Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Shadowserver Foundation Alliance Director Tod Eberle about cybersecurity. Tod tells how his background as a prosecutor led to his interest in cybersecurity, how he encountered the non-profit Shadowserver Foundation, and how he left the public sector to work with them. He explains how Shadowserver provides actionable data to alert network owners and law enforcement of network vulnerabilities that need to be mitigated. He discusses trends in malware attacks, especially in ransomware. He shares his thoughts on ransomware threats of 2025 and the years to come. He provides tips on preparing your network against ransomware.

Listen to how you can harden your organization’s network against malware attacks.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.

[:33] About this episode. We will discuss cybersecurity with Tod Eberle, the Alliance Director of the Shadowserver Foundation.

[:55] RIMS-CRMP Workshops! On February 19th and 20th, there will be a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.

[1:18] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.

[1:34] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[1:58] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.

[2:20] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:31] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.

[2:49] This event is open for RIMS members only so if you’re not a member, join now! Visit RIMS.org/advocacy for registration details.

[3:02] Interview! Our guest Tod Eberle is the Alliance Director of the Shadowserver Foundation, a non-profit security organization working altruistically behind the scenes to make the internet more secure for everyone.

[3:15] Tod Eberle is with us to discuss the cybersecurity trends on his risk radar and the threats he wants risk professionals to be aware of as 2025 kicks into high gear. Shadowserver Alliance Director, Tod Eberle, welcome to RIMScast!

[3:41] Justin saw that Shadowserver Foundation was promoted by the National Cybersecurity Alliance and he thought it would be great to have a follow-up on his appearance there.

[3:54] Tod says the National Cybersecurity Alliance is a great organization. After working together with them for a year, they invited Tod to do a webinar. It was a great experience.

[4:28] Tod’s background is as a career prosecutor, starting as a county prosecutor in Western Pennsylvania in 1997. In 2004, Tod became a Federal Prosecutor in Pittsburgh for the U.S. Department of Justice.

[5:00] In 2014, He transitioned over to the National Security and Cybercrime section in Pittsburgh. Pittsburgh was at the forefront of cyber investigations by both the U.S. Attorney’s Office and the FBI. Tod wanted to be a part of that.

[5:34] The Pittsburgh office has run investigations and issued indictments against Chinese Military Intelligence officers and Russian GRU officers for hacking. In 2014, Pittsburgh had the first criminal indictment of nation-state threat actors.

[6:00] In that case, Chinese Military Intelligence PLA officers hacked into Pittsburgh companies Westinghouse, ALCOA, U.S. Steel, and United Steel Workers. Some forward-thinking folks at the FBI and the U.S. Attorney’s Office, particularly U.S. Attorney David Hickton, focused on cyber.

[6:29] That continued over the years until the present.

[6:46] To begin an investigation, the FBI and U.S. Attorney’s Office in Pittsburgh, need to have some aspect of an organization’s criminal activity touch that district, the Western District of Pennsylvania. A national ransomware case with one victim in Pittsburgh can be investigated.

[7:16] In the investigation of Russian GRU actors responsible for the destructive NotPetya malware attack, a district hospital’s network was attacked and destroyed. They expanded the investigation and charging documents to include other attacks around the country.

[7:58] In 2015 Tod was a prosecutor working with the FBI on an investigation. He was at Europol at the Hague in the Netherlands, a center that brings together investigators and prosecutors from different countries who investigate the same threat group through Europol and Eurojust.

[8:33] Tod met the Shadowserver Foundation non-profit group at the Hague in 2015. They were helping, through free technical support to the takedown operation, to dismantle the infrastructure of a crime group, using sinkholing and other security measures.

[9:08] Tod Joined the Shadowserver Foundation in January of 2023. He is the Shadowserver Alliance Director. As a small non-profit, everyone wears many hats. The Shadowserver Foundation is a 501(c)(3) in the U.S. and a separate non-profit legal entity in the Netherlands.

[9:47] The Shadowserver Foundation started about 2004. It celebrated its 20th anniversary in 2024. It began as a loose group of volunteers made up of cybersecurity researchers and technical experts who came together to help network owners and law enforcement.

[10:15] Over the years they became more structured and became a non-profit organization. It’s an unusual non-profit organization working 100% in operations. It works in three core areas. First, it’s the world’s largest provider of free, actionable cyber threat intelligence.

[10:45] Second, the Shadowserver Foundation does cybersecurity capacity-building around the world. Third, it also provides free support to law enforcement investigations and disruption operations with technical support and expertise. Those three things are its core mission.

[11:07] Justin notes commonalities between RIMS cyber risk reporting and the Shadowserver Foundation’s work. Shadowserver collects a vast amount of threat data daily. What are the patterns it sees for 2025?

[11:29] Shadowserver Foundation can help organizations mitigate risks. It collects cyber threat data at its data center in California through internet-wide scanning, honeypot sensors, sinkholing operations, and collecting and analyzing malware samples.

[11:57] Every day for free the Shadowserver Foundation takes that data and provides it to over 9,000 organizations around the world and to 201 National C-CERTs that cover about 176 countries.

[12:13] These reports identify exposed, misconfigured, vulnerable, compromised instances or devices on networks that need patching.

[12:25] The organizations that get Shadowserver’s data can be anything from banks to hospitals, universities, K-12 school districts, ISPs, local, state, and federal governments, small, medium, and large businesses, Fortune 500s, and NGOs; just about anyone can sign up.

[12:46] The idea behind this is that cyber security should be available to everyone, regardless of the ability to pay. Organizations can sign up at the Shadowserver Foundation website, and provide their contact information and network information with IP ranges and ASNs.

[13:12] The Shadowserver Foundation does its due diligence and if everything checks out, it automates those reports to go out to the organization daily. About 9,000 organizations sign up directly to receive daily reports.

[13:22] The Shadowserver Foundation also sends out data for entire countries to the national C-CERT designated to handle that in those countries. In the U.S., CISA gets hundreds of millions of events from them every day for all the U.S. It is the same around the world.

[13:52] Tod says that some things never change. Networks are breached primarily through phishing attacks, malicious links or attachments, and social engineering.

[14:09] One trend is a focus on vulnerabilities. Criminals exploit vulnerabilities in the network that aren’t timely patched and before they are patched. Shadowserver gives organizations an external snapshot view of their networks just as criminals are scanning for themselves.

[14:52] Cybercriminal groups increasingly leverage zero-day vulnerabilities to breach a network. A zero-day vulnerability is a flaw in software or hardware that’s unknown to the vendor and has no patch. The vendor has had zero days to fix the vulnerability after it has been discovered.

[15:16] That was the case with the Clop ransomware gang. In 2024, they started exploiting zero-day vulnerabilities in Fortra’s GoAnywhere software. That continued in May, with them exploiting Progress Software’s MOVEit file transfer application.

[15:38] Very recently, in December, the Clop Ransomware group claimed responsibility for using a zero-day vulnerability in Clio’s file transfer platform that breached victims’ networks.

[15:49] Cyber criminals extort victims and steal data with ransomware attacks. Risk managers in cybersecurity need to stay on top of critical vulnerabilities that often go unpatched. Those are often the easiest gateway into a network.

[16:26] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”.

[16:38] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.

[16:54] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[17:06] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[17:17] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.

[17:35] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.

[17:58] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.

[18:08] Let’s Return to the Conclusion of My Interview with Tod Eberle of Shadowserver!

[18:49] Justin notes that In December of 2024, China attackers breached the Committee on Foreign Investment in the U.S. That is the government office that assesses foreign investments for national security risks.

[18:58] China also targeted the Treasury’s Sanctions Office after it sanctioned a Chinese company for its alleged role in cyberattacks.

[19:14] Tod thinks we should acknowledge that this is nothing new and nothing we should be surprised about. It’s been going on for many years and it’s going to continue. Justin was in the Federal government in 2013 and 2014.

[19:32] In 2015, it was announced that the U.S. Office of Personnel Management had been breached. Personal sensitive data for 42 million people were stolen.

[19:44] In May 2014, five Chinese military officers were indicted for computer hacking and economic espionage against companies based in Pittsburgh. This is nothing out of the ordinary. Unfortunately, indictments don’t seem to have a deterrent effect.

[20:21] Countries can deny the charges of hacking even with strong evidence of their involvement.

[20:37] There are different types of hacking, with different types of motivation. There is traditional espionage against U.S. government agencies. There is theft of intellectual property with nation-states trying to gain a commercial advantage in business.

[21:23] There are destructive hacks by nation-state actors, like the NotPetya attack, or attacks on the Ukrainian power grid and banking systems in 2015 and 2016.

[21:36] The Volt Typhoon threat actor group and its access to the U.S. critical infrastructure is one of the greatest national security concerns because of its potential to disrupt everything from water to power, to food, to transportation.

[22:10] The ripple effect that can come from those disruptions would be enormous. The Colonial Pipeline ransomware attack of a few years ago affected fuel supplies, commerce, and the prices of goods.

[22:31] Nation-state hacking is no longer just a concern for government agencies and companies that do business internationally, but it’s now a concern for all of society. There’s the potential to affect the daily lives of innocent civilians through attacks on critical infrastructure.

[23:16] Tod mentions another 2014 indictment out of Pittsburgh, on the GameOver Zeus Botnet takedown. Part of that was a crypto locker ransomware disruption. This was in the infancy of ransomware, for $300 ransoms. Now ransom demands are in the tens of millions of dollars.

[23:53] We have seen a huge evolution in ransomware. It’s not going away. One thing we’re seeing is bypassing data encryption and focusing on data theft. It’s easier and less time-consuming for the threat actors because they don’t have to map out the network.

[24:41] If a victim company had good backups and easy restoration, that was an issue ransomware actors had to deal with, so why would the threat actors bother with that? They just focus on easy data theft and extortion of ransom for the data.

[25:04] Tod thinks we will continue to see extortion. Ransomware continues to be the greatest concern for companies. The use of AI has been increasing both for defenders and attackers. 

[25:14] A new ransomware group, FunkSec, is claiming large numbers of victims of extortion, encryption, and data theft. They seem to have ransom demands of less than $10,000. They have sold stolen data. Researchers think this is a less experienced group using AI to write code.

[27:22] Shadowserver’s very talented team collects the data. It’s free. They want to get it into the hands of those who can use it. The reports identify things that are seen to be misconfigured or unnecessarily exposed to the internet. Sometimes they can show if something is compromised.

[28:12] Shadowserver designates the events by severity level so the end user can prioritize their patching and address first the ones that are most critical and severe. The reports act both as an early warning system and a victim notification system if a device is seen to be compromised.

[28:59] The network owner needs to remediate that and patch it before further exploitation like a ransomware attack can occur.

[29:07] Shadowserver has two ways to detect that a device is compromised. The first is if they have indicators that tell them a device on the network is compromised. The second is with their support for law enforcement, law enforcement may share sensitive data with Shadowserve.

[29:32] When law enforcement does a takedown and they get victim identification data like IP addresses, they must do victim notification. Law enforcement isn’t scaled to do victim notification for hundreds of thousands of users. Shadowserver helps them with notifications.

[30:48] Shadowserver is very careful to share data responsibly. Company A will get the data they have for Company A and it won’t be shared with Company B and vice versa. Shadowserver views the data as belonging to that network owner.

[31:08] If a company authorizes Shadowserver and wants them to share their data with a third party, Shadowserver will happily do it. There are several companies with MSSPs to manage their security. If the company asks, Shadowserver will send the data to their MSSP.

[31:43] As a small, non-profit organization, not everyone has heard of the Shadowserver Foundation. They want people to know they have this data and they want to share it. It could be relevant for cyber insurance companies’ due diligence, with the insurance applicant’s consent.

[32:20] It’s important because those reports can show whether a network has remained healthy and secure over time. Tod would love to see Shadowserver be able to help more in the risk mitigation areas.

[32:56] Special thanks again to Shadowserver Foundation's Tod Eberle for joining us here on RIMScast! Check out this episode’s show notes for links to the Shadowserver reports we mentioned.

[33:07] Be sure to tune in next week for Data Privacy Day! We’ve got a special episode with James Burd, Chief Privacy Officer of the Cybersecurity and Infrastructure Security Agency (CISA). That’s going to be a good one!

[33:22] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.

[33:50] 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! Contact [email protected] for more information.

[34:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[34:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. 

[34:41] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[34:55] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[35:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Risk Management magazine

RISKWORLD 2025 — May 4‒7 | Register today!

RIMS Legislative Summit — March 19‒20, 2025

Nominations for the Donald M. Stuart Award

Spencer Educational Foundation — General Grants 2026 — Application Dates

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

Shadowserver Foundation

National Cybersecurity Alliance

RIMS Webinars:

RIMS.org/Webinars

“4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025

“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025

Upcoming Virtual Workshops:

“Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen

“Fundamentals of Insurance” | Feb. 19‒20, 2025

“Applying and Integrating ERM” | Feb. 26‒27

“Managing Data for ERM” | March 12, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Upcoming RIMS-CRMP Prep Virtual Workshops:

“Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter”

February 19‒20, 2025 | Instructor: Chris Mandel

Full RIMS-CRMP Prep Course Schedule

Full RIMS-CRMP Prep Course Schedule

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“Kicking off 2025 with RIMS CEO Gary LaBranche”

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

“AI and Regulatory Risk Trends with Caroline Shleifer”

“Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST” (2024)

Sponsored RIMScast Episodes:

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“Storm Prep 2024: The Growing Impact of Convective Storms and Hail’ | Sponsored by Global Risk Consultants, a TÜV SÜD Company

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“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

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About our guest: Tod Eberle, Shadowserver Foundation

Production and engineering provided by Podfly.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews RIMS CEO Gary LaBranche about what you can expect from RIMS in 2025. This value-packed discussion offers Gary’s comments on 2025 RIMS President Kristen Peed, RIMS’ 75th Anniversary events, possible insurance impacts of proposed trade tariffs, nuclear verdicts, and third-party litigation. Gary encourages you to join RIMS Advocacy and the RIMS Legislative Summit on March 19th and 20th, 2025 to lobby on Capitol Hill. He shares insights on public safety, security, and of course, news of RISKWORLD 2025 and more.

Listen for how you can participate in 2025 RIMS events.

