RIMScast

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

In this episode, Justin interviews Anderson Kill Shareholder Joshua Gold on the May 5th RISKWORLD session that Joshua is co-presenting with RIMS Past President Lance Ewing, "Do Not Let Your Cargo Claim Go Down with the Ship: Tips to Improve Marine Insurance Protection." Joshua shares knowledge on two of his areas of practice, cyber and maritime insurance. Joshua offers some insight into these newest and oldest of practice areas, and how they have begun to intersect. Maritime insurance carries special language and rules, and Joshua and Lance will cover those and answer attendee questions in their session. Justin and Joshua discuss current maritime threats in the Middle East that will likely be discussed in the session. Justin and Joshua comment on Law Day, an annual commemoration of law on May 1st.

Listen for a greater understanding of maritime shipping insurance and the importance of promptly filing claims.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration is open for RISKWORLD 2026, which will be held from May 3rd through 6th in Philadelphia. Visit RIMS.org/RISKWORLD to register.

[:27] About this episode of RIMScast. We will be joined by RIMS Risk Management Magazine contributor Joshua Gold, Shareholder at Anderson Kill. He's making his RIMScast debut to discuss Marine and Cargo Risk. This is timely. But first…

[:59] RIMS Virtual Workshops. The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes.

[1:13] On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:30] Webinars. On April 16th, Zurich and World Travel Protection will present "Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times". Register for webinars at RIMS.org/webinars and through the links in this episode's show notes.

[1:48] Folks, for more RIMS content, head over to YouTube and subscribe to @RIMSOfficialChannel. There you will find video podcasts, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS.

[2:03] Head over to RMMagazine.com for the Q1 Edition of the Azbee-Award-winning magazine, RIMS Risk Management Magazine.

[2:15] On with the Show! Our guest today is a shareholder at the law firm Anderson Kill. You've seen his byline in RIMS Risk Management Magazine, and you've seen him on RIMS stages regionally, nationally, and globally.

[2:30] Joshua Gold is here to discuss marine and cargo risks generally, and how he will be co-presenting a session at RISKWORLD on May 5th, called "Do Not Let Your Cargo Claim Go Down with the Ship: Tips to Improve Marine Insurance Protection."

[2:50] He will present that alongside RIMS Past President Lance Ewing. We expect that session to be highly attended. Joshua is here to give you a preview of that session, talk about how cyber can intersect with marine and cargo risk, and offer some practical risk management takeaways.

[3:11] Law Day is coming up in the U.S. on May 1st. Joshua has been practicing law for three decades. We'll find out what Law Day means to him in 2026. Let's get to it!

[3:24] Interview! Anderson Kill Shareholder Joshua Gold, welcome to RIMScast!

[3:51] Joshua says RIMS is an amazing system for sharing information and education. Joshua couldn't be prouder to be speaking at RISKWORLD 2026.

[4:13] Joshua has written for RIMS on topics from cyber to marine insurance. Joshua thinks that cyber risk management is fascinating because cyber is new for many policyholders, in terms of implications, perils, how insurance will respond, and what the products are.

[5:15] It's fascinating to see the intersection of technology, insurance, and law. It all comes together in cyber. These perils may be getting more perilous over the next few years before we may start turning the corner.

[6:00] Joshua's session on May 5th at RISKWORLD is called "Do Not Let Your Cargo Claim Go Down with the Ship: Tips to Improve Marine Insurance Protection." Joshua will present with former RIMS President Lance Ewing.

[6:17] Joshua says he is in both the newest thing in insurance and law, cyber, and the oldest thing in insurance and law, marine. Most of his day-to-day focus is on either end of the spectrum.

[7:16] As much as Joahua loves cyber, he is intrigued with maritime insurance and maritime law. It's esoteric and old. It has special rules. If you don't deal with this type of insurance and law regularly, it can be challenging.

[7:46] The insurance companies are typically very well-versed in the insurance rules and doctrines. Most policyholders are much less so. There's an information imbalance.

[8:00] Joshua always looks forward to educating risk managers about this area. It's so detailed and different. Some might say it's antiquated. It's a challenging area, and we couldn't have a better example of that than with recent current events and hostilities in the Middle East.

