Let's give them more opportunity for more white space so that they can make more of a difference. [10:05] Justin says if you stay at a position or a place long enough, usually you can show your worth, and somebody will give you that opportunity, and more than once. [10:27] Amy worked in insurance from 2008 to 2019. She was familiar with RIMS, but she was on the IT side, so the education and community she sought out was different from RIMS because she wasn't in risk management, per se. [10:56] Amy understood the relationship of RIMS to the insurance industry and the evolution of RIMS over time. The risk management role started as the person who buys insurance, and now it's everything from insurance to bonding to cybersecurity and global market forces. [11:21] Amy says It's fascinating to see the evolution of this role over time. [11:40] Justin asks Amy what her reaction was to the Texas Regional 2026. The first thing Amy noticed was how many sponsors there were. She says, You know it's going to be a good conference if your sponsors are there, engaged, and excited to be there. [11:58] Amy says sponsors are how you get the open bar and the good food. Everything follows from drawing in those sponsors. Most of the problems people have in that room can be solved by going and walking the vendor hall. [12:20] Amy says she attends the same speaker conference every year. This year, she chose to skip some of the educational programming and just go talk to the vendors and sponsors there, to find out what problems they are solving that she may not even know she has. [12:50] That was as educational to Amy as some of the sessions she missed. She encourages people to do that at a conference. A lot of times, people try not to make eye contact and run through that space. That's a huge mistake. You don't know what solutions are available to you. [13:09] Amy says the first thing she noticed at the Texas Regional 2026 was the sponsor turnout, and the sponsor engagement and enthusiasm. [13:16] Amy says the other thing that he noticed was that people tended to talk with the people they came with. It's important to break up those cliques. Make a game of not talking to each other until dinner, and then meeting up and talking about who you met and what you learned. [13:44] Another game Amy likes to play, if she's there with somebody who is also an introvert like Amy, is to learn as much as she can about that person and their work, and make a game of introducing them to people, so the spotlight's not on her. [14:16] Amy says another game she plays at conferences is to attach herself to an extrovert, and let them introduce her to everybody. All of the pressure is off. Amy says it's good to team up. If she gamifies a conference, she's in good shape. [14:47] A Quick Break! Many fantastic RIMS events are coming up in 2026 and 2027. The RIMS ERM Conference 2026 will be held on No
Oct 16