Key Takeaways:

[:01] About RIMS.

[:16] About this episode, coming to you from RIMS headquarters in New York, kicking off 2025 with RIMS CEO Gary LaBranche! Gary, welcome back to RIMScast!

[:59] Interview! Gary had a quiet, fun New Year’s Eve at home, dining on Asian sea bass with champagne and watching television.

[1:39] This is a big year for RIMS. RIMS has a new president, Kristen Peed. Justin has known her since he started with RIMS. Kristen is a long-time volunteer, very positive, and great at representing RIMS. She continues in a long line of volunteer leaders who have built RIMS.

[2:29] Gary reports that RIMS 2024 president David Arick had a wonderful term. On David’s last day, the Wall Street Journal published an interview with him; a wonderful capstone to his year.

[2:49] RIMS board presidents serve as unpaid volunteers. They travel for board meetings and events, taking time away from their families and jobs. Gary says everyone should appreciate what the board president and officers, chapter leaders, and other volunteers do to help RIMS.

[3:35] Reading the history of RIMS, Gary is struck with and inspired by the long line of volunteers who put their shoulders to the wheel, creating this organization.

[3:59] RIMS is delighted to have Kristen. Kristen is with Sequoia. You’ll get to meet her at RISKWORLD, the RIMS Canada Conference, and other activities in 2025. Kristen embodies the spirit of the RIMS community.

[4:29] This year is the 75th anniversary of RIMS. It’s a good opportunity to reflect and appreciate all that came before us. RIMS New York traces its roots to the 1930s. Later, four groups came together to create the National Association of Insurance Buyers, today known as RIMS, in 1950.

[5:44] The NAIB provided networking and learning opportunities for commercial buyers of corporate insurance. They saw that it would be helpful to have a national view and ultimately, an international view of the issues and trends in the commercial side of insurance.

[6:26] Reading the history gives you a better sense of how RIMS has played a key role in creating today’s insurance world. Justin points out that they organized RIMS without email or interstate highways! They worked hard to make the organization happen.

[8:31] RIMS will celebrate its 75th anniversary throughout the year. Chapter leaders will soon attend the Annual Leadership Forum to kick things off. At the RIMS Canada Conference 2024, RIMS unveiled the 75th Anniversary logo and themes. RISKWORLD 2025 will be the tent pole event.

[9:21] This will be the biggest RISKWORLD in history! The biggest RIMS annual conference was held in Chicago 20 years ago. RISKWORLD 2025 will be in Chicago from May 4th to May 7th and RIMS is expecting to see well over 11,000 attend. Other events will also feature the anniversary.

[9:53] RIMS is launching the Texas Regional Conference, with the four Texas chapters, in August, in San Antonio. It’s a wonderful opportunity for folks in that region to gain access to the power and value represented in the RIMS community.

[11:04] About trade tariffs: Gary recently spent an hour at a U.S. Chamber of Commerce meeting, talking with top trade policy experts. U.S. President-elect Donald Trump has mentioned tariffs. How would new tariffs impact consumers? What might they do to the cost of insurance?

[13:05] If any goods go up in cost, that could potentially have an effect on the cost of insurance, just as inflation causes prices to go up. If you’re insuring a fleet of trucks, where do you get the parts to fix those vehicles? Will the cost of those parts go up?

[14:05] Right now, we don’t know. There are differences of opinion. Some 60% of replacement truck and auto parts are made outside of the United States. If tariffs are imposed on those, and if those costs are passed on to consumers, that will raise the cost of insurance.

[14:56] Justin sees tariffs impacting insurance rates, the supply chain, and decisions risk professionals make about materials to use. Tariffs may not have their intended effect of having you “buy American” if you’re in America. It may not work that way.

[15:28] Gary notes that tariffs, historically, have had the long-term effect of spurring domestic production. The question is, how fast will that happen? How long will it take to create the infrastructure to create more cement or truck parts? Where will the workers come from?

[16:16] If there are price increases for supplies and materials or if there are disruptions in the supply chain, that will have a dragging effect in terms of the cost of insurance. RIMS publications will tackle this topic and report on it as they have done for 75 years.

[17:08] Dave Arick was interviewed in the Wall Street Journal, He discussed how “nuclear verdicts” of $10 million or more are influencing what happens in the insurance markets. Nuclear verdicts create higher costs.

[17:47] If insurance companies are paying out more and more for those claims, they’re going to try to recoup that cost through higher premiums in the future. RIMS is concerned about the runaway growth of nuclear verdicts.

[18:11] Ultimately,  the claims bar pumping up the demands for recompense is having an impact on cost. When someone is hurt, there should be recompense for that. The issue is the significant growth in multi-million dollar verdicts that are outside of what is reasonable and fair.

[18:53] If that happens, it simply drives up the cost for businesses to do business. If people are getting 10 times the reasonable recompense for their injuries, it starts to add up significantly.

[19:35] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be announced.

[19:42] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.

[19:58] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[20:10] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[20:21] Congratulations to my RIMS colleagues! RISKWORLD 2024 was honored with the 2024 TSNN Trade Show News Network Award for Outstanding Commitment to Advancing DE&I in the Risk Management Community Through Intentional Programming and Representation!

[20:44] The programming included real-time translation technology and partnerships with DE&I organizations NAAIA, AAIN, and APIW, fostering a globally inclusive environment, and keynote speaker Academy Award-winning actress, Marlee Matlin, on inclusion and accessibility.

[21:10] The TSNN Award is a huge honor and RIMS is so pleased that our continued DE&I efforts are being recognized by various industries, specifically in events and exhibitions.

[21:23] Of course, a big shout-out to the RIMS DE&I Advisory Council for their unwavering commitment to helping advance DE&I initiatives at our conferences and RIMS events throughout the risk management community.

[21:36] There are still DE&I sponsorship opportunities available for RISKWORLD 2025 in Chicago. You can visit the link in this episode’s show notes for more details.

[21:51] Back to My Interview with RIMS CEO Gary LaBranche!

[22:03] Justin and Gary consider third-party litigation, which impacts the courts, laws, and legislation. Gary will attend the RIMS Legislative Summit, to be held on March 19th and 20th.

[22:39] Gary says the plaintiffs’ bar has discovered the power of investment. They have learned they can gather investors who will back a potential lawsuit and fund lawsuits that come along, in return for a share of the proceeds of that suit. That has always been concerning.

[23:13] Something that has become an additional concern is the lack of transparency as to where those investment funds are coming from. They could be coming from anywhere, inside or outside the U.S. They could be from sources that could be illegal. It’s unknown.

[23:45] As a matter of national security and public policy, RIMS thinks it’s time we have better insight into the sources of funds for third-party litigation. Gary will be on Capitol Hill, lobbying with members of Congress for transparency in funding third-party litigation.

[24:09] A link to the RIMS.org/advocacy page is in the show notes. If you’re a RIMS member and want to go to Capitol Hill for a couple of days with the very knowledgeable RIMS staff and have a chance to meet with your Representatives in Congress, that’s the way to do it.

[24:26] Gary will be there, RIMS General Counsel, Mark Prysock, will be there, and a few other very knowledgeable folks will help you prepare for these fun “pitches.” Gary says it’s a blast. You’re telling your story and why this is something of concern to you.

[25:12] Typically you’ll be meeting with staff members who are directly involved in the public policy process. They want to hear your story, especially if you’re from their district. It’s a lot of walking, listening, and talking along with your peers. You’ll appreciate what you’ve done.

[25:56] Going from office to office on the Hill, you’re seeing other people doing the same thing; ranchers, flight attendants, and more. It’s an interesting cross-section of America. You’re seeing the Constitutional freedom of speech. It gives you a perspective on the public policy process.

[26:51] Gary has led other organizations for 25 years, so he has been to Capitol Hill a few dozen times. He worked in Washington D.C. for years. He loves gathering a group of members, having a reception and a briefing, and walking around Capitol Hill. By lunchtime, people are excited.

[27:53] At the end of the day, there’s a sense of relief and satisfaction; most of the members want to know when they can do it again! Justin did it in 2018 and it made an impression on him. He also loves speaking with the people who are involved in it.

[28:25] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.

[28:43] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.

[29:07] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.

[29:18] Let’s Return to the Conclusion of My Interview with RIMS CEO Gary LaBranche!

[29:31] Justin describes the horrific terrorist act in New Orleans on New Year’s. Someone circumvented the meager barriers, drove onto the Bourbon Street sidewalk, ran over several people, and exchanged fire with the police. The police neutralized him.

[30:11] He had killed 14 people and disrupted everything going on there. This also affected the local economy. RISKWORLD 2023 was affected by an issue in the host city. RIMS has had other issues with public safety. Gary mentions the car bomb in Las Vegas and RIMS’ security plans.

[32:26] For conferences like RISKWORLD, 30 to 50 hotels are used. You have to look at the security measures already in place for each hotel. That sort of thing keeps Gary up at night.

[32:54] Before lunch on his first day back, Gary was on the phone with staff to restart their thinking about RISKWORLD security, in light of the attacks in New Orleans and Las Vegas. RIMS is well advanced on plans for RISKWORLD 2025. Security will be even more on their minds.

[33:37] RISKWORLD has no big outdoor events for this year. Chicago in May is not necessarily warm and sunny, so they will be inside. RIMS has a responsibility as event organizers to think about the risks. Every event organizer must do the same.

[34:33] RISKWORLD 2025 keynotes and speakers have been announced. Find them at RIMS.org/RISKWORLD. Chicago is a Mecca for the risk management and insurance community. Gary can’t think of a better place to have the 75th Anniversary RISKWORLD convention.

[35:43] RISKWORLD 2025 will be held at the McCormick Convention Center, in one of the most beautiful cities in the country. It has a great, diverse culture with 77 unique neighborhoods.

[36:01] The RISKWORLD 2025 program is very exciting, being built by great risk professionals who are contributing their time and talent to sharing their knowledge and insight. It’s a lot of fun and it’s a “heck of an event!” Gary is thrilled about the whole thing!

[36:26] A huge team works so hard on creating RISKWORLD. It is so much work and there is so much work on-site. At the end of it, the team is exhausted, and so sad that it’s over! It’s a wonderful, fun, safe, educational experience, and then it’s gone. RIMS works on it year-round.

[37:15] Three of the keynotes will be delivering TED talks on the main stage on Tuesday, May 6th. Rachel DeAlto, Ryan Harris, and Holly Ransom. It’s called “Triple Vision, Leadership Insights.” RISKWORLD has never done anything like that before.

[37:34] These will be short, punchy, to-the-point talks showing a diversity of perspectives, and touching on more topics, and it’s more in keeping with how people obtain and consume information today. Gary is very excited about them. He’s watching to see how it works.

[38:18] The RISKWORLD 2025 opening reception will be on Sunday, May 4th, at the Field Museum of Natural History. Gary calls it one of the greatest museums in North America and it’s a great place to have an event. Gary has done black-tie events there. It has a wonderful view.

[39:47] Public registration is open. Go to RIMS.org/RISKWORLD and register today!

[40:01] This episode with RIMS CEO Gary LaBranche has given us a great glimpse into 2025. Gary will be back on RIMScast sometime after RISKWORLD 2025.

[40:53] Gary says RIMS has an extraordinary IT team and they are always drilling on avoiding phishing and cyber-attacks. Risk management is important. When he looks a the RIMS logo, he is reminded that the wind is in our sails. Risk management could not be hotter, now!

[41:39] Gary ranks hot, sexy jobs now: astronaut, firefighter, and risk manager! He hopes people take pride in their risk manager jobs. There’s a lot of demand. Salaries have been going up, according to the RIMS salary survey. There are more people attracted to the profession.

[42:01] At RISKWORLD, we get 250 or more students. It’s fun to watch them compete in the Spencer Risk Management Challenge. It’s fun to see the support that Spencer and the community give them. It’s fun to see them engage with our professionals and want to learn.

[42:39] RIMS CEO Gary LaBranche, thank you so much. It’s always a pleasure!

[42:46] Special thanks, as always, to RIMS CEO Gary LaBranche for stopping by and keeping us informed. Be sure to check out all the links in this episode’s show notes to learn more about RISKWORLD 2025, RIMS advocacy, and other RIMS initiatives and events.

[43:06] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.

[43:32] 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! Contact [email protected] for more information.

[43:51] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[44:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. 

[44:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[44:39] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[44:47] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Risk Management magazine

RISKWORLD 2025 — May 4‒7 | Register today!

RIMS Legislative Summit — March 19‒20, 2025

Nominations for the Donald M. Stuart Award

Spencer Educational Foundation — General Grants 2026 — Application Dates

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Kristen Peed named 2025 President of RIMS

‘Nuclear Verdicts’ Driving Up Costs of Doing Business, Says Risk Management Society’s Head — The Wall Street Journal, Dec. 30, 2024 — an interview with former RIMS President David Arick

RIMS DEI Council | Learn more about DEI Inclusivity Partnership opportunities at RISKWORLD

RIMS Webinars:

RIMS.org/Webinars

“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025

Upcoming Virtual Workshops:

“Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen

“Fundamentals of Insurance” | Feb. 19‒20, 2025

“Applying and Integrating ERM” | Feb. 26‒27

“Managing Data for ERM” | March 12, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Upcoming RIMS-CRMP Prep Virtual Workshops:

“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter

February 19‒20, 2025 | Instructor: Chris Mandel

Full RIMS-CRMP Prep Course Schedule

Related RIMScast Episodes:

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

“300th Episode Spectacular with RIMS CEO Gary LaBranche”

“RIMS Advocacy Updates 2024 with Mark Prysock”

“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”

“On Risk Appetite and Tolerance”

“Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)

Sponsored RIMScast Episodes:

“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

”Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla! 

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Gary LaBranche, FASAE, CAE, CEO of RIMS

Production and engineering provided by Podfly.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company about her work at GE Appliances, a Haier company. She shares how she began with GE Appliances, shortly after GE sold GE Appliances to Haier. She talks about how she works as a department of one and the relationships she has built throughout the company and with insurance brokers and TPAs. She speaks of the necessity of making changes when a relationship isn’t good or a risk philosophy isn’t a match. Christine also shares about her risk career and how her risk philosophy has remained constant wherever she has worked. She gives tips for preparing a request for proposal when a change is necessary and shares her advice for less experienced risk professionals. She speaks of the history of the Greater Bluegrass Chapter of RIMS, where she sits on the board, and the benefits of actively participating in a RIMS chapter.