[8:42] Joshua says, as dangerous and harrowing as the situation exists in certain shipping lines and energy channels, we've seen examples of disruptions in recent times with drought conditions affecting the Panama Canal and other shipping lanes.

[9:02] Joshua recalls the Suez Canal freighter mishap. The Suez Canal was shut down while an international engineering effort was launched to free the freighter and free up shipping lanes.

[9:29] The current shipping disruption caused by an escalating war will present real challenges for both shippers and energy markets. We're watching that in real time.

[9:54] Joshua and Lance don't want a current events discussion. They want to educate policyholders on principles that apply, whether they're dealing with a Suez Canal situation, an Iranian conflict, modern-day pirates in open water, or thieves breaking into your warehouse.

[10:37] Joshua and Lance will emphasize certain relevant points like detours, delays in shipping, downstream risk, risk to certain types of cargo, cancellations for war risk coverage, and other marine insurance products.

[11:06] There can be a real aftermath, and we're not sure where we are, as of this recording. We'll know more in May at RISKWORLD in Philadelphia. Now, we can only brace for the worst.

[11:32] Joshua and Lance are looking to educate policyholders on all of these issues, including ones that will be front-burner, given the hostilities now.

[11:52] Joshua says marine insurance policy language is cloaked in words of antiquity. Sometimes you'll see a marine policy that looks like a standard property all-risk policy, and sometimes you'll see one that contains 17th-century nautical and piracy terms.

[12:32] It's important to make sure that you understand the rights, protections, obligations, and contingencies under insurance.

[12:48] Most marine insurance policies will have a one-year provision the insurance company will argue says that if there's a fight over the claim payment, the amount, or the timing of the payment, that has to be brought in a lawsuit commenced within 12 months of the loss event.

[13:14] For people who have never had to go through a complicated claim, a year may sound like plenty of time. But these claims can take months or even years for resolution. Sometimes they don't get resolved without some coverage litigation or alternative dispute mechanism.

[13:43] Most policyholders are not accustomed to seeing a one-year contractual statute of limitations to bring a fight. You don't want to be in a position where the insurance company will argue you may have forfeited your coverage rights if you didn't act in time.

[14:11] Policyholders may not ever get into that realm, because they've never had that problem, but it's a point of being educated and knowing the lay of the land for policyholders in this arena, insuring goods over open water, in warehouses, on docks, or on a truck.

[14:58] A Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[15:18] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges are now available. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[15:36] Our guest today, Joshua Gold, will be one of the session speakers at RISKWORLD. We are excited for him and also for our just-announced closing keynote, NFL Hall of Famer, Super Bowl Champion, Emmy-winning broadcaster, and entrepreneur, Michael Strahan.

[15:55] Michael Strahan will be on the main stage on May 6th. Justin is super stoked! If you're still on the fence, this is a fine time to smash that Register button and hear from one of the all-time greats.

[16:07] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information.

[16:28] Let's Return to Our Interview with Joshua Gold of Anderson Kill!

[16:44] Joshua says don't get fooled by the title of your insurance policy. The devil is in the details. You may have Ocean Marine Cargo Coverage, but you may get endorsements, like a warehouse-to-warehouse endorsement.

[17:15] You may be buying a product called Stock Throughput. You're looking for coverages that may apply not just for cargo on a ship, but also for cargo that may be at rest, stored in a warehouse where it's being loaded from the ship onto the dockside.

[17:48] There are many areas where you have to be aware of things developing in the marketplace and the fact that your insurance may now carry on well beyond the vessel's hull.

[18:05] There's another area of marine liability coverage which may be implicated, given the hostilities in the Straits of Hormuz and perhaps elsewhere, and the escalating nature of the conflict in the Middle East, so we will have to see how that plays out.

[18:31] Joshua always recommends that policyholders work with experienced insurance brokers.

[18:39] Joshua says it is a privilege to give this discussion in May with Lance Ewing, a seasoned risk manager who has worked on the brokerage side and the insurance company side, as well as the risk manager policyholder side, so he has every perspective.

[19:04] One of the things they will do at RISKWORLD is to make sure that not only do you hear from a coverage lawyer, but also from a risk manager, like most of the audience, who can speak to risk managers about what is important to their risk management approaches.

[19:34] They hope that that's going to be useful for audience members even if they're not in the same industry as Lance. Justin points out that one never knows where they might end up next. This is a great way to become more well-rounded.

