RIMScast

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Can you envision everyone receiving equal pay for work of equal value, regardless of gender? Or having full and productive employment and decent work for all women and men, including young people and persons with disabilities, all being paid equally for work of equal value? That vision is the objective of International Equal Pay Day, celebrated annually on September 18. Elisa Stampf, the Co-Founder and CEO of Insure Equality, is here today to discuss employment equity in the insurance profession. Insure Equality is a non-profit that seeks to create and enforce accountability in the insurance profession and industry in the pursuit of diversity and equality. Listen for insight into the LBGQT+ stakeholders of the insurance profession.

 

Key Takeaways:

[:01] About RIMScast.

[:36] About today’s episode, where we will talk about equality in the risk and insurance professions with Elisa Stampf of Insure Equality.

[:58] All about exciting, upcoming RIMS events! On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:19] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:31] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:45] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode’s notes.

[2:13] International Equal Pay Day is recognized worldwide on September 18. That is the ideal topic to kick off my discussion with Elisa Stampf, the CEO of Insure Equality. Insure Equality is a non-profit that seeks to create and enforce accountability in the insurance profession and industry in the pursuit of diversity and equality.

[2:34] Elisa is based in Chicago. She has an insurance background. She is going to provide perspective on LGBTQ+ rights in the risk and insurance professions and discuss how Insure Equality’s philosophies can improve conditions and inspire change.

[2:58] Elisa Stampf, welcome to RIMScast!

[3:28] Elisa fell into insurance without an insurance degree. In early 2012, she started as an underwriter and worked her way to the home office. She worked in workers’ compensation and then marketing. In 2020, she shifted to the agency side. Within four months, she was being forced out.

[3:59] Elisa wanted to make being in insurance a welcoming conversation and make sure everybody’s voice is brought to the table and included.

[4:23] In 2021, Elisa spent weeks calling every insurance professional she knew, surveying them. Two things came to the top. Everyone had a story but thought they were alone and they were too afraid to say anything. She asked them to send her someone who cares about this and wants to do something.

[5:31] In six months, Elisa found a team of five and a board of twelve and they launched Insure Equality. The inaugural Insure Equality Summit 2023, “A Shift in Perspective,” will take place in Chicago on September 15th. Elisa says it has been a joy, an honor, and a privilege to put together an incredible network of speakers and coaches.

[6:08] The summit features speakers from over 25 states with 17 coaches dedicating their time to help folks navigate their careers. It will be at the Morgan Arts Complex on September 15th. An art gallery is the place to talk about perspective and leave your typical mindset! It will be an incredible day with love, connection, and change.

[7:04] Elisa describes culture as a collective habit that we reinforce daily. It’s how you show up to work. It’s who steps up in the meeting, it’s who you can count on to “do the thing at the time.”

[8:01] Elisa describes her experience of culture at her first job in 2008 at a bank. She believed it was dictated from the top. Now she knows each person’s actions influence the culture of their workplace. It was one of the coolest moments she has experienced to realize that she has an impact. That’s power in the hands of each of us.

[9:23] ]International Equal Pay Day is celebrated annually on September 18th. Elisa tells how employers can ensure they’re working toward equal pay in their organizations. This is a worldwide issue. It aligns along degrees of marginalization by gender, race, or other issue. You can start with a spreadsheet.

[10:28] Line everyone up by demographics and experience. People who spend a long time at one organization often fall behind people who move around. These conversations are about inclusion and good business sense. The insurance industry is not just struggling to recruit but also struggling to retain.

[11:01] Have these conversations proactively, not reactively. Start to reengage your employee population. Make sure the work and pay are equitable for everybody.

[11:27] There are four primary ways employees can contribute to change. They can show up as pacesetters, out in front, or catalysts, who start the change. They can make connections and be conduits for change or be innovators, putting in time, effort, dedication, and work, consistently raising the issue. Do what makes sense for you.

[13:20] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.

[14:03] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [14:36] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[14:45] The next virtual CRMP workshop will be September 26th and 27th and it will be led by Joseph Milan. Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[15:14] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging. On September 18th at 7:00 a.m. Eastern, we’ve got The Digital Personal Data Protection Act 2023, a Fireside Chat, presented by Prudent Insurance Brokers and RIMS.

[15:38] On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.

[15:59] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.

[16:19] Elisa discusses “Rainbow Washing” and ways companies can show up for the LGBQT+ community. If you change your logo to rainbow colors, use the extra sales income you receive from that change to support the LGBQT+ community. Fund your ERGs. Give to local organizations funding queer youth and mental health services.

[18:16] We don’t need to take our activism to a 10. There are little ways to show up every day. Think about what you’re doing before you do it. The best way to have the conversation about Rainbow Washing is to invite the community into the conversation. The people Elisa has spoken to about it just want transparency or a conversation.

[18:53] It serves the insurance industry to understand their community and their stakeholders. The way to bring them into the conversation is by engaging with them. Attend any Chamber meetings that focus on the areas important to the community. It will bring you into the conversation in a meaningful way.

[20:29] Elisa repeats that you don’t have to go to a 10. It’s about thinking about what you’re doing and opening your ears and your minds to a perspective that is outside of yours.

[20:45] Justin notes that producing an episode like this and participating in the RIMS DE&I Council events helps to open minds to a new perspective. It’s about shifting culture so equity and inclusion become a regular part of the everyday conversation.

[23:24] What fuels the work Elisa does every day are the comments and private messages she gets from people who tell her they thought they were the only people who felt this way, who thank her for being there. The presence of the conversation is a part of the change.

[23:59] Elisa was in the DE&I lounge at RISKWORLD 2023 and will return for RISKWORLD 2024 in San Diego, May 2024. The conversation will be for stakeholders and will speak of certification.

[24:22] In 2024, Insure Equality is launching its certification program, a cohort-based training you can do either with your team or a group of individual leaders, to help you understand who you are, how you work with others and your intention, and how to have that stakeholder conversation within yourself. It’s a business class with a DE&I lens.

[25:34] Elisa’s focus at 2024 RIMS will be on how to have that stakeholder conversation, how to recognize that within your world, and make that manifest for you in your culture. It’s also going to be part of the larger conversation for Insure Equality.

[25:48] Justin thanks Elisa Stampf, CEO of Insure Equality, for joining us here on RIMScast. Justin looks forward to seeing her again for International Podcast Day. 

[26:06] The Insure Equality Summit 2023 will be on September 15th in Chicago. A link is in this episode’s show notes. We’ll be back with Elisa in two weeks!

[26:19] Special thanks again to Elisa Stampf. The link to Insure Equality is in this episode’s notes. Be sure to look for Elisa at RISKWORLD 2024 in San Diego! Check back with us in a couple of weeks; Elisa will make another appearance on RIMScast!

[26:37] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!

[26:56] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[27:39] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[28:04] 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.

[28:19] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at [email protected].

[28:41] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.

RIMS Advocacy

RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

RIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

RIMS Webinars: The Digital Personal Data Protection Act 2023, a Fireside Chat, | presented by Prudent Insurance Brokers and RIMS. | Sept. 18, 2023

A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023

Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023 RIMS.org/Webinars

See the full calendar of RIMS Virtual Workshops

Upcoming Virtual Workshops:

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Including Disability In DEI Efforts with Alycia Anderson”

“Mental Health Awareness Month 2023”

“Pride Month 2023 with the Rainbow Risk Alliance”

“Risk Insight with AAIN Leadership”

“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons”“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”

Launching DEI Initiatives with Tara Lessard-Webb (2021)

Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees (2021)

Sponsored RIMScast Episodes:

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)

“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

About our guest, Elisa Stampf CEO of Insure Equality 

InsureEquality.org

InsureEquality.org/Summit Sept. 15, 2023 in Chicago

 

Elisa Stampf "fell" into insurance after a quick stint in banking. Spending most of her time on the carrier side with both regional and national carriers, she was an underwriter for commercial lines and a marketing rep for the Chicagoland area. When she had the opportunity to specialize in Work Comp she designed and implemented a countrywide training program (a personal highlight). Throughout her insurance career, she was able to be a sales leader, a trainer, and an advocate for giving campaigns within her companies. She earned six designations and an MBA all while working and has an insatiable appetite to learn and grow. After a brief visit to the agency side, her exit propelled her to co-found a community that pushes everyone forward and welcomes everyone in.

 

Tweetables (For Social Media Use):

 

“I just started picking up the phone and calling every insurance professional I knew. I said, ‘OK, what’s your story? What have you experienced? What do you like about insurance? What don’t you like?’ Truly taking a survey on the industry.” — Elisa Stampf

 

“What fuels the work that we do every day are the comments that we get from people; the private messages that say something to the effect of ‘I thought I was the only person that felt this way. Thank you for being here.’” — Elisa Stampf

 

“The mere presence, the mere conversation happening, is part of the change.” — Elisa Stampf

 

“What I think we really need in this moment is to pause, to take a breath, to stop, and to say ‘What do we actually need, going forward?’ Because, sometimes the best way to move forward is to take a break and redirect.” — Elisa Stampf

 

 

 

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Mark Prysock is the RIMS General Counsel & VP of External Affairs. Lynn Haley Pilarski is the RIMS External Affairs Committee Chair and the Risk & Insurance Counsel for GM. In this episode, Mark and Lynn update us on the RIMS Legislative Summit 2023 to be held in Washington D.C. on October 25th and 26th. They explain why it is important for RIMS Advocacy Ambassadors to participate from every state in the U.S. They review the top RIMS legislative concerns and how you can become educated on these issues and discuss them knowledgeably with Congressional Staffers. They share their enthusiasm about this critical event and how it will benefit you to attend. Listen in to learn about the legislative matters important to U.S. risk managers.

 

Key Takeaways:

[:01] About RIMScast.

[:35] About today’s episode, where we will discuss RIMS Advocacy and government affairs and the RIMS Legislative Summit 2023 with Lynn Haley Pilarsky and Mark Prysock.

[1:00] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for details.

[1:21] For those of you based in Canada, Justin wants to hear from you about a game show he will be hosting on September 13th. A link to a 15-question survey is in this episode’s notes. Justin needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!

[1:45] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[2:01] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[2:14] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[2:27] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode’s notes.

[2:55] RIMS has several key items that need to be addressed by the U.S. Government to protect the interests of the risk profession. These topics include cybersecurity, terrorism, and floods.

[3:08] Here to discuss these critical topics are RIMS External Affairs Committee Chair, Lynn Haley Pilarksy and RIMS General Counsel and VP of External Affairs, Mark Prysock. We will discuss how these topics will play a huge role when RIMS returns to Capitol Hill during the RIMS Legislative Summit on October 25th and 26th.

[3:29] Lynn Haley Pilarksy and Mark Prysock, welcome back to RIMScast!

[4:15] Lynn Haley Pilarksy is Counsel, Risk Management Insurance for General Motors, and the LTM Sales Risk Manager. She is President of RIMS Detroit and the Chair of the RIMS Public Policy Committee. She’ll sleep after her renewals are done!

[4:57] Mark Prysock is the General Counsel and Vice President of Public Policy at RIMS. His responsibilities include staffing the Public Policy Committee, which oversees RIMS’ legislative efforts; also staffing the RISK PAC Trustees Committee.

[6:07] Mark believes we are heading toward a government funding crisis. If the government shuts down, the National Flood Insurance Program will temporarily not be funded. RIMS is a big supporter of the NFIP program, and it is hanging in the balance.

[8:57] Lynn agrees on the importance of the NFIP, given recent hurricanes. RISK PAC is well-received when they speak to Congress on the NFIP. Congress understands the importance of having the NFIP in place. It’s critical for people who live, work, and have property in flood zones. It’s a good conversation for RISK PAC to have in Congress.

[9:55] RISK PAC also always tries to talk about how NFIP coverages can be improved and enhanced and the legislation around them should be changed. Can we improve mapping? Some of the NFIP maps are from the 1960s. Topographies change over time so it’s important to have these systems updated so the risks are reflected accurately.

[10:40] Lynn says RISK PAC also talks to Congress about reinsurance and if the government can have some policies on expanding the role of reinsurance. Congress supports the NFIP but it’s tied to the government funding. RISK PAC is asking to get the NFIP reauthorized as part of the upcoming funding bill.

[11:26] Mark comments on the Republican strategy of presenting separate funding bills instead of an all-or-nothing omnibus bill. They want to look at programs individually and identify places where funding can be cut. There is a series of 12 House bills in process.

[13:06] Mark says data privacy is another 2023 RIMS priority. There are a lot of industries and association groups engaged in the issue of data privacy. RIMS plays an important role in the discussion of creating a national data privacy standard rather than state-specific standards which are problematic for companies in multiple jurisdictions.

[14:54] Lynn notes that the Pandemic Risk Insurance Act (PRIA)  was top-of-mind during the past two years. There is no broad legislative support for it now. RIMS still follows it and is part of a business coalition supporting it but is not presently advocating for it.

[15:54] These priorities will be mirrored at the RIMS Legislative Summit, which will be back on the Hill on October 25th and 26th, 2023. Mark and Lynn will both be there.

[16:15] Lynn’s favorite thing to talk about is RIMS member involvement in the RIMS Legislative Summit and legislative activism. The Legislative Summit is the best way for risk managers and others in the risk community to speak directly to members of Congress and their staffs about issues important to the risk profession.

[16:52] Lynn calls the Legislative Summit an incredible event. She invites anyone with an interest in advocacy to attend in October. In Lynn’s opinion, it is the most rewarding thing that you can do as a risk professional. She is very enthusiastic about it! You meet with staffers, and they are the eyes and ears of the members of Congress.

[18:28] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. 

Fundamentals of Insurance is a two-day virtual workshop hosted by Elise Farnham, September 12th–13th.

