RIMScast

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

Today’s guest is RIMS 2023 Rising Star Emily L. Bloedel, the face of the RIMS Rocky Mountain Chapter. Emily shares highlights of her career so far, her participation in RIMS,  and her expectations as an involved risk professional.

Key Takeaways:

[:01] About RIMScast.

[:26] I will be joined by RIMS 2023 Rising Star Emily L. Bloedel.

[:34] All about upcoming RIMS webinars, workshops, events, and more!

[1:15] About RIMS-CRMP.

[1:28] About RIMS-CRMP-FED.

[2:03] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:40] About today’s episode with Emily L. Bloedel, the manager of contracts and legal affairs and corporate counsel at Merrick & Company, an engineering and architectural firm, based in Denver, Colorado.

[2:53] Emily is the face of the RIMS Rocky Mountain Chapter where she is concluding her term as president in 2023. She contributes much to Merrick and RIMS on the local and global levels as well as the legal and risk professions, which is why she was named RIMS Rising Star for 2023.

[3:10] We’re going to learn about her risk philosophy, some of her processes, and how she maintains balance in her legal and risk roles. Read her profile in the Awards edition of RIMS Risk Management Magazine this month and she will be with me at RISKWORLD Global Studio for RIMScast Live on May 1st at 3:00 p.m. She’s omnipresent, folks!

[3:33] RIMS 2023 Rising Star Emily Bloedel, welcome to RIMScast!

[3:55] Emily was thrilled to be selected as the RIMS 2023 Rising Star! There are so many wonderful people in the profession! It made her year!

[4:14] Justin wrote an article in Risk Management magazine supplement, “Rising Star 2023: Emily L. Bloedel.” During law school, Emily interned for Merrick & Company and enjoyed it. On graduation, Emily passed the bar and spent a few years practicing law.

[5:09] Practicing law was not all Emily had hoped, so she looked for other opportunities. Her former boss at Merrick told her about an opportunity to start an in-house department. She jumped at the chance and has been at Merrick for eight years.

[6:14] Merrick reaches out to local politicians and organizations so they can help to shape legislative changes in the industry that are coming.

[7:35] Colorado has different terrains and soils. What works in one location may be unsuitable for another location. Merrick looks carefully at that and builds it into contracts to make sure that what the clients are doing in a location is done safely.

[8:21] Merrick has a water group that looks at how clients are treating water safely and ensuring that it flows. They help clients restore balance to areas that have been affected by industry.

[9:40] About Merrick’s Technology Disruptors Committee. They look at technology that may disrupt Merrick’s business or their clients. They have eight areas of focus. They have a working group looking solely at Virtual Reality/Augmented Reality. Merrick funds an initiative to use VR/AR on projects to provide value to clients.

[11:07] Emily tells how the committee developed and focused on specific areas of technology. She is no longer on the committee as her risk focus is no longer needed.

[12:16] Cyberrisk is top-of-mind now for Emily. Merrick has formed a cyber-incident response plan and cyber-incident response team. Emily continues deepening her involvement in this area. They are subject to new and different attacks every day.

[13:22] Emily looks forward to going into depth on the Merrick risk matrix when she appears in the RISKWORLD Global Studio for RIMScast Live on May 1st at 3:00 p.m. Her boss, Carter Boardman, set up a matrix to help project managers, teams, and support staff evaluate the risk of a project. Emily explains the categories of risk.

[14:51] The risks Emily finds acceptable generally go through. As an employee-owned firm, everyone approaches carefully the risks the company takes. A risk that goes badly impacts them all. They are purposeful about what projects they bring for consideration. But sometimes they accept poor contract terms because they want the client.

[15:19] In the case of a poor contract, Merrick mitigates the risk as much as it can. It is challenging for Emily. The lawyer in her does not like those contracts!

[15:33] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and the workshops before RISKWORLD.

[16:35] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [18:27] About awards and additional RISKWORLD keynotes, including Danica Patrick!

[18:52] RIMScast Live will be held at the Global Studio on May 1st, 2nd, and 3rd while at RISKworld featuring chats with leaders from the international risk community.

[19:19] Merrick has an annual employee ownership celebration week. For Emily, employee ownership means pride and responsibility.

[20:58] Emily started with RIMS when she interned for Merrick in law school. She attended chapter meetings and a golf tournament with her boss. When Emily came back to Merrick, she was excited that the company was still involved in RIMS. Her boss encouraged her to get as involved as possible to develop as a young professional.

[21:44] Emily joined the local chapter. Then she had the opportunity to join the RIMS Rising Risk Professional Advisory Group where she met and connected with other risk professionals across the globe. She was invited to apply to join the Rocky Mountain RIMS Chapter Board, so she did and later became Vice President.

[22:34] Emily will be finishing her tenure as President of the Chapter in early September. Emily gives a shoutout to her Vice President who will take over as President.

[23:31] Justin and Emily met virtually during COVID-19 when Emily did a webinar with Rebecca Clement from LLoyd’s. RIMS broadcast the webinar globally and it was a great way to call attention to the Rocky Mountain Chapter. Emily enjoyed getting to know Rebecca Clement and working with Justin through the webinar.

[24:32] Justin and Emily also met at RISKWORLD 2022 and they networked there. Emily has found a lot of value in networking and agrees that the rising generation of risk professionals needs to network to have a fulfilling career. In-person connection is impossible to replace. It creates a network of support.

[26:25] On October 4th‒6th, The RIMS Western Regional will be held in Vail, Colorado. The Rocky Mountain Chapter is very excited to host it. Emily shares her thoughts on the opportunity.

[27:21] Justin congratulates Emily again on being named RIMS Rising Star for 2023.

[27:35] Emily’s parting thoughts: “You can be as involved or uninvolved in RIMS as you want. You get out what you put in. I’ve been very fortunate to have the opportunity to be involved. I would encourage you to look at the different ways you can be involved. There are opportunities here that you might not even be aware of, that might help you grow!”

[28:13] On May 1st at 3:00 p.m. in the Global Studio at RISKWORLD, Emily will join Justin for RIMScast Live to talk granularly about the risk matrix and other topics.

[28:38] Special thanks to RIMS 2023 Rising Star Emily Bloedel for joining RIMScast. Read about her in the Special Awards Supplement to RIMS Risk Management magazine and visit the Global Studio on May 1st at 3:00 p.m. at RISKWORLD for RIMScast Live with Emily Bloedel. Audience participation is encouraged!

[29:09] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Spencer Educational Foundation

Contribute to Risk Management Magazine

RIMS Risk Management Magazine: Awards Edition 2023

RIMS Western Regional - Oct 4-6, 2023.

Upcoming Webinars:

The Green Transition | Sponsored by Beazley | May 9, 2023

Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud | Sponsored by Travelers | May 11, 2023

Harness The Power of Data for Better Insurance Outcomes | Sponsored by TÜV SÜD | May 18, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“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”

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

“From the Office of ‘KNOW’: Risk Manager of the Year 2022 Courtney Davis Curtis”

Sponsored RIMScast Episodes:

“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

Emily L. Bloedel

Manager, Contracts and Legal Affairs at Merrick & Company

Tweetables (For Social Media Use):

“I was thrilled to learn that I’ve been selected as the Rising Star from RIMS! It’s still surreal, because there are so many wonderful people in our profession, and to be selected as the Rising Star! I don’t think it’s an exaggeration to say it made my year.” — Emily L. Bloedel

“I spent a few years practicing law. I realized ... that it wasn’t quite what I thought it would be and started looking for other opportunities. … My former boss at Merrick [told me] about the opportunity to come … and start building an in-house department.” — Emily L. Bloedel

“As the risk increases, we have … more people reviewing to make sure they’re comfortable with the risk. … And then … we usually have a presentation, whether … to your business unit or the CEO, … whichever level of risk is necessary under that matrix.” — Emily L. Bloedel

“Throughout COVID, we did turn to you or other members of the RIMS staff to help facilitate some meetings and were able to do joint chapter meetings virtually with RIMS’s assistance. And so that was wonderful. It was a way to connect and build new connections.” — Emily L. Bloedel

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

Today’s guest is Lisanne Sison, Managing Director for the ERM and ESG practice at Gallagher and a member of the RIMS Strategic and Enterprise Risk Management Council. In this interview, Lisanne and Justin discuss Earth Day, April 20th, and the growing importance of ESG in light of climate change. Everyone needs the earth, so we need to invest in keeping it in good condition. They examine how organizations can set ESG goals and report on them to boards using stories to clarify the metrics. They conclude with an advance look at the April 20th RIMS webinar where Lisanne is a panelist: ESG and Climate Resilience, sponsored by Gallagher.

Key Takeaways:

[:01] About RIMScast.

[:27] Today’s topic is ESG, in honor of Earth Day, April 20th, and we’ll be joined by Lisanne Sison, Managing Director for the ERM and ESG practice at Gallagher and a member of the RIMS Strategic and Enterprise Risk Management Council.

[:45] All about upcoming RIMS webinars, workshops, events, and more!

[1:26] About RIMS-CRMP.

[1:40] About RIMS-CRMP-FED.

[2:14] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:54] About today’s episode on ESG for Earth Day, with Lisanne Sison. Lisanne will also be a panelist on the April 20th RIMS webinar sponsored by Gallagher.