Listen for wisdom about keeping current with the insurance market, getting your designations, and changing with conditions.

Key Takeaways:

[:01] About RIMS.

[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.

[:30] About this episode, coming to you from RIMS headquarters in New York. Our guest is Christine Schelble, the Director of Insurance & Risk Management at GE Appliances. We are going to discuss career development in risk management.

[:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.

[1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025.

[2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:25] Interview! Christine Schelble is the Director of Insurance and Risk Management at GE Appliances, a Haier company. She is one of the founding members of what is now the Greater Bluegrass Chapter of RIMS, which won the 2024 Chapter of the Year Award at RISKWORLD.

[2:49] Christine has decades of experience leading risk management initiatives for global companies. We will learn about what it takes to be in that sort of position, how she progressed throughout her career, and when and where she saw opportunities and took them.

[3:07] This will be a fun way to kick off 2025; let’s get started! Christine Schelble, welcome to RIMScast!

[3:18] GE sold GE Appliances on June 6, 2016, to Haier, the world’s largest home appliance company. They are located in China. Christine works for Haier U.S. Appliance Solutions, Inc. doing business as GE Appliances, a Haier Company. It is the Haier U.S. headquarters.

[4:09] Christine is a department of one. She works with people throughout the company. The goal of risk management is to spread that philosophy throughout the company. It has only improved since she started. She has lots of support when it comes to claims and coverage.

[5:11] Christine had come from a technology company and was very familiar with the technology supply chain. When she came on board, she met with the supply chain people to learn their philosophy and processes. The only time she gets involved with them is for an insurance claim.

[6:05] In appliances, Christine says there are so many “Black Fridays” in the year that you can see the returns ebb and flow throughout the year. It’s not a serious problem.

[6:44] Christine left Lexmark in 2001 after 15 years. One of her risk management connections called her and said that the position was opening at GE Appliances. She wanted new challenges so she sent in her resume, interviewed with them, and got the position.

[7:43] Christine says it’s one of the best jobs she’s ever had. She’s been able to take everything that she’s learned and implement it into a startup program. That has been rewarding. When she started, it was the first time GE Appliances was managing and purchasing insurance coverage.

[8:23] Christine joined GE Appliances three months after the sale and took a couple of months to understand how things worked. She started making changes at her first renewal because she could see where things hadn’t worked out in relationships and coverage.

[9:25] Risk management for your company is not a static position. It’s constantly changing. You’ve got to constantly look at what’s going on in the insurance market and what’s going on internally and adapt your coverages, deductibles, and maybe your relationship with your TPA.

[9:17] The way the program looked in 2016 when she came in is not the way it looks now.

[9:30] The biggest third-party GE Appliances works with is the claims administrator. Otherwise, Christine works with brokers. Currently, she works with three different brokers for the competition. If the relationship is not great, she’ll change the people on her account.

[10:28] For risk managers coming up in the industry, Christine recommends keeping up with your education, getting your designations, attending webinars and seminars, and doing everything you can to keep up with what’s going on in the insurance market. It’s constantly changing.

[10:49] Christine will do an RFP when she’s looking to change something. You’ve got to have face-to-face conversations with your brokers, carriers, and TPAs. You have to educate them on your business and products. Your company and products are not the same as another’s.

[11:41] If you’re just moving to a TPA because they gave you the lowest price, it’s not going to work unless you work with them and have an ongoing relationship. Christine has them come in, meet her people, go through some of GE Appliance’s processes, and see the plants.

[12:01] Christine has done the same things in her previous jobs, as well.

[12:15] TPAs changed how they worked during the pandemic. The TPA world will continue to change in reaction to changes in the world. 

[12:50] Christine has a process for developing an RFP. She starts with having a non-disclosure agreement in place. That’s very important. Then she shares exposure information, the insurance schedule, the actuary report, and a loss run or two, so they can understand the overall risk.  

[13:33] She puts hot points into the RFP, how to move claims forward, and how the program should be improved and moved forward. That’s been her philosophy throughout her career.

[14:17] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be arranged.

[14:25] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.

[14:41] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[14:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[15:04] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.

[15:22] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.

[15:45] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.

[15:57] Back to the Conclusion of My Interview with Christine Schelble! 

[16:23] Christine shares how she works as a department of one. She just continues to do what she’s educated to do. When she looks back, it feels great to see all that she has done. It’s important to get the relationships going so that people can trust you.

[16:49] Christine works with the Finance, the supply chain, the manufacturing finance people, and Legal, where she is located. It’s about building the trust factor.

[17:12] Christine is a long-time member of the  RIMS Kentucky and Bluegrass Chapters, which are now the RIMS Greater Bluegrass Chapter. Christine has been in RIMS since she started in risk management. She loves the support from other risk professionals and the networking.

[18:13] Christine started with RIMS in the D.C. area, then in Connecticut. She moved to New Jersey and was in RIMS in New Jersey and New York. When she moved to Kentucky, she joined the chapter. She was president for a year or two around 2003 or 2004.

[18:46] Christine is thrilled that the younger members of the community have started the chapter back up. During economic downturns there was a loss of people and others couldn’t get out to meetings. The same five people were doing the same job and they were ready to pass the torch.

[19:21] It took several years for the torch to come back up. Christine acknowledges the work of Jeremy, Erica, Britt, and Brittany in getting the chapter up and going again. Christine is more than happy to help and support them by sitting on the board.

[19:50] The Greater Bluegrass Chapter of RIMS was named the 2024 Chapter of the Year. Christine says that was a good feeling. It was fun to support them at RISKWORLD 2024 in receiving that award.

[20:42] Christine is thrilled to see that in the younger generations, there are more women in higher positions within insurance carriers and brokers. When she started, there weren’t as many. She says it is such a great career, whether you are male, female, or whatever. It’s amazing!

[21:22] Christine is thrilled to see that more schools offer risk and insurance as a degree. The Greater Bluegrass Chapter supports Eastern Kentucky University and its risk and insurance curriculum with an annual golf tournament in September that raises money for scholarships.

[21:55] The Greater Bluegrass Chapter has also asked the university to have a student become a member to help expand their knowledge into the RIMS world. Justin mentions Spencer’s Risk Manager on Campus program. He thanks Christine for her continued service in RIMS.

[23:18] Special thanks to Christine Schelble for joining us here on RIMScast and kicking off 2025! Next week, we will be joined by RIMS CEO Gary LaBranche!

[23:30] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.

[23:57] 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! Contact [email protected] for more information.

[24:15] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[24:33] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. 

[24:49] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[25:21] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[25:28] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Risk Management Magazine

RIMS DEI Council

Nominations for the Donald M. Stuart Award

Spencer Educational Foundation — General Grants 2026 — Application Dates

Contribute to RIMS Risk Management Magazine / Submission Guidelines

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Webinars:

RIMS.org/Webinars

“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by HUB International | Feb. 20, 2025

Upcoming Virtual Workshops:

“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter

February 19‒20, 2025 | Instructor: Chris Mandel

“Applying and Integrating ERM” | Feb. 26‒27

“Managing Data for ERM” | March 12, 2025

“Fundamentals of Insurance” | Feb. 19‒20, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Maintaining an Award-Winning ERM Program with Michael Zuraw”

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance”

“Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)

Sponsored RIMScast Episodes:

“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla! 

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company

Production and engineering provided by Podfly.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for the Q4 Edition Risk Year in Review. They discuss the biggest risk events we’ve seen in 2024, including natural disasters following climate change and even the recent murder of the UHC CEO. They give their forecasts for 2025, with cybersecurity being an expanding area of risk, combined with AI, and regulatory changes likely under the new administration.

Listen for categories of risk your organization is sure to face in the coming year.

Key Takeaways:

[:01] About RIMS.

[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.

[:30] About this episode, coming to you from RIMS headquarters in New York. This episode is our special 2024 finale! Hilary Tuttle and Morgan O’Rourke of RIMS Risk Management Magazine will join us to discuss the top trends and stories from 2024 and what to expect in 2025.

[:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.

[1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025.

[2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:25] Interview! The Q4 edition of RIMS Risk Management Magazine is my favorite of the year! It is The Year in Risk edition. We’ll have a chance to revisit all the risk highlights from 2024.

[2:42] Here to discuss what made the cut and trends we need to look out for in 2025 are RIMS Director of Publications and Risk Management Magazine Editor in Chief, Morgan O’Rourke and Risk Management Magazine Managing Editor, Hilary Tuttle.

[3:01] There is so much to discuss from cyber security to executive safety. As a show of appreciation to the RIMScast audience and subscribers worldwide, we’ve got so much great content in one huge episode, as opposed to spreading it out over two episodes.

[3:18] You don’t have to wait, it’s all here for you at once! Let’s get to it!

[3:30] Morgan O’Rourke and Hilary Tuttle, Welcome back to RIMScast!

[3:39] Morgan and Hilary are here to discuss The Year in Risk, which is the title of the Q4 edition of RIMS Risk Management Magazine. How does 2024 stand out from other years?

[4:04] Morgan starts looking back at the year’s events in October. He recalls the bridge collapse in Baltimore in March. There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It’s just a matter of what flavor they are this year.

[5:15] Morgan categorizes big risk events. There are accidents, like the bridge in Baltimore that affect shipping, and natural disasters, including storms, earthquakes, and record heat. 2024 is the hottest year on record, with the hottest day in recorded history, July 22.

[6:38] The AXA Future Risks Report lists climate change as the number one risk. Climate change brings natural disasters to places that don’t normally see them, like wildfires in the Northeast.

[7:55] Hilary says there were a few hundred fires in New York City this year. The NYFD had to put together its first brush fire task force. In the first two weeks of November, they had 271 fires. Canada has had a terrible year for fires, continuing from its 2023 fire season.

[9:25] Climate change puts everybody at risk. The risk landscape expands so that everybody’s in the game. Paraphrasing Flannery O’Connor, Hilary says 2024 was a disaster in truth everywhere. Disasters are not new but they are occurring in different places and times than before.

[10:22] There were 11,000 fires in the Northeast this year, largely in October and November. It’s a different season and in a different region. The traditional risk models are thrown out the window.

[10:49] Morgan comments that this year we saw the earliest category 5 hurricane formed: Beryl in June. We’re starting to throw out more of the parameters for when you need to be prepared for something.

[11:21] We are seeing more geopolitical conflict, supply chain issues, and risks that didn’t seem impactful in regions that seemed stable and reliable. Thirty percent of shipping goes through the Red Sea. Shipping is 90% of the supply chain.

[11:55] Hilary says in the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. This has become more of a problem this year.

[12:42] There are risks we itemize as the things that are causing problems. Then there are bigger-picture risks you don’t necessarily identify when you’re thinking about your problems.

[13:01] You’re thinking about supply chain disruption and natural catastrophes and business interruption, but not about the climate change that may cause them.

[13:42] Morgan says people have to focus on the problem that’s in front of them. You have to deal with the acute issues before you can deal with the systematic ones. It’s hard to solve systematic problems.

[14:28] Morgan sees polycrisis as interconnected risks. Hilary sees the word as an easy way to allude to something that has been happening for a long time. She can’t think of a time in which you truly faced only one risk without having to think of multiple interconnected risks.

[17:35] Morgan edited the new RIMS Executive Report, “Understanding Interconnected Risks” authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope.

[17:48] The paper is available only for members until February 12th, 2025. Then it will be publicly accessible.

[18:16] Morgan says the key for the paper is in its practicality about how you should go about prioritizing risks and understanding where they connect within your operations to communicate with departments and executives and implement risk mitigation. It’s actionable.

[19:30] Morgan considers that the value of RIMS membership and Risk Management Magazine is in learning what to do about risks.

[20:02] Hillary objects to the term polycrisis. It over-intellectualizes a problem to the detriment of focusing on how to solve it or what to do about it.

[20:58] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.

[21:23] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[21:34] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[21:54] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[22:32] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[22:40] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[22:51] Back to our Year in Risk Interview with Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine! 

[23:16] Justin brings up the recent shooting and killing of the UHC CEO. Morgan was at the same hotel but didn’t hear about it until he had walked to the office.

[23:46] If RIMS Risk Management Magazine had been a print publication, this event would not have been included. Being a digital publication, Risk Management Magazine was able to cover it.

[23:59] Hilary starts with executive safety and employee safety. She speaks of reputation risk and monitoring social media discussion. For most who commented on social media, this murder was no surprise. UHC had a tremendous failure of reputation risk and public listening.

[25:28] Hilary was saddened but not surprised by the incident. She calls privatized health insurance in the United States a horror show. You can’t let cashing those executive incentive checks blind you to public response.

[26:27] Morgan says it’s amazing to see that public sentiment was decidedly unsympathetic, but it’s not unexpected. Hilary mentions the rates of medical debt in the U.S. Hilary saw an outpouring of approval of the murder, which is an awful response to have.

[27:15] If you’re in a position where that is the public sentiment around your organization, you need to fire your PR firm and think very seriously, not only about how you’re conducting business but about how you’re communicating with the public. That is a huge reputation failure.

[27:47] Some health insurance companies have trimmed down or removed their executive team pages to make them less identifiable in public. It’s a safety issue. You want to be very careful about how much you post about individual people.

[28:43] From a cyber security perspective, nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that’s not information you want to put on the internet. 

[29:31] Hilary sees this situation as reminiscent of Big Tobacco as an industry. She believes there is an awareness that there is a certain amount of evil being done among executives in this industry. She says perhaps there is a social reckoning to be had in that.

[30:06] Plug for The Spencer Educational Foundation! Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.

[30:24] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.

[30:48] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the programs tab of SpencerEd.org.

[30:59] Let’s Return to the Conclusion of my Interview with RIMS Risk Management Magazine’s Morgan O’Rourke and Hilary Tuttle! 

[31:11] Justin asks about AI and cyber security in 2025. The Cybersecurity and Infrastructure Security Agency (CISA) has noted that there will be an increase in breaches and the creativity of attacks.

[31:38] They have a revised Revised National Cyber Incident Response Plan that is available for public comment. Hilary agrees that there will be more AI embedded in cyber attacks in 2025. It is already being used to power attacks and in the detection of attacks.