[19:11] Managing Data for ERM is a three-module course that begins September 21st.

[19:18] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [19:50] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[19:59] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel. The next virtual CRMP workshop will be September 26th and 27th and it will be led by Joseph Milan.

[20:27] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[20:39] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern.

[21:06] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time.

[21:28] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.

[21:55] The RIMS Legislative Summit is open to RIMS members who are based in, or who have operations in, the U.S. Lynn speaks about advocacy ambassadors from RIMS chapters and meetings for them. If your chapter doesn’t have an advocacy ambassador, is there a rising young member or student you can sponsor? It’s a learning opportunity.

[24:42] Mark is on the RIMS Legislative Summit agenda. He is going to help people feel comfortable when they go to the Hill to meet with members of Congress and their staff. Wednesday, October 25th is going to be RIMS Education Day, with panels such as key points of our legislative issues to lobby, and a mixed Congressional Staff panel.

[26:07] The U.S. Treasury has asked if they could send a panel from the Federal Insurance Office to talk about initiatives they’ve been working on. There will be a panel on the insurance industry perspective on what’s happening in D.C. right now.

[26:49] RIMS is now in the The American Society of Association Executives (ASAE), on their Advocacy Council. They work to identify issues that impact the association community. The Freedom to Invest in Tomorrow’s Workforce Act would liberalize the use of 529 College Savings Funds for certification and credentialing programs.

[27:41] That use could be hugely beneficial to risk managers in particular. RIMS has a CRMP certification. If the 529 rules were liberalized, it would benefit RIMS members. Mary Kate Cunningham, the VP of Public Policy at ASAE, will speak about that legislation at the Summit.

[28:31] Wednesday evening there will be the reception and dinner, with Keynote Speaker John E. Sununu, a member of the Sununu clan in New Hampshire. John E. Sununu is a former member of the House of Representatives and a former Senator. His brother is the governor of New Hampshire. His father served in the Bush administration.

[29:50] Thursday is Lobby Day. All attendees will take talking points of key legislative issues to the Hill. They will meet with Congressional staff. It is better to meet with the right staffer than with a member, as the staff wants to hear from constituents affected by the legislation, and they have a better grasp on the legislation than the members do.

[31:33] Lynn tells about her first Education Day. The panels and the educational topics will get you ready for a day of lobbying Congress on legislative issues. You will understand what the issues are. You will have handouts to study for your session and leave behind to give the staffers. When you’re done, you will feel very empowered.

[33:09] Justin tells how great his first Summit experience was, in 2018.

[33:48] Mark says this Education Day will be taking place at the U.S. Chamber of Commerce building. It is a beautiful, iconic building.

[34:43] Lynn’s parting thought: Bring comfortable shoes! Be prepared to walk! This isn’t a place to wear new shoes!

[35:09] Mark’s parting thought: If you haven’t been to the Legislative Summit, and you’re not sure you’ll be comfortable in the role of a lobbyist for RIMS, I want to assure you that you are the person that the Congressional staffers want to talk to. They want to hear from constituents who are being directly impacted by the issues they’re discussing.

[35:58] The link to register is RIMS Legislative Summit and in the episode’s show notes. Remember to visit RIMS.org/Advocacy. Justin thanks Mark and Lynn for rejoining us here on RIMScast, to share their perspective.

[36:28] Special thanks again to Mark Prysock and Lynn Haley Pilarsky. Register for the RIMS Legislative Summit on October 25th and 26th in Washington D.C. The agenda is available now. Go to RIMS.org/Advocacy and there you can learn more about our advocacy efforts, including details on the RISK PAC.

[36:37] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!

[37:06] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[37:48] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[38:12] 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.

[38:28] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[38:49] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

RIMS Legislative Summit – Oct 25 & 26, Washington, D.C.

RIMS Advocacy

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

RIMS Canada 2023 — Game Show Survey! Participate today!

RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!

Nominate a practitioner or risk group for the ERM Award of Distinction!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

RIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

RIMS Webinars:

A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023

Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging | Sponsored by TÜV SÜD GRC | Sept. 12, 2023

A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023 RIMS.org/Webinars Upcoming Virtual Workshops:

Fundamentals of Insurance | Sept 12–13

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual WorkshopsUpcoming Virtual Workshops:

Fundamentals of Insurance | Sept 12–13

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep at RIMS Canada 2023September 10–11, 2023 9:00 am–4:00 pm EDT Ottawa, ON, Canada All RIMS-CRMP Prep WorkshopsRelated RIMScast Episodes:

Public Policy Goals with CIAB President Joel Wood (2023)

Keeping Up With RISKPAC (2022)

Sponsored RIMScast Episodes:

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)

“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

About our guest, Lynn Haley Pilarski

Lynn Haley Pilarski, Senior Manager, General Motors Corporate Risk Management & Insurance. Lynn joined General Motors in 1998. Currently, Lynn is the GM Global Contract Manager responsible for drafting insurance terms and conditions for all commercial contracts. Lynn also manages the placement and administration of management liability programs and associated claims activities. Prior to joining GM, Lynn practiced law in the area of insurance and product liability. Lynn received a Bachelor of Arts degree in Political Science from Michigan State University and a Juris Doctorate from Michigan State University - Detroit College of Law. Lynn also holds an ARM and CPCU from the American Institute for Chartered Property and Casualty Underwriters. Lynn is currently the President of RIMS Detroit and the Chair of the RIMS External Affairs Committee. Lynn is the 2021 recipient of the Richard W. Bland Memorial Award which recognizes a RIMS member’s commitment to the insurance industry’s legislative or regulatory interests. Lynn is a frequent speaker at Risk Management events.

 

About our guest, Mark Prysock

 

Mark Prysock has 15 years of experience serving as in-house counsel for professional associations in Washington, DC, and New York. His specialties are Corporate governance, employment matters, contract drafting, and negotiation.

 

Tweetables (For Social Media Use):

 

“The most significant political development in D.C. is the looming possibility of a government shutdown. … If that happens and a Continuing Resolution … is not passed, then … the National Flood Insurance Program will temporarily not be funded.” — Mark Prysock

 

“When we do go and speak to the Members of Congress and their staffers, generally [the National Flood Insurance Progam] is a well-received topic. People definitely understand the importance of having the NFIP in place.” — Lynn Haley Pilarski

 

“I think data privacy is an issue. … RIMS is really looking for sort of a place to play in that field or that issue. There are a lot of different industries and association groups that are engaged on data privacy.” — Mark Prysock

 

“After listening to the panel and spending the day in the educational topics, I was ready. The full day will prepare you so that you understand what the issues are. … You will feel very comfortable when you go..” — Lynn Haley Pilarski

 

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

 

Sinead will be the RIMS Canada plenary speaker She will kick things off on September 12 with “A Future with Artificial Intelligence.” Sinead tells about her career and how an MBA, studied under a futurist, inspired her to create a career as a futurist focusing on AI. She explains how risk-averse risk managers will have to accept some level of risk to work with AI technology. She explains the inherent risks of the technology, as well as the expected benefits it provides. Then she and Justin talk about the upcoming RIMS Canada Conference 2023, the focus of her Plenary Address, and what to do in beautiful downtown Ottawa in September.

 

Key Takeaways:

[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.

[:32] About today’s episode, where we will joined by futurist and RIMS Canada Conference 2023 Plenary Speaker, Sinead Bovell.

[:55] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[1:16] For those of you based in Canada, Justin wants to hear from you about a game show he will be hosting on September 13th. A link to a 15-question survey is in this episode’s notes. Justin needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!

[1:40] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:57] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[2:09] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[2:23] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration is open, as is a call for nominations for the ERM Award of Distinction. Those submissions are due September 1st.

[2:44] The RIMS ERM Conference 2023 will be different than years past. We’ve got some great changes, so book your travel plans now!

[2:52] The guest today is Sinead Bovell. She is a futurist and the Founder of WAYE, an organization that helps prepare the next generation of business leaders for a world radically transformed by technology. She is an eight-time United Nations speaker and certified in AI Ethics from MIT.

[3:11] Sinead is here to provide a preview of her upcoming RIMS Canada Conference 2023 appearance on September 12th when she will discuss AI’s role in the future of work.

[3:22] Justin welcomes Sinead Bovell to RIMScast!

[3:46] Sinead studied finance, and chemistry, and was working on an MBA, studying under a futurist. She learned that all the tools she was using in finance, statistics, and forecasting could be applied to emerging technologies and more quality information and start to build forecasts about the future.

[4:12] That’s when Sinead started to zoom in on how technology is going to disrupt how we live and how companies work and operate. That was a light-bulb moment for Sinead. However, she continued down the MBA path and became a management consultant before making a quick turn, moving to New York and starting a different life.

[4:36] Since then, Sinead is an active, practicing futurist. She gives talks, she consults, she guides public-sector and private-sector organizations, on how the future could be evolving, relating to the data, so we can have a little more control in moving toward the futures we want.

[5:09] Sinead’s aha moment happened after all the sacrificing. She knew she had to quit. There was no direction of what step she should take but an inner feeling that something wasn’t right. She realized she was going to have to build the life she wanted. She wouldn’t be able to apply for it.

[5:54] During Sinead’s MBA, she saw the role technology was playing in disrupting all elements of how we work and live. Tesla was making a lot of ripples in the market. She saw different disruptors stepping in and the different ways startups were positioning themselves around technology and artificial intelligence even before Generative AI.

[6:25] There were early indicators and it was quite clear to Sinead that how we work and live were going to be disrupted by this technology, if and when it fully manifested..

[7:46] Sinead suggests that strategic planning shouldn’t stop at years three to five but be carried forward for four to six years. You’ll see the AI disruptors better and move toward them instead of reacting to them.

[8:36] We’ve arrived at a moment when you can no longer deny the power of artificial intelligence technology and it forces you to act radically and boldly even if it feels like it’s out of your comfort zone. Some of it is hype. Don’t get lost in the “NFT-PTSD zone.” Make sure that you’re not distracted but focused on the actual signals in the data.

[9:32] A lot of companies are realizing, it doesn’t matter what industry you consider yourself; you are now a tech company. We are rebuilding all industries on top of technologies like AI and potentially, blockchain. That has forced risk managers and leaders to shed their risk aversion and step into the game.

[10:14] Everything we do today creates a digital “gravesite” for all the decisions we’ve made and things that we share. It’s in the digital world forever after. Your descendants will be able to see how you weighed in at certain moments in time. There is a wide net over what we consider our digital identity.

[11:43] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. 

Fundamentals of Insurance is a two-day virtual workshop hosted by Elise Farnham September 12–13.

[12:25] Managing Data for ERM is a three-module course that begins September 21st.

[12:31] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [13:05] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[13:13] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.

[13:33] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[13:46] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern.

[14:12] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time.

[14:34] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.

[15:00] Sinead Bovell will be at the RIMS Canada Conference 2023 in September. The theme for the conference is “Risk Evolution...Be a Part of It.” Sinead says risk professionals need to recognize that AI is essentially a prediction machine. What risk comes down to is what margin of error or safety you are willing to put on a decision.

[15:38] We’re going to have systems that can make the cost of prediction close to nothing while going toward an accuracy of close to 100%. This should be a lightbulb moment for anybody who works in risk or risk management that we now have an intelligent agent around the clock that we can tap into.

[16:03] There are risks with this technology. If you use AI, you are becoming an AI company. There are ethical challenges. Where is your data being sourced? Are there biases embedded in the data? Who are the teams making decisions about what data gets to be used? These are conversations that are required for working with AI.

[16:32] Embedding the technology in our decision processes, move away from the scarcity thinking of how can this technology cut a workload to move toward how can it add value. AI isn’t here for you to pass your work to. It’s here to reach new markets and ideate things in different ways. It will help you add a lot of value.

[17:25] Sinead discusses the Canadian risk landscape. Finance in Canada is more stable than in many nations around the world. Canada is endowed with a lot of natural resources. Canada is relatively stable which can help make predictions even more accurate.

[18:29] About RIMS Canada Conference 2023. Sinead can’t believe it’s only three weeks away. It will be great to see everybody. She’s looking forward to talking about our future with AI. Sinead has been to Ottawa but this will be Justin’s first time in the city. Sinead recommends Justin to have the beaver tail pastry and long walks in the September sun.

[19:34] The focus of Sinead’s Plenary Session at the RIMS Canada Conference 2023 will be “A Future with Artificial Intelligence.” It will span from how we live, day-to-day, at work and at home. When we all have AI assistants, our lives will be transformed. If the moderator permits, Sinead will take questions from the audience.

[20:16] Justin is looking forward to the RIMS Canada Conference 2023 in Ottawa, September 11th–14th, 2023 and he looks forward to seeing Sinead then.

[20:34] Special thanks again to Sinead Bovell for joining us here on RIMScast. I am stoked for Sinead's Plenary Session at the RIMS Canada Conference 2023 in Ottawa, September 11th–14th. Register now at RIMSCanadaConference.ca. I look forward to seeing you there. I will be your host!

[20:56] We cover AI and the future of work, especially in Risk Management Magazine. You can find it at RMMagazine.com but RIMS members can access it instantly via the RIMS app. This is a special members-only benefit. Everybody loves the RIMS app!

[21:19] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[22:59] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[22:22] 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.

[22:37] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[22:58] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

RIMS Canada 2023 — Game Show Survey! Participate today!

RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!

