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.

  1. 2d ago

    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

  2. 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

  3. 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

  4. Sep 15

    Beyond Thoughts & Prayers: Safety and Security at Houses of Worship with Sal Lifrieri

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Sal Lifrieri, former NYPD detective and director for NYC's Office of Emergency Management during the 9/11 attacks. Sal is the author of the new book, Leading Through Chaos: What Decades in Intelligence, Crisis, and Chaos Taught Me About Leadership. As a security and counterterrorism expert, Sal Lifrieri draws on a 40-year career spanning homicide investigations, hostage negotiations, intelligence operations, emergency management, and corporate security. His experience offers timely lessons on how leaders can anticipate threats, respond decisively, and protect citizens during our most challenging and uncertain moments. Justin and Sal discuss practical, layered security for houses of worship, often involving volunteers, controlling access, and knowing who is entering the building, all while maintaining a spirit of welcome. They discuss what should happen well before a disruption to a service, what responses work if a person disrupts a service, and what roles different respondents, including law enforcement, can play. Sal points out that the best deterrent is intelligence information, and he advises how staff can get information before the service. Listen for Sal's advice on security teams, pre-planning, and having a well-defined evacuation strategy.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is Sal Lifrieri, a security and terrorism expert. We will discuss tips for how to keep houses of worship safe, especially during the High Holy Days. But first… [:45] RIMS-CRMP: RIMS Certification Week will be held from September 21st through the 25th. There is a link to the events in this episode's show notes, including three free webinars. The week is a global celebration of the RIMS Certified Risk Management Professional certification. [1:02] It is a virtual event for you to learn about the certification, how it can strengthen your career and organization, and understand how the RIMS-CRMP is shaping the future of risk management. [1:13] A link to Certification Week is in this episode's show notes. You can also find it at RIMS.org/Webinars. [1:19] Webinars: There are lots more RIMS Webinars coming up. On September 17th, AXA XL returns to present "Beyond the Loss Count: What Property Claims Reveal about Frequency, Severity, and Resilience." [1:32] On October 1st, Brown and Brown make their RIMS Webinars debut by discussing "The Future of Captives: What Risk Managers Should Think about Now." [1:42] Global Risk Consultants will return on October 8th to present "The 2027 Risk Agenda: 10 Engineering Priorities Risk Leaders Should Act on Now". [1:52] On Oct. 15, Verisk Maplecroft will lead the session "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight". [2:01] On Oct. 22, Zurich returns to tell us all about "Cybercrime, Fraud and AI: Real-World Threats and Practical Defenses for Business Leaders". [2:13] Origami Risk returns on October 29th with a session that will be announced shortly. [2:19] On Nov. 5th, Riskonnect returns to deliver the session "Signal Over Noise: Smarter Risk Analytics". Visit RIMS.org/Webinars to register. [2:30] 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! [2:48] On with the Show! Our guest today has 40 years of experience leading through high-pressure situations. He is a former New York Police Department Detective 1st Grade.  [3:00] He served on the department's elite Hostage Negotiation Team and later, the Protective Operations Unit within the Intelligence Division, overseeing Protective Intelligence and Threat Investigations for the Mayor of New York City. [3:14] He is the author of a new book, Leading Through Chaos: What Decades in Intelligence, Crisis and Chaos Taught Me About Leadership. He is here to discuss safety precautions and preparedness for houses of worship. [3:30] His name is Sal Lifrieri, and you may know him from his RIMS events appearances and sessions. [3:37] This is going to be a really great dialog, not just for RIMS members, but also for the public, for those individuals who may not be an official risk manager for your house of worship but have to take the lead on ensuring the security and safety of your congregants. Let's get to it! [3:58] Interview! Sal Lifrieri, welcome to RIMScast!  [4:19] Sal spent 20 years with the NYPD, from Patrol to Anti-crime to the Hostage Negotiation Team, which he regards as the highlight of his career. He went to the Intelligence Division, in charge of the Russian Organized Crime Project, then moved over to Protection. [5:03] Sal says the Intelligence Division of the NYPD is modeled after the Secret Service. Half the house does Criminal and half the house does Protection. Sal moved to Protection and took over the Threat operations and Intelligence operations for the elected officials and the Mayor. [5:23] Sal's final assignment was Mayor Giuliani. He took Emergency Management away from the Police Department and created a Mayoral Agency. About seven went over from the NYPD. [5:43] Sal says they sought to create the city's planning for any crisis or disaster. At the time, that was chemical and biological terrorism. They worked on the different threats that came through the city. [6:00] In January of '01, Sal retired as a Director of Security and Intelligence Operations out of OEM and started a consulting career. 25 years later, he is still at it. [6:24] Justin says that we're recording this in Early September, and this episode is being released a week after the 25th Anniversary of the September 11th terror attacks. [6:39] Sal says this anniversary is going to be different, considering that it is 25 years, and with what's going on in the world, the different issues and the volatilities that exist, and the things that are occurring with synagogues and houses of worship across the country and the world. [7:10] Sal says also, the fact that Rosh Hashanah starts on 9/11 is significant. That confluence of many things escalates the threat profile. [7:40] Justin says, as a member of a synagogue, in the last 25 years at his temple, he has seen an armed guard outside during the High Holy Days. Justin is at a Reformed temple. For Hebrew School, a security guard checks parent IDs. [8:06] Justin says, These are things they didn't have to worry about when he was a kid. Clearly, the risk threat has heightened. Sal agrees. [8:22] Sal says the threat profile has increased, and something problematic is the availability of social media for children. Parents used to hide children from bad things in the world, but today everything is out there and open for discovery by children. Children are no longer as innocent. [8:53] Justin asks about protection at houses of worship. Sal says you need concentric circles of perimeters, starting from the outside and working your way in. The protection starts weeks and months before any of these events take place. [9:44] Start looking at inappropriate correspondence that may be coming in and things that are happening at other facilities around you. Look at the congregation. If your congregation has a high-profile individual, that person may be a target. There are several things you have to look at. [10:12] That planning has to start very early. As you go from the very wide, you start bringing it down closer and closer. It's always great to be able to have law enforcement in front of you, whether a uniformed officer or even just a vehicle. It's definitely a deterrent. [11:06] Justin says that most houses of worship do not have a dedicated risk manager. The person with that responsibility could be a facilities director, clergy, or a volunteer. He asks what people in that situation should assess first. [11:37] Sal says people look at threat assessment as Voodoo. For personnel who don't have the expertise, law enforcement credential, or background, ask the building engineer or the guard, "If you were going to do something bad to this place, how would you do it?" [12:24] Once you can convince them that you're not accusing them, it's incredible what they can tell you. Ask, "Applying common sense, what are those things that you think are problematic and worry about?" They can start developing ideas of what might work well. [13:01] One of Sal's clients is a prominent synagogue in Manhattan. They were having planning meetings before the High Holy Days. One of the people on the security committee is a volunteer usher. He asked how we could check people in faster as they come in. [13:26] Sal says you want that feedback. You want them to tell you how things are operating and what they are thinking about. Apply basic logic to what you think might be wrong and go with it. Justin suggests asking someone on the custodial staff because they know the building. [14:05] Sal says the custodians are the people who, for the most part, get overlooked. They see what's lying on the desk or in the trash, such as inappropriate correspondence that came in. They're a critical element of who should be talked to in a team approach. [14:33] Justin asks about doors or windows that don't secure properly, such as the shooting in Uvalde, Texas, where the shooter entered through a closed door that was supposed to be locked. [15:03] Sal says don't rely on Security to give you the total picture. Go to the people using these things every day that can give you a good heads-up about what may be wrong. [15:19] A Quick Break! Many fantastic RIMS events are coming up in 2026. The 11th Annual Chicagoland Risk Forum will return to the Old Post Office on Thursday, September 24th, 2026. Visit ChicagolandRiskFor