[32:01] AI is also being used effectively in different forms of exploiting humans with ChatGPT and better phishing emails. It is being used to write better malware that is harder to detect.

[32:25] Moody’s Outlook expects a significant intensification of cyber risk in 2025, from the number of cyber incidents that are occurring and the sophistication and impact of cyber risk. Companies are getting better at detecting cyber attacks and doing basic cyber security.

[33:19] Cyber criminals are getting better, too. The attacks will be harder to detect or more severe in scope. Hilary calls social engineering an interesting art. Like journalism, you have to find the approach that successfully gets the information you are looking for out of humans.

[34:38] Morgan describes an old social engineering attack with a recording of a baby crying in the background, and a “harried mom” trying to get into an account without her password, trying to craft a persuasive argument. Gen AI might do all this in one step and be relatively successful.

[36:01] Hilary mentions that at the DEF CON hacker’s conference, there is a social engineering village. Their “Capture the Flag” is a contest to do just what Morgan described. There are bulleted lists of the types of information you are trying to get in an allotted time.

[37:02] Morgan says it’s not like the fast-typing hackers seen in the movies. You get the information through conversation.

[38:05] Hilary says one of the downsides of automation is the tremendous proliferation in the number of attacks that are being launched. Ransomware attacks grew 70% last year and are on track to double their 2022 levels by the end of 2024.

[38:29] Moody’s and QB Canada both came out with reports anticipating 5,200 ransomware attacks around the world in 2025, from 2,500 in 2022. It’s easier to launch attacks at scale against multiple organizations at once. The attacks are more sophisticated and damaging.

[39:01] The ransomware attacks are asking for significantly more money. Fewer companies are paying ransoms because they have backups and plans in place. Average ransomware payments are going up. Last year, ransomware payments passed $1.1 billion for the first time.

[39:26] The companies that pay ransom are feeling more compelled and are in a tougher spot so they are paying larger ransoms.

[39:48] Morgan points out that paying the ransom doesn’t solve the problem. Change Healthcare had the largest healthcare data breach in U.S. history. They paid $22 million in ransom but didn’t get the data back. Some attackers will keep extorting you or just take your money and run.

[40:36] The FBI has said don’t pay ransomware. You can’t trust criminals.

[40:43] Hilary mentions three ransomware threats: holding a network captive, holding data captive, and holding sensitive information captive. This is triple extortion. If you are the victim of a ransomware attack, go in with the expectation that that is the situation.

[41:55] Hilary forecasts that 2025 will be a colorful year. There is a tremendous amount of uncertainty in pretty much everything. It will be an interesting year, politically. It will be a very interesting four years, from a regulatory perspective.

[42:22] In terms of severe weather, disasters, and cyber, it feels like there will be more, and more, and more events.

[42:51] Morgan thinks the biggest thing is the change in administration and the priorities. ESG has been downscaled. A lot of companies are moving off of DEI initiatives, based on the shift in administration and the feeling that DEI will not be as popular.

[43:16] The regulations concerning a lot of ESG may no longer be in play. The federal guidelines are not going to be what they were in any aspect.

[43:39] President Biden in 2023 issued an Executive Order with guidelines and restrictions on AI. Donald Trump has said he’ll probably rescind that. Donald Trump seems to be aligned with a lot of the tech companies for less regulation of AI. Fingers crossed it doesn’t make things worse!

[44:33] Hilary knows several organizations are particularly concerned about some of the potential risk impacts of taking away many of the consumer protections and other regulations that do a tremendous amount to curb risk. That could increase the risk landscape for many.

[44:55] CISA has cautioned that this could have a disastrous impact on cyber security. A lot of regulations that keep organizations safer are potentially on the chopping block under the new administration. Hilary thinks that’s probably true in some other industries. It will get risky.

[45:30] It has been a pleasure to see you both! I appreciate your time. The RIMS Risk Management Magazine Year in Review is now available at RMMagazine.com. Quick Plug! We’re looking for submissions from the risk profession. See the contribution guidelines.

[46:01] Reach out to Hilary and Morgan. Especially if you’re a risk professional, we want to hear your ideas. Morgan says we’re only as strong as our contributors in the risk management community. Give us what you’ve got!

[46:21] Special thanks again, as always, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for joining us here on RIMScast! The Risk Management Year in Review Edition is now live at RMMagazine.com. A link is in this episode’s show notes.

[46:41] We look forward to checking back with Morgan and Hilary for the mid-year update in 2025.

[46:48] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[47:35] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[47:52] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[48:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[48:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[48:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS Risk Management Magazine

RIMS DEI CouncilNominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

Spencer Educational Foundation — General Grants 2026 — Application Dates

Contribute to RIMS Risk Management Magazine / Submission Guidelines

“RIMS Executive Report: Understanding Interconnected Risks”

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Webinars:

RIMS.org/Webinars

“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025

Upcoming Virtual Workshops:

“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter

February 19‒20, 2025 | Instructor: Chris Mandel

“Applying and Integrating ERM” | Feb. 26‒27

“Managing Data for ERM” | March 12, 2025

“Fundamentals of Insurance” | Feb. 19‒20, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Big Shifts with John Hagel, RIMS ERM Conference Keynote”

“2024 Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”

“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”

“Live from the ERM Conference 2024 in Boston!”“Maintaining an Award-Winning ERM Program with Michael Zuraw”

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance”

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“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

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RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

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RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla

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About our guests: Morgan O’Rourke, RIMS Director of Publications and Risk Management Magazine Editor in Chief Hilary Tuttle, Managing Editor, Risk Management Magazine

Social Shareables (Edited For Social Media Use):

There were 11,000 fires in the Northeast this year, largely in October and November. It’s a different season and in a different region. The traditional risk models are thrown out the window. — Hilary Tuttle

There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It’s just a matter of what flavor they are this year. — Morgan O’Rourke

In the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. — Hilary Tuttle

People have to focus on the problem that’s in front of them. You have to deal with the acute issues before you can deal with the systematic ones. — Morgan O’Rourke

For most who commented on social media, the murder of the UHC CEO was no surprise. UHC had a tremendous failure of reputation risk and public listening. — Hilary Tuttle

Phishing is not like the fast-typing hackers seen in the movies. They get the information through conversation. — Morgan O’Rourke

Nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that’s not information you want to put on the internet. — Hilary Tuttle

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Carrie Frandsen, the ERM Director of the University of California and a RIMS-CRMP Commissioner. Justin and Carrie discuss all things ERM. In particular, Carrie explains the purposes of ERM, what constitutes success in an ERM Program, and how to start an effective ERM Program in your organization.

Listen for ideas on fitting ERM into your organization’s daily processes and decision-making, with resources to set you on the path to ERM success.

Key Takeaways:

[:01] About RIMS.

[:14] Public registration for RISKWORLD 2025 is now open! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.

[:30] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Carrie Frandsen, for some ERM motivation. She is the system-wide ERM Director for the University of California and a RIMS CRMP Commissioner.

[:58] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th.

[1:09] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.

[1:27] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:42] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[1:57] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito, starting on March 12th, 2025.

[2:18] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:29] Interview! Our guest today is one of the most enthusiastic people I know on the topic of ERM! She is Carrie Frandsen, the system-wide ERM Director of the University of California. She’s also a RIMS CRMP Commissioner.

[2:48] Carrie is here to talk about all things ERM. Whether you want to build a program from the start or you want to enhance an existing program, this is the mind that you want to tap into! We are thrilled that she’s here. Let’s get to it!

[3:03] Carrie Frandsen, Welcome to RIMScast!

[3:13] Carrie says she is a true ERM geek! With enterprise risk management you need the ability to think organization-wide.

[3:25] Not just to think organization-wide but you need to be able to think about the world and how things that are changing in the world, like politics, economics, and sociological changes, impact your organization. Then you have to get other people excited about that.

[3:42] You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups that are second-line, and help them get excited about building an enterprise-wide view of risks across the organization.

[4:03] Once you’ve got your second line of defense, you can build that risk committee to democratize risks across the organization. Everybody can see the risks in their silo and how things impact each other across different units.

[4:36] Carrie says the primary goal of enterprise risk management is to enhance an organization’s ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation.

[4:49] ERM helps organizations make more risk-informed decisions. It helps improve resilience and removes obstacles to achieving strategic objectives.

[5:06] ERM is part of the governance and management of an organization. Know what could impact you from outside the organization as well as things that are changing in your policies, procedures, and processes. Make sure those are effective to continue achieving your objectives.

[5:37] ERM can provide an early warning on risks and the effectiveness of controls. When you’re using ERM in decision-making, it can help you to challenge assumptions before decisions are made. It can help you to set the frame for the decision and help you consider the alternatives.

[6:02] ERM can help you ensure that appropriate actions are taken to reduce your risks. It helps the organization to learn and adapt.

[6:14] Healthcare organizations do root cause analysis, a good risk assessment technique to figure out how to make negative outcomes not happen again. There are a lot of risk assessment techniques that can help you, depending on the situation your organization is working on.

[6:42] Culture is how things are done. A risk-aware culture is essential for a successful ERM implementation. It fosters an environment where risk is openly discussed and employees feel comfortable in identifying and reporting potential risks without fear of repercussions.

[7:08] This allows organizations to address issues proactively before they escalate. If you have a risk-aware culture, risks and risk assessments are integrated into decision-making and risk is considered at all levels of decision-making from strategic planning to operational activities.

[7:29] This helps to ensure that risk is a key factor in every management decision. Employees can take ownership of risk management.

[7:38] The University of California has a motto: “ERM means Everyone’s a Risk Manager.” Individuals doing their day-to-day work in their area of expertise are the ones who know best what their risks are and how to manage their risks.

[7:58] Our role as risk managers is to support these employees by giving them training in ERM, and risk assessment tools, and letting them talk to other people about risks that may impact them that aren’t in their area. That distributed approach enhances the effectiveness of ERM.

[8:18] A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices.

[8:36] At the top level of ERM are the board and leadership. They set the tone for the organization’s risk culture. They need to understand the dynamic risk environment in which the organization operates. They need to know of rising risks so they can make good decisions.

[9:06] At the day-to-day level, where the work happens, is the risk owner. That’s the person with the accountability and authority to manage that risk.

[9:18] The business unit level is where risk management and control processes take place. An organization’s risk is inseparably connected to its objectives. The responsibility for managing risk can’t lie with anyone other than the person who’s responsible for achieving those objectives.

[9:36] Good risk management is everybody’s responsibility. What does the Risk Manager do? The risk leader provides the infrastructure, tools, coaching, leadership, and resources.

[10:08] Resources can be anything from software to workshops to all sorts of things to help people identify, manage, monitor, and report on the risks.

[10:20] Risk managers can champion a risk-intelligent culture across the organization. Risk-intelligent culture is a term coined by Deloitte in a white paper.

[10:46] Risk managers are the ones who champion the integration of ERM into existing policies, structures, and processes. They get the risk committees going, they make sure that the issues get escalated to leadership, and that policies, procedures, and controls are improved.

[11:07] Risk Managers facilitate proactive risk thinking. They conduct risk sensing and report on emerging risks. An ERM person is a generalist. They don’t manage a particular area but check in with everybody about rising risks and report that information. They have people tracking risks.

[11:55] We have a new political landscape and changes in society. There are always new health issues arising. As long as there’s somebody in an organization paying attention to conditions, the ERM person’s role is to make sure those things get considered at the leadership level.

[12:19] A Risk Manager can provide a structured discipline for the consideration of risk in decision-making. They can lead risk workshops. They can make sure a risk-assessment process is built into regular management meetings. They can support risk-mitigation activities.

[12:46] Risk Managers can support mechanisms to provide timely risk information to decision-makers.

[12:54] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.

[13:14] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[13:25] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[13:45] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[14:23] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[14:31] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[14:43] Back to the Interview about all things ERM with Carrie Frandsen! 

[15:01] For ERM success, you need to have a framework for taking the steps to integrate risk management more into your existing activities and functions. Organizations are already managing risk. ERM gets more people to consider and talk about risk in their decision-making.

[15:34] ERM success factors include strong leadership buy-in, a culture of risk awareness, and open communication.

[15:45] When you’re getting started, you want to develop a clear ERM vision. Start where you are and build your business case and your implementation roadmap.

[15:58] Your implementation roadmap starts with a gap analysis between what you are doing well with risk management and where you can make improvements. The vision is what you see in five years of doing X.

[16:17] Based on those areas where you want to improve your ERM approach, you build your business case and lay out your implementation roadmap. Bring it to your leadership and that improves your leadership buy-in.

[16:32] Then you need to define your enterprise risk management roles and accountabilities. They’re often straightforward. The person in charge of an area is the risk owner of that area. Just take the time to define those roles.

[16:50] Sometimes when you map out risk accountabilities, you see that for some enterprise risks, there’s not one person who’s responsible for it because it covers a few areas or reaches across the whole organization.

[17:08] The pandemic was a good example of that. It doesn’t fit in any one area of responsibility. Building accountability for things that go across areas is always a challenge.

[17:21] Consider how you will develop your risk assessment and mitigation resources for risk owners. What are they already doing and what tools do they need? That’s where you engage those risk owners and work directly with them to provide them with resources.

[17:40] Make ERM an integral part of your operational processes and decision-making. Look at your existing processes and meetings to see where you can build risk assessment into them. You can’t be everywhere. You want to build that in as a normal part of processes.

[18:04] Ensure that the organization and its people are regularly monitoring risks and learning from those experiences.

[18:21] As you get started with ERM, get your hands on some material and read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can.

[18:44] To begin doing ERM, engage leadership, risk owners, and your second line of defense. Start doing your gap analysis which starts with conversations. Ask leadership what they hope and expect from enterprise risk management.

[19:03] When talking with leadership, you generally want to work to become a trusted advisor. You want to focus on the biggest risks. Ask people what they care about and what they’re working on. That will help inform assessing your organization’s current ERM capabilities.

[19:24] In your ERM plan, figure out how to integrate ERM into strategic decision-making and everyday management actions. Identify where, when, and how, key decisions are made. Work to embed risk assessment into those decision-making activities.