Nominate a practitioner or risk group! ERM Award of Distinction nominations due Sept. 1!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

RIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

RIMS Webinars:

A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023

Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging | Sponsored by TÜV SÜD GRC | Sept. 12, 2023

A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023 RIMS.org/Webinars Upcoming Virtual Workshops:

Fundamentals of Insurance | Sept 12–13

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep at RIMS Canada 2023September 10–11, 2023 9:00 am–4:00 pm EDT Ottawa, ON, Canada All RIMS-CRMP Prep WorkshopsRelated RIMScast Episodes: “Crisis-Ready with RIMS Canada Plenary Melissa Agnes”

“Turning Tides: Live from RIMS Canada 2022”

“Rising Risk and Insurance Professional Ana Lage, 2022 Fred H. Bossons Award Winner”

Sponsored RIMScast Episodes:

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)

“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

About our guest, Sinead Bovell. Futurist | Future of Work Expert

Sinead Bovell

WAYE

 

Sinead Bovell is a futurist and the founder of WAYE, an organization that helps prepare the next generation of business leaders for a world radically transformed by technology with a focus on non-traditional and minority markets. She is an eight-time United Nations speaker, an experienced host, and certified in AI ethics from MIT. Bovell founded WAYE (Weekly Advice for Young Entrepreneurs) in 2018. Every day, over 10,000 Millennials and Gen Zs tune into Bovell’s platforms to hear her take on technology and the future, and in particular her future forecasts on the ethical challenges of emerging technologies. To date, she has educated over 200,000 young entrepreneurs on the future of technology. She also serves as a strategic advisor on digital inclusion to the United Nations International Telecommunication Union. Dubbed the AI Educator for the “non-nerds” by Vogue and one of Refinery 29’s “Top Ten Black Women Changing the Game,” Bovell has given formal addresses to presidents, royalty, and Fortune 500 leaders on topics ranging from cybersecurity to artificial intelligence. She also hosted WIRED magazine’s hit YouTube series, “What We Will Know” and gave a TEDx Talk on the ethics of avatars in 2022. Bovell received her MBA from the University of Toronto. Prior to founding WAYE, she worked as a management consultant for A.T. Kearney and was a tech contributor for several publications, including The Toronto Star and The Globe and Mail.

 

Tweetables (For Social Media Use):

 

“I started to zoom in on how technology is going to disrupt how we live and how companies work and operate and that was kind of a lightbulb moment for me.” — Sinead Bovell

 

“This was the right thing to do but there was no general, ‘This is the step you should take;’ it was more just an inner feeling that something isn’t right, and I’m going to have to build the life I want. I’m not going to be able to go apply for it.” — Sinead Bovell

 

“Everything we do is creating a digital “gravesite” for all the decisions that we’ve made; all the things that we share. All of that is in the ever-after land of the digital world. … We’re stepping into a new world where your digital footprint is … yourself” — Sinead Bovell

 

“AI is essentially a prediction machine. … If you use AI, you are becoming an AI company. There are ethical challenges. … Where is the data sourced that you are using? Are there biases embedded in all of that?“ — Sinead Bovell

 

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

 

Justin visits with two guests today to discuss the RIMS Canada Conference 2023 on September 11th–14th in Ottawa! The first guest is the National Co-Chair of the RIMS Canada Conference 2023, Valerie Barber. Justin and Valerie discuss her risk career, her role with the government of Manitoba, and how Canada’s provincial government is a good place to establish a risk management career. Valerie discusses some of the Plenary and educational events to expect at the RIMS Canada Conference. Valerie talks about Plenary Speakers Sinead Bovell and Melissa Agnes.

 

Melissa Agnes joins the episode as the second guest. Melissa is a world-renowned expert on crisis management and is the Founder and CEO of Crisis Ready Institute. She discusses consulting for agencies and large organizations, and how “Crisis Ready” beats managing a crisis as it happens. She talks about her Plenary talk for RIMS Canada Conference 2023 and what hampers people from being ready for a crisis. She shares some steps to being ready before a crisis comes and managing it when it does.

 

Listen in and learn to be Crisis Ready and protect your brand.

 

Key Takeaways:

[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.

[:32] About today’s episode, where we will talk about RIMS Canada Conference 2023 and hear from one of the plenary speakers about crisis management.

[:55] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[1:16] For those of you based in Canada, Justin needs to hear from you about a game show he will be hosting on September 13th. A link to a survey is in this episode’s notes. He needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!

[1:39] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:56] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[2:08] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[2:22] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration is open, as is a call for nominations for the ERM Award of Distinction. Those submissions are due September 1st.

[2:43] The first guest on today’s episode is the National Co-Chair of the RIMS Canada Conference 2023. She has also been a risk leader for the government of Manitoba for more than 20 years. She will share her risk philosophies and then we will talk about RIMS Canada Conference 2023.

[3:01] Justin welcomes Valerie Barber to RIMScast!

[3:18] Valerie started in accounting, for an insurance agency and company. After five years, she worked in claims at a brokerage office for several years. She took a position next with the government of Manitoba in claims and loss prevention, then insurance and risk management, and later, the director of the insurance and risk management branch.

[4:18] Her background in working with losses as they happened and preventing future losses was a good foundation to move into the risk management side. Valerie is going on 24 years of working with the government of Manitoba,

[4:53] Valerie’s employer is a small but mighty branch of the government. There are four individuals, an increase. They are now fully staffed. It was incredibly relieving for Valerie to get the third and the fourth person hired. Since she started, she has done three of the four positions in the branch.

[6:40] In Canada, there are significant numbers of pubic sector risk professionals in RIMS, attending the conferences and other educational opportunities. Risk professionals that Valerie has met are quick to share knowledge and experiences they’ve encountered that may help others going through similar situations now.

[7:46] Among the RIMS provincial membership there is an informal group called GovRIMS, that meets before the conference every year.

[9:32] The theme of the RIMS Canada Conference 2023 is Risk Evolution...Be a Part of It. Risk continues to evolve in Canada, as everywhere else, as old risks develop and new risks emerge. Risk managers today have to reimagine and adapt. What worked before may not work today.

[10:15] Valerie notes numerous challenges: cyber, political, financial, weather-related events, fires in Hawaii and Canada, flooding, artificial intelligence, and pandemics. In 2020 RIMS was to have Vision 2020 in Ottawa which did not occur because of COVID-19. Three years later we are finally getting there!

[11:32] RIMS Canada Conference 2023 will be held on September 11–14 in Ottawa, the beautiful capital city of Canada, named by CNN Travel as one of the best destinations to visit in 2023. There are many local attractions. Shops, the ByWard Market, Parliament buildings, and National Museums are close to Shaw Convention Centre.

[12:50] The Shaw Convention Centre is exceptional, with stunning views of the canals and city skyline. The Conference Centre is very spacious to accommodate all aspects of the conference, including the opening night reception, the plenary sessions, concurrent sessions, and the exhibit hall, which we are pleased to say was sold out in space.

[13:54] The Plenary Sessions feature speakers who are making an impact on the risk landscape with their followers. Day 1’s plenary is Melissa Agnes, who is recognized as a leading authority on crisis preparedness, reputation management, and brand protection. There are many crises out there for which we need to be prepared.

[14:45] It will be interesting to learn the types of strategies and the secrets to successful crisis management. The next big event is potentially around the corner, globally, nationally, or in our backyards.

[15:28] The second featured Plenary Speaker, Sinead Bovell, is a future-of-work expert. She will discuss the future of AI in her address. AI is a prime example of risk revolution. An AI-related age discrimination case has been filed recently. AI hiring software was rejecting candidates over certain ages.

[16:49] Valerie is interested in learning about the good things that will be happening with AI in risk management.

[17:06] Closing out RIMS Canada Conference 2023 on September 14th is Lt. General Roméo Dallaire, an international champion of human rights, a mental health advocate, and a leadership & crisis management expert. Lt. General Dallaire is a Canadian national treasure not only for his military background but also for the work he’s done afterward.

[18:27] The RIMS CRMP Exam Prep will be a pre-conference workshop on September 10th and 11th on-site. See the link on this episode’s notes. Save $100.00 Canadian when you register for both the conference and the workshop. There were 75% more sessions submitted for consideration.

[18:50] There are 68 exceptional educational sessions. Sessions are either 60-minutes long or there are 20-minute thought leadership sessions. Tracks include career development, claims management, cyber risk management, Diversity, Equity, & Inclusion, emerging risks, and more. Select educational sessions on the registration page.

[20:15] Justin is hosting a Family-Feud-style gameshow on September 13th. You can see details in this episode’s notes. Justin thanks Valerie for being on today’s episode,

[20:46] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.

[21:31] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [22:04] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[22:12] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.

[22:32] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[22:45] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern. Visit Rims.org/webinars or the link on this episode’s show notes to register.

[23:12] On September 26th, Gallagher will present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. Visit RIMS.org/Webinars to learn more about these webinars and to register!

[23:29] Links are on the show notes. Webinar registration is complimentary for RIMS members.

[23:37] Our next guest, Melissa Agnes, is a world-renowned authority on crisis management and the Founder and CEO of Crisis Ready Institute. She will kick off the RIMS Canada Conference 2023 on September 11th with the Plenary Session. Melissa joins us today to provide a brief preview and talk about her risk management career.

[24:03] Justin welcomes Melissa Agnes to RIMScast and introduces her. Melissa has advised people around the world from all walks of life. She has worked with NATO and other notable agencies and organizations to help them understand risk and build invincible brands that can withstand even the most devastating of events.

[25:01] Global agencies and governments are slow to create change. One of the great things for Melissa is to work with the individuals who recognize the slowness of the change process and continue to advocate internally to uplevel the organization’s skillset in crisis response.

[25:49] Around the world in governments and agencies, Melissa finds incredible people with thankless jobs where even their stakeholders don’t understand the complexity of their roles and there are a lot of negative viewpoints, yet they continue to work to level up their skillset and bring the cultural component of “crisis ready” to the organization.

[26:38] Melissa coined the term “crisis ready” about 14 years ago. It came out of her frustration with the status quo of crisis preparedness. Melissa didn’t agree with the status quo. She created a definition for “crisis ready” that is similar to but more than crisis preparedness. She started it as a hashtag, #CrisisReady, and it became a brand.

[27:23] Crisis ready is about having a culture. It’s not about having a crisis management plan document that sits on a shelf but about developing a program that permeates the organization. It consists of the mindset, skillset, and capabilities designed to respond to crisis in a way that strengthens trust.

[28:07] Melissa explains about measuring trust. You can feel it. It’s just not easily quantifiable. That’s part of the struggle. In organizations, getting buy-in support for the “crisis-ready” culture is universally the biggest challenge that I experience.

[28:51] No matter how “crisis ready” an organization is, there’s constantly the obstacle of gaining buy-in and support. It’s against human nature to talk about the negative. They don’t understand what a strength-building positive it is to get past viewing “crisis ready” as a negative.

[29:33] In her future presentations and book, Melissa will be talking about the five hindrances people face in getting “crisis ready” or dealing with crises as they occur. It’s against our human nature to get ready. The five hindrances are avoidance, ego, fear, ignorance, and politics.

[31:23] Melissa’s advice for non-profits: First, go through your core values and make sure that they are your foundation, what you stand for, and why you exist. Make sure that you’re living by them. Second, in alignment with the first, know how to respond to controversy. Controversy is a big part of the world, There is a tactic for responding.

[32:24] When responding to controversy, be thoughtful, decisive, clear, and quiet. Being thoughtful means looking at the controversy, understanding what it is, and understanding the emotion and how it drives the controversy and complicates things.

[33:26] Understand why it is controversial and divisive. Understand where it aligns with your core values. If you think you can appease everyone, you will have a hard awakening. Don’t try to make everybody happy.

[34:31] Being decisive means taking a stance. If you don’t, it looks like you are trying to appease everyone. Instead, you will lose everyone. State your core values and the stance you are taking in alignment with your core values.

[35:13] Being clear means being as clear and concise as you can in your response to the controversy. Talk about your core values. Do not leave room for ambiguity. Talk about why you’re taking the stance that you are in alignment with those core values. It needs to be concise and clear. People may not like it, but they can respect it.

[36:08] Being quiet comes when you have been thoughtful, decisive, and clear; there will be nothing left to say. Let the conversation unfold by itself. Let your advocates come to your defense. Let those who are upset have the space to validate how they feel and then they’ll move on. Then you can move forward with recovery.

[36:59] Often it takes an unfortunate situation for people to wake up and see they’re

not ready. At the beginning of her career, Melissa learned that she wanted her brand to be Crisis Ready, not crisis management. Crisis is an emotional time. Unless Melissa has a relationship with the leadership team before the crisis, her job is 100 times harder!

[38:00] Without a prior relationship, it’s hard for Melissa in the moment to help the organization cross that border of fear and ego. People get in their own way, and Melissa feels that she didn’t do as well as she could have for them because they blocked it.

[38:35] Melissa decided that she would build relationships before clients were hit with a crisis, so when they got in crisis, Melissa could kick into gear and serve them instead of fighting against their human nature of self-protection. She never wants to waste energy selling something to somebody who isn’t ready. She started her brand with a clear blog.

[40:04] A crisis can stem from social media or a physical event. We live in a complex world. A crisis has to hit certain criteria to be a crisis. If you call every social media issue a social media crisis, some people will not take it as seriously.

[41:13] Melissa sat on the panel that developed the updated International Standard for Crisis Management, or ISO 22361. That was pre-pandemic, in 2019. It was a UK committee but Melissa Canadian, based in the U.S. Melissa says it was a huge honor to be put on this panel. It’s always interesting to work by committee, but it was great.

[42:59] Melissa can spot her influence in the standard. No one person can create all of that alone. She feels proud of the collective efforts and collaboration of the committee and their lived experiences that contributed to creating that whole.

[44:06] Melissa is very excited about RIMS Canada Conference 2023! She will be bringing to the stage something that she can’t find anywhere else. The message is so important so she has so much passion for sharing what she’s going to share and engaging and interacting with the audience. She feels very honored to be able to do that.