[20:08] When evaluating marine cargo policies, you always want to look at the warehouse-to-warehouse endorsement. Find a broker that's well-steeped in marine cargo coverage. They can often customize endorsements that are important to your business.

[20:51] If you're transporting goods that are capable of being spoiled or have to be refrigerated, or have to be in the hull of the ship, protected from the elements, those issues can come up through endorsement, special policy provisions covering temperature-controlled goods.

[21:22] Joshua mentions that electronics may require being flown as air cargo. You want a system with customized coverage wherever you can get it. The broker knows that Lloyd's Marine Group has an example of an endorsement that covers a certain type of peril or cargo.

[22:06] You might have a provision in your policy as part of a base form, but you might want fraudulent bills of lading coverage. There is now a technology overlap with shipping, an intersection between cyber and marine.

[22:54] Some countries are GPS spoofing to confuse ships, which can be fatal if a ship goes into rocks or a bank in bad weather. This has implications, as we are seeing insurance companies slap onto marine products some type of cyber exclusion.

[23:37] You'll want to know that just because technology had a role in the loss, you're not forfeiting all of your coverage. Joshua says we're certainly seeing it with piracy claims and theft claims. We're seeing it on the roadways. Truckers are getting more and more targeted.

[23:58] A truck leaves a warehouse with goods that have been shipped on an overseas voyage, and there's an argument potentially that you've got federal maritime law applying in admiralty. What are the implications for coverage even though it's now inland on a train or truck?

[24:23] We're seeing more cargo theft in the realm of trucking, in addition to stuff missing at the dock and warehouses being broken into. It's a perilous situation for those dealing with cargo.

[24:43] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[25:04] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[25:19] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[25:31] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[25:39] Let's Conclude Our Interview with Joshua Gold of Anderson Kill!

[25:48] Josh Gold will be presenting a special session on May 5th at RISKWORLD, called "Do Not Let Your Cargo Claim Go Down with the Ship: Tips to Improve Marine Insurance Protection." He'll be co-presenting with RIMS Past President Lance Ewing.

[26:13] Justin says if he were in the audience for that session, he would ask what the critical steps are that risk professionals should take immediately after a cargo loss to preserve their coverage rights.

[26:39] Joshua says the first step always is to give prompt notice. It complicates matters if the insurance company can argue that the notice was untimely. The first thing is, get the notice in. You won't have all the information. Notice is unlike wine; it doesn't get better with age.

[27:17] Give that prompt notice first. Then support your claim. As quickly as you can, gather photographs, video evidence, and documentary evidence, and give as much as you possibly can to the insurance company. Let that claims process unfold promptly.

[27:43] You don't want the insurance company delaying payment because they say they didn't get the information they needed to process the claim. Try to give them that information.

[27:59] Joshua says you can absolutely add more documentation. You can start by saying this is what we know now, and we reserve the right to supplement this information when we learn more about our loss.

[29:03] There are surely deadlines built into your policies. Go through your policy and calendar dates for proof of loss, statement of loss, and getting certain claim information in. Put those benchmarks in the calendar and hit them as often as you can.

[29:45] Joshua says with a cyber claim, there's no reason to hold back because you're incurring costs from the start with your forensic team and your breach coach. With cargo, Joshua says, I would give notice as quickly as you can, even if it's not as robust as anyone would like.

[30:13] Get notice off as soon as possible. Enlist your broker's help as quickly as you can. If you have the information, get your insurance policy out, look at the notice provisions, and call your broker. Brokers are a great way to submit insurance claim information.

[30:58] The broker should be helping guide you. You've already paid their commission. Enlist their help at the outset.

[31:07] Justin asks if risk professionals need to tell executive leadership immediately. Joshua says there should be a dialogue. He appreciates the systematic and scientific risk management approach RIMS brings and the recognition that risk management is getting from the C-Suite.

[31:48] Not every risk manager is at the C-Suite level, but they can communicate with the Treasurer, the CFO, or the Law Department, depending on the organization. Internal communications are important.

[32:11] Include the Law Department in communications, to ensure that privilege is protected and conversations are not being exploited if there's a conflict over the coverage. Depending on the importance of the potential loss, the COO and the CEO may need to be involved.