  5. Sep 8

    25 Years of TRIA: Janice Ochenkowski on Risk, Resilience and Advocacy

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Janice Ochenkowski about her leadership, her career path, serving in RIMS External Affairs and later as RIMS President. They discuss the September 11, 2001 terrorist attacks, the loss of lives, and the impact the attacks had on life in the U.S. Justin and Janice talk about Janice's role in passing the Terrorism Risk Insurance Act (TRIA). They also address the financial and housing crisis of 2007-2008. Janice relates her testimony before Congress on various matters over the years, and how her RIMS leadership held her in her employment. Listen for wisdom on adapting and changing with the times, and using leadership opportunities to help your business as you move your risk career forward.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by former RIMS President Janice Ochenkowski. [:35] Janice will discuss how her time on the RIMS Board and as RIMS President helped ensure the passage of TRIA, the Terrorism Risk Insurance Act, in the aftermath of the 9/11 terror attacks. [:49] There will be plugs later on, and we will learn about Janice's fascinating career, but I wanted to address the fact that this episode is being released on September 8th, 2026, a few days before the 25th anniversary of the 9/11 terror attacks in the U.S. [1:10] Before we get started, I'd like to welcome back RIMS's Chief Executive Officer, Gary LaBranche, to say a few words. [1:18] Message from Gary LaBranche: 2026 marks a quarter-century since terrorist attacks on the United States killed nearly 3,000 people, injured many more, and impacted the lives of millions. [1:30] This RIMScast podcast provides the opportunity to reflect on the lives lost and the lasting impact of this tragedy on survivors, families, friends, first responders, and everyone who witnessed that horrendous day and has borne its burden over the past 25 years. [1:51] The events of 9/11 also revealed the best in human nature, such as the warm, welcoming affection shown by Canadians when U.S.-bound flights were diverted to Gander, Montreal, Vancouver, Halifax, and other locations in the aftermath of 9/11, as we learn in this podcast. [2:11] RIMS played a leading role in crafting and passing the Terrorism Risk Insurance Act (TRIA), which established an insurance backstop in the event of a future large-scale terrorist attack on America. [2:24] RIMS is working right now on bipartisan legislation in both the U.S. House and Senate to reauthorize TRIA. As we commemorate this day, let us rededicate ourselves to the important work that risk management does to make the world safer, more secure, and more sustainable. [2:46] On with the Show! Here to provide a brief history of RIMS's collaboration with members of Congress and the global insurance and risk management community is Janice Ochenkowski. [2:59] Janice was RIMS President in 2007, and as we will learn in this episode, she had a colorful career with RIMS and with Jones Lang LaSalle, a commercial real estate property owner. [3:13] Her RIMS participation prior to her presidency was instrumental in helping her get TRIA passed by Congress, so there's a lot to learn today … Let's get to it! [3:23] Interview! Janice Ochenkowski, welcome to RIMScast!  [4:04] Janice joined the Chicago Chapter of RIMS, not understanding the larger RIMS organization. She became an active member and an officer. She was President of the Chicago Chapter the year that Chicago member Art Bostwick was RIMS President. [4:55] Janice says Art was a good mentor for her. He encouraged her to follow in his footsteps to be national president. She laughed, but many years later, she did. [5:20] Janice started her risk management career in 1980; she joined the RIMS Chicago Chapter in '82 or '83. After moving through the chairs in the Chicago Chapter, she became a delegate to the RIMS Conference, started working in various committees, and moved into leadership. [5:47] Janice was elected to the Board, took on responsibilities for different chairs, and ended up in charge of Government Affairs. [6:01] Lance Ewing, the President at the time, asked the Board what roles they wanted to take. Janice said she would do anything except legislative stuff, because she didn't know anything about it. He burst out laughing, and suddenly that was her mandate. [6:31] Janice says she absolutely loved it. Jim McIntyre, who was RIMS's Washington Counsel, was a phenomenal mentor. He prepared her to testify, prepared her for meetings, and explained who she was going to meet and how it was going to work, and so on. [6:53] Janice says, from there, I went into a few other responsibilities and ended up as the President. [7:10] Janice started her career in 1980 at LaSalle Partners in real estate and financial services. There were 150 employees operating in six states. Because of Federal