[19:47] Carrie suggests using a decision quality chain. Form a risk committee. Risk committees facilitate the identification, analysis, and mitigation of risks. You want people that are at the director level and the same reporting level.

[20:09] You want a representative from every area for an enterprise-wide view. You want a good forum where people can bring up their issues or concerns, build a shared understanding of the organization’s risks, and provide recommendations to leadership on significant issues.

[20:35] Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways for people to make risk-informed decisions.

[21:02] Carrie recommends using new ERM material. In addition to ISO 31000, ISO recently published Risk Management — A Practical Guide that helps with the steps of implementing ERM. Norman Marks has a helpful blog and wrote a book, World-Class Risk Management.

[21:43] Carrie used World-Class Risk Management as an assignment in her ERM Certificate program classes through UCLA Extension. She teaches the first two classes, The Foundations of Enterprise Risk Management, and The Designing and Implementing an ERM Program.

[22:16] Carrie’s partner Carol teaches the Advanced Techniques class.

[22:33] The ERM Certificate Program aligns with the RIMS-CRMP so that once you’ve taken all the classes, you’re well-positioned to sit for and pass the RIMS-CRMP.

[22:47] Special thanks to Carrie Frandsen for joining us. A link to her ERM Q&A interview from 2021 is in this episode’s show notes. Many of the resources she mentioned are in the show notes as well as links to RIMScast and RIMS Risk Management Magazine coverage of ERM.

[23:11] As always, visit RIMS Risk Management Magazine at RMMagazine.com.

[23:17] Next week, our 2024 Finale will feature an interview with the editors of RIMS Risk Management Magazine, Morgan O’Rourke and Hillary Tuttle.

[23:26] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[24:32] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[24:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[25:03] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[25:11] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla! 

Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

“ERM Q&A with Carrie Frandsen: ERM at the University of California System”

RIMS Webinars:

RIMS.org/Webinars

“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025

Upcoming Virtual Workshops:

“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter

February 19‒20, 2025 | Instructor: Chris Mandel

“Applying and Integrating ERM” | Feb. 26‒27

“Managing Data for ERM” | March 12, 2025

“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18

“Fundamentals of Insurance” | Feb. 19‒20, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Risk Quantification Through Value-Based Frameworks”

“Live from the ERM Conference in Boston!”

“Maintaining an Award-Winning ERM Program with Michael Zuraw”

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance”

“Big Shifts with John Hagel, RIMS ERM Conference Keynote”

“Contract Review’s Role in Risk Management”

Sponsored RIMScast Episodes:

“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)

“Risk Management in a Changing World: A Deep Dive into AXA’s 2024 Future Risks Report” | Sponsored by AXA XL

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Carrie Frandsen, Systemwide Enterprise Risk Management Director, University of California

RIMS-CRMP Commissioner (and RIMS-CRMP holder)

ERM Certificate Program at UCLA Extension

Social Shareables (Edited For Social Media Use):

You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups, and help them get excited about building an enterprise-wide view of risks across the organization. — Carrie Frandsen

The primary goal of enterprise risk management is to enhance an organization’s ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation. — Carrie Frandsen

A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices. — Carrie Frandsen

As you get started with ERM, read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can. — Carrie Frandsen

Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways. — Carrie Frandsen

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Caroline Shleifer, Founder and CEO of RegASK about the RegASK report, “The 2025 State of Regulatory Affairs and Compliance Report.” Justin and Caroline discuss how regulatory affairs professionals see AI adding the most value in three key areas of their day-to-day activity: augmentation, automation, and acceleration. Caroline shares some examples of these areas of AI. The report highlights AI and ESG as areas of increasing regulation. Caroline shares how risk management professionals can best prepare for the unique challenges these emerging regulatory areas present.

The report suggests that AI solutions could transform regulatory affairs work, particularly in summarizing and adapting requirements to specific organizational contexts. Caroline offers her thoughts on risk management roles evolving alongside this AI adoption in regulatory affairs.

Listen for ideas on leveraging AI tech to stay current with the evolving regulatory landscape.

Key Takeaways:

[:01] About RIMS.

[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.

[:25] About this episode, coming to you from RIMS headquarters in New York. Our topic is AE adoption and regulatory risks with the Founder of RegASK, Caroline Shleifer.

[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th.

[1:00] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.

[1:18] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:34] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.

[1:49] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[2:00] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th.

[2:12] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:26] Interview! The adoption of Artificial Intelligence in an enterprise’s operations, workflows, and processes is on our members’ minds. AI presents its own unique set of regulatory risks. My guest today is here to discuss insights about AI adoption.

[2:46] She is Caroline Shleifer, the CEO and Founder of RegASK, which recently released “The 2025 State of Regulatory Affairs and Compliance Report.” She is here to discuss some of the trends that she noticed from the surveys of senior executives and business leaders.

[3:04] She shares her perspective on the upside potential of AI adoption and ways that risk professionals can work alongside regulatory professionals to ensure everything runs smoothly and above board. We’ve got data, trends, and perspectives to explore.

[3:21] Caroline Shleifer, Welcome to RIMScast!

[3:49] RegASK’s new report is “The 2025 State of Regulatory Affairs and Compliance Report.”

[4:15] Caroline worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market.

[4:47] Doing that, Caroline realized that many times there was a challenge in understanding which regulations applied or in being caught off guard by a regulation they were not aware of. Sometimes these regulations prevent businesses from launching a product as they plan.

[5:28] It’s important to understand and catch up with the fast-moving regulatory environment. The challenge is understanding what applies to an organization well in advance so there are no delays or non-compliance. This is a recurring challenge for small and large companies.

[6:00] Caroline looked at the technology used in the banking and finance systems to help with compliance. She wondered why not apply that technology to the consumer product and life science industry to develop a product to help the regulatory affairs team stay current.

[6:35] About six years ago, Caroline founded RegASK, starting small with her clients in the consumer products and consumer health industry. She expanded it progressively to larger geographies and industry verticals.

[7:06] Caroline respects risk professionals as they deal with challenges that are often overlooked by other business units. When the work is well done, no one sees it, as it seems seamless. No one sees the day-to-day work behind the scenes to prevent non-compliance.

[8:02] Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial or having a big financial impact.

[8:45] Sometimes the compliance manager is the default risk manager and wears many hats.

[9:33] When Caroline formed RegASK, she saw something like AI was coming. She didn’t see how quickly it would come. Things that took RegASK years to develop a few years ago, take less than a year to develop now. RegASK has accelerated its roadmap due to recent developments. 

[10:49] According to the RegASK report, 38% of regulatory affairs professionals feel at risk of non-compliance due to unawareness of specific regulations. That agrees with the feedback RegASK gets from its clients.

[11:21] It’s very challenging to understand every regulation. RegASK provides the curation of regulatory information and helps pass the information to the right teams at the right moment with the right language, including what the impact and risk may be for different business units. 

[12:27] The report says 27% of senior executives expect regulatory risks to have the biggest impact on businesses in 2025. Everyone should be aware of these risks and be attentive to understanding the landscape and what is happening around them.

[13:17] Monitor regulatory agencies. Learn where and how to collect information and who should get the information you collect. Get training for the regulatory affairs team and the broader company on how to collect, summarize, and convey this information.

[14:04] The third point is to understand that now you have some technology that can help in this process. Understand what your needs are and adopt AI technology to some aspects of your workflow to solve some critical challenges you have.

[14:34] Understand what your workflow is. If you digitalize a process that is not optimal, you end up with a suboptimal digitalization and outcome. Study your current process and challenge it to see how it could be improved. Understand where technology can be leveraged in your process.

[15:10] RegASK helps companies to understand their workflow and how it can be improved. Caroline recommends picking the right partner to help you. Caroline notes that RegASK has been featured in a Gardner industry report on regulatory agencies and technology solutions.

[16:18] Plug Time! RIMS Webinars! On Thursday, December 12th, our final RIMS Webinar of 2024 will be presented by OneTrust: “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.

[16:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[16:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[17:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[17:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[17:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[18:04] Back to the Interview with Caroline Shleifer! 

[18:20] Justin likes the part in the report that zeroed in on AI in regulatory risk management: augmentation, automation, and acceleration, three areas where AI will add value to daily activity.

[19:10] Caroline says these are the key areas where the technology can support regulatory risk professionals. She gives an example of augmentation. AI can take the capture of regulatory change and augment it with external information that can come into play.

[19:40] You can augment your initial data with additional feedback from your internal team’s experience and external experts. With technology, you can easily collaborate and have information in one place and integrated into your workflow.

[20:29] Acceleration is about speeding up your workflow. Instead of searching multiple databases and websites, AI technology can leverage the search much faster. You type a question to get sources of information and then converse intelligently with the system.

[21:12] Automation handles mundane repetitive tasks. You can automate searching for regulatory agency information.

[22:01] The report also highlights ESG as an area of increasing regulation internationally. ESG regulations demand increased transparency and focus on sustainability practices, labor rights, corporate governance, environmental regulations, and more.

[22:45] There is a broad spectrum of additional regulations and directives you have to look at and monitor. It’s evolving quickly.

[23:00] The first thing is to integrate ESG into the risk framework. Establish an ESG-specific risk management process such as a governance compliance check, supply chain audit, and so forth.

[23:17] The second aspect is the reporting and disclosure using robust reporting tools. Look at the mandatory disclosure requirements. Make regular improvements in your reporting.

[23:41] Reporting requires collaboration across functions, such as sustainability, HR, corporate governance, and other teams to align on the ESG initiatives versus regulatory expectations. It’s across the organization. Collect and then disseminate the information across the organization.

[24:09] Finally, monitoring the evolving global ESG standards, emerging social responsibility regulations, and environmental and sustainability regulations. There is a lot to take care of and companies are not always well-equipped to do so. It requires a lot of attention and structure.

[24:54] Regulatory affairs professionals are collecting the regulatory changes and requirements for compliance. They summarize them and highlight the potential impacts and risks for the company. For instance, regulation around packaging can put a supply chain at risk.

[25:24] This information needs to be passed on to the risk management and compliance decision-makers. These are early signals they get much faster than when they waited for the information to be processed manually. That can give them more time to prepare the response.

[26:14] This data-driven decision-making helps teams prepare better for compliance and active risk identification.

[26:33] RegASK has about 35 employees and a global community of about 2,000 spread across more than 120 countries.

[27:11] Caroline credits technology such as Teams and Zoom for helping RegASK continue to function during COVID-19. It’s super easy to collaborate remotely now and be productive. When she needs to meet in person, Caroline enjoys meeting with different teams in different places.

[28:01] Caroline thinks remote work brings some additional energy and creativity with teams being in various countries and regions. 

[28:14] Caroline uses AI in her work. She uses it day-to-day in testing RegASK’s products and functionality, sales process, and drafting marketing materials. Now it’s how you adapt AI rather than do you adapt AI. How can you leverage it efficiently in a very specific use case?

[29:07] After the creativity and value added by humans, AI is helping in different processes.

[29:20] Special thanks again to Caroline Shleifer of RegASK for joining us here on RIMScast. “The 2025 State of Regulatory Affairs and Compliance Report” is now publicly available. A link is in this episode’s show notes. 

[29:37] I’ve also listed links in this episode’s show notes to RIMS and Risk Management Magazine reporting and coverage of AI and AI adoption. Check it out!

[29:50] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[30:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[30:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[31:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[31:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[31:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — Featuring Manny Padilla!

Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

“RegASK: The 2025 State of Regulatory Affairs and Compliance Report”

RIMS Risk Management Magazine, “Managing the Risks of Emerging AI Regulations”

RIMS Risk Knowledge: Artificial Intelligence

RIMS Webinars:

“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.

“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter

February 19‒20, 2025 | Instructor: Chris Mandel

“Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025

“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18

“Fundamentals of Insurance” | Feb. 19‒20, 2025

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote

“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”

“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”

“RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President)

“Supply and Bike Chains with Emily Buckley”

Sponsored RIMScast Episodes:

“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Caroline Shleifer, CEO and Founder at RegAsk

Social Shareables (Edited For Social Media Use):

I worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market. — Caroline Shleifer

Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial to a financial impact. — Caroline Shleifer

Leveraging technology helps you to augment the data with all the additional knowledge that you have collected along the way that can be integrated into your workflow. — Caroline Shleifer

Now it’s more how you adapt AI rather than do you adapt AI. — Caroline Shleifer

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

As the 2010 Winter Olympics gold medalist in men’s skeleton, Jonathan “Jon” Montgomery became a national icon, renowned for his spontaneous and exuberant celebration. Since 2013, Jon has hosted The Amazing Race Canada, captivating audiences nationwide. His career highlights include winning his first World Cup race in 2008 and earning two silver medals at the 2008 FIBT World Championships. Inducted into the Manitoba Sports Hall of Fame in 2019, Jon continues to inspire through his passion for sport and community.

Jon recently keynoted the RIMS Canada Conference 2024 in Vancouver, where he took the audience along on his journey to Olympic history. RIMScast Host Justin Smulison was in the audience and was inspired by Montgomery’s story, which revealed the parallels between risk management and sports and competition.

To help close out 2024 and usher in the winter, Montgomery joined RIMScast to discuss his risk philosophies, highlighted by the ups and downs of training and competition. Justin and Jon discuss Jon’s victory at the 2010 Olympics followed by his failure to qualify for the 2014 Olympics. Jon reveals where he fell short and how he turned this failure into a life-changing habit of learning lessons from every setback. Jon comments on the differences between individual risk-taking, and risk professionals applying more risk-aware thinking. Jon talks about journaling his wins and losses in life. Jon credits his team for everything he achieves, from the Olympics to Amazing Race Canada. Jon shares how a misunderstood training program challenged him to his limit but built him up for the 2010 Olympics. Jon’s secret sauce is his curiosity and his desire to chase the best-informed guesses. Jon recommends stacking habits to make short-term goals become long-term commitments.

Listen in to hear Jon’s take on the RIMS Canada Conference 2024 and what he experienced there.

Key Takeaways:

[:01] About RIMS.

[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.

[:25] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Olympic Gold Medalist, Host of The Amazing Race Canada, and recent RIMS Canada Keynote, Jon Montgomery!

[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025.

[1:08] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.

[1:30] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.

[1:41] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th.