[3:32] It will be Earth Day on April 20th. Lisanne says every day should be Earth Day! We need it constantly, and it makes sense for us to make an investment in the earth.

[4:24] Lisanne is Managing Director for ERM and ESG with Gallagher.

[4:44] Lisanne tells how ERM looks at climate change. There is more focus on the importance of climate to everybody. Our clients deal with real risks that science associates with climate change. More stakeholders are interested in it now.

[5:48] How climate change will be tied to reputation and brand and will have a financial impact. There will be accounting for carbon emissions. Lisanne hopes we get more structure and consistency on how we are expected to report on them.

[6:41] ESG is big. Lisanne starts with the strategy. What are your goals for the organization specific to climate and the environment? How do you set the metrics?

[7:15] Next is how to translate the goals and metrics to a communication with the board. Lisanne lists three buckets of carbon emissions as Scope 1, on-site activities; Scope 2, purchased energy; and Scope 3, upstream and downstream impacts.

[7:48] A board will expect to see your goals reporting separated into these scopes. Your metrics track energy, water, materials, and food your organization uses and the wastes it produces. You want to be able to report usage is going down.

[8:43] You want to be able to show your costs going down with usage. Measure performance against the goals that you set. Show the impact on the value your goals are producing.

[9:18] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and workshops before RISKWORLD.

[10:23] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [12:12] About awards and additional RISKWORLD keynotes, including Danica Patrick!

[12:45] Storytelling and the methods of storytelling are extremely important when reporting to the board! The three buckets example is useful. Start with water.

[13:58] How can we manage the risks effectively?

[14:02] About the RIMS April 20th Webinar on ESG and Climate Resilience, Sponsored by Gallagher. Lisanne is on the panel and tells us what we can expect from this session. There will be several Gallagher experts, including Steve Bowen and Natalie Douglass!

[14:48] The webinar goal is to show why ESG is important and what risk managers need to know now and in the future.

[15:05] Happy Earth Day coming up! Justin thanks Lisanne Sison for being on the show.

[15:18] Special thanks to Lisanne Sison of Gallagher and the RIMS Strategic and Enterprise Risk Management Council for joining Justin today.

[15:26] Lisanne Sison will be a panelist on the RIMS webinar sponsored by Gallagher on April 20th, ESG and Climate Resilience. Register at RIMS.org/webinars. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Spencer Educational Foundation

Contribute to Risk Management Magazine

Upcoming Webinars:

ESG and Climate Resilience | Sponsored by Gallagher CORE360 | April 20, 2023

The Green Transition | Sponsored by Beazley | May 9, 2023

Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud | Sponsored by Travelers | May 11, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Strategic Moves with RIMS CEO Gary LaBranche”

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“World Water Day, IoT, and Water Damage Reduction with John Dempsey”

“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”

“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)

Celebrating #SpencerDay and Funding the Future of Risk Management

Emerging Risks and Board Reporting with Suzanne Christensen

“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)

“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)

“ERM, ESG, and More Acronyms with Jana Utter”

Sponsored RIMScast Episodes:

“Analytics in Action” | Sponsored by Alliant (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

Lisanne Sison

Managing Director, ERM and ESG Practice at Gallagher

Lisanne is also a member of the RIMS Strategic Enterprise Risk Management Council https://rims.org/resources/strategic-enterprise-risk-center

Tweetables (For Social Media Use):

“Whether it’s an increased frequency and severity of storms, drought, wildfire, or you name it, there’s a lot of things that the science points to climate change having an impact on those, and those are all real physical risks that our clients deal with.” — Lisanne Sison

“It’s not a political issue. It’s just, how can these risks impact our operation and what do we need to do to be able to manage those risks effectively?” — Lisanne Sison

“I think that the emphasis [on ESG] will continue to grow and hopefully, we’ll get more structure and consistency around how we’re expected to report on that.” — Lisanne Sison

“The goal of [the webinar] is to pull together some different perspectives that translate why ESG is important and what risk managers need to know, both immediately and in the future.” — Lisanne Sison

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

Today’s guest is Eleni Willis. The Senior Vice President and Director of Enterprise Risk Management, Eleni Willis leads the design and implementation of Sterling Bank and Trust’s Enterprise Risk Management program. An early adopter of technology to support her GRC strategy, Eleni and her team apply common ERM methods and approaches to manage risk across all first and second lines of business. In this interview, Eleni and Justin discuss the roles of ERM in preventing a crisis such as the bank run on SVB, how her background as a bank examiner informs how she presents to the board on risk, and what will change for the future of ERM in banks in the light of SVB’s closure.

Key Takeaways:

[:01] About RIMScast.

[:28] Today’s guest is Eleni Willis, the Enterprise Risk Manager at Sterling Bank.

[:35] All about upcoming RIMS webinars, workshops, events, and more!

[1:17] About RIMS-CRMP.

[1:30] About RIMS-CRMP-FED.

[2:05] Announcement of the Spencer Educational Foundation and Spencer’s Course Development grant awarded to Temple University in March 2023.

[2:42] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[3:19] About today’s episode with Eleni Willis, the ERM Director at Sterling Bank and Trust.

[3:53] Justin welcomes Eleni Willis to RIMScast!

[4:09] Eleni is the Director of Enterprise Risk Management with Sterling Bank and Trust, a small, community-sized bank based in Michigan, primarily doing banking in California.

[4:26] Eleni has been in risk management for 20 years, starting as a bank examiner for the state of Washington during the Great Recession.

[4:52] After regulation, Eleni moved to the banking world. Since then, her career has been a mix between accounting, tax, and risk management.

[5:05] For the last six years, Eleni has been tasked with building ERM programs at different financial institutions and offering risk management consulting and advice within the organizations to move the risk posture forward within the institutions.

[5:38] Justin became aware of Eleni when she was a webinar panelist from Sterling. Justin was a customer of Sterling and thought it would be good to have Eleni on the show.

[6:40] Eleni’s ERM philosophy is there is no replacement for traditional risk management practices: conservative credit administration, liquidity stress-testing, and diversification across the balance sheet.

[7:27] About Eleni’s team at Sterling. As a small team, they wear a lot of hats, including overseeing the GRC platform with Resolver, a big program they are wrapping up shortly.

[8:15] It’s been a long process because of the volume of risk disciplines they are putting into the system, across the second and third lines of defense. Internal audit also utilizes the system. Eleni tells how Sterling’s first line is starting to use the GRC platform.

[8:54] The GRC platform has replaced three other systems so far, saving a lot of money.

[9:08] It’s been a lot of work but the tone of the top has been to implement a robust risk management program, which has been a strategic initiative for the last couple of years.

[10:01] Justin and Eleni discuss the SVB collapse in terms of risk reduction. First Citizen has brought most of the assets of SVB. Bank leaders want to make sure they are prepared and that they have business continuity planning.

[11:02] Social media fueled the bank run at SVB. Sterling is asking how susceptible are they to a run. How can the bank mitigate widespread misinformation? Do the Instant Response Plans incorporate this kind of scenario?

[12:04] Eleni foresees regulatory investigation into banks to avoid repeating such a run. Eleni explains why so many accounts exceeded the $250K ceiling that the FDIC guarantees. SVB’s asset/liability mix should have been a warning.

[13:26] Sterling has been asking themselves what their liquidity function looks like. Do they have a solid 30-day stress liquidity metric in place?

[14:05] Eleni shares a football analogy about SVB not having a Risk Manager. A bank without a risk manager is like a football team without a left tackle. The left tackle protects the quarterback’s blind side.

[15:10] About the importance of a risk professional. Success is averting danger. It’s not glamorous. It’s when the job is not done well that everyone starts paying attention.

[16:21] About the challenges of dealing with misinformation and risks to reputation. It’s very hard to get everyone to pay attention.

[17:35] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and workshops before RISKWORLD.

[18:40] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [20:28] About awards and additional RISKWORLD keynotes, including Danica Patrick!

[21:09] How Eleni handles the increased attention on banking and risk management. Sterling worked to curb fear. A loss of faith causes a bank run. Banks are a business of buying and selling money. The banks need to educate the customer on how that business model works. That education falls, in part, to the risk manager.

[24:14] It’s about communication. Eleni believes regulators will expect banks to communicate more on their liquidity posture. Eleni recently reported to her board on the bank’s liquidity risk. They wanted to know the action plan and were asking a lot more questions.

[26:17] Eleni communicates to the board with a mix of narrative and numbers. It’s an art to know what numbers you do have to pull up and when you should put them up. She also has to interpret the numbers to the board in layman’s terms. If the board doesn’t understand the risks, it will be hard for them to fulfill their fiduciary responsibilities.

[28:06] How long Eleni works on a board presentation. She has it down now to two weeks to gather the data and a few more days to edit it for presentation. She relies on her background as a bank examiner.

[29:32] If what’s left of SVB placed an ad for a Risk Manager, would Eleni apply? She talks about how Wells Fargo built up their risk management.

[30:35] Eleni is interested to see whether other banks will start to build out their ERM departments. Eleni’s contractor remodeling her home knows what Eleni does. Risk Manager is becoming a household term.