[44:47] Without ego, Melissa says she hopes the audience will listen in. She is passionate about this message in the talk she’s been giving this year. It lights her up. Melissa doesn’t believe we’ve been set up for success in our society, from kindergarten straight through, and that will be part of her message.

[44:25] Justin looks forward to meeting Melissa Agnes at RIMS Canada Conference and thanks her for joining us on RIMScast!

[45:38] Special thanks to my guests for joining me. I’m looking forward to Melissa Agnes’s Plenary Session on September 11, 2023, at the RIMS Canada Conference in Ottawa. Register now at RIMSCanadaConference.ca.

[45:52] Be sure to tune in next week to RIMScast. We have another Plenary Speaker from RIMS Canada Conference 2023, Sinead Bovell.

[46:01] We cover crisis management in Risk Management Magazine. You can find it at RMMagazine.com but RIMS members can access it instantly via the RIMS app. This is a special members-only benefit. Everybody loves the RIMS app!

[46:23] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[47:03] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[47:26] 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.

[47:41] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[48:02] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

RIMS Canada 2023 — Game Show Survey!

RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

RIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

RIMS Webinars:

A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023

A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023 RIMS.org/Webinars Upcoming Virtual Workshops:

Fundamentals of Insurance | Sept 12–13

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep at RIMS Canada 2023 September 10–11, 2023 9:00 am–4:00 pm EDT Ottawa, ON, Canada All RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Turning Tides: Live from RIMS Canada 2022”

“Rising Risk and Insurance Professional Ana Lage, 2022 Fred H. Bossons Award Winner”

“Safety and International Risk Leadership with Franck Baron”

“Strategic Moves with RIMS CEO Gary LaBranche”

“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”

Sponsored RIMScast Episodes:

Subrogation and the Competitive Advantage | Sponsored by Fleet Response (New!)

Cyberrisk Outlook 2023 | Sponsored by Alliant (New!)

Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

About our guest, Valerie Barber: Valerie Barber

National Co-Chair of the RIMS Canada Conference

Government of Manitoba

 

About our guest, Melissa Agnes:

Melissa AgnesCrisis Ready Institute

 

Tweetables (For Social Media Use):

 

“If you’re encountering a situation, someone else has encountered it before. … Individuals are very free with providing and sharing information that they have and different strategies and solutions that they’ve used to deal with similar situations.” — Valerie Barber

 

“There are numerous challenges that we face, including cyber, political, financial, weather-related events, … just this week with Hawaii, very unfortunate, … wildfires, flooding, … artificial intelligence, … and of course, pandemics.” — Valerie Barber

 

“One of the great things is working with people, individuals, who even admit that kind of slowness, that snail-paced progression [of a large agency]. They continue to advocate  internally for the need to uplevel their skillset in crisis response.” — Melissa Agnes

 

“In these large organizations, … getting buy-in support [for a ‘crisis ready’ culture] is universally the biggest challenge that I and anybody in my shoes, whether they’re consultants or they’re internally advocating for this, experience.” — Melissa Agnes

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

 

Alycia Anderson is a TEDx motivational speaker; disability advocate; corporate diversity, equity, inclusion, and accessibility consultant; founder and CEO of The Alycia Anderson Company, LLC; and host of the podcast Pushing Forward with Alycia. July is Disability Pride Month and Alycia wrote an article, “8 Ways to Include Disability in DE&I Efforts,” for the July RIMS Risk Management Magazine. She comes on the show to share those tips with us and continue the conversation in August.

Alycia also discusses the importance of representation, especially for people with invisible disability, and providing a psychologically safe place for people with disability to raise their hands and talk about their needs in the workplace.

 

Key Takeaways:

[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.

[:33] About today’s episode, where we will discuss some major cyber reporting news with RIMS Risk Management Magazine Managing Editor, Hilary Tuttle.

[:56] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[1:16] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:33] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:45] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:59] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:22] August 18th is the last day to submit a session for RISKWORLD 2024. See the link to the online submission form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego, California!

[2:40] July is Disability Pride Month, a commemorative celebration of the Americans with Disabilities Act being signed into law in 1990. RIMS Risk Management Magazine, as is our flagship publication and there’s a wonderful article in the current print edition. It is also available online. It’s called, “8 Ways to Include Disability in DEI Efforts.”

[3:02] The article was written by Alycia Anderson, the Founder of her company. She’s best known for her TEDx talks. Justin thought she would be a fantastic guest on RIMScast to talk about the tips in the article and extend the dialog beyond July. [3:23] We are going to provide some actionable tips for risk managers and business leaders who want to make the DE&I conversation more inclusive about people with disabilities, throughout the year.

[3:44] Justin welcomes Alycia Anderson to RIMScast. The topic is disabling ableism. Alycia is an international TEDx motivational speaker, a disability advocate, a DE&I and Accessibility corporate champion, and a podcast host advocating for diversity, equity, and inclusion in the workplace and including disability in that conversation.

[4:45] Alycia has a Master’s degree in Adaptive Physical Activity. It’s work she has been doing for pretty much her whole life. She was born with her disability, sacral agenesis, so she has lived her life in a wheelchair. The path of advocacy and fighting for her opportunities in life is been a requirement from day one.

[5:11] Today, Alycia is focused on bringing some of that exposure to corporate America and speaking to companies globally about the benefits, principles, and practices of including disability inclusion in these diversity conversations that we’re having all over the world.

[5:41] Alycia worked in corporate America for around 20 years. Through her experience of climbing the corporate ladder, into the business she owns today, she has had a constant relationship with risk management professionals. Often the inclusion of disability in the workplace is seen as a risk.

[6:18] It’s always in play for Alycia to dismantle that assumption, start the conversation and bring the human spirit into opportunities in employment for people with disabilities. 

[6:43] Alycia thinks we’re just starting to scratch the surface and raise awareness among risk managers about disability and other DE&I issues. Diversity conversations have picked up since COVID-19, George Floyd, and things that have been happening in society. Disability traditionally, is one of the last issues to catch on in a movement.

[7:23] Through Alycia’s experience, disability inclusion has been a compliance-driven, check-off-the-box, ADA conversation about accommodation. Where is the conversation going to look at the human experience, the value of it, and what it brings to organizations? The human experience is our common ground.

[7:49] We’re gaining traction in this DE&I conversation. Alycia believes that’s why she is so busy. She’s spending a lot of time educating organizations globally on the subject of the ROI, how this conversation benefits all of us, and dismantling some of the typical barriers from a disability inclusion standpoint that would tie into risk management.

[8:26] What are our attitudes toward inclusion? What are the physical barriers, policy barriers, and communication barriers? There’s a lot to unpack in this conversation and start to educate. We’re at the beginning of education on disability inclusion.

[9:32] Alycia says disability invisibility is prevalent. Disability is one of the largest marginalized groups in this diversity conversation. It’s one-seventh of our global population. We’re not creating environments in the workplace for employees to feel safe and comfortable to raise their hands and identify with whatever disability they have.

[9:55] The way companies can do better and continue the conversation is to have the conversation; to start to get comfortable with it, to start to formalize it. That means talking about it regularly and remembering that not everybody is going to feel safe initially to raise their hand and have those conversations.

[10:20] Is feeling safe the same as feeling comfortable? Alycia is talking about feeling emotionally safe. Alycia always wanted to hide her disability when she could, like on LinkedIn. She wouldn’t tell hiring managers she was in a wheelchair because she knows that there is stigma, bias, and fear about what is possible for people with disabilities.

[10:46] We are not diving into the conversation. People are afraid to raise their hand at work and say, “I’ve got a hearing impairment. I need this small thing on my computer so I can function better.”

[11:13] Once companies start to have open conversations, have accessibility mission statements, and hire people with disabilities and promote them into positions of leadership, have more visibility, hire speakers, have ongoing education in each department, it shows employees and customers that you are open to this conversation.

[11:47] It shows that it’s psychologically safe to explore this a little bit deeper. Then employees feel that they can start to raise their hand and not feel like they’re going to be discriminated against, fired, not promoted, or all the things we’ve seen historically with the 70% of people with disabilities that are not even working.

[12:14] We’ve got a society that has a lot of pretty negative stigma placed on disability. Alycia is trying to bridge the gap and bring in humanity to open up opportunities for people that are going to follow her down the path.

[12:58] How do risk managers go beyond the ADA and the Rehabilitation Act? These are baseline legislation. How do we expand the opportunities? How do we move forward with better legislation and more law? Accessibility in the workplace is innovative. It’s an opportunity for us as companies to grow our businesses.

[14:07] We need innovations for people with disabilities to have a spot in the workplace. It challenges us as companies and employers to innovate. When we’re looking at many different ability types, and we’re creating products, services, and infrastructure that works for the majority of abilities, we’re creating innovation that we choose universally.

[14:39] Siri, texting, closed captioning; we’re choosing products, services, and infrastructure, whether we have a disability or not, today, that were developed for accessibility initially.

[14:57] To create more of a universal design model where we are simply baking this philosophy into our development as businesses, as employers, as developers of technology, we’re creating opportunities for a larger employee base.

[15:45] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.

[16:29] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [17:02] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[17:14] For anyone attending RIMS Canada on September 10th and 11th, there will be a RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.

[17:30] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[17:49] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern. Visit Rims.org/webinars or the link on this episode’s show notes to register.

[18:25] Webinar registration is complimentary for RIMS members. RIMS has a DE&I Resource Page. Find a link through the Community tab of Rims.org or on this episode’s notes. It has information about our DE&I Advisory Council and reports, articles, toolkits, mentorship program opportunities, and more. RIMS has a strong commitment to DE&I.

[19:10] Alycia Anderson contributed a wonderful article in July to the online edition of RIMS Risk Management Magazine. It’s called “8 Ways to Include Disability in DEI Efforts.” A link is on this episode’s show notes. July was Disability Pride Month. In the article, Alycia suggested starting an Employee Resource Group to keep the conversation going.

[19:45] What does it take to start an Employee Resource Group and how does that factor into people feeling emotionally safe enough to speak out? The steps to create an Employee Resource Group will come from your company’s policy manual. However, disability is generally not included in the advocacies within organizations.

[20:26] There’s a study that shows 90% of companies today have DE&I programs. Of that 90%, only 4% are including disability in their DI efforts. Within DI efforts, traditionally there are employee resource groups where people with disabilities come together. The point is, we need to include it in the advocacy of the diversity work in the organization.

[21:37] When we start to include disability and accessibility in these conversations while we’re launching employee resource groups, we need to implement HR recruiting initiatives to hire people with disabilities. We need to hire them as experts. “Nothing for us without us,” is a principle of disability advocacy.

[22:01] Hire people with visual impairment to help you with accessibility on your website. It’s powerful to use the community of experts to help you perfect the path you’re on. Include disability in this advocacy for diversity and inclusion in the workplace.

[22:49] Alycia says by putting accessibility tools on your website and representation in your marketing, you’re visually including people with disabilities, whether visible or invisible. One in four people with invisible disabilities does not raise their hand. They do not see their organizations creating space for them. Representation matters.

[24:15] Alycia talks about companies that have hired her company, including Abercrombie & Fitch, Burlington Coat, Blue Shield of California, Victoria’s Secret, and more. These companies are integrating her training into their year-round initiatives.

[25:13] Microsoft embeds disability inclusion and accessibility in every aspect. They don’t ship one thing without making sure that it is accessible or that disability inclusion is embedded in it. It drives innovation. There are billions of dollars of buying power from people with disabilities just waiting to have something accessible to use, to buy.

[26:20] Alycia has been discriminated against in the workplace. She has been excused from offices and had meetings on the grass because of an ADA lawsuit. She was the first waitress in a wheelchair. She showed what was possible. There are lots of moments that have empowered Alycia she wants to share what she can while she can.

[27:06] It’s been a powerful life path. She knows we’re not seeing enough of this. That’s why she does the TEDx. She’s been speaking for years. She is seeing bands of advocacy coming from different groups, so she saw it as her opportunity to include disability advocacy, talk about ableism and educate us on our biases in favoring able bodies.

[27:50] Alycia’s goal is simple. It’s to widen the pathway of opportunity for people with disabilities to follow so maybe they don’t have such a hard time in convincing society that we’re powerful and able and we bring a lot to the table. She got to a point when it was time to use her voice. She felt it in her heart and so she tried a TEDx talk.

[28:29] Alycia was comfortable in her life, and when she chose to be a public speaker, she allowed the layers of insecurity to go away. Coming from a sales background, she got good at pitching strangers and companies. Over time, she got used to it. Getting on stage wearing a microphone made her feel tall and loud. She tries to project humanity.

[29:57] Alycia’s biggest motivator on-stage is the 15 minutes of open Q&A she offers her audience. She challenges them to ask the things they’ve been afraid to talk about with disability. She sees in their eyes and their questions that this helps them.

[30:36] Alycia spoke at a large company. A mother asked about her son with a suddenly disabled right arm. He learned to play the trumpet with his left hand, but he was made fun of so he put it down. After her keynote, the boy picked up the trumpet and will never put it down again. People with disabilities want to be who they are, the way they are.

[31:18] What inspires Alycia is enabling her audience to feel safe, strong, and powerful within who they are at that moment.

[31:39] Her final words: “Reach out to me if you’re looking for a DE&I conversation.” Listen to her podcast, Pushing Forward, with lots of great learning opportunities. “I really appreciate opening your audience up to this conversation! AlyciaAnderson.com, if you want to find me.”

[32:07] Justin thanks Alycia for joining us in August to keep the conversation going after July!

[32:15] Special thanks to Alycia Anderson for joining us here today to discuss the ways to include disability in DE&I efforts. I hope everyone out there can start using some of these tips in their day-to-day activities. The article is live at RMMagazine.com and it’s in print. More RIMS coverage on related topics is on this episode’s notes.