Split Decisions and Strategic Risk with Lt. Gen. Darcy Molstad

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Lt. Gen. Darcy Molstad, Commander, Canadian Joint Forces Command, about similarities between the Armed Forces and risk managers, what the Canadian Armed Forces have taught him about uncertainty, gathering as much information as needed, and making the good enough decision. Gen. Molstad describes what qualities are needed in a leader or a risk manager. The discussion includes making decisions objectively, not emotionally, and the OODA Loop. They discuss the interconnectedness of risks, including geopolitical scenarios. Listen for Lt. Gen. Darcy Molstad's insight into three characteristics a good leader needs to have. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. I am interviewing Lt. Gen. Darcy Molstad, Commander of the Canadian Joint Forces Command. We will talk about strategic and split-decision risk-making ahead of his Keynote at the RIMS Canada Conference on October 19th. But first… [:52] Webinars: On Oct. 22nd, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders." [1:03] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." [1:10] Origami Risk returns on December 10th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." This session was rescheduled from October, and if you were registered for that one, you are automatically registered for the new date in December. [1:26] We will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On November 10th, we will host a session about the "Terrorism Risk Insurance Act and Program: an update on Federal Developments." [1:42] On December 3rd, we've got "Third-Party Litigation Funding: What Nuclear and Other Verdicts Mean for the Industry and Your Bottom Line." Find all webinars at RIMS.org/webinars. [1:52] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:10] On with the Show! If you follow RIMScast Canada, you may recognize this interview. It's available at RIMS.org/Canada, but I was so happy with the final product that I decided to take the audio and deliver it to the world via RIMScast. [2:28] Our guest is Lt. Gen. Darcy Molstad, Commander of the Canadian Joint Forces Command. Gen. Molstad joined the Canadian Armed Forces more than 30 years ago, and he has completed operational tours in Bagotville, Cold Lake, and Beaufort, South Carolina. [2:45] Gen. Molstad has commanded at the Squadron Air Task Force and Wing Levels. He conducted extensive post-9/11 alert duties across Canada and has deployed on operations in Asia, Iceland, Romania, and the Middle East. [2:59] Gen. Molstad has served in senior exec. roles, including Special Advisor to the Minister of National Defense, Director General in the Strategic Joint Staff, and Chief of Force Development. [3:11] On Mon., Oct. 19th, at 9:00 a.m., Gen. Molstad will kick off the RIMS Canada Conference 2026 with a fireside chat. We'll learn about his career, how risk management played a role, and the wisdom and knowledge that he imparts to risk managers and business professionals. [3:20] We'll learn about his career, how risk management has played a role, the sort of wisdom and knowledge that he imparts to corporate risk managers and business professionals, and get a preview of the sorts of risk philosophies that he'll share at the RIMS Canada Conference, 2026. [3:40] If you're on the fence about attending, we hope this interview will give you the extra incentive you need to register at RIMSCanadaConference.ca. I'm so proud to present this interview! [3:52] Interview! Lt. Gen. Darcy Molstad, Welcome to RIMScast! [3:58] Justin mentions the crossover between the armed services and risk management. They make strategic decisions and split-second decisions. There's the long view and the short view. Gen. Molstad says our day-to-day in the military is all about risk management. [4:16] Gen. Molstad says it's about mitigating risk to the extent possible, accepting a certain amount of risk, understanding what the ramifications are in accepting those risks, and how you deal if something happens, ensuring you arrive at your objectives, through risk management. [4:44] Justin asks about Gen. Molstad's comfort with uncertainty being inevitable. Gen. Molstad says you learn to get comfortable with it over time. Gen. Molstad joined the Canadian Armed Forces not to be a three-star general and a strategic leader but to be a fighter pilot. [5:03] Gen. Molstad found himself being promoted over the years into these positions of leadership where risk management was his bread and butter. As a commander and as a business leader, it is your responsibility to manage that risk and understand it. [5:19] Uncertainty is not the exception; it's the norm. We have to be comfortable in that uncertain space. We have to understand what information we are seeking. [5:30] We have a bias toward accessing information that's simply available to us and is easy to get, rather than the information we need to make the best decision. We have to make decisions without the full amount of information. [5:45] We say in the military, perfect is the enemy of good enough. A good enough decision faster, with the ability to adapt in an agile manner, is in many ways better than the perfect decision that takes forever to get to. You'll never get to that perfect decision. [6:04] Justin asks: How do you build an organization that is prepared for the unexpected without trying to prepare for every possible scenario? [6:17] Gen. Molstad says the military approach is to look at scenarios. The two most important scenarios the military considers are the most likely course of action and the most dangerous course of action. They will look at other subscenarios. [6:38] Gen. Molstad says that when he was a fighter pilot and was leading large force employment missions, and he was briefing 100 different formation members the next day, he woke up in the night thinking about a contingency that he had never thought of. [6:53] Then he wrote down a few notes about what he would do in that contingency, in order to brief the formation to execute the mission successfully. [7:02] Gen. Molstad says the best plans rarely survive contact with the enemy (and your competitors). You can build the best plan in the world, but it's likely never going to be executed as you planned, so you have to have a level of agility built into your system to be able to adapt. [7:19] Gen. Molstad says that comes with two things. One is experience. The more experienced the leader you are, the more situations you've seen; you've got a repository of scenarios you can draw back into to determine what's the best course of action very quickly. [7:37] Gen. Molstad says there's another aspect that's not well-studied: fluid intelligence, or the ability to take an abstract situation you've never seen, and process this complex set of information to come to an abstract idea of the best course of action. [7:59] It's a combination of experience and fluid intelligence. When people talk about intuition, it's just a fancy word for experience. Intuition is drawing on your previous experience. [8:14] It's a combination of things: perfect is the enemy of good enough, and we've got to be ready to adapt with the good, rough decisions. [8:25] Gen. Molstad is looking forward to that fireside chat. One Important thing, thinking about risk management, is that we have to think about it from the bigger picture. Many times, people look at the nearest alligator to the boat, the immediate crisis. There's always a bigger picture. [8:52] Gen. Molstad says in the military we have different levels of operations: the tactical level where the engagement happens, the operational level with Army, Navy, and Air Force working together, and the strategic and political levels where there's a bigger picture to all of it. [9:12] Gen. Molstad says there's a tendency to react quickly to immediate risks and urgencies. You cannot become a heat seeker in a room full of candles without thinking about how that impacts everything else. State actors, in world political situations, are playing 3D chess. [9:41] Gen. Molstad says many activities are linked. Countries approach things from a whole-society approach where all instruments of national power are being used in concert with each other, and complementary to each other. [9:55] Gen. Molstad says it's the same thing in the corporate world. In many cases, risks are related to other risks and opportunities. We have to be able to take a step back and see what the bigger picture is. [10:08] Justin refers to interconnected risks. Gen. Molstad says they are interconnected, and these are complex problems. There are no easy solutions. Whatever solutions you develop are probably not going to be perfect solutions. [10:31] You have to build resilience and agility into your organization to react quickly. It's very important to challenge your assumptions. We have to do that constantly. Our assumptions can change gradually and insidiously. Follow a rigorous cycle of reassessing your assumptions. [11:00] Some assumptions change drastically. Think of the geopolitical assumptions that have been made in the last couple of years. [11:08] A Quick Break! Many fantastic RIMS events are coming up in 2026 and 2027. The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. The agenda is live, and registration is open. Visit RIMS.org/ERM2026. [11:28] We're already looking to
Oct 13

