James Pruitt is the Vice President of Risk Management for GFL Environmental and is responsible for the risk management strategy, insurance and captive programs, claims management, and Enterprise Risk Management across North America. He joined GFL in the Fall of 2021 and served as a consultant to the CFO in a risk management capacity from 2018 to 2021. Prior to joining GFL, James was the Vice President of Private Equity Strategy at Risk International, where he was responsible for new business creation within the Private Equity space and led all due diligence strategy and program optimization engagements across the portfolios. He specializes in insurance due diligence, carve-out program creation, and risk management department implementation. James holds an MBA from Indiana University's Kelley School of Business and a BBA in International Finance from the University of Akron.

Today on In The Know, Chris Hampshire and James discuss private equity risk management and due diligence as well as unique exposures in the environmental risk management space.

Key Takeaways

• James's initial exposure to risk management eventually led to his career of building out and formalizing an entire program.

• The exposures of private equity risk management and variations from traditional programs.

• Exciting and rewarding opportunities unique to the private equity space.

• Private equity can be the "perfect" model for program efficiency.

• Major constraints of private equity programs.

• Key considerations when accepting a new and different role.

• Who you work with makes all the difference in the success of any position.

• James highlights the process of assembling a new risk management program.

• The current state of unique exposures in the environmental risk management space.

• A strategic five-year look at the future of the insurance industry.

• James shares practical advice to his early career self.

Quotes

• "The private equity world is definitely different from either stand-alone public or private companies."

• "The one factor I always weigh first is who I would be working with."

• "The goal for everyone on my team is to make sure you have a conversation with at least one person every day about risk management."

• "It takes a long time with a lot of renewals and bumps along the way to make sure that you don't duplicate those errors along the way."

• "At the end of the day, people are really there to foster relationships."