[32:40] If you’re a member, you can check out Risk Management Magazine on the RIMS app. Be sure to go to the App Store and download it. It is a member-exclusive benefit and it is fantastic!

[33:00] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[33:41] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[34:05] 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.

[34:20] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[34:40] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

Submit an Educational Session for RISKWORLD 2024 by Aug 18!

RIMS ERM Conference 2023 | Nov 2-3 in Denver, CO!

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management Magazine

RIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

RIMS DEI Council & Resource Page

“8 Ways to Include Disability in DEI Efforts,” – Risk Management Magazine (July 2023)

RIMS Webinar:

A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers and Constitution State Services | Sept. 7, 2023 Upcoming Virtual Workshops:

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep In-Person WorkshopIn Ottawa, ON, Canada September 10–11, 2023

9:00 am–4:00 pm EDT

All RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

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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

Risk Management Magazine

Risk Management Monitor

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RIMS Events App Apple | Google Play

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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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

About our guest, Alycia Anderson:

Website Alyciaanderson.com

LinkedIn Alyciaranderson

Instagram Alyciaspeaking

Pushing Forward with Alycia Podcast Alyciaanderson.com/podcast

 

Tweetables (For Social Media Use):

 

“I’ve got a Master’s degree in Adaptive Physical Activity. This is work that I’ve been doing, pretty much my whole life. I was born with my disability.” — Alycia Anderson

 

“I worked in corporate America for 20 years and through my experience of climbing the corporate ladder, and now into the business that I’m in today, it’s kind of been a constant relationship with risk management professionals.” — Alycia Anderson

 

“A hot topic is the non-apparent invisible disabilities … that is one in four of us in the United States. There are so many employees that have invisible disabilities that are not raising their hand because they don’t see their organizations creating space.” — Alycia Anderson

 

“My goal is simple. It’s to widen the pathway of opportunity for people with disabilities to follow so maybe they don’t have such a hard time in convincing society that we’re powerful and able and we bring a lot to the table.” — Alycia Anderson

 

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

 

RIMS Risk Management Magazine Managing Editor Hilary Tuttle rejoins RIMScast to discuss new cyber incident reporting policies issued by the SEC. (Press release: sec.gov/news/press-release/2023-139.) Hilary talks about the key role that governance plays in the SEC’s announcements and how risk managers need to put this on their radar and even use it as an opportunity to demonstrate their value to the organization.

Hilary also discusses a cyber insurance market outlook for the latter half of 2023.

 

Key Takeaways:

[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.

[:32] About today’s episode, where we will discuss some major cyber reporting news with RIMS Risk Management Magazine Managing Editor, Hilary Tuttle.

[:58] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[1:19] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:36] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:48] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[2:02] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:25] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submission form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!

[2:44] Cyber is on our radar here at RIMScast! In July 2023, The United States Securities and Exchange Commission issued new rules for cyber incident reporting as well as guidance for cybersecurity governance. I asked my colleague Hilary Tuttle to join us here on RIMScast. Hilary is the RIMS Risk Management Magazine managing editor.

[3:16] Hillary is our resident authority on cyber. She’s been reporting on it for years. She’s here to tell us what’s going on and what you need to know if you are a business leader, risk manager, or chief technology officer when it comes to these new reporting guidelines.

[3:45] Justin welcomes Hilary Tuttle back to RIMScast. Justin says he thinks of Hilary Tuttle when he sees cyber news.

[4:10] The big news is the United States SEC adopted some controversial new cybersecurity reporting rules and we need to talk about them. There’s the hook, and then there’s the deeper understanding of what’s going on. First, we’ll talk about the hook.

[4:38] Hilary says organizations are going to have to report to the SEC any cyber incident within four days of assessing the material financial impact of an incident. A material financial impact is financial losses or a significant impact on a company’s financial performance or results. This may be a reputation risk with a potential dip in stock price.

[5:34] The SEC has not stipulated what qualifies as a significant impact on a company’s financial performance or results. The rule on incident reports starts in December 2023. The rule on incidents that must be reported in annual reports starts in fiscal years beginning in 2024.

[6:31] Organizations have to establish that an incident happened. Was there data exposure? Was there a loss? Was there a disruption or outage because of a malicious actor? The forensics on these questions is what takes time for certain cyber incidents. The SEC is not making stipulations about how long the forensics should take.

[7:24] The organization has to establish that the incident will have a material impact on financial performance. For large public companies, that can be a high bar to clear. Companies vary widely in the maturity of their current capacity to quantify the impact of the cyber incident.

[7:57] The new requirement does not stipulate timing relative to the onset of the cyber attack or exposure. The clock starts ticking once you realize that materiality is involved. That’s an easier timeframe to meet. This is an important bar and companies may not be prepared to conduct the set of math that needs to be done to meet it.

[8:32] The risk manager needs to align with the CFO and CTO to establish that equation. This also demonstrates what their benefit is in that equation.

[9:20] Justin plugs the ERM Conference 2023 in Denver, on November 2nd and 3rd. Registration opens Friday, August 18!

[9:41] Will these new reporting requirements lead to an increase in whistleblower claims,  investigation, and litigation? New regulations lead to a formalized focus on what is unacceptable or illegal behavior, so there could be an increase in whistleblowing.

[10:32] Hillary has seen a budding class of shareholder-derivative suits that focus on cyber governance, the material impact of cyber incidents, and the board's fiduciary duties for cyber. This development reflects an evolution in our thinking about the tangible impacts of cyber risk, the severity of them, and where the responsibility is.

[11:10] The board and management have obligations and their dereliction of those duties has a concrete impact on a company’s future and shareholders. That is an actionable claim. We are seeing more formalization of those expectations and, in turn, more consequences for failures.

[11:47] The real headline in this decision is that the SEC is requiring formal cybersecurity risk management, strategy, and governance.

[12:09] Publicly-registered companies are going to need to incorporate formal disclosures into their annual reports, describing what, if any, processes they have in place for assessing, identifying, and managing material risks from cyber threats, the reasonably likely material impact of cyber threats, and previous cybersecurity incidents.

[12:35] The SEC is also going to be requiring companies to describe their board’s oversight of cyber risks and management’s role and expertise in assessing and managing material risks of cyber threats. That means that companies have to have a cyber risk management strategy and governance processes. Many do not.

[13:00] The requirement for a cyber risk management strategy and governance processes is the biggest burden on companies in terms of ensuring compliance with this rule. A lot of boards lack the expertise to effectively oversee a real cyber risk governance. The SEC is highlighting that cyber risk is business risk. It impacts viability.

[14:22] Cyber risk has been one of the top global risks listed by the WEF for years. Gary Gensler, chair of the SEC, noted that the requirement is aimed at making disclosures consistent, comparable, and decision-useful. Cybersecurity risk management plays a key part in establishing or maintaining a company’s value and survivability.

[15:38] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.

[16:21] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [16:55] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!

[17:03] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. For anyone attending RIMS Canada on September 10th and 11th, there will be a RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.

[17:29] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[18:11] Hilary shares thoughts about the cyber insurance market for the rest of 2023. She sees signs of optimism. Some businesses have come a long way toward bridging their cybersecurity risks with the more common, low-hanging fruit of phishing education, implementing multi-factor authentication, and crafting tougher passwords.

[18:49] There’s been a big shift in victim behavior toward ransomware. Ransomware losses have driven the hard market in cyber insurance. In 2019, 76% of victims paid ransom. In 2022, 46% of victims paid ransom. They are becoming more savvy about phishing and secure backups. Their insurance may have a ransomware exclusion.

[20:38] The cyber insurance market is getting more profitable and rates are moderating after a number of quarters of brutal rate hikes. That’s great news for risk managers. Marsh’s latest Global Insurance Market Index found that globally, cyber insurance pricing moderated to a 1% increase in Q2, compared to 11% in Q1, and 28% in Q4 2022.

[21:13] It’s better news in the U.S. Rates decreased 4% in Q2, compared to 11% in Q1. So things are looking up. Rates will not return to pre-ransomware days. We know a lot more now about what cyber costs. Hopefully, you know more about your exposure and your modeling. In the light of litigation about cyber coverage, there’s more clarity about it.

[22:08] We’re getting a more realistic perspective of what cyber should be and can be for buyers going forward. When it comes to cybersecurity and vulnerability, there’s always something you can do better. There is always a way that a threat actor will get you. But there is a bit more room to feel cautiously optimistic about the cyber insurance market.

[23:22] Whether the market remains “flattish” will depend on the companies and their losses in the latter half of 2023.

[23:32] Justin thanks Hilary for coming and breaking it down for us. This is valuable for the audience to know. We may follow up on the SEC rule at the beginning of next year, once everything goes into effect for everyone. It will be interesting to see how enforcement shapes up regarding the governance requirements.

[24:15] Justin thanks Hilary for joining us again on RIMScast.

[24:20] Special thanks to RIMS Risk Management Magazine Managing Editor Hilary Tuttle for joining us here today. Links to RIMS coverage of the SEC’s new cyber reporting rules are on this episode’s show notes. Be sure to check out Risk Management Monitor and RMMagazine.com for news as well.

[24:41] The new issue of Risk Management Magazine is now live in print and online. Visit RMMagazine.com.

[24:49] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[25:34] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[25:59] 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.

[26:15] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[26:37] Justin thanks you 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:

NEW FOR MEMBERS! RIMS Mobile App

Submit an Educational Session for RISKWORLD 2024

RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management MagazineRIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus Grant

Upcoming Virtual Workshops:

Fundamentals of Risk Management | Aug. 8–9

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP-FED Exam Prep Virtual Workshop

August 15–17, 2023

9:00 am–4:00 pm EDT

RIMS-CRMP Exam Prep In-Person WorkshopIn Ottawa, ON, Canada September 10–11, 2023

9:00 am–4:00 pm EDT

All RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle

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“Zurich’s Construction Sustainability Outlook for 2023”

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“ESG Through the Risk Lens” | Sponsored by Riskonnect

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“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

Follow up with Our Guest:

Chris Hansen on LinkedIn

Snug Harbor Risk Consulting

RIMS New Jersey Chapter

 

Tweetables (For Social Media Use):

 

“Organizations are going to have to report any cyber incident within four days … of assessing material financial impact of an incident. … [A material financial impact is] financial losses or a significant impact to a company’s financial performance or results.” — Hilary Tuttle

 

“You have to establish that an incident happened. Was there data exposure? Was there a loss? Was there disruption or outage because of a malicious actor? The forensics on that part is often what takes time for certain types of cyber incidents.” — Hilary Tuttle

 

“As Gary Gensler, the chair of the SEC, noted, the requirement here is aimed at making sure that these disclosures are consistent, comparable, and decision-useful and I think that’s a really interesting point.” — Hilary Tuttle

 

“It’s kind of a nice affirmation that, again, cyber risk is business risk. And cybersecurity risk management plays a really key part in establishing or maintaining a company’s value.” — Hilary Tuttle

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

 

Chris Hansen is semi-retired and owns Snug Harbor Risk Consulting. He’s a reliable RIMS virtual instructor and he’ll be leading two upcoming virtual workshops — Fundamentals of Risk Management on August 8th and 9th and Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S., on November 7th and 8th. Links to the registration pages are on the education page of RIMS.org and this episode’s notes.

 

Chris has had a colorful career managing risk and safety for major companies and chains like Pathmark, Rite Aid, and Walmart. He shares the trajectory of his career and his risk philosophy and how fundamentals of risk management and worker comp played a pivotal role in his career path. Chris Hansen is a longtime, continuing member of the RIMS New Jersey Chapter.

 

Key Takeaways:

[:01] About RIMScast.

[:27] About today’s episode, where we will discuss fundamentals of risk management and Worker Compensation with Chris Hansen of Snug Harbor Risk Consulting.

[:38] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[:59] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:15] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:27] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:41] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:05] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submissions form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!

[2:23] Chris Hansen is a longtime and continuing member of the RIMS New Jersey Chapter. He’s semi-retired and owns Snug Harbor Risk Consulting.

[2:34] Chris is a reliable virtual instructor at RIMS and he’ll be leading two upcoming virtual workshops, Fundamentals of Risk Management, on August 8th and 9th, and Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S., on Nov. 7th and 8th. Links to register are on the show notes.

[2:57] Justin talks to Chris about his career managing risk and safety for major companies and chains like Pathmark, Rite Aid, and Walmart and how worker comp and the fundamentals of risk management influenced his career.

[3:23] Justin welcomes Chris Hansen to RIMScast. Chris is a longtime member of the RIMS New Jersey Chapter.

[4:13] With a degree in industrial engineering, Chris started as an engineer for Pathmark Supermarkets. After the insurance crisis of the 1980s, he became the company’s first safety manager. They didn’t know what to do with the position until they had him report to Risk Management. When the Risk Director was promoted, Chris took that role.

[6:21] Chris led a team of great people until the company was acquired about 12 years later. At its biggest, his team was about 20 people, including clerical support staff.

[7:06] In the days before email, if a store had an accident, they filled out a five-part multicolor form and stuck it in the interoffice mail. It showed up in the risk management department after about four days. In the meantime, an injured party was wondering why they weren’t getting a phone call. Email is a big improvement.

[8:21] Chris went to Walmart from Pathmark, He wanted to work for a company too large to be bought by a competitor. He was a divisional safety manager. Eventually, Chris led the Safety and OSHA Compliance Program in Asset Protection for Walmart’s 4,500 retail stores with 1.3 million employees. He focused on reducing loss frequency.

[9:42] After Walmart, Chris went to Rite Aid in Harrisburg, Pennsylvania. Chris was VP of Risk Management at Rite Aid for about six years. Much had changed in risk management from the time Chris had left Pathmark. At Pathmark, there was no discussion of cyber or employment practice liability.