TRIA, NFIP and TPLF: RIMS Advocacy Update with Mark Prysock

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Mark Prysock, RIMS General Counsel and VP of External Affairs, about changes to the board nomination process, RIMS Advocacy efforts, and how RIMS makes an impact. Mark tells how the March 2026 RIMS Legislative Summit was a success. They discuss the National Flood Insurance Program. Mark and Justin discuss two upcoming webinars Mark will host for RIMS Advocacy on November 10th (on the Terrorism Risk Insurance Act and Program) and December 3rd (on third-party litigation funding legislation). Listen for Mark's insight into RIMS Advocacy, Public Policy, and Legislative Goals. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will get an advocacy update from RIMS General Counsel and Vice President of External Affairs, Mark Prysock. But first… [:42] Webinars: On Oct. 15th, Verisk Maplecroft will lead the session "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight." [:52] On Oct. 22nd, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders." [1:03] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." [1:11] Origami Risk returns on December 10th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." This session was rescheduled from October, and if you were registered for that one, you are automatically registered for the new date in December. [1:26] Find all webinars at RIMS.org/webinars. [1:29] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [1:47] On with the Show! We are overdue for an advocacy update, and Mark Prysock is here to tell us what is going on with third-party litigation funding, the National Flood Insurance Program, the Terrorism Risk Insurance Act, and some new board nomination protocols for RIMS. [2:08] Whether you are a U.S.-based member or an international member, this episode will speak to you. Always feel free to reach out to Mark Prysock for any other questions or comments. [2:21] Mark is also here because we will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On Nov. 10th, we will host a session about the Terrorism Risk Insurance Act (TRIA) and an update on Federal developments. [2:39] On Dec. 3rd, we will host a session about third-party litigation funding. I will be there to announce, and Mark Prysock will moderate. Links to those webinars are at RIMS.org/Webinars. These are the topics that are driving the profession now, so let's learn more about them today. [2:55] Interview! Mark Prysock, Welcome Back to RIMScast! [3:23] Mark says that for the past two years, the RIMS Board of Directors and the Senior Management Team have explored various changes to the Society's governance to make sure that our governance practices are in sync with best practices across the association landscape. [3:42] Mark says the most significant change that we adopted is that we are now sending out a call to serve to our members each year, asking them to self-nominate for positions on the Board. That is a significant change for the organization. This year is the first year that we did it. [4:01] Mark is pleased to report that RIMS received a number of very qualified applications. The Nominating Committee sifted through them, conducted interviews, and settled on next year's Board slate. He says the process went extremely well, and it's how we will do it going forward. [4:24] Justin asks if this was one of the initiatives led by former RIMS President Kristen Peed. Mark says Gary LaBranche, RIMS CEO, and Kristin Peed, Chair of the Nominating Committee, took the lead on this project. Accepting self-nominations is brand new. [4:47] Mark says we did a few other things: We changed the composition of the Nominating Committee, and we changed the procedure for appointing officers. The most significant change was sending this call to serve to our members, inviting them to an online application page. [5:15] Mark says it is considered a best practice in the association space to send out a call to serve to the full membership, letting them know there is a webpage dedicated to the process and what to expect as a Board member. It was good for RIMS to adopt that change. [5:53] Mark says this is an annual selection process. Every year the Board will have a conversation about what desired competencies they are looking for in incoming candidates. The Nominating Committee will update the web page accordingly and send out a call to serve. [6:33] Justin asks about the vibe in Washington, D.C. Marks says things have been interesting. It is adversarial, coming up to the mid-term elections. That has made it a little more challenging to accomplish the RIMS legislative goals. RIMS has had some successes. [7:08] Mark says one thing that's very interesting is that there are many members of the House and Senate who are retiring or moving on at the end of this term. There will be a lot of new faces in Washington, beginning in January. [7:23] Mark says that will put a bit of pressure on our public policy program to make sure all these new people are educated on our issues. Justin notes that means there will be new staff members to forge relationships with at the Legislative Summit. [7:46] Mark says there will be a lot of new Congressional staffers who may not know the RIMS issues or priorities. It's on us to make sure that they do know these things, so we will be spending a fair amount of time in D.C. [8:05] Mark says the Legislative Summit is a very important vehicle for us to deliver our message to Members of Congress and their staff. [8:25] Mark says meetings with the new Congressional staffers are important opportunities. You get a sense early on in conversations with staff or Members of Congress as to where they stand on RIMS issues. It's good to find new friends. The RIMS issues are not terribly controversial. [8:47] Mark says it comes down to educating people on the importance of what RIMS is trying to accomplish. If the RIMS team is successful at that, they should make some new friends. [9:07] Justin recalls that former RIMS President Janice Ochenkowski was a RIMScast guest. She mentioned that sometimes Congressional staffers will stay on Capitol Hill and work for a different Congressperson. Mark says absolutely that is the case. [9:23] Mark says if a member of Congress is losing their job, their staffers use their connections and whatever means available to find new work. Mark was a Congressional staffer, and the Member of Congress he worked for lost his reelection bid. The staffers had to find new work. [9:48] Mark says it's pretty common for staffers to remain on the Hill, working for different Members. For Mark, it was networking. [10:12] Mark says if you spend enough time up on Capitol Hill, you realize that the Legislative Branch of Government is run by people under the age of 35. From the Chief of Staff down to the Legislative Correspondent, these are people who, for the most part, are younger than 35. [10:29] Everybody networks, and you get to know staffers from other offices really well. Opportunities often present themselves. You just have to decide when's the best time to jump. [10:45] A Quick Break! Many fantastic RIMS events are coming up in 2026 and 2027. This is the last call for registration for the RIMS Canada Conference 2026, which will be October 18th through the 21st in Quebec City. Visit RIMSCanadaConference.ca for more information. [11:02] Also, remember to check out RIMS.org/Canada for our spin-off show, RIMScast Canada video podcast. [11:11] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. The agenda is live, and registration is open. Visit RIMS.org/ERM2026. [11:25] We're already looking to RISKWORLD 2027, which will be held over four days in New Orleans, Louisiana, from April 18th through the 21st. Member-only registration will open on November 4th, and general registration will open on December 2nd. [11:44] Get first access to the hotel block! Hotel reservations open on October 28th, ahead of public registration. Sitting this out is the real risk. The registration link is in this episode's show notes. [11:56] Let's Return to Our Interview with RIMS General Counsel and VP of External Affairs Mark Prysock! [12:06] Justin mentions the RIMS Public Policy Committee. Lynn Haley Pilarski, with General Motors, has chaired the Public Policy Committee for the last couple of years. The Vice Chair is Polly James, with Feld Entertainment. The Committee has been active on a number of fronts. [12:33] The Public Policy Committee identified RIMS's legislative priorities and found different ways to work those issues, either through grassroots letters, RISK PAC donations, the Legislative Summit, and other lobbying visits. The Public Policy Committee has been active. [12:55] RIMS's top legislative priorities are: The reauthorization of the Terrorism Risk Insurance Act (TRIA), the National Flood Insurance Program, which is included in the Continuing Resolution to fund the Federal Government, and is typically in short-term extensions of months. [14:05] Mark says the National Flood Insurance Program is now funded through December 11th of 2026. It is the 36th time the program has been temporarily extended. Mark says Congress will pass another Continuing Resolution to fund the Government into 2027. [14:29] Justin brings up third-party litigation funding. Mark says it has become a big issue for a lot of organizations. It means
Oct 6