[31:29] Early in Eleni’s career as a risk manager, people had questions about it. “What you talking about, Willis?”

[32:10] Justin thanks Eleni for being on the show.

[32:17] Special thanks to Eleni Willis of Sterling Bank. Her written ERM Q&A interview was produced by the Strategic and Enterprise Risk Management Center and is exclusively available now for RIMS members through the RIMS app. RIMS members, go to the app store and download the RIMS app! It will appear on RIMS.org in April 2023.

[32:47] Watch the 2022 Webinar “From Chaos to Clarity,” sponsored by Resolver, linked in these show notes. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8-10, 2023 | Register by May 1.

All About The Numbers: ERM Q&A with Eleni Willis (RIMS App Exclusive)

“From Chaos to Clarity GRC Trends for 2023 — Sponsored by Resolver — On-Demand webinar” (featuring Eleni Willis)

RIMS Diversity Equity & Inclusion page

Spencer Educational Foundation

Contribute to Risk Management Magazine

Upcoming Webinars:

“Forced Labor and Supply Chains” | Sponsored by Sayari | April 13, 2023

“ESG and Climate Resilience” | Sponsored by Gallagher CORE360 | April 20, 2023

“The Green Transition” | Sponsored by Beazley | May 9, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“Celebrating #SpencerDay and Funding the Future of Risk Management”

“Emerging Risks and Board Reporting with Suzanne Christensen”“ERM at the Veterans Benefits Administration”

“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)

“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)

“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)

“ERM, ESG, and More Acronyms with Jana Utter”

“ERM and Employment Trends with Terry Lampropoulos”

“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”

“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”

“ESG and the Board with Luke Jacobs of Encamp”

Sponsored RIMScast Episodes:

“Analytics in Action” | Sponsored by Alliant (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

Eleni Willis

SVP, Director of ERM Operations

Sterling Bank and Trust

Tweetables (For Social Media Use):

“My ERM philosophy is, at the end of the day, there is no replacement for traditional risk management practices: … conservative credit administration, … liquidity stress-testing, and … perhaps even above all, is diversification across the balance sheet.” — Eleni Willis

“What happened with the bank was that it was a true classic bank run, and it was fueled by social media..” — Eleni Willis

“A bank without a risk manager is like a football team without a left tackle..” — Eleni Willis

“This is an essential function for any financial institution. … An effective risk manager is essentially a human safeguard against calamity. They need to provide blunt feedback and what’s most important is that they have to be able to get their bosses to listen.” — Eleni Willis

“I had someone tell me ‘I’d rather gnaw off my right arm than do what you do for a living.’” — Eleni Willis

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

Today’s guest is Gary LaBranche, CEO of RIMS. Justin and Gary discuss RISKWORLD 2023 with its keynote speakers and how Gary prepares to run a conference. He checked all his suits for fit! He bought new shoes and broke them in for his time on the floor. Gary discusses cybersecurity in the IoT. He stresses how Diversity, Equity, and Inclusion are major drivers in RIMS and at RISKWORLD, including community meetups where everyone is welcomed. They conclude the interview on the topics of content and branding and the strategy to support the risk profession by strengthening the RIMS organization. Listen in for tips on strategic planning for your chapter or organization.

Key Takeaways:

[:01] About RIMScast.

[:28] Today’s guest is RIMS CEO, Gary LaBranche.

[:34] All about upcoming RIMS webinars, workshops, events, and more!

[1:16] About RIMS-CRMP.

[1:30] About RIMS-CRMP-FED.

[2:04] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:42] About today’s episode with RIMS CEO, Gary LaBranche.

[3:21] Justin welcomes Gary LaBranche to RIMScast!

[4:15] Gary is excited about his first RISKWORLD! He expects about 9,000 to attend.

[5:24] Gary is a RISKWORLD first-timer. He has heard stories and he looks forward to it.

[6:11] Many RIMS members will see Gary for the first time in person on stage. About other RIMS events he already attended and other conventions he managed.

[7:10] About the diverse people who attend RISKWORLD from around the world. It’s the place to see and be seen!

[8:11] About the amazing program at RISKWORLD 2023. It’s a great way to understand what’s on the minds of risk professionals! Cybersecurity on the IoT is a key concern.

[10:16] How DE&I will be addressed by RIMS in 2023 as well as at RISKWORLD 2023.

[12:59] How DE&I is at the heart of RISKWORLD 2023 programming.

[13:12] About recent DE&I guests featured on RIMScast, leading up to RISKWORLD.

[13:46] RIMS strives to be an ally, supporter, and welcoming environment for everyone.

[14:22] About Gary’s “backstage” rituals, starting six months in advance!

[16:41] About opening keynote speaker Johnny C. Taylor, CEO of SHRM; he’s a star! Like RISKWORLD, he is all about people.

[18:45] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and workshops before RISKWORLD.

[19:47] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [21:39] About awards and additional RISKWORLD keynotes, including Danica Patrick!

[22:40] Gary joined RIMS as CEO on June 1, 2022. This is his fifth CEO assignment. When a CEO comes in, the CEO and board work together to align and create a roadmap.

[24:43] RIMS is staying relevant and contributing value to the profession at a time when there is a great need for risk management.

[26:19] RIMS pursues innovation and leverages opportunities to collaborate with others and create member value and engagement. Wherever RIMS can find knowledge and people to contribute to the advancement of the profession, RIMS looks at them.

[27:16] The RIMS plan includes building more resilient and engaging chapters and supporting chapter leaders. RIMS is organized into 80 chapters.

[27:58] RIMS is investing in a new chapter management platform, with a new chapter website platform and systems to help chapter leaders spend less time on administrivia and more time on programming, education, and experiences for members.

[28:27] About the plan’s focus on talent, DE&I, and rising risk professionals to grow the organization and serve the risk management community.

[30:01] About RIMS’s new branding team and content team. RIMS is looking to build and grow its culture and support each other as a team, working together across departmental and divisional lines. RIMS is focusing on content, strategy, and branding.

[32:18] About the enormous amount of content produced and shared by RIMS to hundreds of thousands of people around the globe every month.

[33:48] The content team is to learn about content strategy and make recommendations for a plan to be more strategic and intentional and create more value.

[34:13] The branding team is mindful of what message RIMS is sending out and how it is being perceived. They communicate the value of the organization and the importance of risk management through a coherent brand strategy that is consistent and clear.

[36:03] It takes a village to support a profession and advance a professional society.

[36:33] Gary’s advice for organization CEOs taking on leadership of a strategic plan: “Clarity, intentionally, consistency.” Gary has consulted almost 300 associations for strategic planning over the years. [37:02] The key is getting to a common understanding of reality, coming up with ideas for objectives and goals, and narrowing them down to the things, that if done, will make the biggest difference for the organization and create greater value.

[38:57] Justin thanks Gary for being on the show. Justin looks forward to him again at RISKWORLD! Gary invites you, if you cross his path, to reach out and say “Hi”!

[40:06] Special thanks to RIMS CEO Gary LaBranche. You will see him onstage and on the showroom floor at RISKWORLD! Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29-30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8-10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Spencer Educational Foundation

Contribute to Risk Management Magazine

Upcoming Webinars:

Forced Labor and Supply Chains | Sponsored by Sayari Analytics | April 13, 2023

ESG and Climate Resilience | Sponsored by Gallagher CORE360 | April 20, 2023

The Green Transition | Sponsored by Beazley | May 9, 2023 See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO (2023)

Innovation and Improvisation with RISKWORLD Keynote Josh Linkner (2023)

Taking the “Next Steps” with NAAIA Executive Director and COO Omari Jahi Aarons (2023)

Risk Insight with AAIN Leadership (2023)

Global Perspectives with RIMS 2023 Chapter Presidents

Introducing RIMS CEO Gary LaBranche

Diversity as a Successful Business Division with Rodney Johnson

Launching DEI Initiatives with Tara Lessard-Webb (2021)

“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”

Sponsored RIMScast Episodes:

Analytics in Action | Sponsored by Alliant (NEW!)

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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

“RIMS-CRMP Stories” — New interview featuring SKRIMS President Katherine Dawal!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

Gary LaBranche, FASAE, CAE | LinkedInChief Executive Officer of RIMS the Risk Management Society

Tweetables (For Social Media Use):

“I look forward to seeing everybody showing up in Atlanta for RISKWORLD, April 30th to May 3rd. … I am a first-timer at RISKWORLD. I’ve been to a few conventions.” — Gary LaBranche

“We want to emphasize during those community meetups that RIMS has open arms, an open mind, and an open heart. Everyone is embraced and welcomed to participate and engage.” — Gary LaBranche

“There should be no competition between lighthouses.” — Gary LaBranche

“Risk managers are the ultimate matrixed executives. They need to know all about everything all throughout the organization. They have a stake in everything” — Gary LaBranche

“It does take a team — it does take a village, actually — to serve a profession and to advance a professional society.” — Gary LaBranche

“What are the things that we can and should do that will actually be meaningful, measurable, and ultimately create greater value?” — Gary LaBranche

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

Today’s guests are Peter Woo, Founder and Chairperson of AAIN and Principal at Jackson Lewis, and Melinda Yee-Dong, Board Member of AAIN, Sr. Risk Manager at Panda Restaurant Group, and RIMS DEI Advisory Council Member. Peter and Melinda discuss their roles at AAIN, its mission and goals, and how it is growing. They talk about social awareness of the anti-Asian hate that rose during the pandemic. In the second segment, Melinda covers how the Panda Restaurant Group managed risk during the pandemic and how they came through it. Listen in for ways to support the Asian Pacific Islander community in the risk industry.