[32:53] Justin wants the RISKWORLD attendees to ask questions. Joshua and Lance have built time in during the session for questions. They love to take questions on the fly. They believe that if they spend half of the time in a dialogue with the audience, that is time very well spent.

[33:50] Joshua has been practicing law for 31 years and has been with Anderson Kill in the New York office for almost 31 years, specializing in insurance coverage trade.

[34:18] Justin notes that Law Day is an annual commemoration held on May 1st to celebrate the rule of law and cultivate a deeper understanding of the legal system. Joshua says we're always happy to get some kind of positive acknowledgment, accolades, recognition, and a special day.

[35:20] This year's theme is "The Rule of Law and the American Dream." The idea that no person is above the law is what ensures the rights of the people to live their lives as freely as possible and to pursue their dreams. Joshua is a full supporter of that doctrine.

[35:40] It has been such a pleasure to see you again. You are a regular contributor to RIMS Risk Management Magazine. We have links to some of your articles in this episode's show notes. We're going to see you on May 5th at RISKWORLD in Philadelphia. See links in the show notes.

[36:03] Joshua's last words: Please show up on Cinco de Mayo, we're speaking on the afternoon of May 5th. We'd love to see you then in Philadelphia at RISKWORLD. Lance and I are looking forward to hearing your questions and talking about marine cargo and what's going on then.

[36:26] Justin says, You've always been very supportive of me and of RIMS. I remember very clearly that somebody dropped out of a cyber panel, and you and Bill Passannante stepped right in for us, so I've always felt a strong connection to you and the professionals at Anderson Kill.

[36:57] Special thanks again to Anderson Kill Shareholder Joshua Gold for joining us here on RIMScast. I have links to his contributions to RIMS Risk Management Magazine in this episode's show notes.

[37:10] If you will be at RISKWORLD, remember to attend his session on May 5th at 3:30 p.m. on the Global Stage. It is called "Do Not Let Your Cargo Claim Go Down with the Ship: Tips to Improve Marine Insurance Protection."

[37:24] It will be co-presented with RIMS Past President Lance Ewing. Register at RIMS.org/RISKWORLD today!

[37:32] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[38:00] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[38:18] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[38:36] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[38:52] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[39:07] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[39:19] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

More from Joshua Gold in RIMS Risk Management Magazine

Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines.

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today and Submit an Educational Session!

RIMS Risk Management Magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Episodes Now Live

RISK PAC | RIMS Advocacy

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

Claims Management | April 7‒8

"Emerging Risks" | April 15 | Register Now!

Upcoming RIMS Webinars:

"Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times" | April 16 | Presented by Zurich and World Travel Protection

RIMS.org/Webinars

Related RIMScast Episodes:

"RIMS 2022 Goodell Award Winner Lance Ewing"

"World Water Day and the Circular Water Economy with Ralph Exton of WEF"

"Supply Chain Integrity and Sustainability with Nicole Sherwin of EcoVadis"

"Navigating Shipping Risks in 2022 with Capt. Rahul Khanna"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

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About our guest: Joshua Gold, Anderson Kill

Shareholder, Anderson Kill

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Tom Armstrong, a Global Risk Director for Comcast and the President of the RIMS Delaware Valley Chapter. Tom shares what inspired him to pivot from studying music education to studying risk and insurance, and how his professors guided and inspired him into a career in risk management. Tom went directly from graduation into a risk management role, eventually landing at Comcast just as it acquired NBCUniversal, transforming from an ISP and cable supplier into a multimedia and theme park powerhouse. Tom discusses how the Risk Management Department works at Comcast. Tom tries to build long-term relationships with his interns that endure when they move on. The RIMS Delaware Valley Chapter is the host chapter for RISKWORLD 2026, held from May 3rd through the 6th in Philadelphia, Pennsylvania. The chapter is also celebrating its 75th Anniversary. Tom shares his enthusiasm for these events and for a member reception on May 1st, linking the chapter's 75th Anniversary to RISKWORLD.

Listen for ideas on advancing in your risk career and in your RIMS chapter.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration is open for RISKWORLD 2026, which will be held from May 3rd through 6th in Philadelphia. Visit RIMS.org/RISKWORLD to register.