Spencer Scholar Tram Nguyen, 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 Tram Nguyen, honored as a Spencer Scholar at the Spencer Funding Their Future Gala in September in New York City, about her acceptance speech during the Gala, her experience as a young Vietnamese professional, and building her career in the United States. Tram tells about learning to navigate a new language, a new academic environment, a highly specialized field like risk management, and what that experience taught her about herself. Tram tells how she learned abt risk management at UConn Business School, and how that connected her to Spencer Educational Foundation, and from there to an internship at BNBuilders, which will shift to a full-time risk analyst position when she graduates in December. Tram speaks highly of her Spencer experiences and why she is passionate about the risk management industry. Listen for Tram's advice for students learning about Insurance and risk management. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is one of the 2026 Spencer Scholars, Tram Nguyen. But first… [:42] Webinars: Global Risk Consultants will return on October 8th to present "The 2027 Risk Agenda: 10 Engineering Priorities Risk Leaders Should Act on Now." [:53] On Oct. 15, Verisk Maplecroft will lead the session "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight." [1:01] On Oct. 22, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders." [1:12] Origami Risk returns on October 29th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." [1:21] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." [1:28] We will close out the year with two webinars from the RIMS Advocacy and External Affairs Committees. On Nov. 10th, we will host a session about the Terrorism Risk Insurance Act (TRIA) and an update on Federal developments. [1:44] On Dec. 3rd, we will host a session about third-party litigation funding. Both of those sessions will be moderated by RIMS General Counsel Mark Prysock. He will be our guest next week on RIMSCast. Visit RIMS.org/Webinars to register. [1:59] RIMS on YouTube! RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:18] On with the Show! Our guest today wowed the heck out of me while she was on stage receiving her honor at the Spencer Funding Their Future Gala in September. Tram Nguyen was one of two Spencer Scholars honored this year. [2:34] Tram is from Vietnam. She is currently wrapping up her studies for an MS in Financial and Enterprise Risk Management at UConn, and she is an incoming risk analyst at BNBuilders in California. [2:48] Tram started in a rural area in Vietnam and worked her way up to being one of the rising stars of the risk profession. [3:01] Tram was just as warm and fun onstage as she is in this interview. I think you're going to learn a lot, not just about her life but also why she's so comfortable on stage, how her personal philosophy guides her risk philosophy, and more. Let's get to it!… [3:23] Interview! Tram, thank you so much for joining us here on RIMScast! [3:32] Tram feels humbled because so many talented professionals and great industry leaders she admires have been on the RIMScast podcast. She thanks Justin for inviting her. [3:52] Justin saw Tram on stage as a Spencer Scholar at the Spence Funding Their Future Gala at the Waldorf Astoria on September 17th. Not only did she receive a wonderful scholarship and honor, but she delivered a memorized speech about herself. Tram says she practiced a lot. [4:26] Tram wrote the speech, and she knew what she wanted to say, so it was easier to remember everything. Justin says when he had to give a toast at his daughter's birthday party, he still needed his lines. Justin says Tram set the bar very high. [5:00] Tram says she is comfortable as a presenter. She was an emcee in Vietnam. When she first went on stage, she was nervous, but the more she practiced and got used to the stage, the more confidence she got. She also does meditation. Mindfulness helps her focus and stay calm. [5:59] Justin says he is glad to hear she felt that way. It takes time to develop those skills, but once you have them, you never want to be without them. [6:13] On stage, Tram spoke of being a young professional in Vietnam and of building her career in the U.S. Tram says she learned to speak English about a year ago. [6:42] Tram says that a few years ago, she didn't know she would be capable of speaking about risk management in English today. She says she learned that human potential is unlimited and nothing is impossible. [7:12] Tram says she prepares for everything. She has a mindset that if someone can do something, she can do it, too, if she learns it. Tram says if she really wants to do something, she will find a way and try as many times as necessary until she gets it. [7:29] Tram says before she came here, a year ago, she didn't have international schooling in Vietnam because her family was very poor. She went to a traditional rural public high school, three hours away from Ho Chi Minh City. [7:48] Tram went to Ho Chi Minh City and started to learn English. Mostly, she studied English through music and movies, but she didn't use it daily in Vietnam. [8:05] When Tram came to the U.S. a year ago, she started using English daily. She understood around 30 to 40% of the lectures at school. She emailed her professor for advice on how to succeed in this course as an international student with English as a second language. [8:33] Tram received guidance that she followed very seriously. She recorded each lecture. She studied a lot. She put herself out there and went to a lot of work events to practice her English. [8:51] Tram adopts new vocabulary words every day. She says her English skills have improved a lot. She says now she can understand 95 to 98% of the conversation. She is still studying and improving every day. [9:46] Justin asks how Tram learned about risk management and wanted to pursue a career in it. Tram says she started to learn about it when she was working at a bank in Vietnam, serving many clients. Insurance was always an important part of her KBI there. [10:02] Tram received a lot of training so she could consult with clients and sell them insurance products. Risk management was also a part of her work, especially in areas like anti-money laundering, investment consultation, and compliance. [10:20] Tram says that at the time, the insurance and risk management industry in Vietnam was still relatively young and underdeveloped. Tram didn't even realize back then that risk management was an industry. [10:34] Tram says that after working for a few years with clients and the situations she encountered, she saw many clients' companies go bankrupt because they didn't know how to manage risk well. [10:51] Tram realized she needed to understand risk management much more deeply if she wanted to become a trusted advisor and help her clients make better decisions. [11:03] Tram also says it is difficult to find people in Vietnam who have strong technical skills and deep knowledge in finance and risk management. That became one of her motivations to study abroad and learn from a developed country, like the U.S., and fill that knowledge gap. [11:23] Tram says when she came to the U.S., she got involved in many events, conferences, and workshops related to risk management. She was doing her master's program, connecting with people in the industry, and she realized the potential of this field and how special this industry is. [12:00] A Quick Break! Many fantastic RIMS events are coming up in 2026 and 2027. Save the dates: October 18th through the 21st. In Quebec City, we will be hosting the 50th Annual RIMS Canada Conference. Visit RIMSCanadaConference.ca for more information. [12:16] Also, remember to check out RIMS.org/Canada for our spin-off show, RIMScast Canada video podcast. [12:25] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. The agenda is live, and registration is open. Visit RIMS.org/ERM2026. [12:40] We're already looking to RISKWORLD 2027, which will be held over four days in New Orleans, Louisiana, from April 18th through the 21st. Member-only registration will open on November 4th, and general registration will open on December 2nd. [12:58] Get first access to the hotel block! Hotel reservations open on October 28th, ahead of public registration. Sitting this out is the real risk. The link to registration is in this episode's show notes. [13:11] Let's Return to Our Interview with 2026 Spencer Scholar Tram Nguyen! [13:23] Tram says she went to college at the University of Economics Ho Chi Minh City, a public university in Vietnam. It is very strong in economics. [13:41] Tram says when she came to the U.S., she started at UConn for her master's degree. She started to learn about risk management and the Spencer Educational Foundation through a professor at UConn. The professor had sent out an email about Spencer Scholarships. [14:13] Tram says this is her last semester. She will graduate in December. She is employed at BNBuilders as a risk intern, working remotely during school. After her graduation, she will move to California in December for full-time work. Her title will change from risk intern to risk analyst. [14:47] Justin says, You're a young person from a rural town in Vietnam who is in Connecticut and will eventually start a career in California in one of the emerging p
Sep 29