Key Takeaways:

[:01] About RIMScast.

[:27] In today’s episode, guests Peter Woo and Melinda Yee-Dong discuss the Asian American Insurance Network (AAIN) and the Asian American community in risk management. Melinda tells about risk management efforts at Panda Restaurant Group.

[:47] All about upcoming RIMS webinars, workshops, events, and more!

[1:28] About RIMS-CRMP.

[1:41] About RIMS-CRMP-FED.

[2:16] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:32] About recent RIMScast episodes.

[2:53] About today’s episode with Peter Woo and Melinda Yee-Dong, Founders of AAIN.

[3:16] AAIN will be hosting the Asian American Pacific Islander Community meetup in the DE&I Lounge on Monday, May 1st at RISKWORLD.

[3:25] Later, in this episode, Melinda Yee-Dong will discuss her risk philosophies as Senior Risk Manager for Panda Restaurant Group.

[3:36] Justin welcomes Peter Woo and Melinda Yee-Dong to the podcast!

[3:54] Melinda Yee-Dong is the Senior Risk Manager of the family-owned Panda Restaurant Group that operates Panda Inn, Panda Express, Hibachi-San, Uncle Tetsu, and Yakiya.

[4:23] Peter Woo is a Co-founder of AAIN and an Equity Principal Partner at Jackson Lewis in Orange County, Cal. His primary practice area is employment and labor law.

[5:08] How AAIN began and why it was important to launch AAIN now. AAIN has 1,300 members on LinkedIn and people showing interest in the country and around the world.

[6:24] Peter is a Co-founder and the Chairperson of AAIN, and the president of the network. His role with the other board members is to grow AAIN across insurance lines.

[6:56] Melinda is a board member at AAIN and also represents the client side, to bridge the gap between insurers and brokers and the clients’ needs.

[7:16] Peter outlines the AAIN mission to amplify Asian American and Pacific Islander professionals in the insurance industry.

[7:39] What are the four pillars of AAIN?

[8:15] Peter mentions some issues faced by the Asian and Pacific Islander community, including derogatory terms and stereotyping related to the origin of COVID-19.

[9:34] Melinda talks about social awareness. API people are part of the community and did not cause the pandemic. It’s important that the anti-Asian hatred not persist.

[10:21] AAIN supports the risk management profession through its four pillars. They work with insurance companies and industry organizations to increase DE&I awareness.

[11:06] AAIN helps the members talk to each other and help each other reach their professional goals utilizing this network they would otherwise not have.

[11:46] Asian Pacific Heritage Month in May increases awareness of the API community for a month. Peter hopes AAIN will amplify API industry voices all year long.

[12:52] Peter shares examples of AAIN activities at recent events by RIMS, PLUS, CLM, APIW, NAAIA, and HIRMA.

[14:53] Melinda aims not only to elevate the API community in the insurance and risk management space but to elevate the entire insurance and risk management space.

[15:04] Melinda was asked recently to join the RIMS DEI Committee and Advisory Council.

[15:22] Justin recalls having Omari Jahi Aarons of NAAIA on the podcast and others who look to enhance the profession while driving their mission.

[16:12] About goals for AAIN. There are seven committees within AAIN and each has the goal to become self-sustaining with strategic plans for 2023 and beyond.

[17:23] AAIN will launch a mentorship program in 2023, both virtual and in-person, depending on how many people have an interest.

[17:40] About upcoming educational initiatives with C-Suite industry API individuals.

[18:20] About the recently launched AAIN website, including a Lunar New Year launch party! Website signups since January are going strong.

[19:47] Melinda shares her hopes for the future of AAIN including connections with major universities including Columbia University and USC.

[20:18] Melinda is very excited about the formalized educational opportunities being developed for the risk management industry. These have only recently been available.

[21:38] Peter’s final words: AAIN has been a tremendous success because supporters like RIMS promote sustainable DE&I! Peter invites everyone to the website.

[23:16] Melinda’s final words: Networking is very important. AAIN is about inclusion; we want to lift the insurance and risk management community as a whole. Reach out!

[23:55] Justin congratulates Peter and Melinda on the launch success and looks forward to seeing them at RISKWORLD!

[24:13] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and workshops before RISKWORLD.

[25:14] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.

[26:58] Interview with Melinda Yee-Dong, Senior Risk Manager for Panda Restaurant Group. Most people know them as Panda Express, making the best orange chicken!

[27:42] Panda Restaurant Group is located in Rosemead, California. Their concepts include Panda Inn, Panda Express, Hibachi-San, Uncle Tetsu, and Yakiya.

[27:53] Yakiya and Panda Inn are full-service restaurants in California. Family-owned Panda has over 2,300 locations in the U.S., Japan, Canada, Puerto Rico, and Guam.

[28:21] Melinda leads the safety and workers comp managers, she manages the insurance program, which includes a captive. She has a team of 14 people.

[28:37] Melinda’s team does a lot of things both risk- and non-risk-related to support operations. Being in a family-owned business, they have some latitude.

[28:50] Justin’s kids love the Hibachi experience! Hibachi-San is a fast-food version of Hibachi. If you watch the cooks at Panda Express, they are very skillful at flipping food!

[29:33] Melinda has been trained to do the cooking, but she’s not good at it, so she stays in her lane to do risk management!

[29:49] Melinda’s team of 14 handles claims in-house, all aspects of insurance,  and compliance. They have an internal auditor that reports to Risk.

[30:03] Executive Director of Risk, Shaun Jackson, Melinda’s leader, led the Group skillfully through the pandemic. Melinda appreciates all the support.

[30:13] Panda is family-owned. Licensees are in locations at universities, airports, or some locations they can’t own and operate. The majority of stores are family-owned. 

[30:34] This is Panda Restaurant Group’s 50th Anniversary, starting in Pasadena, California, with a restaurant called Panda Inn, growing from there.

[30:59] Melinda says as a family-owned business, they think of each other as a family, at Panda. They think of their operators as family and do their best because they care.

[31:43] Panda is one of the few companies Melinda has worked for where the owners and founders know their team members by name and will talk to them.

[32:01] How Shaun and Melinda navigated the challenges of the pandemic when businesses were ordered to shutter.

[33:02] They relied heavily on their TPA, Sedgwick, who helped them with COVID-19 claims and reporting.

[33:45] They had to take a moment to consider the problems of the pandemic, and then move on. Risk is all about making sure that the business continues despite issues.

[34:01] Melinda reviews how a business responds to a fire. Take care of the people, restore the business and associates, serve the customers, and work it out.

[34:36] How the drive-through and online ordering options became more used during the pandemic. There were big upgrades that were needed to help the customer experience.

[37:31] Melinda enjoys working with the people behind the food. Panda is a company that’s looking to inspire better lives. Cooks can move up in the company.

[38:40] Melinda talks about how people view each other and relate to each other with care and trust.

[38:53] There’s a fully-automated McDonald’s in Texas. Melinda talks about the art that goes into the creation and preparation of food. Some things may not be automated well.

[40:11] Justin thanks Melinda for being on the show and sharing her insight. Justin looks forward to meeting her at a RIMS or AAIN event!

[40:42] Special thanks to Peter Woo and Melinda Yee-Dong. Check out the links to AAIN and look for them at RISKWORLD! Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Asian American Insurance Network

Contribute to Risk Management Magazine

Upcoming Webinars:

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023

“The Future of Climate and ESG” | Sponsored by Gallagher CORE360 | April 20, 2023,

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons” (2023)

“On The Menu: Restaurant Injury Risk Trends in 2023”

“Diversity as a Successful Business Division with Rodney Johnson”

“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”

“RIMS DEI Council Chair Kevin Thomas and Vice-Chair Monica Merrifield” (2021)

“Launching DEI Initiatives with Tara Lessard-Webb” (2021)

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

“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”

Sponsored RIMScast Episodes:

“Analytics in Action” | Sponsored by Alliant (NEW!)