[:28] About this episode of RIMScast. Our guest is Tom Armstrong. He is a Global Risk Management Director at Comcast. He is also the President of the Delaware Valley Chapter of RIMS, which is celebrating its 75th Anniversary. Lots to discuss! But first…

[:59] RIMS Virtual Workshops. The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes.

[1:13] On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:30] Webinars. On April 16th, Zurich and World Travel Protection will present "Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times". Register for webinars at RIMS.org/webinars and through the links in this episode's show notes.

[1:47] Folks, for more RIMS content, head over to YouTube and subscribe to @RIMSOfficialChannel. There you will find video podcasts, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS.

[2:05] On with the Show! Our guest today is a Director of Global Risk Management at Comcast. He oversees construction, crime, contracts, and executive risks.

[2:16] We will learn what it takes to be a Global Risk Director for one of the top communications companies in the world, as well as a household name and brand.

[2:27] We're also going to talk about all the joviality surrounding the Delaware Valley Chapter as they celebrate their 75th Anniversary. They happen to be the host city for RISKWORLD 2026, so we'll learn what they have in store for us. Let's get to it!

[2:43] Interview! Tom Armstrong, welcome to RIMScast!

[3:10] Tom says he is fortunate to hold the positions of Global Risk Director for Comcast and President for the RIMS Delaware Valley Chapter. In each case, he is one of a team that makes it happen.

[3:47] Tom shares his career path. He went to Temple University intending to major in music education, to learn to conduct high school choirs and marching bands. After two and a half years into his degree, he decided it was not for him.

[4:11] Tom transferred to the business school, where he was fortunate to take an Introduction to Risk course taught by Professor Barbara Manaka, now Chairman of the department there. She told him he'd make a great risk manager.

[4:27] With help from Professor Manaka, Professor Robert Drennan, and the rest of the wonderful staff at Temple, Tom finished his four-year degree in only five years! He was one of the few to be hired into a risk management role straight out of school.

[4:43] He started at CDI. In 2008, the position was eliminated, and Tom moved over to Aramark. He spent about three and a half years at the risk department. Then he got a call that Comcast was looking for someone to help them with the review of insurance language in contracts.

[5:01] Tom was a contractor for his first 18 months at Comcast. A new risk manager came on board, Sandy Aspinall, and he brought Tom in-house as a senior analyst to review insurance language in contracts.

[5:24] Tom was able to add on some additional scope, supporting construction, property, executive risks, the crime program, and whatever comes up that needs some support. Like the rest of the team, he's happy to step up.

[5:57] Tom says that he never had a great talent for music. What he really liked was the community that a marching band or a choir brought to him as a kid in high school. He has found that this industry can give him a lot of the same community.

[6:09] Community is why Tom wants to be a part of RIMS. It's why he stepped up to lead a RIMS chapter. It's why he appreciates his peers at Comcast.

[6:23] Tom joined RIMS through meeting participation early in his career, in 2009 or 2010. Aramark supported his involvement in visiting and joining certain meetings. In 2017, he stepped up to be Treasurer of the Delaware Valley Chapter. He's been President for about three years.

[6:46] Some staffing changes happened in the RIMS and the RIMS Delaware Valley Chapter in 2017 and 2018, opening up positions like Treasurer. Tom mentions former Treasurer Deborah Saunders and former RIMS President Robert Cartwright Jr., now a huge asset to the chapter.

[7:53] Tom says he enjoys his work. He is one of six Directors and Senior Directors on the team, each reporting up to Sandy Aspinall. They each have their slice of the business. Tom gets to work on some really cool stuff.

[8:03] Comcast deals with cable and internet delivery. Tom says there are some fun elements to it. They deal with theme parks and movie studios. They put solar panels on roofs. When Tom joined Comcast, he thought it was a boring cable company, but it is light-years more than that.

[8:42] Tom and his peers sit at the corporate level at Comcast but have responsibilities across almost all Comcast subsidiaries, with a few exceptions that have their own approach to risk. They have no line authority over any of the subsidiaries.

[8:58] Tom says everything we do is through demonstrating our value and persuading through convincing arguments. Risk Management doesn't say, "You have to do it this way."

[9:14] They say, "You're not going to say Risk Management approved this, unless we work together and we provide you with the advice that we think will let you do your business in a way that protects the organization while letting you do the cool and inventive things that you do."