Broadcasting and Building Bridges with Mark Romig

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Mark Romig about a wide variety of topics, including International Podcast Day, September 30th, Mark's journey as an NFL announcer for the New Orleans Saints, having picked it up from his father Jerry, who announced for 44 years without missing a game, and facts about the great City of New Orleans and its deep and rich history, including Cajun culture and cuisine. RISKWORLD 2027 will be held in April in New Orleans. Mark shares tips on food to enjoy and culture to experience in the city. Mark offers his opinions about the ISO 31000 risk framework and its adaptability and flexibility across industries. He shares his insights on hosting a podcast and letting guests tell their stories. Listen for Mark's observations on what makes a great risk manager. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. This is our special International Podcast Day episode. We are delighted to be joined by Mr. Mark Romig. [:38] Mark calls the games for the New Orleans Saints and is the host of The Mark Romig Show, which you can find on the Love NOLATV channel on YouTube. [:47] Ahead of RISKWORLD 2027, being held in his hometown of New Orleans, we will discuss local cuisine, why New Orleans is such a great place for RISKWORLD, and his ERM philosophies. But first… [:59] Webinars: On October 1st, Brown and Brown make their RIMS Webinars debut by discussing "The Future of Captives: What Risk Managers Should Think about Now." [1:12] Global Risk Consultants will return on October 8th to present "The 2027 Risk Agenda: 10 Engineering Priorities Risk Leaders Should Act on Now." [1:22] On Oct. 15, Verisk Maplecroft will lead the session "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight." [1:31] On Oct. 22, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders." [1:42] Origami Risk returns on October 29th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require." [1:51] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics." Visit RIMS.org/Webinars to register. [2:01] RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:19] RISKWORLD 2027 will be held in New Orleans, Louisiana, from April 18th through the 21st. Registration opens on November 4th. Visit RIMS.org/RISKWORLD to register. [2:32] Our guest today is one of the top ambassadors of New Orleans. I'm talking about Mark Romig, best known as the announcer for the New Orleans Saints. He does the play-by-play, and as you will hear from this International Podcasting Day episode, he's got the broadcasting voice. [2:51] We will discuss why New Orleans is a perfect location for RISKWORLD 2027 and how RISKWORLD attendees should prepare for such a fantastic destination. We will discuss Mark's broadcasting legacy and what it takes to host his show, and his interview style and methods. [3:12] We're going to learn about his risk management philosophies. It's all going to be in this episode of RIMScast. Justin explains that this episode was recorded at lunch at Louisiana Joe's, in Oceanside, New York, dining Cajun to get into the spirit of RISKWORLD 2027. [3:45] First, Mark has a special thank you: "I want to thank the great folks at Louisiana Joe's for hosting Justin today, and I'll have to put my order in. Do you all do take-out?" [4:00] Interview! Live from Oceanside, New York, Mark Romig. Welcome to RIMScast! [4:16] Justin is recording from his favorite restaurant, Louisiana Joe's, in Oceanside, New York. He has the St. Charles Chicken Sandwich. Mark would like to reach through the screen and take some to New Orleans. Justin says this is a hopping place. It's great! [5:03] Mark says he will be at RISKWORLD 2027 in New Orleans. Mark suggests meeting Justin there at one of the many New Orleans restaurants. [5:37] Mark's father, Jerry Romig, was in broadcasting for many years. He became well known in the community by being the Saints announcer for 44 years inside the Superdome and before that at the Tulane Stadium. He never missed a game for 446 consecutive games. [6:21] Mark picked it up after his father retired in 2013, so this is his 14th season with the Saints in the Superdome. There has been a Romig voice in the stadium for 58 years. Jerry and Mark both have a deviated septum that gives them the same tonal quality. [6:54] Mark emulates Jerry's first-down calls. That's his homage to his Dad, to keep that same call going. [7:54] Mark says there are many aspects of New Orleans that appeal to everyone. He believes that it is the center of culture in this part of the world for history, music, food, and architecture. New Orleans is very walkable. Everything is concentrated. You