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

Peter Woo

Founder and Chairperson of AAIN and Principal at Jackson Lewis

Melinda Yee-Dong

Board Member of AAIN, Sr. Risk Manager at Panda Restaurant Group and RIMS DE&I Advisory Council Member

Tweetables (For Social Media Use):

“AAIN was born from a simple gathering … last year … at an industry event. We saw many other Asian Pacific Islander professionals walking around. … And we asked each other, ‘Why don’t we know these folks? … We should know these folks!’” — Peter Woo

“At AAIN, I’m a board member but I also represent the client side … to bridge that gap that the insurers and brokers may not know what needs the client may actually have.” — Melinda Yee-Dong

“The mission is … to amplify Asian Pacific Islander professionals in the insurance industry. … There’s a lot involved with that. … We’re talking about four different pillars … mentorship, education, networking, and increasing social awareness.” — Peter Woo

“When it comes to social awareness, it’s … getting the word out there that API people are part of the community and did not directly cause the pandemic. … We faced a lot of anti-Asian hate. It’s important to make that awareness first and foremost.” — Melinda Yee-Dong

“A few months ago [at] the Western Regional Conference … we met with a number of senior RIMS folks who were completely supportive. … We were able to set up a booth at the event. … We had a networking event one of the evenings … [with] over 100 folks.” — Peter Woo

“People, at the end of the day, are always going to be very important.” — Melinda Yee-Dong

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

Today’s guest is John D. Dempsey, CEO and Co-Founder of InsightRisk, Founder and Managing Partner of Dempsey Partners, a risk management consulting firm acquired by Aon. John also formed Terrabella Risk Consulting LLC, which provides insurance advisory and risk management consulting services globally. John advises insurance industry professionals on technology and innovation. Today’s discussion covers water damage prevention with IoT technology, other ways that IoT technology is being tested for risk management, and a review of World Water Day and the UN’s SDG 6 Global Acceleration Framework for safe water. #WorldWaterDay.

Key Takeaways:

[:01] About RIMScast.

[:14] About today’s episode, our Annual World Water Day episode.

[:25] All about upcoming RIMS webinars, workshops, events, and more!

[1:05] About RIMS-CRMP.

[1:19] About RIMS-CRMP-FED.

[1:53] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:09] About recent RIMScast episodes.

[2:32] About World Water Day, March 22. Learn more at worldwaterday.org.

[2:46] About today’s episode with John Dempsey, CEO and Co-Founder of InsightRisk on World Water Day, how the IoT can be used to reduce water risk, and the UN’s SDG 6.

[3:10] Justin welcomes John Dempsey to the podcast!

[3:17] John became a RIMS associate member in the ’90s.

[3:45] John started a company in the ’80s that helped risk managers recover from losses and seek recovery from insurance.

[4:04] John’s career helping risk managers culminated in selling his company to Aon in 2013. John spent four great years working with Aon helping companies globally.

[4:24] John focused on exposure valuation, helping underinsured clients to increase their coverage. After Aon, he works with startups to reduce losses through technology.

[5:22] About the RIMS chapters where John has been a member. NY is his favorite.

[5:51] John will be seeing some of his RIMS friends at RISKWORLD!

[6:11] How John became involved in water risk management later in his career.

[6:21] How a hospital was damaged when a contractor left a roof hole exposed to rain.

[7:21] Most man-made water damage losses can be prevented. John explains IoT sensor systems technology. Who pays for the installation?

[9:15] John’s company has a financing methodology to make the system affordable. They absorb the cost of the systems by using them over and over on different projects.

[10:41] John describes the value proposition of the IoT water damage sensor system.

[11:41] As new technology is introduced into the loss management space, testing proves the value proposition.

[12:21] John tells of a partly occupied condominium under construction. A water sensor was triggered at night. A repairman responded and fixed the leak, saving $10,000,000.

[13:34] InsightRisk’s purpose for the sensors is to avert big water damage losses that cause long delays for builders and balance sheet volatility for carriers.

[14:48] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD and in-person workshops before RISKWORLD.

[15:50] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.

[17:55] John discusses areas where new IoT technologies can avert damage. Look at the value proposition. Do the technologies reduce the frequency or the severity of loss?

[18:44] John shares an example: Wearable technologies reduce workers’ compensation and GL claims, and increase profitability.

[19:56] Fire is the second biggest cause of loss. Technology is being developed that can detect very early the potential of electrical fire from degrading insulation.

[20:26] John mentions Chad Hollingsworth and Bret Bush of InsightRisk. Chad and Bret stay ahead of the curve, working to prove and deploy the next generation of technology.

[21:38] About World Water Day and effective water risk management. The emerging world and even some U.S. have major water issues.

[22:12] World Water Day is to achieve the UN’s SDG 6 agenda by 2030, so that safe drinking water and safe sanitation are available to all. There are 17 UN SDG Goals!

[24:29] Justin recalls Henk Ovink telling him about Heineken’s recycling of sludge in the brewing process. Water-intensive industries have to pay very close attention to water.

[25:30] John discusses water use in the mining industry. Risks abound but everybody wants battery-operated cars so we have to deal with the needed supply chains.

[26:50] Risk managers have many responsibilities, including insurance, and a seat at the table for strategic decisions. Are they aware of IoT technologies to avert damages?

[28:16] When risk managers identify a problem, they figure out ways to solve it. John started two businesses this way.

[30:01] John would love to hear from risk managers on what they see out there and what kinds of solutions they’re looking for, that technology might play a role in solving.

[30:47] Justin thanks John for being on the show and sharing his insight on water risk management and water damage.

[31:14] Check out the links for past coverage of World Water Day. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Contribute to Risk Management Magazine

Insight Risk

UN’s Sustainable Development Goal 6 Global Acceleration Framework

Upcoming Webinars:

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“On The Menu: Restaurant Injury Risk Trends in 2023”

“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”

“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)

“Combating Water Scarcity with AquaShares Founder James Workman” (2020)

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

Sponsored RIMScast Episodes:

Captive Market Outlook and Industry Insights | Sponsored by AXA XL (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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:

John DempseyInsightRisk

Tweetables (For Social Media Use):

“Exposure to water losses was endemic. … The forms of water losses are many, including storms and storm surges, which we’re all aware of. … The less sexy forms of water loss are things like a hole in the roof of a hospital ... the night of a major thunderstorm.” — John Dempsey

“When we deploy the [water damage sensor] system, there’s no additional cost to the insured or the carrier. We absorb it and make up for it by using the systems over and over again on different projects. … It’s an additional cost that nobody wants to pay.” — John Dempsey

“What’s needed is a very solid value proposition. And that means that if you’re a risk manager on the buy side or you’re a carrier looking to finance better risk control, if you spend X, how much do you get out of it? What’s … your return on the investment?” — John Dempsey

“Every risk manager knows, when there’s a problem, there’s a way to resolve it and sometimes if you take bite-sized pieces it’s a little easier to solve those pieces one at a time. SDG is 17 initiatives, only one of which is water.” — John Dempsey

“I know from experience that when risk managers identify a problem, they figure out ways to solve it. In fact, I started two businesses that way.” — John Dempsey

Additional background detail about SDG 6:

COVID-19 makes us acutely aware of our shared vulnerability and common destiny. Yet the extraordinary global disruption caused by the pandemic offers a unique opportunity, and a new hope, to “build back better.” With a shift in priorities, we can get the world on track to deliver the Sustainable Development Goals (SDGs) by 2030 including SDG 6 water and sanitation for all.

Launch of the SDG 6 Global Acceleration Framework:

Hosted by UN-Water, the Sustainable Development Goal 6 Global Acceleration Framework launch during the 2020 High-level Political Forum on Sustainable Development will be a high-level and multi-stakeholder moment to generate commitments for ambitious solutions on water and sanitation in support of the Decade of Action to deliver SDGs by 2030. The framework is driven by country demand and will align the international community to strengthen country planning, implementation, and knowledge sharing for SDG 6 while supporting country response to the COVID-19 pandemic.

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

Today’s guest is Matt Zender, Senior Vice President, Workers’ Compensation Strategy at AmTrust. We’ll be looking at a new risk report from AmTrust Financial on “Workers’ Compensation and Injury Trends in the Restaurant Industry.”

Injuries were lowest this time last year. Justin and Matt talk about how risk professionals in food retail, restaurant, and hospitality can use this time of year to maintain low injury rates onsite and on the road. They discuss the top three injuries: crushing, mental stress, and fainting, and how COVID-19 influenced the number of injuries. They conclude the discussion with ideas for risk managers to leverage the insights in this report for 2023.

Key Takeaways:

[:01] About the RIMS Membership.

[:15] About RIMScast.

[:28] About today’s episode.

[:39] All about upcoming RIMS webinars, workshops, events, and more!

[1:07] About RIMS-CRMP.

[1:21] About RIMS-CRMP-FED.

[1:55] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!

[2:11] About recent RIMScast episodes.

[2:35] About today’s episode with Matt Zender, the SVP for Workers’ Compensation Strategy at AmTrust.

[3:07] Justin welcomes Matt Zender to the podcast!

[3:12] In the AmTrust Financial report on Workers’ Compensation and Injury Trends in the Restaurant Industry, injuries were lowest in the first quarter of last year. How can risk professionals in the food, retail, restaurant, and hospitality industries maintain low injury rates?

[3:56] Why do claims go up over the holidays?

[4:15] In the first quarter lull, restaurant operators often do insurance planning. They’re often too busy the rest of the year with their operations on the road to plan insurance.

[5:17] Why AmTrust wanted to put the report out during the first quarter lull.

[5:27] Restaurants are doing more delivery than ever.

[5:45] Why COVID-19 was a force multiplier for restaurant operators.

[6:26] How is the way we consume food changing in the U.S. and how have meal delivery services enabled these changes?

[7:10] About the top three injuries mentioned in the report: crushing, up 89%, mental stress, up 71%, and fainting, up 61%.

[7:47] About crushing of body parts from machinery or from boxes stacked too high.

[9:41] Why has mental stress become more widespread?

[10:52] About our changing relationships with our jobs. There is physical conditioning needed for working a restaurant job after months of not working.