regulations regarding their pension work, they needed a full-time risk manager. [7:35] The legislation said they needed a risk manager but didn't explain what the risk manager needed to do. Janice had been teaching high school, and she wanted to move into business. [7:47] Janice interviewed through an employment agency with a variety of companies, and decided LaSalle Partners sounded interesting and it would be a good platform for her to get some experience and then move on. [8:02] Thirty-eight years later, she was still there, and retiring. When she retired, there were 90,000 employees in 100 countries. Janice had 17 full-time staff, globally, working for her. [8:20] Janice says LaSalle Partners started as a privately held company. Janice was one of the partners. It became a corporation and, after acquisitions, merged with Jones Lang Wootton, a UK real estate organization, and became Jones Lang LaSalle. [9:17] Janice says her career was a wild ride. She says she never could have imagined the experiences she had, the friendships she made, and the things that she learned and had opportunities to do, through her company and through RIMS. [9:36] Janice says she was able to draw links between the benefits of RIMS and the business of her business. When she went to board meetings, they asked how her RIMS work was going. She showed that being in leadership at RIMS helped her company to achieve its goals. [10:27] Janice says, when she started at RIMS, there were the local chapters, and then there were industry groups. The real estate industry group was extremely active. It was populated by very experienced real estate risk managers. They served as mentors to anyone coming on. [10:47] The group met not only during RIMS, but also in New York, in the fall, outside of the RIMS conference. Eventually, Jones Lang LaSalle supported the group's meetings and allowed them to use JLL buildings and support from technology to go forward. [11:07] Janice says, when she was going to a RIMS conference, she asked the JLL Board if there was anything they wanted her to focus on when meeting up with risk managers of their clients and vendors. [11:33] Over time, she didn't have to ask. They asked her, if you're going to your RIMS meeting, talk to this person. See if you can find out about this issue. There was connectivity between what Janice did at RIMS and supporting JLL. [12:10] Justin asks what Janice taught in high school. It was English and French. She can still speak un petit peu of French. She enjoys opportunities to speak to people in French and ordering from French menus. As a teacher, she wanted something different and moved into business. [12:42] Justin says that in over 400 RIMScast episodes, Janice might be the first guest who went from teaching and transitioned over to insurance. Janice says making lesson plans and executing them is good training for business. [13:07] Janice says she learned how to explain things. She had to translate insurance into real estate speak for JLL. She had to take real estate speak and translate it into insurance speak for underwriters and brokers. [13:22] Janice was comfortable speaking to groups because she had been speaking to unruly teenagers and getting them under control. Talking to a bunch of business people, who at least pretended to be interested, was a piece of cake. Janice says it was fun, and a good transition. [13:55] Justin brings up Janice's time as the Director of Government Affairs for RIMS. She became chair of what is now known as the RIMS External Affairs Committee. Lance Ewing nudged her into the role in the late 1990s. Then the September 11 terrorist attacks happened. [14:40] Janice says that one thing that's missing from most recollections is the immediate impact that the 9/11 terrorist attacks had. Before 9/11, there was the general perception that our borders were safe; there wasn't going to be an attack on U.S. soil. [15:15] When we saw the towers burning, when the plane went down, when the Pentagon was hit, that illusion was shattered. There was fear. We didn't know if this was the first of an aerial attack. Janice was on the 70th floor of the Aon Building, so it was a real concern for her. [15:40] Janice says, we didn't know if there was going to be an invasion or similar attacks around the country. To develop good risk management practices, the first thing you have to do is define the risk. [15:53] Janice says, we couldn't define the risk. The only thing we could do immediately was respond to the situation. She was thinking more with her Jones Lang LaSalle hat than with her RIMS hat. The entire leadership and spouses were on the West Coast doing strategic planning. [16:20] Janice says most of them operated in the Midwest and the East Coast. They had to get back, but there were no planes, no trains, and no transportation. They tried to get rental cars. So did everyone else in the world. [16:50] When the