don't need to take long bus rides. [8:34] Mark says, once you're in the central core of New Orleans, everything is within walking distance. The Morial Convention Center, where RISKWORLD will be, is right along the Great Mississippi Riverfront. [8:51] Mark says New Orleans has hundreds of great restaurants and over 40 museums, including the National World War II Museum. People come for important meetings like RISKWORLD or just to come on vacation. [9:30] Mark says the Morial Center has recently completed upgrades and renovations for over $600 million. It is one of the larger meeting facilities in the U.S. [9:49] We keep saying, "New Orleans is built to host. We have all the technology. We have all the services. We have all the things that make a meeting complete in one place. It's very much a walkable city." [10:18] Mark says New Orleans is charming. It's very hospitable. It's not uncommon to be walking down the street, and you may not know the person walking toward you, but that person's going to say, "How's your Mama?" or "How are you doing?" or "Good morning." [10:31] Mark says we just enter into conversations with strangers because we're a very welcoming type of community. Everyone is welcome here. [11:03] Mark talks about what you should be looking for on a menu in New Orleans. Red beans and rice is a staple, with sausage or ham, and the spices that go into it. [11:25] Look for Creole foods like shrimp etouffee, crawfish etouffee, fresh seafood like trout, redfish, or any one of the great delicacies coming out of the Gulf, boiled, baked, sauteed, or fried. We have oyster soup, fried oysters, and charbroiled oysters. [12:05] Mark says, "I'm making myself hungry now, watching you eat and thinking about food! As soon as this interview is over, I'm going out to have lunch." Justin says he's never had Louisiana-style oysters, but he will. [12:34] Justin says RISKWORLD has a lot of international attendees, and RIMS has a very sizeable Canadian membership. Justin asks about the connection between French-Canadian Acadians and Louisiana's Cajun culture. [12:54] Mark says a very important group of Canadians migrated down into Louisiana over 100 years ago from the Nova Scotia area and settled in the Southwest area of Louisiana. Many Louisianians take regular trips back to Canada to see family members still living there. [13:28] There are parts of Louisiana that still speak Canadian French. It's a community outside of Canada that Louisiana has become to Canada. We love our Canadian visitors, and we look forward to hosting them. [13:52] Mark says we have a strong French Consul General here. He mentions the Louisiana CODOFIL Program, which teaches students French in many Louisiana schools. [14:16] Mark says the Cajun French has its own culture and its own joie de vivre, as well as its own food creations. Louisiana is one of the most international states in the U.S. [14:52] Mark says you should not leave New Orleans without having café au lait and beignets. There are many places you can find those. [15:00] You probably will want to try them at Café du Monde, right off of Jackson Square, along the Mississippi River. Get your order and then go sit by the river and watch that river traffic. It's a magnificent way to experience the Mississippi River. [15:34] Mark says Jackson Square is the most historic part of New Orleans, with the St. Louis Cathedral, the second-oldest basilica in the U.S. [15:44] Justin has been to Café du Monde, and he suggests you will need to build in some time for standing in line. Mark says the line moves pretty fast. He also says don't wear dark-colored clothing because the powdery sugar tends to go everywhere. [16:07] A Quick Break! Many fantastic RIMS events are coming up in 2026. The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. The agenda is live, and this is a last call for registration! [16:23] Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [16:29] Save the dates: October 18th through the 21st. In Quebec City, we will be hosting the 50th Annual RIMS Canada Conference. Visit RIMSCanadaConference.ca for more information. [16:42] Also, remember to check out RIMS.org/Canada for our spinoff show, RIMScast Canada, with a new episode every month. [16:51] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. The agenda is live, and registration is open. Visit RIMS.org/ERM2026. [17:06] Let's Return to Our Interview with the Host of the Mark Romig Show, Mark Romig! [17:21] This episode is coming out just before International Podcast Day, September 30th. Mark is a podcast host. This is the second RIMScast official International Podcast Day episode. Justin says, we're very glad th
Sep 22