[12:26] How fainting claims sometimes relate to mental stress claims.

[13:21] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at [email protected]. Register for RISKWORLD 2023, and workshops before RISKWORLD.

[14:23] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.

[16:15] Decreases and increases in claims reported relate in part to reductions and growth in the workforce. Economic forces were at play as well.

[17:21] Have mental stress claims changed since 2019? How claims tie in with the relationship with employers.

[18:30] How can restaurant owners and franchisees leverage the report? Matt asks you to think about what separates you from others. How are you protecting your employees?

[20:57] Matt tells you how to use your size to your advantage.

[21:43] How risk managers can leverage insights in this episode from Matt and the AmTrust report “Workers’ Compensation and Injury Trends in the Restaurant Industry.”

[22:17] AmTrust issued this report two years ago and again, after COVID-19, in the hope that franchise and restaurant owners will use the insights to drive better behaviors.

[23:35] The report appendix includes all sorts of injury prevention tips!

[23:58] You can download the 11-page report as a PDF file from AmTrustfinancial.com.

[24:43] Justin thanks Matt for joining us on RIMScast.

[24:55] You can find the link for the report below. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.

RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.

RIMS Diversity Equity & Inclusion page

Contribute to Risk Management Magazine

The 2022 AmTrust Restaurant Risk Report

Upcoming Webinars:

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers” (2022)

“Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises”

“RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic”

“How One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020”

Sponsored RIMScast Episodes:

“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL (NEW!)

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!

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

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

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:

Matt ZenderAmTrust Financial

Tweetables (For Social Media Use):

“At AmTrust, we write more restaurants than anybody and it’s a space that we really do enjoy. But we know that restaurant operators wear a lot of hats. To expect that they’re going to be able to think about insurance all the time is not realistic.” — Matt Zender

“Restaurants always see turnover. It’s part of what they are used to. The amount of turnover they saw through the pandemic was obviously greater than perhaps they had ever seen. So you had a lot of newer employees.” — Matt Zender

“You have, perhaps, some folks reaching different priorities in their life. Things that maybe they felt that they couldn’t prioritize before, … and then, all of a sudden, through COVID-19, they realized that they had some opportunities to rethink some of this.” — Matt Zender

“If you’re a franchise operator, and you’ve got 14 different stores under your control, what have you done commonly throughout those 14 to help protect your employees?” — Matt Zender

“We published it a couple of years ago and then we refreshed it, and in the refresh, we didn’t just want to show the same data because so much had changed because of COVID-19, which is why we took a different sort of cut at it. … We wanted to share the insights.” — Matt Zender

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

March is International Women’s History Month and March 8th is International Women’s Day. It’s the perfect time for the RIMScast debut of Jennifer Santiago! Jennifer is the Director for Risk Management and Safety at Wakefern Food Corp., the largest retailer-owned cooperative in the United States. Jennifer has served in RIMS for years, is a RIMS-CRMP holder, and is one of the most visible, vocal, and fun ambassadors at events like RISKWORLD 2023, where we will see her on stage!

In this interview, Jennifer shares her background, what excites her in risk management, and her passion for DE&I and ESB. She says that the risk management industry has been extremely homogenous for decades, which is too long! Tune in for today’s informative and exciting conversation!

Key Takeaways:

[:01] About the RIMS Membership.

[:14] Registration for RISKWORLD 2023 is now open!

[:26] About RIMScast.

[:38] About today’s episode.

[:47] All about upcoming RIMS webinars, workshops, events, and more!

[1:53] March is International Women’s History Month.

[2:07] About today’s episode with Jennifer Santiago.

[2:43] Justin welcomes RIMS 2023 President Jennifer Santiago to the podcast!

[3:11] Jennifer tells how she feels as President of RIMS, after years of involvement.

[3:36] How RIMS advances the risk management profession and individuals.

[4:44] How Jennifer moved her career in risk management through RIMS.

[5:23] Jennifer shares the 2023 RIMS theme of personal and organizational resilience. [6:30] The risk profession can lean on RIMS to get R.E.A.D.Y. for what is next.

R — Reconnecting and strengthening the bonds of the risk community.

E — Education as a critical path to personal and professional development.

A — Advocating for the profession around critical legislation.

D — DE&I, the foundation from which everything else stems.

Y — YOU, what RIMS can do for you as an individual RIMS professional.

[7:46] Why Jennifer is “long” on the risk management profession and CRO roles.

[8:31] Jennifer’s passion for DE&I. Why risk professionals should use DE&I. The industry has been extremely homogenous for decades. It’s not acceptable any longer.

[10:52] Meaningful things executives can do, such as forming Employee Resource Groups (ERGs) and having DE&I Officers, to support DE&I in their organizations.

[13:01] What challenges are there for women to break into the pipeline and reach professional success? There should be no more one-size-fits-all stereotypes.

[15:22] Does Jennifer golf? Where are the deals being made now?

[16:08] RIMS plug time! About the RIMS DE&I Strategy page, RISKWORLD 2023, and in-person workshops in Atlanta before RISKWORLD.

[17:10] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.

[19:18] About Jennifer’s career at Novartis, Penn State University, and Wakefern Food Corp. and her move from one to the other. Jennifer tells about being a change agent.

[20:36] Jennifer’s interest in company culture and the risk toolkit in different industries.

[21:16] How Jennifer does a deep dive when she takes on a new role and finds where she will bring the biggest value with the biggest impact.

[22:57] How Penn State and other Universities are like cities. The risk profile is extremely diverse and you are thrown into it, even in a pandemic.

[24:54] How risk management has a line-of-sight view around an organization and connects the dots to see the enterprise risk.

[26:09] About the evolution of risk management education. It’s being highlighted more and more as a necessary skill set. About the RIMS Rising Risk Professionals group.

[27:52] What resources the Spencer Educational Foundation provides for students.

[29:22] An example of a risk management insurance major graduating to a career.

[30:41] What Jennifer is excited about with running RISKWORLD 2023, post-COVID-19!

[33:11] Has Jennifer ever hosted a big event like RISKWORLD? She’s looking forward to using a transparent prompter!

[34:55] About the great keynote speakers for RISKWORLD, including Danica Patrick!

[35:38] Justin thanks Jennifer for being on RIMScast and tells of the links in the show notes, and how to sponsor a RIMScast episode! Justin describes other offers.

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29-‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!

RIMS Leadership Corner

“Jennifer Santiago Named RIMS 2023 President” (Press release)

RIMS Diversity Equity & Inclusion page

Contribute to Risk Management Magazine.

SpencerEd.org | Learn more and donate today.

Upcoming Webinars:

“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons”

“Diversity as a Successful Business Division with Rodney Johnson”

“Spencer Educational Foundation 2022 Honoree Neeti Bhalla Johnson on Access to Education, DEI & ESG”

Sponsored RIMScast Episodes:

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

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST

“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon

“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group

“The Golden Era of Insurance” | Sponsored by The Hartford

“Insurance Investigation Trends Happening Now” | Sponsored by Travelers

“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect

“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL

“Property Valuation Deep Dive” | Sponsored by TÜV SÜD

“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

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:

Jennifer Santiago on LinkedInRIMS Leadership Corner with RIMS 2023 President Jennifer Santiago

Tweetables (For Social Media Use):

“[Being in the RIMS community] is truly like a virtuous cycle of giving and receiving.” — Jennifer Santiago

“We need diverse perspectives from people; different backgrounds, knowledge, and experience to be effective and successful. … The industry has been extremely homogeneous for decades.” — Jennifer Santiago

“I think women bring all the same and more skills to the table as men do so there should really be no longer a one-size-fits-all stereotype of any gender, race, ethnicity, male, woman, and everything. … Women make excellent leaders.” — Jennifer Santiago

“I’m definitely a change agent and I haven’t met a challenge that I didn’t like. And that’s just me as a person, so not everyone has the appetite for that. … I’m comfortable being out of my comfort zone.” — Jennifer Santiago

“RISKWORLD is the premier event for all things risk management and for anyone in risk, … [or] you want to get in it, it’s a very inclusive, open environment for risk people. … I look forward to it every year.” — Jennifer Santiago

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

Guest 1: Pat Saporito

Founder & Principal Consultant, Saporito & Associates, LLC

“Leveraging Data and Analytics for Continuous Risk Management” is a course that is available in three parts — Part 1’s next session is on March 9th. The in-person pre-conference workshop on April 29th and 30th in Atlanta Georgia will be “Data Analytics & Artificial Intelligence in Risk Management.” RISKWORLD attendees save 30% on this course. The instructor for the virtual and in-person workshops is my friend Pat Saporito, Founder & Principal Consultant of Saporito & Associates, LLC. I’ve worked with her before and she’s one of our favorites here at RIMS. I wanted you to hear about what she has in store for you.

Guest 2: Megan Miller Megan Miller is the Executive Director of the Spencer Educational Foundation. Megan is here to talk to us about #SpencerDay.

Guests 3 and 4: Anne Bowen and Jamal Evans

Anne and Jamal are 2022 Spencer Educational Foundation Scholarship Recipients.

Be sure to tune in for today’s informative conversations!

Key Takeaways:

[:01] About the RIMS Membership.