  6. Sep 1

    Giving Risk Professionals Agency with Lawanda "Elle Michell" Hall

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Lawanda "Elle Michell" Hall about working with Spencer Educational Foundation. They discuss experiences outside the classroom, including mentoring, conferences, and responsible communication with industry professionals. They discuss the importance of participating actively in conferences, not just sitting there. Lawanda shares some of the gaps she sees between students' preparation and the readiness employers will expect from them. She explains how coaching can prepare them for entering the risk management workplace. Lawanda encourages RIMS chapters to give the mic to students so they can understand the importance of their voice. Listen for wisdom on listening without judgment and communicating responsibly.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is Lawanda "Elle Michell" Hall. She is a risk management student mentor. She is going to talk about how she is helping to guide the next generation of risk management professionals. But first… [:45] RIMS-CRMP! RIMS Certification Week will be held from September 21st through the 25th. A link to the week's events is on this episode's show notes, including three free webinars. The week is a global celebration of the RIMS Certified Risk Management Professional certification. [1:02] It is a virtual event for you to learn about the certification, how it can strengthen your career and organization, and understand how the RIMS-CRMP is helping shape the future of risk management. A link to Certification Week is in the show notes, or find it at RIMS.org/Webinars. [1:20] On September 9th, the Classroom to Career series concludes. Join experienced risk professionals for an engaging discussion about what it's like to build a career in the field of risk management. This session is complimentary for members and nonmembers. [1:38] Webinars: On September 17th, AXA XL returns to present the session, "Beyond the Loss Count: What Property Claims Reveal About Frequency, Severity, and Resilience." [1:49] On October 1st, Brown and Brown will make their RIMS Webinar debut with "The Future of Captives: What Risk Managers Should Think About Now." [2:00] Global Risk Consultants will return on October 8th. Their topic will be announced soon. [2:06] On October 15th, Verisk Maplecroft will lead the session, "Beyond the Horizon: Turning External Risk Into Decision-Ready Insight." [2:15] Origami Risk will return on October 29th with a topic that will be announced soon. [2:20] On November 5th, Riskonnect returns to deliver the session, "Signal Over Noise: Smarter Risk Analytics." Visit RIMS.org/Webinars to register. [2:30] 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! [2:48] The Spencer Educational Foundation's Funding Their Future Gala will be held on September 17th at the newly renovated Waldorf Astoria in New York City. Visit SpencerEd.org and the link in this episode's show notes.  [3:05] On with the Show! I mentioned Spencer just now because one of our favorite Risk Managers on Campus is rejoining us here on RIMScast. I'm talking about Lawanda "Elle Michell" Hall. She is the CEO of Intelligent Intentions. [3:21] We will talk about the habits, mindsets, and professional skills that are consistently distinguishing students who are making lasting impressions on recruiters and hiring managers, from those who need to sharpen their skills. [3:34] Also, some of the trends she is seeing among risk students, habits that they need to develop, and some that they need to break. We're going to have a lot of fun! Let's get to it! [3:44] Interview! Lawanda "Elle Michell" Hall, welcome back to RIMScast! [4:09] Lawanda says students preparing for a risk career need a menu of options. The next step would be aligning their appetite to the options, having the courage to create something that may not be on the menu, and having the courage to ask for off-menu options. [4:31] Lawanda says, as we navigate this industry, emerging technologies, and emerging risks, wrapping our minds around companies that don't exist yet and may come to exist, students look to the future, understanding that sometimes the options are not yet on the menu. [4:57] Lawanda encourages them to keep an open mind, keep a creative posture, and have the courage to ask, what are they not seeing on the menu that could also be an option, or how they can co-create an option aligned with their interests but also what the industry needs from them. [5:45] Lawanda and Justin agree that it is a heavy lift for students. Lawanda says students nowadays have such a broad reference that we didn't have, and that puts them in the position to be more creative and thoughtful about the future. [5:57] Lawanda says, tech change is happening much more rapidly for students than it did for us. That gives them a different posture for looking into the future. There's new technology every year. Lawanda says, we didn't replace our cell phones every year. We didn't have cell phones. [6:21] When we got cell phones, we weren't replacing them every year. Now, students are almost expected to update their technology annually. That's indicative of how they feel about the future, changes, and evolution. They have an accelerated understanding of the possibility of change.  [6:40] Lawanda says social media plays into it, where everybody has the latest and the greatest, and they think that they need to have the most updated thing. Lawanda says she gets anxious every time there's an update. Will she have to figure it out all over again? Chances are, yes. [7:43] Lawanda says students embrace that change. They look forward to it, and they expect it. That gives them a different mindset around forward thinking. [8:05] For experiential learning, Lawanda recommends coaching, attending conferences, and making sure students understand responsible communication with industry professionals. If you're not responsible and thoughtful about how you communicate, it can backfire. [8:24] Lawanda says she coaches students before conferences. She helps them understand how to maximize that moment, and not just be sitting there or standing there like a wallflower. She wants them to maximize the moment in whatever way they can. [8:43] Lawanda does coaching. She makes sure they attend conferences, not just the big ones, but also local events that are hosted by professional organizations, including RIMS. Students need coaching, conferences, and responsible communication with industry professionals. [9:18] Justin comments that attending a large conference and speaking to people takes a certain degree of confidence. Justin asks if being in school during COVID prevented young people from picking up social cues and networking cues. [10:00] Lawanda thinks that young people's social connections were declining before COVID due to social media. Students aren't communicating with each other. They text or use social media as armor to make them feel more comfortable and confident in their communication.  [10:22] Face-to-face interaction is awkward because they don't practice it amongst themselves or amongst the community. Lawanda says COVID amplified it, but it wasn't the beginning or the cause of it. [10:38] Social media continues to create that challenge because students are comfortable on their phones and engaging in that space. When students show up, the confidence and courage don't translate from social media to the real world. [11:01] Lawanda says students need to understand social etiquette and multi-generational communication and connection, the things we were taught because we didn't have a phone: you have to make eye contact, speak up so people can hear you; things we take for granted. [12:11] Lawanda says she's very curious. She is intrigued by students, and she listens to them. She wants to hear what they have to say. She doesn't have to agree. She doesn't sit in a place of judgment or offense. If you don't listen to them, they are not willing to listen to you. [12:46] From listening to students, Lawanda gains an understanding of their language so she can use their language to talk to them. It also shows her where their deficiencies are, so she can fill those gaps and help them understand how to take the next step toward their objectives. [13:19] A Quick Break! Many fantastic RIMS events are coming up in 2026. The 11th Annual Chicagoland Risk Forum will return to the Old Post Office on Thursday, September 24th, 2026. Visit ChicagolandRiskForum.org for more information. [13:34] 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. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [13:51] 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. [14:08] Also, remember to check out RIMS.org/Canada for our spinoff show, RIMScast Canada, hosted by National Conference Committee Chair, Aaron Lukoni. [14:19] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. Registration is open. Visit RIMS.org/ERM2026. [14:32] We're already looking to RISKWORLD 2027, which will be held over four days in New Orleans, Louisiana, from April 18th through the 21st! [14:42] RIMS members can exclusively register by September 4th for the best rate. And get first access to the hotel block. Hotel reservations open on Oct