[9:39] From day one, Tom's been involved in the review of insurance language in contracts. His team reviews 1,500 contracts in a year. They care about what they're doing, from the smallest contracts to the biggest engagements. They inform business leaders to make good choices.

[10:21] For Tom, contracts are a framework through which he can look at the operations of the business. If contractors are going to enter customers' homes, they need commercial general liability to make any damages right.

[10:38] Similarly, for people who handle customer data, design attractions in Comcast parks, or license intellectual property that Comcast distributes. In all of those situations, Comcast cares about how they engage.

[11:07] Tom says the nature of the business to which they apply the risk framework has changed again and again. When Tom came on in 2012 as a contractor, Comcast was just starting to acquire NBCUniversal.

[11:22] They went from an Internet Service Provider and a cable operator to a multimedia powerhouse with theme parks, movie studios, and TV production. That was a massive shift in how Comcast operates, and Risk Management had to learn to manage a new suite of risks.

[11:42] That happened in a different way when Comcast bought and started operating Sky UK a few years ago. Every time Comcast introduces another element of business, Risk Management has to figure out how that fits into how they manage risk.

[12:08] Peacock is a huge piece of the puzzle in terms of how Comcast is approaching its consumers and delivering content.

[12:16] From a risk perspective, it mirrors what Comcast used to do from a linear distribution, but through very new channels and with less mature partners. Risk Management has to think about how the partners are capitalizing their exposures and how that cascades onto Comcast.

[12:32] A Quick Break! RIMS is once again supporting the FERMA Global Risk Manager Survey 2026.

[12:43] Now in its second consecutive global edition, the survey, led by FERMA, brings together insights from Europe, the U.S., Latin America, Asia Pacific, and Africa, offering a truly international perspective on how the risk management profession is evolving.

[12:58] Surveys are anonymous, and the final report is free. The deadline to participate is March 31st. A link is in this episode's show notes.

[13:08] RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[13:25] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges are now available. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[13:43] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information.

[14:00] Let's Return to Our Interview with RIMS Delaware Valley Chapter President Tom Armstrong!

[14:23] A former colleague told Tom: You've got to be nosy to do this job! Commonly, someone will give you an answer that they think you want to hear when you start asking risk questions.

[14:36] You have to ask at least five times. Why is it like this? How are you going to achieve that? How much is this really going to cost? Your vendor said that buying insurance is expensive, but can they define expensive? For all those questions, you can't just take an answer at face value.

[14:55] There has to be a level of ethics and willingness to behave with integrity, as well as a willingness to roll up your sleeves and get the job done.

[15:14] Tom says most of his regular partners understand the questions he's going to ask now. He doesn't have to ask why as often as he used to, because they've already done some of that work.

[15:23] Tom says it helps to know your partners and the mindset they've brought to their conversations with their vendors.

[15:34] Tom has one direct report, Juliana, who started two years ago to help him with some contract review work and let him focus on other things. Over the past four years, Tom has had four different interns. Two of them just won a CICA award.

[16:34] To help build the future of the industry, Tom gives work to interns not as busy work, but work that can be put to a demonstrable use.

[16:42] One intern helped move file storage from a network drive to a new SharePoint. Another helped finish a streamlined intranet page to deliver advice to internal colleagues.

[16:59] All of that came with a reason to go and talk to every colleague and understand how their work fits into the risk management picture. Tom tries to find ways to make the intern's work meaningful.

[17:19] The two interns posted about their CICA captive award. They have kept in touch with Tom and recently texted him for advice. Tom tries to build long-term relationships.

[17:42] Tom says Comcast's Risk Management department has been fairly stable for the last few years. It would be great to have more hands on deck, but there is a budget, just like there is in every department in the organization.

[18:15] Tom says in Orlando, they have Universal's Epic Universe, which opened in Spring 2025. They still have Universal Studios' Islands of Adventure and Volcano Bay theme parks. Tom says Epic Universe was such a cool project to work on. Tom started on it in late 2018.

[18:35] Tom says they put the park together with their partners at Universal Creative. Tom's part was to insure it.

[18:52] In 2020, as COVID started to become more noticeable, Tom was just about to bind coverage on the construction program for Epic Universe. It was a massive undertaking on 2,000 acres. There were 1,200 contractors with 7,000 people on site.