Energy Awareness and Future-Proofing Risk Programs with Roy Hock

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Roy Hock about "Future-proofing" a risk program and what it means. They discuss energy awareness and its importance, especially for an energy company. Roy tells of the insurance career journey that led him to Valero. He explains some of the products Valero provides. Roy tells how his Risk team mitigates risk for Valero. He explains how he manages Valero's captive insurance company. More than ever, there are regulatory risks that need to be mitigated where possible. Roy speaks of the South Texas RIMS Chapter and its engagement programs, including a shooting event and golf events. Listen for Roy's advice for young risk professionals who want to become strategic risk leaders over the next 10 years. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our topics are energy awareness and future-proofing a risk program. Our guest is Roy Hock, Director of Risk Finance & Casualty Insurance at Valero. But first… [:45] RIMS-CRMP: RIMS Certification Week will be held from September 21st through the 25th. The week is a global celebration of the RIMS Certified Risk Management Professional certification. [:57] It is a virtual event for you to learn about the certification, how it can strengthen your career and organization, and to understand how the RIMS-CRMP is shaping the future of risk management. [1:07] A link to Certification Week is in this episode's show notes. You can also find it at RIMS.org/Webinars. [1:14] Webinars: There are lots more RIMS Webinars coming up. On October 1st, Brown and Brown make their RIMS Webinars debut by discussing "The Future of Captives: What Risk Managers Should Think about Now." [1:27] Global Risk Consultants will return on October 8th to present "The 2027 Risk Agenda: 10 Engineering Priorities Risk Leaders Should Act on Now". [1:37] On Oct. 15, Verisk Maplecroft will lead the session "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight". [1:46] On Oct. 22, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders". [1:57] Origami Risk returns on October 29th to present "Managing Insurance Programs at Scale: What Complex Portfolios Require". [2:06] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics". Visit RIMS.org/Webinars to register. [2:17] RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:36] On with the Show! Our guest today is Roy Hock, the Director of Risk Finance & Casualty Insurance at Valero, one of the world's largest oil refineries. We will discuss what it takes to future-proof Valero's risk program, and we will discuss Energy Awareness Month in October. [3:08] You may know Roy from his presence in the RIMS Houston Chapter. He is a former president of that chapter, and you probably saw him at the RIMS Texas Regional in 2026. [3:23] Announcement: The speaker's views are his own, and not necessarily the views of Valero. [3:29] I'm looking forward to hearing how he manages risk for Valero, so let's get to it! [3:34] Interview! Roy Hock, welcome to RIMScast! [3:48] Roy started working for an insurance company right out of school. Most of his career has been in Houston. For the last six years, he has been in San Antonio at Valero. [4:03] Roy shares his early career path: underwriting, reinsurance, broker. Then he got his ARM. One of his friends was looking for a risk manager for a startup in Houston. Roy took the opportunity. He loved it until it was sold. [4:55] Roy moved on to another job. After a couple of years, Valero approached him, looking for a risk manager with experience in the oil and gas industry, for a job in San Antonio. Roy said yes. It's a wonderful city. He was very excited to be given the opportunity. [5:21] Roy says, six years later, he's Director of Risk Finance & Casualty Insurance, and loving every minute of it. [5:52] Roy says his work days are varied. Every day is an exciting new challenge. Roy oversees captive, casualty insurance, directors and officers insurance, and all other types of insurance. He works in a large team and is often the backup when people are out. He's keeping up his skills. [6:27] Roy also oversees the Risk Information Management System. Part of his team focuses on that, and he helps support them. [6:38] Roy says it's a big organization of 10,000 people, and there's always something happening. You never know what you're going to get from day to day. [6:48] Justin says he and Roy met right after RISKWORLD for a session with Origami Risk, "Future-Proofing Your Risk Program". Justin wanted to extend the dialog with Roy with Energy Awareness Month coming up in October. [7:06] Justin asks how important Energy Awareness Month is at Valero. Roy says every minute of every day is about energy awareness. [7:24] Valero is a refiner. They buy crude and refine it into jet fuel, diesel, and unleaded gas. They also produce ethanol and renewable diesel. They have their hands in a lot of things, all geared to moving people around the world. [7:52] Valero is always looking at how to create efficiencies and keep costs down. Energy is a big piece of that. They are in Texas, where wind and solar are big. Valero is a big energy consumer. [8:10] They try to keep the energy costs down and build efficiencies within the operation, not only to keep costs down but also to be more self-sustaining so they're taking less off the grid. [8:47] Roy says a risk manager not only has to understand the insurance side and the claims side, and