  7. Aug 25

    When Geopolitics Hits the Balance Sheet with Cari Stinebower

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Cari Stinebower about sanctions as an enterprise risk management issue. They discuss the holistic view of the maritime space and enterprise risk. They cover aspects of the Terrorism Risk Insurance Act (TRIA) and how insurance companies, brokers, and reinsurers work with the U.S. Government to mitigate terrorism risk.   Listen for advice on keeping your organization compliant with respect to sanctions and terrorism risk.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will discuss geopolitical risk, sanctions, and TRIA with Cari Stinebower, a partner in the Washington, D.C. office of Steptoe. But first… [:42] RIMS-CRMP Virtual Workshops. RIMS will partner with PARIMA for the RIMS-CRMP on September 1st and 2nd for a two-day virtual workshop. Registration links are in this episode's show notes. [:55] Also on the webinars page, you will see a two-part series hosted by the RIMS Membership Department. The "Classroom to Career" webinar series highlights how RIMS equips students with the knowledge, skills, and connections needed to thrive in risk management careers. [1:10] Participants will gain insights into industry trends, career pathways, and practical tools that help them confidently step into the evolving world of risk management after graduation. These sessions will be hosted on September 1st and 9th. [1:24] These sessions are member exclusives and are complimentary for RIMS members, of course. So, if you are interested in becoming a member, this would be the time. Visit RIMS.org/membership. [1:34] Webinars: On September 17th, AXA XL returns to present the session, "Beyond the Loss Count: What Property Claims Reveal About Frequency, Severity, and Resilience." [1:46] On October 1st, Brown and Brown will make their RIMS Webinar debut with "The Future of Captives: What Risk Managers Should Think About Now." Visit RIMS.org/Webinars to register. [1:59] 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! [2:17] On with the Show! Our guest today is Cari Stinebower. She is a partner at Steptoe in Washington, D.C., and a former U.S. Department of the Treasury and Office of Foreign Assets Control (OFAC) Attorney-Adviser. [2:32] Cari focuses her practice on regulatory risk where U.S. National Security and Foreign Policy objectives intersect with cross-border business. [2:39] We will talk about fraud, money laundering detection, and cybersecurity, and how this can be connected to the Terrorism Risk Insurance Act (TRIA). [2:50] We'll also talk about how international sanctions can impact any organization, and why risk managers should be strategizing now, if they haven't already. There is so much to discuss!  Let's get to it! [3:04] Interview! Cari Stinebower, welcome to RIMScast! [3:24] Cari says she was at OFAC at an interesting time. She came in after a Hill job doing the campaign finance cleanup for the Democrats for three years, from 1996 to 1999. [3:38] Cari says that OFAC sank their teeth into anti-money laundering and the detection of fraud and corruption. When Cari joined Treasury as an analyst within OFAC, they slotted her into a position focused on counter-narcotics work, and also on the Milošević tribunal. [4:03] Cari says there was lots of work to do and not enough staff to do it. Everyone ot OFAC had then, and still has, multiple portfolios. Cari was splitting between Milošević and counter-narcotics work. [4:20] Cari says she spent a lot of time in Colombia working with banks and the Colombian government on anti-money laundering, focused on the cartels. The drug dealers were very sophisticated and were spectacular at establishing front companies and money laundering. [4:54] Cari says it was a very good lesson for what was to come through the counter-terrorism work. The Colombian narcotics traffickers and their front companies were light-years ahead on money laundering techniques and sanctions evasion. [5:44] Cari says in Colombia, at that time, the narcotics traffickers were excellent businessmen. It was such a lucrative career that they had to find ways to wash the cash. They were buying agricultural businesses, tourism businesses, pharmacies; anything they could to launder cash. [6:18] Cari says they could have been fabulous businessmen if they had gone legitimate. She says some of them tried. [6:32] Cari says 9/11 happened, so the world changed overnight. Cari switched from a counter-narcotics focus to a counter-terrorism focus. [6:44] They started chasing the money. Who was the source of the funds? Where was it going? Which financial institutions were involved? Were they doing it knowingly? Were they being used by governments? Were they being used by "charities"? How is it flowing? [7:03] Cari says that became her