[:14] Registration for RISKWORLD 2023 is now open!

[:26] About RIMScast.

[:39] About today’s episode, #SpencerDay, and today’s guests.

[:53] All about upcoming RIMS webinars, workshops, events, and more!

[1:35] About RISKWORLD 2023.

[1:48] About recent episodes with RISKWORLD speakers.

[2:09] About data analytics courses that RIMS hosts virtually and will also host in person in Atlanta, Georgia ahead of RISKWORLD. The virtual course is “Leveraging Data and Analytics for Continuous Risk Management,” in three parts, with Part 1 on March 9th.

[2:35] The in-person course is a pre-conference workshop on April 29th and 30th in Atlanta Georgia, “Data Analytics and Artificial Intelligence in Risk Management.” RISKWORLD attendees save 30% on this course.

[2:48] The instructor for the virtual and in-person courses is Pat Saporito, Founder & Principal Consultant, Saporito & Associates, LLC.

[3:04] Justin welcomes Pat Saporito to RIMScast!

[3:11] About the virtual workshop Pat Saporito leads for RIMS in three modules or parts.

[3:22] The first part of the virtual workshop, “Leveraging Data,” is about the foundation of data and analytics and how to leverage the data for risk management.

[4:01] The second part of the virtual workshop, “Managing Data,” is about bringing data sources together and using the characteristics of the data by asking better analytical questions and using data scientists.

[4:58] The last part of the virtual workshop, “Optimizing Risk Management with AI,” is about algorithms that go beyond the usual. The course includes demos and how to build a framework for the attendees' use cases, and make incremental improvements.

[5:48] The practical tools attendees of each course receive from Pat.

[6:02] Justin is looking forward to Pat hosting the three combined modules under the title “Data Analytics and Artificial Intelligence in Risk Management,” in person in Atlanta, an all-day course over two days, April 29th and 30th.

[6:43] Pat will cover in person everything from the three modules of the virtual course, a little more concisely. She will also ask participants to bring a case study or risk management challenge to work on to make it practical for them.

[8:02] Pat describes her teaching style as very practical with some added humor. The in-person group discussion is also invaluable.

[8:37] Justin’s second guest, Spencer Educational Foundation Executive Director, Megan Miller is here to tell about #SpencerDay. Justin welcomes Megan to RIMScast.

[9:18] Spencer Day brought back their gala in 2022, after being on pandemic hiatus, and honored Neeti Bhalla Johnson. The year was also a high-water mark for fundraising.

[9:53] The Spencer Educational Foundation is excited about what it will be able to do in 2023.

[10:07] Neeti Bhalla Johnson’s Spencer gala award speech was recorded and posted on the SpencerEd.org website. That was very helpful for Justin to watch, preparing to have her on RIMScast.

[10:33] Several scholars at the gala came up to Megan to say how great it was to have a woman speaker that looked like them. They don’t see that a lot with high honors and big awards.

[11:10] Spencer Educational Foundation has been around for over 43 years and is known for its scholarships. Spencer Day raises awareness of the foundation. The foundation is grateful for the corporate support received over the decades.

[11:56] The Spencer Educational Foundation needs more individual support. The Foundation is asking for individuals to donate $23.00 for 2023 as a show of support. Spread the word today with #SpencerDay. On other days use #SpencerScholars and #FundingTheirFuture.

[12:45] Hashtags help the foundation to keep track of mentions on different social media platforms.

[13:25] The Spencer Foundation is holding a Pickleball Tournament on the Saturday preceding the RISKWORLD conference. They are looking for players and sponsors now. On Sunday there is the 2023 Spencer Gallagher Golf Tournament at the Smoke Rise Country Club.

[14:27] The Spencer RIMS Risk Management Challenge will be held with students from China, India, Canada, and the U.S. on Monday afternoon. On Monday evening, there is the Spencer Reception. On Tuesday morning May 2nd, there is the 5K Fun Run. 

[15:27] The 2023 Funding Their Future Gala will be on September 14th, in New York City. There is a new venue to be revealed. The honoree will be announced in the coming months. Save the date! There will also be a couple of student speakers.

[16:30] The Spencer Foundation will award about $650,000 in 2023 scholarships (over 100 awards) and about $1 million in other 2023 programs, including course development funding to schools for risk management and insurance courses and programs.

[17:10] The focus has been on minority-serving institutions, such as HBCUs and Hispanic-serving institutions, to diversify the pipeline of talent.

[17:58] Justin introduces his next guests, two recipients of Spencer scholarships at the Funding Their Future Gala of 2022, Anne Bowen and Jamal Evans, who are on the show to talk about the role Spencer has played in this early part of their risk careers.

[18:16] Justin welcomes Anne Bowen and Jamal Evans to RIMScast. The last time Anne and Jamal met, they were nervously walking onstage as scholarship award recipients. Anne and Jamal speak of the honor they received and how it felt in front of so many risk and insurance industry executives.

[19:34] Anne looks back at the impact Spencer has had on her education, internship, and career, on other students, and professionals.

[20:22] Jamal seconds that. For Jamal, the big thing was the financial support while going through undergraduate school. Jamal is a two-time Spencer Scholar, first as a junior, which allowed him to focus on his education and not be bogged down with concern. That yielded successes for Jamal.

[20:48] Jamal also has participated in the Mentorship Program and has been helped by the industry professionals he connected with through Spencer.

[21:19] Anne offers her advice to students applying now for a Spencer Scholarship. Take that leap of faith, really put yourself out there, and share your story. Every person has a unique story about how they got into this industry. Be your true self.

[22:01] Jamal says just go for it. There are always “nerves” when applying and doing the essay requirement. Spencer is there to support future insurance professionals and they’re passionate about those who are trying to educate themselves in the insurance industry.

[22:24] Take the leap of faith. Be diligent with your essay; be passionate and authentic. It’s a great organization with much more opportunities than the financial incentive.

[22:49] Jamal thanks all of the Spencer staff, from the people who process the applications to the people who manage the event. Tandeka Nomvete is one individual who stands out. She encouraged him at the Spencer Educational Gala before he spoke and she continues to show him support and direct him to resources and opportunities.

[24:00] Anne expresses her #AttitudeOfGratitude to Tandeka Nomvete, for taking them under her wing at the Gala. Anne thanks Megan Miller for helping Indiana State University where Anne got her undergraduate degree and is studying for her master’s degree. Anne also thanks her advisor on campus, Ms. Rebecca Ray.

[25:31] Justin thanks Anne Bowen and Jamal Evans for joining us on RIMScast. Justin thanks all of his guests. Remember to participate in Spencer Day by visiting SpencerEd.org and the Spencer Day link in this episode’s show notes. On social, follow #SpencerDay. Justin appreciates your support.

[25:53] You can sponsor a RIMScast episode! Justin shares examples of episode sponsors. See links to sponsored episodes below. RIMScast has a global audience comprised of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more! Contact [email protected] for more information.

[26:35] More RIMS offerings: Transitional Membership available to members separated from their place of employment, valid for up to two years or until you secure your next full-time position. — Register for the RIMS CRMP, the only risk management-based competency credential. — Check out the searchable RIMS Content Page.

[27:31] Subscribe to the monthly Risk Management Magazine and Risk Management Monitor, the official RIMS blog.

[27:45] To contact Justin, email [email protected]. Justin thanks you for your continued support and engagement on social media. Stay safe and healthy and we’ll see you next week!

Mentioned in this Episode:

Spencer Day is Feb 27. Visit SpencerEd.org/spencer-day to show your support. Share this episode on social media with #SpencerScholars #ICM2023 InsuranceCareersMonth

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!

Riskworld: In-Person Workshops April 29‒30 | “RISKWORLD Pre-Conference Workshop Data Analytics & Artificial Intelligence in Risk Management”Save 30% on pre-conference workshops when you register to attend RISKWORLD!

New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry — coverage from Risk Management Monitor

Contribute to Risk Management Magazine

Upcoming Webinars:

“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023

“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023

“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Spencer Educational Foundation 2022 Honoree Neeti Bhalla Johnson on Access to Education, DEI & ESG”

“Spencer Educational Foundation Executive Director Megan Miller (2022)”

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO”

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner (2023)”

“Diversity as a Successful Business Division with Rodney Johnson”

“A Fond Farewell to Mary Roth”

Sponsored RIMScast Episodes:

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

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST

“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon

“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group

“The Golden Era of Insurance” | Sponsored by The Hartford

“Insurance Investigation Trends Happening Now” | Sponsored by Travelers

“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect

“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL

“Property Valuation Deep Dive” | Sponsored by TÜV SÜD

“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers

RIMS Events, Education, and Services:

RIIMS.org/Events

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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

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

Upcoming RIMS — Virtual Workshops

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

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:

Pat Saporito

Founder & Principal Consultant, Saporito & Associates, LLC

Megan MillerExecutive Director, Spencer Educational Foundation

Anne Bowen

Jamal Evans

Tweetables (For Social Media Use):

“I’m going to ask participants to bring a case study. … So if they’re looking to improve safety, or they’re looking to improve some other area of risk management, I’d like them to bring that challenge with them … for their data safari.” — Pat Saporito

“We’re really just trying, in very natural ways, to represent the diverse talent that’s out there in the industry.” — Megan Miller

“Spencer has formed a community to help every student and pull them along in this pipeline. It’s just a very special feeling when you reflect back on that. Only a year out into my career, I can see the impact Spender has on every student.” — Anne Bowen

“I participate in the Mentorship  Program. The mentorship opportunities and connecting me with industry professionals through Spencer have been a great experience for me and very helpful throughout my academic career.” — Jamal Evans

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

NAAIA is the National African American Insurance Association and they recently released a report with Marsh McLennan titled The Next Steps on the Journey. It’s a great read and it’s publicly accessible through the link on this episode’s show notes and naaia.org. The Next Steps study is interested in demographics, but it goes far deeper, by exploring the specific experiences of Black and African-American professionals in risk and insurance. Further, it sought to understand a number of qualitative concepts and issues, including barriers of entry and retention, the evolution of DEI commitments, limitations of DEI initiatives, and, of course, opportunities for professionals in risk and insurance organizations.