how they interrelate, but you have to understand them in the context of your business. [8:58] You need to know how you make money, where the risks are, the trends you see, and help the organization identify those trends and find ways to address them when possible, via a captive or an outside carrier or internally with programs to mitigate risks and keep losses down. [9:23] Roy says if you don't understand the business, you can't do that very effectively. You need to understand the business. You don't need to know all the details of how a business works, but you need to know a very strong baseline and know who does know the answers. [9:38] Roy says creating that internal network is just as important as having the external network you get in the insurance world. You need to sit in between those two. [9:50] Roy has been at Valero for six years and two months. He came from an oil and gas background, on the insurance side of the business. He knew how the flow worked and what all the pieces did. Even after six years at Valero, Roy is still learning something every day. [10:22] Roy says it took a good year or two to feel comfortable "speaking" the business. He got there by listening to executives talk to carriers, by listening to earnings calls, and by listening to businesses asking Valero for things. Roy loves being a learner. [10:51] That's how Roy has gotten a baseline comfort with the business, and he knows who to ask when there are specific questions. [11:05] Roy has four people on his team, acting as internal support on top of other things they do for the company. The broad risk management group is around 20 people, including an internal TPA and risk engineers with niche knowledge in fire, water, and protection. [12:04] Roy says most companies don't do that. It's just how Valero developed over the years. [12:21] Justin asks what future-proofing a risk program means to Roy. Roy says it's staying on the pulse of what's going on in the business and in the insurance commercial markets, and maintaining a strong network across the board. Use that information. Does this apply to Valero? [12:58] Roy says you have to look at the workforce. Some people may retire. What does that mean? What will we look like in five years? Roy says we do a five-year team outlook for the knowledge transfer. What's on the horizon? [13:27] Twenty years ago, cyber was a thing, but it wasn't a real thing. Now, it's a bigger thing. It's something we have to look at. It's been insane. Roy asks, What's this AI going to do to us? [13:47] Roy says a lot of that is coming from internal questions and resources. People from different departments bring questions. Roy says it's going to RIMS conferences and learning what's going on in the world, in the RIMS space, and in the technology space. [14:07] Roy says bringing all that together is what helps future-proof us. [14:39] Roy says he thinks all risk managers inherently do that. We're always trying to stay ahead of the ball. They want to stay at the forefront of what's going on in the world, so they can address it before it becomes a problem. That's the key. You're trying to address it. [14:59] If it is a business decision, bring to bear your business knowledge in discussions: If we do this, this is what could happen, and this is how we can mitigate it. Do you want to take the cost of that mitigation? Roy says that having those discussions helps a lot, as well. [15:21] A Quick Break! Many fantastic RIMS events are coming up in 2026. The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. The agenda is live, and registration is open. [15:38] Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [15:44] Save the dates: October 18th through the 21st. In Quebec City, we will be hosting the 50th Annual RIMS Canada Conference. Booth sales are open, and sponsorship opportunities are still available. Visit RIMSCanadaConference.ca for more information. [16:01] Also, re

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4.6

out of 5

13 Ratings

Insightful informative!

10/14/2021

oliviabaker13

For those looking to stay up to date on an ever-evolving risk management landscape - tune in to RIMScast. Justin is a fantastic host who leads really insightful and informative conversations with his expert guests. Highly recommend listening and subscribing!

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RIMScast

The Risk Leader, Reimagined with Michelle Dewarrat

Whatever Happened To Predictability? Roger Spitz Explains

Panic, Purpose, Networking and Risk with Amy C. Waninger

Split Decisions and Strategic Risk with Lt. Gen. Darcy Molstad

TRIA, NFIP and TPLF: RIMS Advocacy Update with Mark Prysock

Spencer Scholar Tram Nguyen, RIMS-CRMP

Broadcasting and Building Bridges with Mark Romig

Energy Awareness and Future-Proofing Risk Programs with Roy Hock

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Insightful informative!

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RIMScast

Episodes

The Risk Leader, Reimagined with Michelle Dewarrat

Whatever Happened To Predictability? Roger Spitz Explains

Panic, Purpose, Networking and Risk with Amy C. Waninger

Split Decisions and Strategic Risk with Lt. Gen. Darcy Molstad

TRIA, NFIP and TPLF: RIMS Advocacy Update with Mark Prysock

Spencer Scholar Tram Nguyen, RIMS-CRMP

Broadcasting and Building Bridges with Mark Romig

Energy Awareness and Future-Proofing Risk Programs with Roy Hock

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