[19:09] Just as Tom was about to hit Bind, COVID happened. They had to pause their whole marketing efforts and, about nine months later, re-market the entire program, deal with all of the changing supply chain issues that came along with COVID.

[19:25] Comcast is very proud to have opened Universal's Epic Universe last year. It has been met with enthusiastic public reception.

[19:36] Justin says that this episode was recorded on March 13th, six years to the day after a national emergency was declared for COVID-19. Tom was in Italy for his wedding on that day, and they had to cancel due to COVID and come home. They finished the wedding last year.

[20:13] Justin says that for a risk manager, taking a theme park from conception to completion has to be a dream job. When people tell Tom insurance is boring, he asks them if they've ever received an email about the Ministry of Magic, or a giant theme park like Epic.

[20:54] Last November, Sandy took the Global Risk Management Department to Orlando for an off-site all-hands meeting. They walked through the park and experienced some of the rides. It was nice to get back to the park without a hard hat after the construction site inspections.

[21:30] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[21:55] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[22:10] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[22:22] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[22:31] Let's Conclude Our Interview with RIMS Delaware Valley Chapter President Tom Armstrong.

[22:53] The Delaware Valley Chapter is celebrating its 75th year. They were close to New York, so they were the second chapter to be established. Tom said they've had a series of amazing individuals in the chapter, including Robert Cartwright, Jr., who have made the chapter what it is.

[23:26] Tom says the chapter has a rich pool of talent in the Philadelphia area. "Delaware Valley" refers to the river, not just the state of Delaware. It's the Greater Philadelphia Area. Ben Franklin founded the first insurance company in Philadelphia. The city has a long history of insurance.

[23:46] There are many awesome companies headquartered in Philadelphia, including Comcast and Aramark. The great professionals in the area have enthusiasm and a willingness to step in.

[24:06] Tom says the chapter has a hard-headed insistence on continuing to persist. Like in a lot of organizations, coming out of COVID, it has been harder to keep people showing up in person. They hold meetings on the first Tuesday of every month at 8:00 a.m. That can be a tough trek.

[24:32] Some members drive two hours to attend the meeting. The chapter is looking at the results of recent member surveys and might be making some changes to improve attendance. The chapter has a great community, and they try to foster what's already there.

[25:04] Tom says the chapter has a couple of popular social events. Golf is huge. A Phillies Outing is aimed toward both rising risk professionals and mature risk professionals. Last year, they showed up at Citizens Bank Park with 65. That kind of event helps engage members.

[25:35] The chapter partners with local Universities. Chapter VP Rory Magargee partnered last year with St. Joseph's University and helped them win a Black & Gold Award through Gamma Iota Sigma for the Networking for Newbies event to help students interact with professionals.

[26:05] Justin says that the rising risk professionals were in high school or middle school when COVID hit. Professionals have been tracking how that would play out later on in their careers and personal lives. Students had gotten used to a virtual setting and then had to transition back.

[26:49] Tom says, based on a recent membership survey, the chapter is looking at changing the upcoming programming year, starting in September, to preserve what works in the current approach and enhance it to bring in some folks who might not attend in person at 8:00 a.m.

[27:31] From May 3rd through 6th, RISKWORLD 2026 will be in Philadelphia. The Delaware Valley Chapter will focus on its membership to celebrate its 75th year.

[28:00] On Friday, May 1st, chapter members, some RIMS leaders, and sponsors will gather at a reception at a venue soon to be announced. Tom extends his thanks to the sponsors who are making it possible.

[28:20] The chapter is passionate about Philadelphia. Tom is looking forward to RISKWORLD 2026 and showing the industry the best that Philadelphia has to offer.

[28:25] It's not just the chapter's 75th year; it's also the 76th year of RIMS. It's also 250 years since the signing of the Declaration of Independence in Philadelphia.

[28:43] To learn more about the RIMS Delaware Valley Chapter and apply for membership, visit DelawareValley.RIMS.org or find them on LinkedIn, or email any of the Board members.

[28:53] Tom, it has been a pleasure to see you again and to get to know you through this episode. I look forward to seeing you at RISKWORLD 2026 from May 3rd through the 6th in Philadelphia. Congratulations again on your 75th!

[29:11] Special thanks again to Tom Armstrong for joining us here on RIMScast. We wish him and all the members of the RIMS Delaware Valley Chapter, past and present, a Happy 75th Anniversary!