[10:41] When you’re in retail, but also you’re a healthcare provider, you’re right in the crosshairs. He enjoyed the work and had terrific business partners. Chris retired in the Spring of 2020. One of Chris’s last projects was helping the offices go virtual. The retail stores remained open during the COVID-19 pandemic.

[12:10] Chris’s job was about protecting the employees the best they could and coming up with HR policies on the fly, including pay. The pharmacists had to be there to take care of the patients. After that project, Chris was ready to retire.

[12:54] Chris tells how his risk philosophy changed from Pathmark to Rite Aid. His aha moment happened in 1992. James Carville, a political consultant for Bill Clinton, came up with, “It’s the economy, Stupid!” for the Clinton campaign. Chris printed up a sign, “It’s the frequency, Stupid!” as a risk mantra over his desk and he used it for all his career.

[14:43] If you take care of eliminating accidents, everything else takes care of itself. All risk-associated costs go down if you take care of frequency first. Chris has 28 consecutive years of claim frequency reductions for his employers!

[15:19] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERMs is a three-module course that begins September 21st.

[16:03] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Information about these sessions and others is on the Virtual Workshops page. Check it out and register!

[16:22] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. For anyone attending RIMS Canada on September 10th and 11th, there will be an in-person workshop for the RIMS-CRMP Exam in Ottawa, and it will be led by former RIMS President Chris Mandel.

[16:48] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[17:11] What mindset is needed for the risk leader of a widely-known brand? What’s paramount is that you’ve got to protect the reputation of the organization. When a company fills 300 million scripts a year, even a low error rate can be disastrous. What can happen if there’s a high-profile claim or a data breach?

[18:04] Chris has dealt with floods, fires, stabbings, and shootings throughout his career. Those are high-profile events that have to be handled delicately. You have to be in lock-step with your business partners, public affairs people, and the leadership team. Even dealing with an individual claim, that person’s a customer and they have neighbors.

[18:34] When you’re self-administered for liability claims, you’re not handing the claim off to someone else. You’ve got to treat people equitably, with respect, but at the same time, protect the interests of the company the best that you can. It’s a delicate balance.

[19:23] Chris was at Walmart when an employee was trampled to death at Valley Stream as a store opened on Black Friday in 2008. It was Chris’s first Black Friday at Walmart. He had never seen an event of that scale.

[20:01] Chris was at a store in Union, New Jersey, standing to the side of the entrance when they unlocked the doors and a horde of people came rushing through. There were pallets of televisions down the first aisle. By the time the crown had thinned, there was nothing left but empty pallets and a few boxes that had been stepped on. 

[20:29] It was the most surreal thing Chris had ever seen. Shortly after that, Chris got a call from his vice president at the HQ in Arkansas. She asked where he was and how soon could he get to Valley Stream. Pulling into the parking lot, seeing how desolate it was, and seeing police tape around the entrance, is something Chris will never forget.

[21:12] Chris explains the very unfortunate situation. They had started to open the doors to let a pregnant woman through because she was being pushed and the crowd just thought that was the opening. They just came rushing through the doors and an employee who was standing there got trampled and killed.

[21:35] OSHA was there and Chris had to deal with their investigation. Nassau County detectives were there, as it was a crime scene.

[21:54] What happened as a result of that tragedy was that Walmart put together the most comprehensive crowd-control program that had ever existed in retail. They brought in consultants who were specialists in crowd control who had done security for Super Bowls and big arenas. There’s a science to it and Walmart had been a novice.

[22:36] From that point forward, there was a plan and everybody stuck to the plan. They have never seen another tragedy like that again.

[23:11] That particular store, in Nassau County on Long Island, was the closest store to New York City so it was a very congested, high-volume store. Chris has never seen anything that cataclysmic and he never will again, he hopes.

[24:20] As a consultant, Chris is still focused on frequency; preventing accidents, but now it’s personal. When he’s working with power tools around the house or cleaning gutters, preventing accidents is the first thing he thinks about. He asks himself what could go wrong? Have someone hold the ladder!

[25:10] Chris has always felt you have to have good data to manage risk. That means knowing who your business partners are who have that data, whether it’s engineering, HR, or others. Chris is still focused on data, making sure he knows his numbers, At this point, the numbers he focuses on are cholesterol, blood pressure, and weight.

[25:52] Chris has Fundamentals of Risk Management on August 8th and 9th. Registration closes on August 7th. What will Chris be teaching? The course talks about risk management as a corporate function and how it fits into the organization. Chris talks about risk management processes, fundamentals, and procedures.

[26:31] Chris wraps up the seminar by talking about risk management as a profession. From his experience, it’s been a heck of a ride. It’s a profession that he’s very glad to have had an opportunity to work in. “War stories” help Chris cover things in context. If war stories don’t get their attention, he talks about his battle scars.

[27:17] On November 7th and 8th Chris teaches Managing Worker Compensation Employers’ Liability and Employment Practices in the U.S. Chris teaches what is the legal obligation for all employers. It’s very procedural and formula-driven. There are nuances to it, as laws vary by state. Worker Compensation is a state-based system.

[28:01] Chris gives folks the flavor of everything involved the loss control side, the cost containment opportunities to manage claims more effectively, take better care of your people, and get them back to work.

[28:16] From there, Chris teaches Elmployer’s Liability, which comes into play when something involving your employee is not covered under Worker Compensation. It’s a defense policy. Chris wraps up the seminar with Employment Practices Liability, which covers all the bad things that can happen to people and how the policies respond.

[29:02] There are links to registration pages for these courses in the show notes. If you’re a RIMS member, you get the benefit of reduced rates.

[29:15] Chris shares his advice for young risk professionals or anyone considering the risk management profession: “There are two things. The first is to be inquisitive. Ask questions. RIMS has a whole variety of courses available and so many different publications and things. … Risk Management Magazine is a terrific one.”

[30:18] “The other thing I would say is to develop your network and build relationships. Develop relationships with your internal business partners, because risk management is a discipline that touches everything in the organization. And to be effective, you have to have command of pretty much everything that goes on in your organization.”

[30:45] “The other thing I would say is if you’re in driving distance from a RIMS chapter, get involved with that chapter. You’ll get an opportunity to talk to your peers, to share concerns, seek advice and guidance, in real time over lunch, and hear some terrific speakers.” The New Jersey Chapter gets some phenomenal speakers.

[31:46] Justin tells Chris it’s been a real pleasure to see him again. There are links to the two courses on this episode’s show notes. Be sure to pounce on Fundamentals of Risk Management, on August 8th and 9th. Registration closes on August 7th. Justin thanks Chris for joining us on RIMScast.

[32:15] “Special thanks to Chris Hansen for joining me here on RIMScast. He’s had a fascinating career and I’m glad he’s sharing his knowledge in the RIMS Virtual Workshop Series. Register by August 7th for RIMS Fundamentals of Risk Management, a two-day course on August 8th and 9th.”

[32:34] On November 7th and 8th, Chris teachest Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S. Links are on this episode’s show notes. RIMS members receive steeply discounted registration rates. Learn more about these and other RIMS virtual workshops through the education page of RIMS.org.

[32:56] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[33:39] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[34:02] 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.

[34:17] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[34:39] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!

Mentioned in this Episode:

NEW FOR MEMBERS! RIMS Mobile App

Submit an Educational Session for RISKWORLD 2024

RIMS ERM Conference 2023 | Nov 2-3 in Denver, CO!

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management MagazineRIMS Western Regional – Oct. 4-6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus GrantUpcoming Virtual Workshops:

Applying and Integrating ERM | August 1

Fundamentals of Risk Management | Aug. 8-9

Optimizing Risk Management with AI | Sept. 28

Managing Worker Compensation, Employer's Liability, and Employment Practices in the US | Nov. 7–8

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP-FED Exam Prep Virtual Workshop

August 15–17, 2023

9:00 am–4:00 pm EDT

RIMS-CRMP Exam Prep In-Person WorkshopIn Ottawa, ON, Canada September 10–11, 2023

9:00 am–4:00 pm EDT

All RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle

“Genuine Generative AI Talk with Tom Wilde of Indico Data”

“Risk Management Education with Ken Goldstein and David Cisneros”

“Safety and International Risk Leadership with Franck Baron”

“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”

Sponsored RIMScast Episodes:

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)

“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

Follow up with Our Guest:

Chris Hansen on LinkedIn

Snug Harbor Risk Consulting

RIMS New Jersey Chapter

 

Tweetables (For Social Media Use):

 

“I graduated from college with a degree in industrial engineering and that’s what I was doing at my first employer, the Pathmark Supermarket chain.” — Chris Hansen

 

“In the early 1980s, there was an insurance crisis. … Up until that point, retailers had guaranteed-cost programs; very low deductibles. That got turned completely upside-down. So [Pathmark] internally posted a job for Safety Manager … It sounded interesting!” — Chris Hansen

 

“[Before email], if a store had an accident, they had this five-part multicolor form and … they stuck it in the interoffice mail. It showed up in the risk management department about four days later. In the meantime, there’s somebody out there with a broken arm!” — Chris Hansen

 

“You have to have good data to manage risk. That means knowing who your business partners are who have that data, whether it’s the engineering folks, … or the HR folks. … I’m still focused on data. I’m still focused on making sure I know my numbers.” — Chris Hansen

 

“Develop your network and build relationships … with your internal business partners, because risk management is a discipline that touches everything in the organization. To be effective, you have to have command of pretty much everything … in your organization.” — Chris Hansen

 

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

 

Ahead of National Traffic Awareness Month in August, Subaru Corporate Risk Manager Carol Fritzsche joins RIMScast to discuss road risks, fleet safety, and theft prevention.

 

Carol has been at Subaru for 10 years and discusses how she and her risk group have been instrumental in setting policy for the automotive giant. Carol is a familiar face among the RIMS community, as a longtime member of the Delaware Valley Chapter of RIMS.

 

Carol speaks of her risk career in the automotive sector, her responsibilities for risk prevention and mitigation, and captive Pleiades Insurance Company, Ltd., which underwrites the Subaru fleet of over 1,200 vehicles. Carol explains how Pleiades saves money and generates profit. She tells of the challenges of automotive risk management and new risks that arise. Carol shares her enthusiasm for her work and how the risks are always changing. She tells of Subaru customers supplying the situations in the Subaru “We Survived” stories. Carol also offers advice for people considering automotive risk management.

 

Key Takeaways:

[:01] About RIMScast.

[:25] About today’s episode, where we will talk about fleet safety and Traffic Awareness Month risk with Subaru Corporate Risk Manager, Carol Fritzsche.

[:38] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[:59] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:15] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:27] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:41] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:05] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submissions form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!

[2:22] August is nearly here. August is National Traffic Awareness Month here in the U.S. This is a time when an increased number of vehicles are on the road, including fleets. Today’s guest, Carol Fritszche, is the Corporate Risk Manager for Subaru. Some RIMS members know Carol from the RIMS Delaware Valley Chapter, where she is a member. [2:44] Justin met Carol Fritzsche years ago at a RIMS event and Justin has always been fascinated by Carol’s work. Justin outlines today’s conversation about Carol’s responsibilities at Subaru, how she helps drive a culture of safety, and the satisfaction she gets from working with captives.

[3:11] Justin welcomes Carol Fritzsche to RIMScast. Carol has been at Subaru for 10 years. She calls it a great job at a great company. She started at Subaru as an intern in risk management, left for a year-and-a-half to work for an insurance broker, and came back to Subaru.

[4:37] Carol mentions the amazing number of parts and the details that go into manufacturing a car, where the end-user just opens the door and turns on the ignition.

[5:26] As Corporate Risk Manager, Carol buys corporate insurance. Subura also has a captive about 35 years old that insures a lot of Subaru’s risk, including the fleet, general liability, worker’s comp., marine, and extended warranty. Carol is also on the underwriting side for the captive. Subaru Corporate Risk Management has 10 members.

[6:38] Carol notes differences within the risk management space at Subaru. Subaru of America is the marketing and distribution arm of Subaru Corporation in Japan manufactures the vehicles. Carol marvels at vehicle design.

[7:52] Justin refers to American Auto as a good look at what not to do in risk management. It’s an Office-like comedy about how not to run an automotive company.

[8:15] One reason Justin invited Carol to RIMScast is that August is National Traffic Awareness Month in the U.S.

[8:41] Subaru’s captive, Pleiades Insurance Company, Ltd., insures the Subaru auto fleet of over 1,200 vehicles that employees and their family members drive for business and personal use. Pleiades is very focused on driver safety with strict criteria on who is allowed to drive. They don’t allow cell phone use at all, even hands-free, in the vehicles.

[9:47] Pleiades penalizes drivers for getting a cell phone ticket. Pleiades is very concerned about drunk driving. If you get a DUI or DWI, Subaru suspends you from the program for seven years. If you’re out and you drink, you can expense getting an Uber instead of driving home.

[12:03] Carol tells her children who drive, we know you’re a safe driver but it doesn’t matter how safe you are, you have to worry about everyone else on the road around you. Carol’s favorite Subaru commercial is “We Survived.” The commercials come from testimonials sent in by Subaru customers.

[13:28] Pleiades constantly monitors its claims history, seeing what is the major cause of loss and how much damage is being caused. The vehicles in the fleet are newer, so most of them have Subaru EyeSight. It stops the car from colliding with something. If the car is in an accident, though, it’s a little more expensive to fix!

[14:54] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Applying and Integrating ERM will be held on August 1st and 2nd by Ken Baker of Enterprise Risk Consulting.

[15:41] Chris Hansen of Snug Harbor Risk Consulting will be leading the two-day virtual workshop Fundamentals of Risk Management on August 8th–9th.

[15:52] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. More information about these sessions and others is on the Virtual Workshops page. See the full Virtual Workshop schedule and register.

[16:12] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. See the links at Rims.org/certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.