NAAIA Executive Director and COO Omari Jahi Aarons is here to discuss the findings of the survey and special details in the report and we’ll get a glimpse into his career path and his hopes for NAAIA and professionals of color in the risk and insurance professions.

Be sure to tune in for today’s insightful conversation!

Key Takeaways:

[:01] About the RIMS Membership.

[:14] Registration for RISKWORLD 2023 is now open!

[:26] About RIMScast.

[:39] About today’s episode.

[:50] All about upcoming RIMS webinars, workshops, events, and more!

[1:40] About RISKWORLD 2023.

[2:15] About Spencer Day.

[2:30] Today’s episode is about NAAIA with Omari Jahi Aarons.

[3:36] Justin welcomes Omari Jahi Aarons to RIMScast!

[3:10] Omari is the Executive Director and COO for NAAIA, a professional membership-based organization with 1,700 members and 22 chapters.

[4:06] How NAAIA serves people of color in the insurance industry. NAAIA is 25 years into its mission.

[4:27] NAAIA is looking forward to the next 25 years, and how NAAIA can help the entire industry to level up, by its mission to diversify the insurance industry.

[4:46] What inspired Omari to enter the insurance industry? He reframes the question to “Who invited me to join the insurance industry?”

[7:07] What kept Omari in the insurance industry?

[9:38] How Omari was “voluntold” to join NAAIA and then discovered the value in it.

[11:05] Omari shares the experience of attending his first annual NAAIA conference.

[11:53] Why Omari stayed in NAAIA and about his journey to Executive Director and COO of NAAIA.

[13:11] How Omari’s role at NAAIA, a 501(c)(6) nonprofit organization, differs from his former corporate roles.

[14:51] About the recent report, The Next Steps on the Journey, and how it relates to the 2018 report, The Journey of African American Insurance Professionals.

[16:27] What NAAIA and Marsh were hoping would come from the recommendations in the 2018 report.

[16:55] What led up to the 2022 study, The Next Steps on the Journey, published by Marsh and AAIA in January of 2023?

[17:46] Omari explains why the majority of study respondents for The Next Steps were female and what it means for the industry.

[19:13] What do we do to help close the gap for Black and African-American men in the insurance industry? Omari offers some suggestions.

[20:01] How mentoring played a part in Omari’s career and what The Next Steps reveals about mentoring.

[21:52] Why are sponsorship programs and coaching essential to success?

[22:06] About types of coaching needed for different roles.

[22:58] Sponsorship programs and coaching supports at every level of the career journey are big parts of The Next Steps.

[23:33] Omari presents some helpful initiatives and key actions that organizations can take from The Next Steps report.

[25:08] What are the things, beyond the workplace, that people need so they can thrive?

[25:47] Plug Time! — RIMS’s DE&I Advisory Council — RISKWORLD 2023 will be held April 30‒May 3 in Atlanta, Georgia! — In-Person Workshops April  29‒30 — Upcoming RIMS events.

[26:49] Justin revisits his interview with RISKWORLD’s Awards and Leadership Keynote, Josh Linkner, speaking about live events and seeing everybody at RISKWORLD!

[28:33] Justin returns to the conclusion of his interview with Omari Jahi Aarons.

[28:54] Omari describes a reception he held during RISKWORLD 2019 as the inaugural president of the Boston Chapter of NAAIA and how the reception boosted the chapter.

[31:34] About sustaining DEI initiatives in the face of layoffs. Research shows that DEI improves profitability and productivity when DEI is integrated with the business strategy.

[34:04] Omari explores the question: who does DEI work belong to in an organization?

[34:52] About succession planning for sustaining the DEI work.

[36:42] How do we embed DEI into business strategy and society? What about when DEI mentors, sponsors, and coaches leave the organization?

[38:15] What do organizations get wrong about the ROI on DEI?

[38:44] The importance of long-term outcomes and sets of activities that build trust and lead to becoming an employer of choice for the Black community.

[40:39] Omari reveals the end outcome of NAAIA. What will organizations and society look like then?

[41:46] Omari poses a question to ask in 100 years.

[43:32] How did HR become the workplace police?

[45:14] How is HR shifting to enable the best experiences in the workplace and to accomplish the organizational mission, including diversity, equity, and inclusion?

[46:20] About risk and putting people first in the workplace policies and practices, including business continuity.

[48:13] Justin gives special thanks to Omari Jahi Aarons, the Executive Director and COO of NAAIA. Justin shares links to NAAIA and The Next Steps on the Journey.

[48:37] Remember that you can sponsor a RIMScast weekly episode or a dedicated episode! Justin shares examples of episode sponsors. See links to sponsored episodes below. RIMScast has a global audience!

[49:18] More RIMS offerings: Transitional Membership available to members separated from their place of employment, valid for up to two years or when you secure your next full-time position. — Register for the RIMS CRMP, the only risk management-based competency credential. — Check out the searchable RIMS Content Page.

[50:10] Subscribe to the monthly Risk Management Magazine and to Risk Management Monitor, the official RIMS blog.

[50:31] Justin thanks you for your continued support and engagement. Stay safe and we’ll see you next week!

Mentioned in this Episode:

RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!

RISKWORLD: In-Person Workshops — April 29‒30

Spencer Day is Feb 27. Visit SpencerEd.org/spencer-day to show your support.

RIMS Diversity Equity & Inclusion page

The Next Steps on the Journey from NAAIA and Marsh McLennan

New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry — coverage from Risk Management Monitor

Contribute to Risk Management Magazine

Upcoming Webinars:

“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023

“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023

“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023

“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023

“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023

See the full calendar of RIMS Virtual Workshops

Related RIMScast Episodes:

“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO”

“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)

“Diversity as a Successful Business Division with Rodney Johnson”

“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”

“RIMS DEI Council Chair Kevin Thomas and Vice-Chair Monica Merrifield” (2021)

“Launching DEI Initiatives with Tara Lessard-Webb” (2021)

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

“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”

Sponsored RIMScast Episodes:

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

“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

“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire

“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.

“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett

“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency

“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.

“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL

“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett

“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon

“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST

“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon

“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group

“The Golden Era of Insurance” | Sponsored by The Hartford

“Insurance Investigation Trends Happening Now” | Sponsored by Travelers

“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect

“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL

“Property Valuation Deep Dive” | Sponsored by TÜV SÜD

“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers

RIMS Events, Education, and Services:

RIIMS.org/Events

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

NEW FOR MEMBERS! RIMS Mobile App

RIMS Buyers Guide

Dan Kugler Risk Manager on Campus Grant

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

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

Upcoming RIMS — Virtual Workshops

RIMS Webinars

On-Demand Webinars

RIMS Advisory Services — Ask a Peer

Risk Management Magazine

Risk Management Monitor

RIMS Risk Leaders Series

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!

Spencer Educational Foundation

RIMS DEI Council

RIMS Path to the Boardroom

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:

Omari Jahi Aarons on LinkedIn

NAAIA

Marsh.com

The Journey of African-American Insurance Professionals

The Next Steps on the Journey

Tweetables (For Social Media Use):

“Insurance touches everything, and so we are at the forefront of innovation for every industry. … When you’re in the insurance industry, you pick up a little bit of expertise from so many different areas because we touch so many things.” — Omari Jahi Aarons

“[At NAAIA’s 2018 conference] I was like, ‘Wow! I didn’t know that there were this many Black people in the insurance industry!’ …  Everyone was so welcoming, … being willing to share with me their work.” — Omari Jahi Aarons

“What do we do to help close the gap for Black and African-American men in the industry, and make sure that Black men know that the insurance industry is a place where they can come and have a thriving career?” — Omari Jahi Aarons

“The issue is … a microcosm of the larger systemic racial bias permeating our whole world. It’s going to take generations of committed efforts across the board to move the needle to a place where we … have an equitable and inclusive society.” — The Next Steps on the Journey

“[We may ask in 100 years,] ‘Can you imagine a time when we needed organizations like NAAIA because we didn’t value the full humanity of each other? Like we allowed differences like skin color, national origin, and immigrant status … to be barriers?’” — Omari Jahi Aarons

“HR is there to help people be valued, recognized, supported, enabled, and to be able to do their job, and there’s certainly a DEI lens that wraps around that.” — Omari Jahi Aarons