focus at OFAC for the next five years after 0/11, before she hopped into the private sector. [7:39] Justin asks about sanctions against nations. Cari says the old way Treasury used to do sanctions was by jurisdiction. A jurisdiction would be identified as prohibited, off-limits for U.S persons, meaning individuals and entities. [8:01] Any funds, transactions, or contracts that came into the possession or control of the U.S. person or entity would, by operation of law, be blocked or frozen; the title remained with the sanctioned party, but the U.S. person or entity had to freeze it and report it to the Treasury. [6:26] The original sanctions on Iran were jurisdictional, based on the government, based on persons located within the jurisdiction of Iran. The Department of the Treasury was aggressive in pursuing enforcement actions. [8:44] Financial institutions were sanctioned with multi-million-dollar penalties. The world started to voluntarily comply. It was U.S. driven initially, but European financial institutions and some of the Emirati financial institutions got on board and complied with the sanctions. [9:20] The Departments of the Treasury and Justice used a clause within the underlying statute for the Iran sanctions that allowed penalties to be imposed on non-U.S. financial institutions that were causing a U.S. bank to process transactions on behalf of the sanctioned party. [9:43] That was the line of the European banking cases that came out. Cari says banks were penalized from 2005 through 2015, which pretty much swept in everyone. [9:56] That was the modern buildout of the compliance program where the U.S. established it was applying its sanctions requirements not only to U.S. persons but to non-US. persons where they could also identify a nexus. [10:12] The favorite nexus was the use of U.S. dollars through the clearing system. Sanctions exploded. It was identifying ways to reach non-U.S. parties through the use of dollars, servers located in the U.S., call centers, approvals, or whatever they could, as a hook to get U.S. nexus. [10:51] Justin asks about sanctions against Russia, Iran, and North Korea. Cari says North Korea has sort of fallen off. There's a big focus on North Korea's use of forced labor. They've also been active in cyberspace and ransomware. [11:20] Cari says we don't see North Korea as often as we see Iran, Russia, and, to a certain degree, Cuba. It depends on the administration. For a while, Venezuela was really hot, from an anti-corruption, anti-money-laundering perspective, rather than a sanctioned invasion. [11:46] Justin speaks of the latest AML bill, passed in 2023. Cari says the big overhaul was under the Patriot Act, which updated and modernized the Bank Secrecy Act. It also updated and modernized the International Emergency Economic Powers Act (IEEPA), OPEC's big statute. [12:09] Cari says there have been updates since. When you hear M&A partners or private equity guys talking, they often refer back to the Patriot Act. The Patriot Act becomes this overarching term for updates to the AML laws and regulations. [12:48] Cari says there has been a growing evolution of the anti-corruption, anti-bribery statutes, the anti-money-laundering statutes, the sanctions world, and the adjacents like the whistleblower protections and the Terrorism Risk Insurance Act. [13:09] Cari says all of these components are part of this growing collective focus on upgrading U.S. Government abilities to protect against threats to national security and the economy. [13:32] Justin says risk managers are accustomed to thinking about operational and financial risks, but sanctions can feel like a legal issue. Part of the problem is you may have a legal officer who is not a risk manager or a risk manager who is not a legal officer. [13:48] Justin asks, When should sanctions become an Enterprise Risk Management issue? Cari says, looking at OFAC's enforcement actions, sanctions should always be an Enterprise Risk Management focus. [14:04] It's very easy for the bad guys to take advantage of a business if it's siloed. The easiest way to detect a problem, whether it's financial sanctions evasion or exposure to corruption, is if the enterprise is looking holistically at its business, its counterparties, and its transactions. [14:26] Cari says, when we're working with clients on building a global compliance policy or procedure, we keep telling them that it's better to have a holistic view of the business, customers, and geography. [14:43] Not only geographic risk, customer risk, or service risk, but also across the regulatory schemes. If you have sanctions exposure somewhere in your enterprise, you're also likely going to have an anti-money-laundering issue, a corruption issue, and/or an export controls issue.  [15:06] Cari says when you're building out co