[1:52] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.

[2:08] Interview! My guest today is one of my favorite RIMS Keynotes from 2024, the 2010 Winter Olympics Gold Medalist for Men’s Skeleton, Jon Montgomery. He’s an icon in Canada. He’s known since 2013 as the host of The Amazing Race Canada, captivating audiences.

[2:27] He’s an all-around great guy. His keynote at the RIMS Canada Conference 2024 inspired me. We are catching up now to close out 2024 with a little extra inspirado! We will discuss his risk philosophies and how our listeners can apply these philosophies to their lives.

[2:58] Jon Montgomery, welcome to RIMScast!

[3:09] Jon Montgomery is an Olympic Gold Medalist. You may also know him as the recent host of the RIMS Canada Conference 2024. Jon is calling into the interview from his home office. Justin found Jon to be very personable after his keynote address at the conference.

[3:49] Jon says his experience was awesome. The best part was connecting one-on-one with people, and putting a medal around folks’ necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you shared.

[4:27] Jon gets a charge out of meeting folks and finding out who they might know in common. He says in Canada if it’s more than a couple degrees of separation, one of them has been living under a rock.

[5:13] Jon saw that folks at the conference were genuinely engaged and happy. The level of positivity was the connecting element from person to person. He could feel the energy. It felt like folks looked forward to these opportunities. People were familiar with one another, like family.

[5:36] Jon saw that people look forward to these conferences to be among friends, as well as to learn and network. The level of familiarity was tangible.

[6:26] Jon likes to assess risk, by whatever metrics he uses, and he loves to compete against the best, whatever he gets to be a part of. 

[6:51] Jon talks about measuring the risks of skeleton against the potential rewards. Whatever the perceived risks were, he pushed them to the side for the opportunity to represent my country, which carried much greater weight. He downplayed the risk in pursuit of that reward. 

[7:27] In hindsight, we might lie to ourselves on occasion about risky endeavors because of that proverbial dangling carrot. Jon would have played any sport that would have him. Skeleton had a shorter bench than the national team in hockey, or even speedskating, or downhill skiing.

[7:55] When Jon first saw skeleton, he was compelled. Having tried it one time, he was hooked. He loved the experience of being on the sled. He didn’t think too much about what would happen to him but it seemed safer than hockey with all its variables, which he grew up playing.

[8:33] In skeleton racing, you go down a frozen chute. There are no right angles and everything is pretty smooth. It just has a great deal of speed. Once Jon got his brain wrapped around that, he was comfortable in that arena.

[8:55] Jon learned that the sport places incredible pressure on the brain. That was glossed over in the pursuit of representing Canada. Some of the athletes got concussions and had to work through them. Jon’s wife was profoundly affected by participation in skeleton racing.

[9:18] Jon says they are where they are today because of that row to hoe and the dark days that followed after she left the sport and Jon retired four years later.

[9:40] Could risk professionals push some risks to the side with a similar outcome or is there a different approach to apply in their roles? Jon suggests risk professionals not turn a blind eye to the outcomes. As an individual chasing a dream, there has to be some of that.

[10:05] Jon says if he focuses solely on the risk, it might detract from his capacity to react and take advantage of a situation and opportunity. If you’re dwelling on what could go wrong, you’re missing things right in front of you that might swing the pendulum in the other direction.

[10:32] As a risk professional, you work to mitigate that negative outcome. For what’s at stake as a risk professional, Jon would not advise turning a blind eye to outcomes. For the public, dwelling on what can go wrong will lead to some of those outcomes. What we focus on grows.

[10:57] If you perpetually focus on the negative and what could go wrong, you will attract it. Focus instead on what you want to have happen. Justin and Jon discuss the law of attraction where thoughts become things. Justin watched it on streaming instead of reading the book.

[12:40] Jon keeps track of his hits and misses, but he doesn’t do as much journaling as he thinks he should. When he does journal, he is proud that he wrote of his successes to be reminded of them later. He finds journaling to be a great tool to be leveraged.

[13:32] Jon says nobody should expect not to experience disappointments. As a parent, Jon has had to realize that his reactions are natural, even if he would have preferred to react a different way.

[13:58] The conversations that are had afterward are humanizing, when he admits not having had the patience the situation warranted. Jon talks of building conversation around expectations, realities, and disappointments, moving forward with purpose.

[14:22] One of Jon’s most disappointing experiences was falling short of making the 2014 Olympic team. As the defending Olympic champion, he failed to qualify for the 2014 Games although he was stronger, faster, and more prepared. He had tried to create a better sled.

[15:43] In skeleton racing, your sled needs to be intertwined with every fiber of your being. You have to know how it will react to the smallest impetus. If you haven’t had the time to become one with your sled, you are at a disadvantage. Jon didn’t have the time to perfect his sled.

[16:18] Jon fell just a hair short. It was wildly disappointing. The feeling in the pit of his stomach was palpable. Today, Jon is so glad it happened to him. What he took away from it was that he realized he had pushed people away who could have helped him in his project.

[17:37] Jon had spent a lot of time, money, and effort on this project and he thought people just wanted to be part of it. He pushed against collaboration. He made himself a man on an island in a solo pursuit. He couldn’t reach the necessary expedited rate of development alone. 

[18:12] If you want to go quickly, go alone. If you want to go far, you’ve got to go together. Jon applies that lesson to everything he does today as an entrepreneur and in business. He knows he can’t do it singly. The lesson has stood him well since he moved on from the disappointment.

[18:43] As you move away from a failure, if you focus on the lessons you learned through that pursuit, that’s always going to be a win. You’ll either get the victory or the lesson. In either case, it’s a W!

[19:10] Plug Time! RIMS Webinars! On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.

[19:25] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.

[19:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[19:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[20:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[20:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[20:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.

[21:04] Back to the Interview! 

[22:02] As the tip of the iceberg, the visible part of Amazing Race Canada, Jon stands on the shoulders of a juggernaut of a team. When you saw Jon at the Olympics, going down the mountain on the crazy carpet with rails on it, you didn’t see the team behind the athlete.

[22:27] Jon’s team was made up of coaches, trainers, physiotherapists, and team leaders. All of these people feed into a moment.

[22:40] When that moment becomes visible to the masses, the capacity to see the team for the individual isn’t present but everybody who has done something that they can be proud of knows full well what goes into a result.

[23:22] Jon’s public speaking skills developed in tandem with his pursuit of athletics in high school. Jon and a buddy were student council co-presidents. They spoke in front of their peers at student assemblies. There is no more angst-inducing group to speak to than teen peers.

[24:26] Jon became an auctioneer. He shares a sample of his auctioneer chant. He was often asked to MC weddings and events. He learned to be himself on a grand stage. When a beer was thrust in front of him, he was himself. It led him to develop his career, rather than auctioning.

[27:31] Jon has a great deal of anonymity in a bar although some speak of offering him a beer. His favorite beer is wet and free. When offered, he will chug it.

[29:01] Due to misunderstanding an article on training, Jon found himself overtraining in squats, lifting twice what was suggested. It caused him to break down, physically, emotionally, and mentally, spending hours at the gym to get 100 reps done.

[30:17] On day 10, Jon fell short, being unable to do 100 squats with 200 additional pounds on the bar than he had had on day 1. He looked at the workout again and found he had done almost 100% more work than was required. There was no amount of energy he didn’t expend to do it.

[31:11] It dawned on him that he never would have made it that far had he known the truth. He wouldn’t have put forth that amount of work if he hadn't believed it was possible. That belief that others had done it was compelling and propelled him far past his self-imposed limitations.

[31:39] Almost completing the doubled workout made Jon realize that things are only out of our reach if we put them there; if we use self-limiting verbiage like “I can’t,” or “We’re going to fail.” Confidence is the key, whether you think you can or you think you can’t, you’re right.

[31:59] That experience in the gym made Jon realize that if he was going to be good at skeleton racing, he was going to have to continue to develop his legs, his glutes, his quads, and his core, and also his confidence; his capacity to believe that he could be a 2010 national team skeletor.

[32:22] Jon had to believe he had the same opportunity and chance as every other athlete out there to win a medal; to win the gold medal.

[32:31] All he could do was execute and be the best version of himself on the day that mattered and not worry about anybody else. If he did that, he would put himself in the best possible position. Jon was 30, turning 31. His training had made him strong. He peaked at the Games.

[33:12] Jon’s last push on his last run at the Games was his best. He needed that fast start time to compete with the two fastest pushers in the world.

[34:12] Justin and Jon discuss not drinking alcohol on days you train. Jon says how we manage something inherently unhealthy is an individual thing. Your capacity to recover after having alcohol is reduced. Jon calls drinking a balancing act. You have to weigh things.

[36:42] Jon talks about getting deep sleep and REM. He wears an Oura Ring to track his sleep. His metrics are different when he’s had alcohol. Jon cherishes his sleep.

[37:50] Jon says when you stack habits, your capacity to change short-term interests into long-term commitments is so much more bolstered.

[38:33] Jon Montgomery’s secret sauce is curiosity. He has a great deal of gratitude for having a curious mind. It’s hard to teach or coach curiosity. Curiosity can be nurtured when you recognize it in your children and others. Jon’s curiosity leads him to chase best-informed guesses.

[39:37] Jon never holds anything so dear to his heart that he would die on that front. He is open and willing to have his mind changed about stuff. He’s plain about what he knows right now.

[39:49] Jon, it has been such a pleasure to have this one-on-one time with you for RIMScast. This past year, 2024 RIMS Canada had their best lineup of keynotes with you, Kevin Vallely, Jay Kiew, and Jody Wilson-Raybould. You all were fantastic and there was a lot to take away.

[40:14] It resonated with me so I wanted to keep you at RIMS a little longer to get some more of those nuggets of wisdom.

[40:39] Jon invites you to get your submission tapes in for Amazing Race Canada. Casting is still open. Jon will be the host for as long as they will have him! If they can him, he’ll follow them on the road and sneak into shots! They do the show for men’s health awareness. Donate online.

[41:19] Special thanks again to Olympic gold medalist Jon Montgomery for joining us here on RIMScast. If you missed his keynote at the RIMS Canada Conference 2024, be sure to look for him on the road as he delivers several more at other events.

[41:33] Be sure to follow his adventures as the host of Amazing Race Canada, which is gearing up for its 11th season, brought to you by CTV. Learn more about him at JonMontgomery.CA.

[41:47] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[42:22] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[43:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[43:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[43:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[43:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[44:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

NEW FOR MEMBERS! RIMS Mobile App

RIMS-CRMP Stories — Featuring Valerie Fox! 

Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

RIMS Webinars:

“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024

“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.

“Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025

“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18

“Fundamentals of Insurance” | Feb. 19‒20, 2025

See the full calendar of RIMS Virtual Workshops”

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote

“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”

“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”

“RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President)

“Supply and Bike Chains with Emily Buckley”

Sponsored RIMScast Episodes:

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

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“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

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About our guest: Jon Montgomery, 2010 Winter Olympics Men’s Skeleton Gold Medal Winner and Host of Amazing Race Canada

Social Shareables (Edited For Social Media Use):

The best part of a gig is the opportunity to connect one-on-one with people in their space, and getting to put a medal around folks’ necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you share. — Jon Montgomery

I like to assess risk, on what metrics I use, and I love to compete. I love to stack myself against the best, in whatever it is I get to be a part of. — Jon Montgomery

When I saw skeleton for the first time, I was compelled, from a visual standpoint. Having tried it one time, I was hooked. — Jon Montgomery

When the moment of competition becomes visible to the masses, the capacity to see the individual’s team isn’t present but everybody who has done something that they can be proud of knows full well what goes into a result. — Jon Montgomery

That belief that others had done this doubled workout was compelling and propelled me far past my self-imposed limitations. It made me realize that things are only out of our reach if we put them there. — Jon Montgomery

I am a curious dude. It’s led me to chase best-informed guesses for what we know today. I am open and willing to have my mind changed about stuff. Here’s what I know right now. — Jon Montgomery

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

The RIMS ERM Conference 2024 in Boston featured a stellar lineup of risk thought leaders who shared their experiences applying ERM practices to align risk management with strategy and showcase the value of more risk-aware corporate cultures. At the Conference, Justin spoke with two leading ERM practitioners in different primary areas to provide a range of perspectives. In this episode of RIMScast, Justin interviews Christopher Stitt about his session, which he based on the RIMS ERM Framework and the RIMS Risk Maturity Model. Justin interviews Catrina Gilbert about her position at the DFW Airport and her career in risk management and ERM, as well as current airport initiatives.

Listen in for a sample of the offerings of the RIMS ERM Conference 2024 with its record-breaking full-capacity attendance.

Key Takeaways:

[:01] About RIMS.

[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.

[:25] About this episode. Recorded live in Boston at the RIMS ERM Conference 2024, we have interviews with two fantastic guests!

[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.

[1:07] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.

[1:35] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.

[1:51] First Interview! Our first guest was a featured speaker on Day 2 of the RIMS ERM Conference 2024. His name is Christopher Stitt and he is the Founder and CEO of CrisisLead, LLC.

[2:01] Chris’s session was titled “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” We’ll speak about that session and give a high-level overview for those who could not attend.

[2:18] Chris has a fascinating background that led him to risk management and ERM. His career journey is an inspiration. We recorded live on-site at the Boston Hilton Plaza. Christopher Stitt, welcome to RIMScast!

[2:51] This is Chris’s first ERM Conference. He’s enjoying it and likes getting a broader perspective of how the overall ERM community operates. It’s been a fantastic opportunity to network with some amazing professionals and learn from them!

[3:20] Chris talks about the session he is giving, “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” It comes down to people. What sometimes gets missed in the ERM process is the human factor.

[3:51] It’s about getting the buy-in necessary and the understanding of what risk is, not just from the senior level but across the board. A new concept, the Risk Intelligence Quotient, can help your organization understand how to look at, feel about, and interact with risk.

[4:26] The Risk Intelligence Quotient, along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption.

[5:03] Chris used the RIMS ERM Framework and the RIMS Risk Maturity Model as the foundation of his session. As he studied the RIMS Risk Maturity Model, he saw it was about the journey, from starting a risk program in a new business to developing a mature program.