[17:03] Subaru fleet vehicles have the in-vehicle technology STARLINK that allows Subaru to track vehicles if they happen to be stolen. Customers can call in to activate STARLINK to see where their vehicle is. They have to verify they are the owner.

[17:48] The Risk Management department focuses on insurance and loss control. The product side is managed by Subaru Manufacturing. Carol’s Risk Management department collaborates with the technology and product departments. Her primary focus is on loss prevention and loss mitigation.

[19:10] Carol went to school at Temple for risk management and insurance. There “was maybe a paragraph on captive insurance in the textbook.” It was never brought up again. When she started at Subaru it was exciting to work on the day-to-day operations of the captive.

[19:37] The captive started when auto insurance was in a hard market and it was very difficult and expensive for Subaru to get auto insurance for its fleet. Subaru knows the risks better than the insurance companies do, so it makes sense for them to insure the fleet themselves.

[20:07] Subaru has a large fleet with a lot of people driving but their loss experience is very favorable and it’s been very profitable for the captive. Carol takes ownership of a lot of the success because of the safety policies and procedures risk management has put in place through the years.

[20:55] Carol loves the RIMS Delaware Valley Chapter and seeing all the familiar faces and interesting topics when she goes to a meeting. Philadelphia is an insurance city. A lot of insurance brokers are headquartered and insurance companies have major offices there. The plane from Philadelphia to RISKWORLD is packed with insurance people!

[22:21] Carol’s advice to anyone applying to the automotive risk sector: “The risk management world is … always changing. There’s always a new risk emerging. When people hear ‘risk management,’ they think ‘insurance.’ They think it’s boring. … It’s not. It’s so much more. Specifically auto. It’s so interesting to me, seeing it from the client side…”

[22:53] “...but also, because we have the captive, seeing it from the carrier side, as well. I review the risk from the underwriting side and I price it out and I design the coverages, but also, on the other side, I see the claims and I can build policies around it.”

[23:34] One policy in place when Carol started is for teenage drivers, a major driver of claims. To drive a fleet vehicle, teenage drivers must have 10 hours of behind-the-wheel training before they get to drive a fleet vehicle.

[23:44] Justin takes a defensive driving course online every three years.

[24:02] Justin comments on the great safety tips for National Traffic Awareness Month. He hopes to see Carol at RISKWORLD 2024 in San Diego. She thinks she can make it work to get a week in San Diego!

[24:20] “Special thanks to Carol Fritzsche for joining me today on RIMScast. It’s worth noting that Carol is a RIMS CRMP holder. And she will be featured in our RIMS CRMP Stories series very soon, A link to the CRMP Stories is on this episode’s show notes.”

[24:39] We’ve also got a link to RIMS Risk Management Magazine’s coverage of Fleet Safety, Vehicle Safety, and The Automotive Sector.

[24:50] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [email protected] for more information.

[25:35] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[26:00] 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.

[26:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[26:38] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!

Mentioned in this Episode:

Risk Management Magazine Fleet safety article: “Tips for Preventing Fleet Vehicle Theft”Submit an Educational Session for RISKWORLD 2024

NEW FOR MEMBERS! RIMS Mobile App

RIMS ERM Conference 2023

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management MagazineRIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus GrantUpcoming Virtual Workshops:

Applying and Integrating ERM | August 1

Fundamentals of Risk Management | Aug. 8–9

Optimizing Risk Management with AI | Sept. 28

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP-FED Exam Prep

August 15–17, 2023

9:00 am–4:00 pm EDT All RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Fleet Safety 2022 with NETS Executive Director Susan Gillies-Hipp”

“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle

“RIMS 2023 Rising Star Emily L. Bloedel”

“Getting to Know Jackware”

“What the Future Holds with RISKWORLD 2022 Keynote Peter Leyden”

“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”

“AI and Autonomous Vehicles with Stephen S. Wu”

Sponsored RIMScast Episodes:

“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 Apple Podcasts.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

Follow up with Our Guest:

Carol Fritzsche

Corporate Risk Manager, Subaru of America, Inc.

RIMS Delaware Valley Chapter

 

Tweetables (For Social Media Use):

 

“I toured our plant out in Indiana twice, and just the amount of parts and down to the paint, every detail is just crazy, that goes into a vehicle. You would never know; you just open the door, turn on the ignition, and go!” — Carol Fritzsche

 

“[Pleiades insures] Subaru’s auto fleet, over 1,200 vehicles. … We are very focused on driver safety. We have very strict criteria on who is allowed to drive our vehicles. … We don’t allow any cell phone use in the vehicles at all, … even hands-free.” — Carol Fritzsche

 

“The captive started because the insurance market, particularly auto, was in a hard market and it was very difficult and expensive for Subaru, with our large fleet size and with the parameters of our program, to get auto insurance.” — Carol Fritzsche

 

“Teenage drivers [are] a major driver of claims. … If you want your teenage child to drive our vehicle, they have to have 10 hours of behind-the-wheel training before they even get into a Subaru.” — Carol Fritzsche

 

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

 

How does Generative AI fit into modern business practices? What are the best practices before any implementation of automation and AI? What are the benefits and pitfalls of ChatGPT and other AI tools? Tom Wilde, CEO of Indico Data, discusses his experiences with risk professionals and how risk managers are in an advantageous situation. Tom gives examples of blindspots and risks with ChatGPT. He shares his thoughts on the trend of CROs becoming CEOs.

 

Key Takeaways:

[:01] About RIMScast.

[:27] About today’s episode, where we will talk about technological innovation and risk with Tom Wilde, the CEO of Indico Data.

[:36] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[:57] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:14] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:26] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:40] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:06] The prominence of ChatGPT and AI in business has all sorts of upside and downside risks. Here to discuss them and lend his insight is Tom Wilde, the CEO of Indico Data. He is based in Boston, Massachusetts.

[2:21] “Has the future arrived?” [2:30] Justin welcomes Tom Wilde of Indico Data to RIMScast. Tom has been in the software space for his entire career, beginning on the consumer internet side and then moving into enterprise software, focused on content technology.

[3:18] Tom has been fascinated with trying to sort out the human-machine challenge between the way we produce and consume digital content and the way machines make sense of it. That’s been a common thread through all the businesses he has built.

[4:01] Tom tells about being a CEO. Tom is a builder CEO. He finds disruptive technologies and turns them into something the market finds useful and valuable.

[4:52] The building blocks for ChatGPT, Deep Learning, Large Language Models, and Generative AI, have been in development for the past decade. Everything suddenly came together at the right time to create this “iPhone moment” for artificial intelligence where we all can see the value.

[5:40] The invisible tipping point was that the Large Language Model underpinning ChatGPT, GPT 3 (now GPT 4), had reached a critical mass and a set of performance capabilities that suddenly made it viable.

[6:28] We’re in a classic phase of ChatGPT now, with incredible expectations and excitement about it. This is a moment as big as a browser or smartphone. This is a fundamentally new software programming paradigm. It’s not a Swiss Army knife application that can solve everything.

[7:10] For the first time, we have a programming language that is based on data and that uses the English language as the programming interface. There are about 25,000,000 software engineers in the world. There are several billion English language speakers on Earth. Suddenly, all of them, conceivably, can program using ChatGPT.

[8:23] ChatGPT introduces some challenges to the enterprise, such as having to hold employees back from pushing code directly into production.

[8:52] There suddenly needs to be some thought and structure around who can create prompts, what data can be fed to these cloud Large Language models, and what is the audit trail for what prompt was used to create what outcome.

[9:09] Using software development paradigms makes sense in how to govern this and deal with compliance. Regarding Generative AI, while we have the huge benefit of programming with data, we have to be aware of what that means.

[9:28] The quality of data becomes important in understanding how this new programming language behaves. It’s only as good as the data it was trained on. If you take all the English-language content on the internet, what does that represent in terms of our understanding of human knowledge and behavior?

[10:03] The English-language content on the internet carries flaws and biases. It has inappropriate and dangerous content. We have to be aware of what this programming language was taught to do and think about.

[10:24] You should not use this technology as a black box. Microsoft suggests thinking about this as a co-pilot. The pilot flies the plane and has the final judgment as to what is safe and unsafe operation. The co-pilot reduces the workload as an extra set of hands and works the radio. ChatGPT is a co-pilot, not a pilot.

[11:13] You have to have application frameworks in place to deal with hallucinations, to understand what data was used to make that decision at what time, who has been empowered to use this technology to perform part of their job, and what are the guardrails for that. Where can the enterprise’s data be sent and stored?

[11:45] Indico Data considers the three S’s: Safely, Securely, and Scalably. To use this technology, you need a framework for understanding the three S’s.

[11:58] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Applying and Integrating ERM will be held on August 1st and 2nd by Ken Baker of Enterprise Risk Consulting.

[12:42] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. More information about these sessions and others is on the Virtual Workshops page. See the full schedule and register.

[13:02] The RIMS-CRMP Exam Prep is July 19th and 20th, 9:00 am–4:00 pm EDT. August 15th through 17th is the RIMS-CRMP-FED Exam Prep 9:00 am–4:00 pm EDT. See the links at Rims.org/certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full virtual workshop calendar.

[13:57] As a technology CEO, you have to learn to think through the way the enterprise thinks of risk because they’re not going to buy or implement your solution if it creates unacceptable risk, regardless of the benefit.

[14:22] As a technology CEO, Tom thinks a lot about how to minimize the risks of deploying their product from a data protection standpoint, information security standpoint, and change management standpoint. Those things have to be top-of-mind or you can’t engage with the enterprise. They are risk-averse, as they should be.

[14:49] In many cases, you’re dealing with PII, health data, and other sensitive information, so there are serious data protection requirements. GDPR and regional or national regulations on data security create additional layers of thinking to protect your client from being exposed to regulatory bodies.

[15:17] Insurance and banking risk managers are using Indico Data to help them identify and quantify risk. Auditors and risk managers try to consume and make sense of vast amounts of unstructured data, like contracts, policies, documents, and emails, to find the needles in the haystack. What are patterns that suggest risky behavior or exposure?

[16:02] Tom has seen a huge uptick in risk management wanting to embrace technology as a “bionic arm,” not as a robot, to allow a much faster and broader perspective on potential threat vectors and exposures.

[16:53] Tom tells of a court case where attorneys used ChatGPT to create prior case representation for the court but ChatGPT fabricated the cases. It didn’t understand it wasn’t supposed to make them up. There’s a gap between the way AI and humans work. AI has blind spots and until we find them and fix them, they expose us to risk.

[18:12] If you’re using AI to make decisions, how are you sure that those are quality decisions, that they’re not fabricated or hallucinated, and that they’re complete? Generative AI struggles with precision and recall. Precision means that all the answers it gives are correct. Recall is that it found all the possible data it should have presented.

[18:51] Generative AI will make recall mistakes and leave stuff out, not knowing that it’s supposed to be comprehensive. When you ask ChatGPT why it did not include something in its summary, it says, “Sorry, you’re right, I should have included that.” We need to continue to be suspicious of Generative AI’s confidence in the answers it brings. 

[20:03] The challenge with automation and AI is it allows you to make a bad process even worse, more rapidly. Ask yourself if you are automating a good process. Is it a process that should be automated or is the process itself the problem? Like using a power saw, you need to know what you’re doing with ChatGPT. It’s a very powerful tool.

[21:41] A CEO is a storyteller. To be a technology CEO, with the pace of innovation in the market today, your customers crave for you to help them make sense of it and think about it rationally. They’re desperate to do that for their constituents. You become a valuable partner CEO if your product helps them make sense of things and adds value.

[22:29] Your storytelling also helps your employees and your investors. Your job as an early-stage CEO is to create that narrative and bring it to light.

[23:00] Justin and Tom discuss the trend of CROs becoming CEOs. Being good at understanding risk makes you good at taking bets. As a CEO, you have a key responsibility to make bets where you have incomplete information, understanding the downside and the upside.

[23:27] Risk professionals have an advantage in being able to measure the risks in front of them and make bets more confidently and with perhaps better outcomes.

[23:42] We are in a world of high beta factors: climate, economic, and social, that have to be understood so that you don’t inadvertently bet the whole company. Understanding these factors also puts you in a position to take advantage of opportunities that emerge from the macro elements surrounding us as business leaders.

[24:15] “Special thanks to Tom Wilde for joining me today. That was a lot of fun! I’ve got more links to RIMS coverage of AI and automation on this episode’s show notes.”

[24:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of professionals, students, business leaders, and more. Contact [email protected] for more information.

[25:13] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[25:37] 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.

[25:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at [email protected].

[26:16] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!

Mentioned in this Episode:

NEW FOR MEMBERS! RIMS Mobile App

RIMS ERM Conference 2023.

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management MagazineRIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus GrantUpcoming Virtual Workshops:

Applying and Integrating ERM | August 1

Optimizing Risk Management with AI | Sept. 28

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep

July 19–20, 2023

9:00 am–4:00 pm EDT

RIMS-CRMP-FED Exam Prep

August 15–17, 2023

9:00 am–4:00 pm EDT

All RIMS-CRMP Prep Workshops

Upcoming webinar:

Trade Credit Insurance Managing Risk and Promoting Growth — July 14, 2023 | Presented by RIMS and Prudent Insurance Brokers Pvt. Ltd.

Related RIMScast Episodes:

“Risk Management Education with David Cisneros”

“‘Near-Misses Still Count’: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle”

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner”

“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”

Sponsored RIMScast Episodes:

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD (New!)