  8. Aug 18

    Opening Windows of Tolerance with Sophie Grégoire Trudeau

    Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Sophie Grégoire Trudeau about her closing keynote for the RIMS Canada Conference. Justin asks Sophie about her connection to risk managers or risk professionals. Sophie explains that all decision-makers are risk assessors. Justin and Sophie address leadership in incredibly high-profile environments and the qualities Sophie believes define strong leadership today, when people are facing uncertainty, competing priorities, or significant change. Sophie explores the window of tolerance.   Sophie explains how Canada is often viewed internationally as collaborative and consensus-driven, and the uniquely Canadian approaches to leadership, wellness, or community that she believes have value on the global stage. Sophie touches on her wellness practices, the importance of adaptability, and what adaptability is.   Listen for Sophie's single most important principle she would share with risk professionals.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We are delighted to present an interview with one of Canada's national treasures, Sophie Grégoire Trudeau. [:39] Sophie is an author and mental wellness advocate, and will be the closing keynote speaker at the RIMS Canada Conference on October 21st. There's so much to discuss! But first… [:49] Plugs: This is the last call for educational content submissions for RISKWORLD 2027, which will be in New Orleans, Louisiana, from April 18th through the 21st. The deadline for submissions is August 21st, just a few days from the launch of this episode. [1:07] The submissions link is in this episode's show notes. [1:10] RIMS-CRMP Workshop. On August 27th and 28th, RIMS President Manny Padilla will be leading the two-day, in-person workshop at St. John's University at 101 Astor Place in New York City. A link to the registration is in this episode's show notes. [1:30] RIMS-CRMP Virtual Workshops. RIMS will partner with PARIMA for the RIMS-CRMP Exam Prep on September 1st and 2nd. Registration links are in this episode's show notes. [1:39] Also on the webinars page, you will see a two-part series hosted by the RIMS Membership Department. The "Classroom to Career" webinar series highlights how RIMS equips students with the knowledge, skills, and connections needed to thrive in risk management careers. [1:55] Participants will gain insights into industry trends, career pathways, and practical tools that help them confidently step into the evolving world of risk management after graduation. These sessions will be hosted on September 1st and 9th. [2:08] These sessions are member exclusives and are complimentary for RIMS members, of course. So, if you are interested in becoming a member, this would be the time. Visit RIMS.org/membership. [2:18] On October 1st, Brown and Brown will make their RIMS Webinar debut with "The Future of Captives: What Risk Managers Should Think About Now." A link is in this episode's show notes. [2:30] 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! [2:49] On with the Show! I will be joined by a co-host today. She is the RIMS Canada National Conference Committee Chair and RIMScast Canada host, Aaron Lukoni. Aaron and I both wanted to interview our guest today, so we are sharing hosting duties. [3:08] We are amped up for this interview with Sophie Grégoire Trudeau. The RIMScast Canada video of this interview will be available this week at RIMS.org/Canada. [3:18] Sophie is the author of Closer Together: Knowing Ourselves, Loving Each Other, a Number 1 bestseller featured in Audible Canada's Best of 2024 list. She is the former wife of Justin Trudeau, former Prime Minister of Canada. [3:35] We are excited that she will be the closing keynote for the RIMS Canada Conference, which will be held from October 18th through the 21st in Quebec City. Register at RIMSCanadaConference.ca. [3:46] Today we will get a preview of her keynote and her perspective on risk management. She will open our minds to something called the window of tolerance. Learn more about her at Sophiegregoiretrudeau.com. There's a lot of energy in the RIMScast studio today. Let's get to it! [4:05] Interview! Sophie Grégoire Trudeau, welcome to RIMScast! [4:11] Sophie says to everybody listening that she is so, so happy to be here. She comments on the saying that life is not a private affair. She expounds that we have so much to learn from one another. Conversations like these are about business but even more about humanity. [4:38] Sophie says humanity will never be lost. Whatever we think that AI will do to our world, humanity will reign. We have to make sure we understand humanity to be able to manage it well. [4:56] Sophie says the etymology of the word risk is uncertain. It comes from the Italian word risco, having to do with navigation dangers. But some historians say it comes from