[5:37] As a business grows and a company matures, you need to be able to go through the process and say, “We need to start documenting how this works. We need to start ingraining this into our business process.”

[6:01] The RIMS Risk Maturity Model gives a great overview of how to ingrain risk management into your business process, especially in a business developing as a hierarchical organization.

[6:41] Chris was a U.S. Department of State Diplomatic Security Service Special Agent for over 25 years managing integrated security risks in embassies around the world. He looked at how international risks would influence U.S. operations in a given country.

[7:17] Chris was also Chief of Emergency Planning for the Department of State twice. That gave him a wide view of how risks develop and how to develop response plans to those risks.

[7:40] About 2014, The Department of State set up an ERM program. Chris was at the initial meeting. Senior officials were using terms he knew but with different meanings. That led Chris to investigate further into the meaning of enterprise risk and how to integrate it.

[8:24] What Chris loves is helping other people understand and build ERM programs. That’s why now, since retiring from the Department of State, Chris has moved into consulting. He sees it as a great opportunity to bridge the silos for a better understanding of what we’re trying to achieve.

[8:51] Chris is excited about presenting his session where he talks not only about the risks but also how you find the opportunities in those risks. It’s about building a powerful ERM program that gets buy-in from stakeholders and imbuing ERM into your organization’s culture.

[9:29] Chris, it’s been a pleasure. Thank you for joining us here on RIMScast.

[9:43] Plug Time! RIMS Webinars! On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.

[9:54] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.

[10:06] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.

[10:16] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[10:28] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[10:48] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[11:26] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[11:35] Final Interview! Catrina Gilbert is a previous ERM Conference speaker. Catrina is well known in ERM in Texas and the DFW RIMS Chapter. We will talk about how ERM influences aviation and some of the risk awareness campaigns she champions at the DFW Airport.

[11:56] Catrina Gilbert, welcome to RIMScast! Catrina is the Vice President of Risk Management at the DFW Airport and the Treasurer of the RIMS DFW Chapter. Justin and Catrina have known each other for a few years.

[12:30] Catrina is absolutely loving the RIMS ERM Conference 2024. Boston is beautiful this time of year. The speakers, the lineup, the vendors, and the food have been amazing! Every session has been standing-room-only! The Conference is at maximum capacity.

[12:54] It adds to the excitement. It is beautiful to see all these great minds from different industries, states, and countries converging on Boston! Catrina had “chowda” for the first time!

[13:37] Catrina states that there is never a dull moment in aviation. Airports are growing and rebounding from the pandemic, doing all sorts of construction projects. DFW has a $9B Capital Improvement Plan. From an insurance and claims perspective, that keeps Catrina very busy.

[14:02] The DFW Airport has a rolling owner-controlled insurance program, which keeps Catrina super busy. Catrina is also responsible for the airport’s ERM program. That’s why Catrina is at the RIMS ERM Conference 2024.

[14:16] Having the ERM program and being rooted in the organization at the ground level and the executive level, Catrina makes sure that everyone on the airport’s Risk Council understands that ERM can also stand for “Everyone’s a Risk Manager.”.

[14:37] Catrina is trying to empower the team to think strategically and holistically, and to think about how different programs and platforms have interdependencies. If we have an issue here, how is it going to impact, perhaps, the runway or the concessions?

[14:57] Catrina is looking at a resiliency framework; how do we bounce back? A lot of organizations are still struggling from the pandemic. Everyone is focused on a resiliency framework. When this happens again, are we ready? That’s the beauty of this conference.

[15:33] Catrina says every holiday is the best time of the year at an airport! There’s no such thing as the worst time of the year. The beauty of an airport is that it connects people around the globe. The holidays are a special time for everyone. Airports love playing a part in that journey.

[16:14] Catrina has been at DFW for almost eight years. She has been in risk management since 1999. She has done risk in several industries. Aviation is, by far, her favorite. There is never a dull moment; two days are never the same. DFW Airport is a city, with all the departments.

[17:22] Trisha Sqrow and Sandra Fontenot, past RIMScast guests, were DFW colleagues of Catrina’s. Trisha is doing great work at the Conference. Sandra Fontenot is doing great work at the RIMS DFW Chapter and helped Catrina with the annual chapter conference.

[17:37] Catrina says we grow when we move, but RIMS and risk management keep people together. Catrina thinks the work that they did together at DFW Airport is one of the reasons they’re still colleagues and friends. They still share ideas and speak at conferences together.

[18:31] Catrina has 12 people in her risk group at the DFW Airport. At her previous airport, Hartsfield-Jackson Atlanta, she was a department of one. She reported to the city. She hears “department of one” a lot at the Conference, maybe two or three. Everything’s bigger in Texas.

[19:03] Catrina looks for fresh ideas in a new risk hire. DFW had Innovation Week last week. Seeing the great ideas coming through in the aviation industry, including AI, Catrina wants people who have an open mind, are innovative, and are willing to try some new things.

[19:37] You can teach the rest of it. Catrina wants people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out.

[19:57] Justin recently noticed in the restrooms at DFW Airport posters on Human Trafficking Awareness. He is a big proponent of human trafficking awareness. He has led those initiatives at RIMS. He was glad to see that DFW is one of the many airports boosting awareness.

[20:18] DFW is one of many airports in this fight against human trafficking. They have training, posters, and placards to educate you to say something if you see something and how to report what you see. It’s better to be safe than sorry. DFW provides you with a way to report.

[21:06] The Human Trafficking Awareness campaign is a team effort. It went through the Community Engagement Team, the Customer Experience Team, and the Department of Public Safety. Everyone worked hand-in-hand to be on the same beat in fighting human trafficking. 

[21:32] DFW is proud to be a part of the global Sunflower Lanyard Program, designed to make hidden disabilities a little bit more visible. A passenger who has a hidden disability will receive a Sunflower Lanyard by mail before their departure date.

[21:54] When the passenger with the hidden disability is in the terminals, DFW employees have been trained to recognize the Lanyard and give them a tailored experience by asking how they can assist the passenger to have a wonderful travel experience.

[22:14] It’s about providing for the diverse needs of a diverse population to ensure that everybody has the same experience in traveling.

[22:25] What a delight to finally have Christoper Stitt and Catrina Gilbert as our special guests here on RIMScast!

[22:33] Check out this episode’s show notes for links about the ERM Award of Distinction Winners and Honorees and more about the Conference. Of course, we also have a special edition of Risk Management magazine dedicated to ERM. That’s available in the show notes.

[22:52] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[23:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[24:30] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[24:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[25:01] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[25:09] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS ERM Conference 2024 Roundup — Global Award of Distinction Honors

RIMS Strategic & Enterprise Risk Center

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

NEW FOR MEMBERS! RIMS Mobile App

RIMS-CRMP Stories — Featuring Valerie Fox! 

Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

RIMS Webinars:

“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024

“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024

“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.

“Applying and Integrating ERM” | Dec 4‒5

“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Risk Quantification Through Value-Based Frameworks”

“Maintaining an Award-Winning ERM Program with Michael Zuraw”

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance”

“Big Shifts with John Hagel, RIMS ERM Conference Keynote”

“Live From RIMS ERM Conference 2023”

Sponsored RIMScast Episodes:

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

Risk Management Magazine ERM Special Edition

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests: Christopher Stitt, Founder and CEO at CrisisLead, LLC

Catrina Gilbert, Vice President of Risk Management at Dallas Fort Worth International Airport

RIMS DFW Chapter Treasurer

Social Shareables (Edited For Social Media Use):

The Risk Intelligence Quotient (how you look at risk), along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption. — Christopher Stitt

What I really love is helping other people understand and build ERM programs. That’s why now, since I retired from the Department of State, I have moved into consulting. It’s a great opportunity to bridge the silos. — Christopher Stitt

It’s about building those cultures that can build very powerful ERM programs that get buy-in from the stakeholders and imbuing ERM into the culture of your organization. — Christopher Stitt

In a post-pandemic era, everyone is focused on a resiliency framework. When this happens again, are we ready? Are we prepared? Have we done the work? That’s the beauty of this RIMS ERM Conference 2024. — Catrina Gilbert

You can teach the rest of risk management. I want people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out. — Catrina Gilbert

We have training, posters, and placards to educate you to say something if you see something and to have a way in which to report human trafficking. — Catrina Gilbert

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Andrew Bent on risk management involvement in developing requirements for contracts, the most important thing a risk professional can do before they start drafting insurance requirements, and the types of coverages and limits to include in a contract. Andrew shares his approach to reviewing contracts received from other organizations, and his pet peeves about reviewing contracts that have requests for endorsements or policy coverages that are hard to obtain or no longer exist. He shares some general tips for negotiations.

Listen in for advice on win-win strategies in contract negotiations.

Key Takeaways:

[:01] About RIMS.

[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.

[:26] About this episode. From RIMS headquarters in New York, we will delve into the importance of contract review in risk management with our guest today, Andrew Bent.

[:47] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.

[1:06] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.

[1:13] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker.

[1:28] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.

[1:45] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.

[1:57] Interview! Our guest today has 20 years of experience as a risk management professional and consultant and is known for the development, implementation, and optimization of ERM frameworks. He is Andrew Bent, the Senior Engagement Lead from Marsh Advisory.

[2:17] Andrew is also one of the founding members of the RIMS CRMP Commission. He’s here to talk about the importance of contract review in risk management and to provide tips and strategies for effective review.

[2:28] We will also discuss how contract review can even influence business relationships. Andrew Bent, welcome to RIMScast!

[2:57] Andrew started in New Zealand as a chemical engineer. He compares chemical processes with risk frameworks. He then worked in risk management with the New Zealand Customs Service.

[4:11] Australia and New Zealand’s governments made drastic cuts to public service about how resources were deployed. They did this with good risk management theory, the 4360 standard.

[4:48] The Customs Service applied the 4360 standard to the risks of people, crafts, and goods coming across the border. They did risk assessments on many things. It was a good way for Andrew to understand how risk works and how to either mitigate risks or live with them.

[5:22] There are only so many shipping containers that can get opened every day and so many people who can be evaluated every day if you don’t want to shut down your country’s entire commerce trade and flow.

[5:41] Andrew stayed there for a few years. Then he moved to Canada in 2009, a financially difficult time. He loved Canada and found the people to be similar to New Zealanders. He worked in a large municipal police agency in Western Canada.

[6:55] They were forward-thinking and strategic in how they thought about risk. He was able to help set up an enterprise risk management team and help accelerate the integration of strategy and risk.

[7:17] For a time, Andrew was the only chemical engineer in the world who had moved to Alberta and didn’t work for an oil and gas company. So he went to work for an oil and gas company for a while.

[7:27] Andrew found RISKWORLD hugely beneficial to his work. Andrew had a challenging job working beside health and safety folk. He developed a broad range of understanding of health and safety rules and regulations and helpful insights into operations and business.

[7:54] Andrew then moved back into the regulatory space with one of the provincial energy regulators. Then he met his now wife, an American. They had a long-distance commuting relationship until he moved down to the U.S. and subsequently to Washington, D.C.

[8:23] Along the way, Andrew had a couple of additional jobs, including cyberspace and risk management teams and risk management functions in the gig economy.

[8:51] Fundamentally, Andrew has found that risk management breaks down into understanding what you are trying to do, what your inputs are, what your risks are, and managing them as much or as little as your risk appetite needs.

[9:33] Andrew says contract review usually has the deepest understanding of what is and what is not insured under current programs of insurance. That helps them inform contract owners about what are and are not acceptable levels of risk they can assume in most contracts.

[9:54] Contract review helps to draw out the discussions around the organization’s risk-reward balances that they want to make sure are built into contracts. They can get overlooked in the rush to get a deal done. Contract review wants to bring that balance back to the conversation.

[10:27] Contract review also provides advice on some of the types of risk controls outside of insurance risk transfer that a contract owner should be thinking about, such as cyber, IT controls, data protection, health and safety, and a host of other issues.

[10:49] Contract owners should be thinking about and potentially building into their contracts as part of the negotiation with the counterparty. This is a two-way negotiation. We always want to be thinking about what each party is trying to achieve out of this contract.

[11:16] As risk management professionals, part of our role is to be the grownup in the room while everyone else is rushing to get the deal done. We often have to take a step back and ask if this is the right deal to be done.

[11:32] If it is, what do we need to protect and what value do we bring to the organization if the deal is done?

[11:52] Andrew believes the most important thing a risk professional can do before drafting insurance requirements is to talk to the person who wants the contract. Andrew rarely sees it happen but it is the single most important thing to happen before writing any requirements.

[12:15] Everyone involved needs to understand the purpose of the contract. Why are we doing this? What is being proposed here? What’s the work that needs to be done? What are the services that are going to be delivered?

[12:31] What are the organizational objectives to be achieved by entering this contract? Andrew shares an example from his career of how this is discussed, with a small vendor providing a critical service but who had trouble with the standard contract. Flexibility was needed.

[14:46] If you understand the work or services to be provided in a contract, you’re two-thirds of the way to understanding what risks need to be covered by insurance or another way. If someone’s digging a ditch at your building, they probably don’t need to provide cyber coverage.

[15:40] In cases where you have people moving between sites, you might need to include auto coverage. Workers’ compensation coverage is always something you need to think about. You don’t want to end up being on the hook if a contractor is injured working for you.

[16:19] Some things may not just need to be in our insurance provisions within a contract but also into the liability or other sections of the contract. You need to see the entire contract, not just the insurance provisions within the contract.

[16:48] Plug Time! RIMS Webinars! On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.

[17:07] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.

[17:15] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.

[17:27] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.

[17:36] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[17:48] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[18:08] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[18:46] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[18:55] Back to My Interview with Andrew Bent!

[19:10] When Andrew reviews a contract his organization has received from another organization, he keeps in mind that everyone tries to negotiate a contract in a way that is most beneficial for them.

[19:21] In an ideal world, everyone approaches contract negotiation as a win-win, but most of the time, people come in with their ideal position. Understand the other party. A large company will have multiple layers and a legal department to negotiate through and changes will take time.

[20:35] If you’re dealing with a smaller organization, maybe a one-person shop, be aware that they may not have a lot of risk management knowledge. Don’t take advantage of that. As a risk management professional, you have an ethical obligation to do the right thing.