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 iTunes.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

Follow up with Our Guest:

Tom Wilde

Indico Data

 

Tweetables (For Social Media Use):

 

“I’ve been fascinated with trying to sort out the human-machine challenge between the way we as people produce and consume digital content and the way machines make sense of it. … That’s been a common thread through all of the businesses that I’ve built.” — Tom Wilde

 

“The fundamental building blocks for [ChatGPT]: Deep Learning, Large Language Models, and Generative AI; these have been in development for the past decade. … Everything came together at the right time to create … the “iPhone moment” for artificial intelligence.” — Tom Wilde

 

“As a technology CEO, you have to learn to think through the way the enterprise thinks of risk because they’re not going to buy or implement your solution if it creates unacceptable risk, regardless of the benefit.” — Tom Wilde

 

“Generative AI will make mistakes of recall and leave stuff off, not knowing that it’s supposed to be comprehensive. … We need to continue to be … suspicious of Generative AI’s confidence in the answers it brings.” — Tom Wilde

 

“Being good at understanding risk makes you good at taking bets. As a CEO, one of the key responsibilities you have is to make bets where you have incomplete information, understanding the downside and the upside. … Risk professionals … have a real advantage here.” — Tom Wilde

 

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

 

We’ll talk about what’s happening with Spencer Educational Foundation and how educators and institutions can create risk management programs and how they can secure a grant via Spencer.

 

The risk management and insurance studies program at UNR was made possible by a RIMS-funded Course Development Grant through Spencer Educational Foundation. UNR had 102 students enrolled in the RMI program’s third semester in Spring 2023, up from 62 one year before! They hope RMI becomes a minor in Spring 2024.

 

Beyond that, UNR’s mentoring program remains viable, with 23 students and 19 industry professionals participating this past spring. They also have upcoming plans for an Insurance & Risk Management Fair, a Planned Networking Event.

 

David Cisneros is here to talk about the success of the program, the mentoring program that supplements it, his success rate in helping students prepare for risk careers, and a bit about his own resume.

 

Key Takeaways:

[:01] About RIMScast.

[:28] About today’s episode where we will discuss risk management education with Ken Goldstein of the Spencer Educational Foundation and David Cisneros, who leads the Risk Management Studies Program at the University of Nevado, Reno.

[:41] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.

[1:02] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.

[1:19] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.

[1:31] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.

[1:45] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.

[2:11] We’re going to put the spotlight on education in today’s episode. We will be joined by David Cisneros who leads the Risk Management Studies Program at the University of Nevada, Reno. David was able to launch his program, thanks in part, to a RIMS-funded grant. The Spencer Educational Foundation was a key player in that relationship.

[2:38] Justin introduces his friend Ken Goldstein, the University Partnerships Director for the Spencer Educational Foundation, to talk about launching a Risk Studies Program, and how you can launch one at your university.

[3:43] The Spencer Educational Foundation funds the education of the next generation of risk management professionals with five core grant programs. Ken oversees Merit-based Scholarships for Undergrad, Grad, and Ph.D. students who are interested in risk management and insurance.

[4:03] Ken also oversees Risk Manager on Campus and a program that draws students into events like RISKWORLD in Atlanta, and oversees course development for colleges and universities domestically and into Canada. Ken tells about his experience in the industry and teaching.

[4:55] Ken explains grants and merit-based scholarships. The student has to have an interest in risk management and insurance. Funding for undergrad and grad typically ranges from $5,000 to $10,000 based on your category. Risk Manager on Campus brings practical application to campus with risk managers and seasoned professionals.

[5:21] Spencer Educational Foundation has a grant program that funds corporate risk management internships. General grants support travel to conferences like RISKWORLD and engaging in experiential learning with visits to corporate risk managers or insurance companies, even internationally to places like Lloyds of London.

[5:45] They are very excited about their course development grant program. They support RM 101 at colleges and universities throughout the U.S. and into Canada as well as upper-level programming in niche areas such as cyber security, privacy risk management, and insure tech. It comes down to student interest and faculty expertise.

[6:31] The RMI landscape is dynamically changing with technology. Figuring out how to protect private and proprietary information is key. Having institutions able to teach that is critical.

[6:51] Since 2014, Spencer Educational Foundation has funded over 40 course development grants, spending over $1 million at colleges and universities. A third of that funding has come from RIMS. In addition to finances, a benefit of collaborating with RIMS is in tapping into the local chapters with Risk Manager on Campus.

[7:28] A number of the chapter members act as adjuncts or clinicals and appreciate their time in the classroom with students.

[7:34] The Funding Their Future Gala is coming up on September 14th, 2023 at the Cipriani in New York City. Justin attended last year and had a blast! It was also RIMS CEO Gary LaBranche’s first time there. [8:06] Ken offers details about the Gala. It’s their largest fundraising event of the year. It feeds the grant programs, scholarships, and course development. It assists with supporting next-generation risk management and insurance talent. This year they are honoring Lucy Fato, EVP, General Counsel, and Global Head of Communications at AIG.

[8:29] Lucy Fato is a supporter of next-generation talent, factoring in issues around diversity, equity, inclusion, and career-pathing. It will be an exciting night.

[9:00] There are some wonderful developments at the University of Nevada, Reno. Our next guest, David Cisneros, is a faculty member there. He launched a program of classes that Spencer and RIMS funded. Ken describes it. Course development started in 2022. There are a number of classes. The program scaled quickly to over 100 students.

[9:47] Ken suggests the secret to such growth is to bring risk management and insurance talent from both an industry and teaching perspective into the classrooms. David leads the RMI studies program at UNR. He’s also the Corporate Grant Development Lead, so he interacts with Spencer Educational Foundation frequently.

[10:14] Something that resonates with students is to have practical application in the classroom. David and his colleagues do a great job in supplying that, as well as securing internships and positions. Ken looks forward to hearing from him!

[10:33] RIMS plug time! Sponsor an episode of RIMScast! Contact us at [email protected]. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. The RIMS-CRMP Exam Prep is July 19th and 20th, 9:00 am–4:00 pm EDT. August 15th through 17th is the RIMS-CRMP-FED Exam Prep 9:00 am–4:00 pm EDT. See the links.

[11:37] Join us on July 14th at 5:00 p.m. India Standard Time for a jointly presented webinar with Prudent Insurance, Brokers Private Limited, titled Trade Credit Insurance Managing Risk and Promoting Growth. A link is in the show notes. That’s early morning in the U.S. I, Justin, will be hosting it. Register and attend!

[12:14] David Cisneros is the Director for Risk Management and Insurance Studies at the College of Business at University of Nevada, Reno (UNR). The Risk Management and Insurance Studies Program at UNR was made possible by a RIMS-funded course development grant.

[12:29] UNR had 102 students enrolled in the RMI program’s third semester in Spring 2023, up from 62, one year before! They hope RMI becomes a minor in Spring 2024.

[12:44] David is here to talk about the success of the program, the mentoring program that supplements it, his success rate in helping students prepare for risk careers, and a bit about his own resume. Justin welcomes David Cisneros to RIMScast.

[13:05] David shares some background on his risk career at Oracle, IGT, and more and how he is teaching now at UNR what he did in risk and where it’s going. It’s not as stressful for him. He loves teaching students about the industry and what he did for 25 years, and looking at where the industry is going!

[14:44] David has five elective classes. He teaches two; adjunct professors teach three. When he asks students on the first day how many want a career in insurance or risk management, no hands go up! He tells them that by the end of the semester, there will be a handful of students working in the industry. After three semesters, there are 21!

[16:05] David’s favorite part of the industry had always been negotiating the deal, either the settlement of a claim or the purchase of a policy. His students love to hear war stories from the risk management field. Halfway through the semester, they want more.

[17:25] The five courses in the program are geared toward risk management. Three courses are waivers for the ARMTM through The Institutes. You can get your Associate in Risk Management designation. The other courses are Property & Casualty and Life & Health. The program will be a minor in 2024, and hopefully, a major in five to 10 years.

[18:41] David was aware of Spencer Educational Foundation during his career. AT UNR, he learned about the grants through an email list, so he applied and that’s how he became involved in it and got the grant awarded to UNR.

[19:37] The RMI program at UNR started with the curriculum. Once the curriculum was established, David knew he had to make insurance interesting and show students there was a career involved. Students look for three things: money, a work/life balance, and a challenge; not to be bored. Students promote the RMI by word of mouth.

[20:53] David gets students interested by bringing in industry professionals to talk about jobs and the career. He brings in four guest speakers in a semester. A mentorship program is helpful and it was not common at UNR. There have been close to 30 students involved in the mentorship program.

[21:29] There are job opportunities and mentors in risk management, insurance, and accounting. Most of David’s students are finance majors. He tells them the program will find them a job if they talk with their mentor. David has just applied for the Risk Manager on Campus program for the next semesters. He has been working in a similar program.

[22:27] David tells the students at the beginning that he’s going to be the professor that he always wanted in college that’s going to answer questions and help them find a job.

[22:56] The three adjunct professors were each previously mentors in the program. When David started, there were just two courses and he was teaching both. He started the mentorship program and three industry professionals agreed to be mentors. David asked them if they wanted to teach and they said yes. It’s been great!

[23:40] From an enrollment standpoint, the RMI program is the fastest-growing program in the business school. But other programs are already established minors and majors, so it’s hard to compare them. The semester starts in August and the cohort is already filled. The word gets out by the students.

[24:33] Spencer has been fantastic with direction for the program. They have given insight into what big programs are doing and how. The funding and guidance have been invaluable. Ken Goldstein and his predecessor have been great. When David launched the program, he had the curriculum in mind; going from there came from Spenser.

[25:53] All the teaching is done in person. There is no virtual component. David is able to connect with students and he believes that is the secret to the program’s success. He talks with them about their goals and dreams. He can’t do that over Zoom.

[27:16] The program at RMI UNR is based on three pillars: Curriculum — courses students want, that can give them an industry designation, Experiential Learning — bringing in guest speakers to talk about the industry, and Job Creation and Fulfillment — David doesn’t make promises but he does what he can to get them a job.

[27:55] Once the students trust that David wants to get them a job, they’re interested in the program. David’s measure of success, according to the Dean of the School of Business, is jobs for students, post-graduation. From that standpoint, they are doing well!

[28:40] David’s thoughts for students thinking of any risk management course, “When you’re thinking about a career, it’s not just sales. The industry is so vast and so wide, that there are careers for every type of personality. … Whatever your personality type, whatever your strengths are, there is a job for you in insurance and risk management.”

[29:26] Justin thanks David for joining us on RIMScast! David appreciates it.

[29:40] “Special thanks to David Cisneros and Ken Goldstein for joining me here today.” You can learn more about grants and course development at Spencered.org and remember to register for the Spencer Funding Their Future Gala on September 14 in New York City. A link is in the notes. 

[30:03] You can sponsor a RIMScast episode for this, our weekly show or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of professionals, students, business leaders, and more. Contact [email protected] for more information.

[30:49] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[31:15] 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.

[31:30] Read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Email Justin at [email protected]. Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!

Mentioned in this Episode:

NEW FOR MEMBERS! RIMS Mobile App

RIMS ERM Conference 2023.

RIMS Canada 2023 — Sept. 11–14 in Ottawa!

Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023

Contribute to Risk Management MagazineRIMS Western Regional — Oct 4–6, Vail Colorado

RIMS-Certified Risk Management Professional (RIMS-CRMP)

Dan Kugler Risk Manager on Campus GrantUpcoming Virtual Workshops:

“Risk Appetite Management” | July 12–13

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Exam Prep

July 19–20, 2023

9:00 am–4:00 pm EDT

RIMS-CRMP-FED Exam Prep

August 15–17, 2023

9:00 am–4:00 pm EDT

All RIMS-CRMP Prep Workshops

Upcoming webinar:

Trade Credit Insurance Managing Risk and Promoting Growth — July 14, 2023 | Presented by RIMS and Prudent Insurance Brokers Pvt. Ltd.

Related RIMScast Episodes:

Celebrating #SpencerDay and Funding the Future of Risk Management

“Strategic Moves with RIMS CEO Gary LaBranche”

“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”

Sponsored RIMScast Episodes:

Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market | Sponsored by TÜV SÜD (New!)

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz

“Analytics in Action” | Sponsored by Alliant

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL

“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.

“Zurich’s Construction Sustainability Outlook for 2023”

“Aon’s 2022 Atlantic Hurricane Season Overview”

“ESG Through the Risk Lens” | Sponsored by Riskonnect

“A Look at the Cyber Insurance Market” | Sponsored by AXA XL

“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD

“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL

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

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Roland Teo!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

RIMS Buyers Guide

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 iTunes.

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

 

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

 

Follow up with Our Guests:

Ken Goldstein

University Partnerships Director

Spencer Educational Foundation

 

David Cisneros

https://www.unr.edu/business/industry-credentials/risk-management

 

Tweetables (For Social Media Use):

 

“[The student] has to have an interest in risk management and insurance. It ranges from undergrad to grad; funding typically ranges from $5,000 to $10,000, depending upon which category that you end up in.” — Ken Goldstein

 

“Out of college, I started in claims. … Then I progressively moved up and I became the risk manager for Oracle Corporation. I did that for about eight years and then … I was the risk manager for International Game Technology, and now I am teaching what I did.” — David Cisneros

 

“My favorite part [of the industry] had always been the deal; negotiating the deal, either the settlement of a claim or the purchase of a policy.” — David Cisneros

 

“It’s all in person. … The key to the way I teach, and I think, the reason for the success, is I’m able to connect with students. I’m able to look them in the eye and talk with them about their goals, their dreams. Can’t do that over Zoom.” — David Cisneros

 

The program at UNR is based on three pillars: … Curriculum — you have to have the courses that students want … Experiential Learning — bringing in guest speakers, … and … Job Creation and Fulfillment — I will do what I can to get them a job.” — David Cisneros

 

“It’s not just sales. The industry is so vast and so wide, that there are careers for every type of personality. … Whatever your personality type, whatever your strengths are, there is a job for you in insurance and risk management.” — David Cisneros