a Greek word meaning root, cliff, or hazard. [5:47] Sophie says, finance, through history, has changed the word risk to mean not only facing danger, but also the uncertainty surrounding the outcome of a decision. [6:00] Sophie says she has talked with popes, queens, kings, farmers, teachers, nurses, and others who don't fit the definition of only being in risk assessment. [5:22] But human beings, whatever they do in life, have been dedicated to countering the true nature of our primal brain, which doesn't like uncertainty. [6:35] Sophie has a lot of respect and reverence for risk management people, who do this as their daily jobs, because it means that you've got to be seeing the world as it is and not from your perspective. Sophie says she finds that's what the world needs these days. [7:06] Justin had the chance to listen to Sophie on some other shows, such as the Aspen Institute last year, and a show called Can't Be Sensored. Justin is listening to Sophie's audiobook, and he comments that she does a lot of research. [7:33] Sophie says she keeps herself grounded, as a teacher and coach, so whenever she gets on a stage, whether she's talking to 50 people or 10,000, she has always done her research and homework. As she ages, she finds the homework is paying off. She never takes it for granted.  [8:24] Sophie says she was on the co-political path for almost 15 years. Assessing risk is all they do every day, and seeing how you can save the most vulnerable in every situation. When people see Sophie at events in high heels and a dress to mingle, that's not what politics is about at all. [8:47] Sophie says politics is about serving each other, assessing risk, and making decisions with the most discernment, facts, and data, from a regulated state. [9:00] Sophie says, if you look at the state of the world, so many leaders aren't well-regulated and aren't well-informed. When it comes to risk management, that is of absolute importance. [9:16] Aaron asks Sophie what qualities define strong leadership in today's workforce and society, when facing uncertainty, competing priorities, and significant changes. [9:34] Sophie says she is passionate about the answers to that question. Her life's devotion is studying the neuroscience behind personality. That's why she wrote Closer Together, to make it accessible to everybody, whether low-profile or high-profile. [10:02] Sophie says what is really impressive in a true leader is the human capacity to see the world for what it is and not through who they are. That takes a lot of emotional regulation, emotional maturity, and a lot of work on one's inner world. [10:17] Sophie introduces the concept of the window of tolerance. AI is coming at an incessant speed. Our brains are not ready for that speed. [10:40] We're being bombarded with information and new situations at the high rate of efficiency of machines, and we're just trying to adapt. We're all in reaction mode. [10:54] When we're in reaction mode, and we're not prepared for whatever risk is coming, we are brought back to our own window of tolerance. It's part of being a human being. [11:17] Sophie says your first childhood bond of attachment, in your pre-verbal years, makes you the leader that you are today. From zero to two years old, you form a bond of attachment called the epistemic bond of trust. [11:34] The epistemic bond of trust is the first bond of trust you build with another human being, the person who took care of you, and the outside world. [11:44] It's a dance; a vocal, visual, earful dance, nervous system to nervous system, right brain to right brain, the hemisphere responsible for the emotional development of the human brain. That dance lasts from zero to two years. [12:08] Sophie says it sets a tone in your nervous system. Did you have a parent who was present? What was the quality, the consistency, the presence, and the playfulness? What is the tone that it set in your nervous system as a child? [12:27] You carry this in every single adult relationship that you'll ever have, including the ones with your employees or your colleagues. [12:35] Sponsorships! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. RIMScast is proud of its longstanding relationships with AXA XL, Global Risk Consultants, Alliant, Zurich, and more. [12:57] Links to many of these episodes are in the show notes. RIMScast sponsorships can be bundled with whitepapers and webinar sponsorships. [13:05] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! [13:17] Reach out to Ted Donovan at TDonovan@RIMS.org or reach out to Sales at Sales@RIM

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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 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © All content in RIMScast is the exclusive copyright of The Risk and Insurance Management Society, Inc. (RIMS)
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