[21:08] You need to make sure to protect your organization. You also want to make sure that the counterparty you’re contracting with is also left in a position where if something does go wrong, they’re not destroyed.

[21:26] Andrew doesn’t want to be the proud owner of someone’s home because that’s the only asset they have. Be sensible about the obligations and insurance requirements you place on parties, particularly on those without a lot of assets. Be thoughtful in managing those things.

[21:58] You have to be able to think about what the other party is looking to protect and to achieve out of this contract. That doesn’t mean you give up your objectives, limits, and red lines.

[22:17] Step out of your viewpoint briefly and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently.

[22:45] Andrew’s Number One pet peeve is people who refuse to negotiate. Everyone starts with their ideal position but if you’re not prepared to move, then you’re not prepared to do business. Every contract needs to be a two-party agreement or you’re not being commensurate.

[23:16] Another pet peeve is requesting things that aren’t going to help you manage your risk. If Andrew is looking at a contract from a counterparty and they’re asking for things that bear no resemblance to the scope of work, that tells him they’re phoning it in with a standard contract.

[23:42] If Andrew gets both of those things together, he asks if this is the level of input in their contract, what will they be like to work with? You can learn a lot about the people you are potentially going to work with by how they negotiate and work through that process.

[24:07] If they’re prepared to come to the table and have a reasonable discussion, not always an easy discussion, that says a lot about how they’re going to work once they’ve got ink on paper and you’re into the business you want to get into.

[24:34] Andrew has had requests for a form that doesn’t exist anymore. This is driven by very old standard contract language that hasn’t been updated since 1984. He uses it as an opportunity to educate. Some people refuse to be educated. The computer says they need that form.

[25:20] That shows what they would be like to work with. You need to understand what you are trying to achieve and how important this particular contract is. Sometimes you just have to walk away when the value of doing what the counterparty is asking for isn’t worth it to you.

[26:05] Andrew gives examples of both a reasonable requirement and an unreasonable requirement from a landlord if you want to do construction within a newly leased building. It’s about how, where, and what those requests are and how reasonable they are in the contract.

[27:12] Remember that you are working with another party toward a mutual benefit. A legally binding contract is between two parties that come to some agreement with a transfer of services and payment between them. There has to be something of value to both parties.

[27:39] You’re there for a reason. Even if you can go in hot and heavy, unwilling to bend, that doesn’t mean you should even if there is a power imbalance between the two parties.

[28:24] There is another party, another person or group, involved here. Treat them with the courtesy, respect, and professional dignity you would like to receive as well. Work with them. Try to understand their position.

[28:51] It’s OK to walk away. There are some deals that you’re just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn’t line up.

[29:28] If you do it respectfully and professionally, you maintain that relationship for the future, and maybe next time it will work out; it just didn’t this time. Be professional, be thoughtful, be mindful of your position, and also be mindful of the other party.

[30:02] Special thanks again to Andrew Bent for joining us here on RIMScast! Andrew will be making an appearance in our brand-new video series for the RIMS-CRMP. We’ll eventually update this episode’s show notes with that link.

[30:16] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[30:51] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[31:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[31:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[32:10] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[32:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[32:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS-CRMP Stories — Featuring Valerie Fox!

Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)

Nominations for the Donald M. Stuart Award

RIMS Webinars:

“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024

“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024

“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024

“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.

“Applying and Integrating ERM” | Dec 4‒5

“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Risk Quantification Through Value-Based Frameworks”

“Maintaining an Award-Winning ERM Program with Michael Zuraw”

“Applying ERM Theory with Elise Farnham”

“On Risk Appetite and Tolerance”

Sponsored RIMScast Episodes:

“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)

“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant

“RMIS Innovation with Archer” | Sponsored by Archer

“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich

“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL

“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL

“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company

“Partnering Against Cyberrisk” | Sponsored by AXA XL

“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [email protected] or [email protected] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.

Have a question or suggestion? Email: [email protected].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Andrew Bent, Senior Vice President, Senior Engagement Lead, Marsh Advisory — Strategic Risk Consulting Founding Member of the RIMS-CRMP Commission

Social Shareables (Edited For Social Media Use):

There are only so many shipping containers that can be opened every day and so many people who can be evaluated every day if you don’t want to shut down your country’s entire commerce trade. — Andrew Bent

If you understand the services to be provided in a contract, you’re two-thirds of the way to understanding what risks need to be covered. If someone’s digging a ditch at your building, they probably don’t need to provide cyber coverage. — Andrew Bent

You need to make sure to protect your organization. You also want to make sure that the counterparty you’re contracting with is also left in a position where if something does go wrong, they’re not destroyed. — Andrew Bent

Step out of your viewpoint and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently. — Andrew Bent

Everyone starts with their ideal position but if you’re not prepared to move, then you’re not prepared to do business. Every contract needs to be a two-party agreement or you’re not being commensurate. — Andrew Bent

There are some deals that you’re just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn’t line up. — Andrew Bent

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In this episode, Justin interviews Kevin Stein, the CEO of Delos Insurance Solutions. Kevin tells of his aerospace engineering background and how modeling led him to the insurance space. He speaks of his passion for insurance, and of co-founding Delos Insurance Solutions to fill the commercial coverage gap around California Wildfires. Kevin speaks of his optimism for the future of Wildfire control with property fire-hardening principles and new detection and deterrent technology.

Listen in for advice on hardening commercial properties against wildfire risk, and how to secure coverage against this risk.

Key Takeaways:

[:01] About RIMS.

[:15] About this episode. From RIMS headquarters in New York, our guest today is Kevin Stein, the CEO of Delos Insurance and we will discuss wildfire risk.

[:39] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.

[:58] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.

[1:05] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker.

[1:20] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.

[1:37] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.

[1:49] This is the last call to register for the RIMS ERM Conference 2024 which will be held on November 18‒19, 2024 in Boston, Massachusetts. The agenda is live, we’ve got a great keynote, and we’ve got so many fantastic educational sessions and networking opportunities for you!

[2:07] So visit the Events page of RIMS.org and register today! A link is also in this episode’s show notes.

[2:14] Interview! Climate change and wildfire risks are on our minds here at RIMScast! My take is that there is no longer a wildfire season here in the U.S., it’s just wildfire year. Let’s see if our guest agrees with me, and what risk managers can do to combat and mitigate this problem.

[2:39] My guest is Kevin Stein. He is the CEO of Delos Insurance Solutions and he is an aerospace engineer by training. We're going to get a fascinating perspective from him on wildfire risks and what risk professionals can do to limit their exposure.

[2:56] We’re also going to talk about the trends driving wildfire reduction techniques. Let’s get to it! Kevin Stein, welcome to RIMScast!

[3:21] Kevin and a Co-founder started Delos Insurance Solutions in 2017. It is a specialty MGA. They sell policies across California in areas that other insurers have vacated because of perceived wildfire exposure in those regions.

[3:40] Delos Insurance Solutions is in partnership with an environment think tank made up of 100 professors, post-doc scientists, and the top wildfire researchers in the world.

[99] They have co-developed the civil government models for agencies including CalFire, the Public Utilities Commission, and the U.S. Forestry Service, for 25 years.

[4:04] With the think tank, Delos Insurance Solutions has developed more sophisticated wildfire underwriting internal tools and models that give a sense of a per-risk view of wildfire exposure as well as a portfolio-level view of wildfire exposure.

[4:19] With that, Delos Insurance Solutions has developed a number of programs. They sell home insurance, landlord’s insurance, and vacant home insurance across California.

[4:33] Kevin tells about his experience as an aerospace engineer. He did his Master’s in Aerospace Engineering at Stanford. He started on the modeling side and found his way into insurance.

[4:56] Kevin finds insurance fascinating. He says that everybody in the industry understands how interesting insurance is and everybody outside the insurance industry does not. Having gone from outside the industry to inside it, Kevin says the people in the industry are correct.

[5:13] Kevin says there are many different, interesting aspects of insurance and his career has been a wild ride.

[5:40] Kevin says the reality of wildfire season is that wildfires can happen at any time. There need to be specific conditions for these fires to become large, destructive wildfires. Conditions need to be hot, dry, and windy and there needs to be fuel.

[6:01] The seasons have been changing. In California, the wildfire seasons in 2017 and 2018 were very destructive. Historically, Northern California has a rainy season from mid-October through late March or early April. In 2017 they had sun through the end of December and rain until June.

[6:43] During the Fall, Northern California has a lake effect of winds coming over the mountains out to the ocean, and it’s usually stormy. In 2017 and 2018, they had 100-degree temperatures, the vegetation had been dry for six months, and the extreme winds led to fire superstorms.

[7:11] In any wildfire area, once sustained rains start, you’re in a more comfortable position. You need vegetation that’s been dried out for a while to have large fire superstorms but even in the Spring or early Summer, you can have individual or smaller fires that threaten your properties.

[7:37] The antidote to smaller, individual fires is to implement property-hardening techniques on commercial properties that effectively protect structures against smaller, slower-moving fires.

[8:25] Fires are spreading. The Salem, Massachusetts fires, the Eastern Canada fires, the Hawaiian fires, the fires in Oklahoma, and in San Diego show that fires can happen in a lot of geographies now that have not experienced fires before.

[8:59] This has a big effect on the insurance market. Insurers and reinsurers are looking at the spread and prevalence of wildfires and getting more concerned about what that means for their average exposure and maximum exposure.

[9:18] The price of re-insurance is going up significantly and the availability of re-insurance and capacity is going down significantly.

[9:28] The key for folks who own properties and large buildings and who rely on risk transfer as an effective means for managing their risk, is to be more creative and find more specialty groups.

[9:49] The insurance industry is morphing. The previous structure included wildfire exposure with hurricane exposure and tornado exposure. Now many of them will exclude wildfire.

[10:16] Risk managers will have to find specialty groups that are underwriting wildfire exposure more effectively and capturing re-insurance capacity more effectively to provide policies for people with this exposure.

[10:40] A key to understanding your fire exposure is to understand what type of fires you are potentially exposed to. There are wind-driven fire locations, moisture-driven fire locations, and vegetation-driven fire locations. [10:58] To harden your property to vegetation fires, make the area around your building either a parking lot or drought-resistant, fire-resistant landscaping. Don’t use bark or woodchips. You can have small scattered plants surrounded by concrete to avoid the risk of vegetation fire.

[11:50] With wind-driven fires, your biggest risk is embers. Embers can catch a building on fire by igniting vegetation at the base of the structure, so remove all vegetation against the structure or under eaves, especially with single-story structures.

[12:20] Embers can also get inside structures. Have ember-mesh screens on air intakes, such as those used by the HVAC system, and any openings in the foundation and your eaves.

[13:03] Build structures out of fire-resistant materials. Shingles and siding need to be fire-resistant or fire-safe. Use double-pane windows. Single-pane windows crack in fires and embers can get in. Use ember-mesh screens.

[13:59] For landscaping, make sure it is drought-resistant and fire-resistant.

[13:52] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.

[14:03] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.

[14:17] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.

[14:26] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.

[14:37] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.

[14:47] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.

[14:59] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.

[15:19]  The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.

[15:57] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.

[16:06] Back to My Interview About Wildfire Risks with Kevin Stein!

[16:36] Kevin has a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective.

[17:01] Kevin is optimistic about the new technology. Improved outdoor sprinklers are triggered if a fire is oncoming and douse everything in water or fire-retardant material. Sensors are put in different locations to recognize fire quickly.

[17:39] How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. Giant superstorms cause significant loss and burn down large buildings. Small wildfires can’t do that.

[18:07] The sensors are put on a variety of buildings to recognize smoke automatically with computer vision AI built in. Some longer-term technology is very interesting. In the future, there will be drone armies to replace the helicopters to pour fire retardant or water on top of wildfires.

[19:10] Commercial clients can deal with re-insurers like Lloyd’s of London to get coverage. Property-hardening characteristics and technologies come into play with a detailed assessment of the defensibility of the structure.

[20:38] Wildfire Re-insurers are moving from being generalists to being specialists. Generalist actuaries study years of loss history to predict losses for the next year. Specialist perils require area expertise because the risks cannot be handled simply through large amounts of data.

[21:13] Cyber is a great example of this. Cyber insurance was first bundled with general liability. The carriers soon realized they had no expertise to predict cyber risk so they excluded it. Specialty groups with expertise popped up to fill the gap in the market.

[21:36] This has happened with flood insurance, hurricane insurance in Florida, and earthquake insurance. Wildfire is the next one. It’s changing very rapidly. It’s very complicated, so you need people with area expertise to be able to underwrite it profitably.

[21:58] There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists to jump in, like Delos Insurance Solutions. Kevin says more groups will show up to serve the sector.

[22:54] Kevin reveals some of his aerospace engineer experience. He put in a proposal to NASA for a heliocentric spacecraft to look for life on Alpha Centauri. That wasn’t chosen, but there was an interesting satellite project he worked on.

[23:35] Kevin helped create two NBN satellites to provide internet to all of Australia, combined with a detailed fiber network. Kevin managed everything mechanical on the build of those two satellites.

[24:25] Special thanks again to Kevin Stein of Delos Insurance Solutions for joining us today on RIMScast. RIMS has a Wildfire Resources Page on RIMS.org. A link is in this interview’s show notes. Be sure to go there for more insight and information on how you can combat wildfire risk.

[24:44] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[25:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [email protected] for more information.

[26:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[26:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[26:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[26:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [email protected].

[26:53] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

RIMS ERM Conference 2024 — November 18‒19, 2024 | Boston, MA

NEW FOR MEMBERS! RIMS Mobile App

RIMS-CRMP Stories — Featuring Valerie Fox! 

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“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader’ | Sponsored by Resolver | Nov. 25, 2024

“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024

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Related RIMScast Episodes:

“Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin”

“Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products”

“Evolving Fire Risks with Ralph Bless”

“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets” (2020)

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“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog

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About our guest: Kevin Stein, CEO of Delos Insurance Solutions

Social Shareables (Edited For Social Media Use):

There are so many different, super-interesting aspects of insurance. — Kevin Stein

I have a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective. — Kevin Stein

Sensors can be put in different locations to recognize fire quickly. How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. — Kevin Stein

There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists like Delos Insurance Solutions to jump in. Other groups will follow. — Kevin Stein