[29:23] A link to the chapter's page is in this episode's show notes. We look forward to seeing many of those Delaware Valley Chapter members at RISKWORLD, which will be held from May 3rd through the 6th in Philadelphia. Visit RIMS.org/RISKWORLD to register.

[29:41] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[30:09] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[30:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[30:45] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[31:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[31:16] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[31:28] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Delaware Valley Chapter

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines.

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today and Submit an Educational Session!

RIMS Risk Management magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Episodes Now Live

RISK PAC | RIMS Advocacy

FERMA Global Risk Manager Survey 2026

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

"Risk Appetite Management" | March 25‒26

"Claims Management" | April 7‒8

"Emerging Risks" | April 15 | Register Now!

Upcoming RIMS Webinars:

"Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times" | April 16 | Presented by Zurich and World Travel Protection

RIMS.org/Webinars

Related RIMScast Episodes:

"The Value of Risk Management: Inside the RIMS 2025 Compensation Survey"

"RIMS 2025 Goodell Award Winner Randy Nornes"

"Investing In Yourself with RIMS 2026 President Manny Padilla"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

Want to Learn More?

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

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About our guest: Tom Armstrong, ARM, CRM, CRIS, CIC, Director, Global Risk Management at Comcast

President of the RIMS Delaware Valley Chapter

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Ralph Exton, Executive Director of the Water Environment Federation, about World Water Day, March 22nd, and the importance of water governance. WEF is a UN Water Partner, focusing on water access and gender equality. Justin and Ralph discuss the Value of Water Campaign and the Circular Water Economy. Ralph mentions other water organizations that the WEF promotes and supports. They discuss how water governance is a board-level issue, along with cybersecurity and financial risk. They explore ways organizations can participate in World Water Day.

Listen for ideas on elevating water governance in your organization.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration is open for RISKWORLD 2026, which will be held from May 3rd through 6th in Philadelphia. Visit RIMS.org/RISKWORLD to register.

[:27] About this episode of RIMScast. We will be joined by Water Environment Federation Executive Director Ralph Exton. He's here to talk about the circular water economy ahead of March 22nd, which is World Water Day. This is probably my favorite topic! But first…

[:59] RIMS Virtual Workshops. The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes.

[1:13] On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:30] Webinars. The "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" Webinar, spotlighting women leaders in risk and construction, was rescheduled to March 20th.

[1:42] The registration link is in this episode's show notes. You will have to register again if you have previously done so.

[1:48] On April 16th, Zurich and World Travel Protection will present "Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:05] On with the Show! Our topic is water risk management, and we are joined by the Executive Director of the Water Environment Federation, Mr. Ralph Exton. He has decades of professional experience with water risk.

[2:19] He is here to discuss what the Water Environment Federation refers to as the Circular Water Economy, WEF's Value of Water Campaign, responsible water risk management, and World Water Day 2026, which emphasizes water access and gender equality. Let's get to it!

[2:40] Interview! Ralph Exton, welcome to RIMScast!

[2:48] Ralph Exton, Executive Director of the Water Environment Federation, joins us for this World Water Day episode of RIMScast.

[3:29] Ralph Exton's career started with water. As a newly graduated mechanical engineer, his first assignment was to manage and supervise the water operations at an industrial facility. He says he had no idea what he was doing. He had wanted to work on robots.

[4:57] Ralph says it did not take long. Once you understand how important water is to an industrial operation, you realize how important water quality is to the environment. Everyone knows how important water is from a personal standpoint.

[5:28] When you understand those bigger factors, it becomes inherent in the way you think about your job and career. Ralph tells people, once you get your hands wet in water, they'll never be dry.

[5:55] Ralph's entire career has been water. The early part of the career was operational and industrial. Then he worked for water technology companies, and eventually for the largest water technology and servicing companies in the world. He lists some of the global companies.

[6:37] Ralph says that a couple of years ago, he was at a point in his career where he wanted to give back more and be more directly focused on the impact he could have on water and the environment.

[6:52] Ralph had spent a lot of time with the Water Environment Federation as a customer, a volunteer, and a board member. All those things throughout his career helped him considerably. It's such an important organization for making connections in the water sector and for learning.

[7:24] Ralph says that when the opportunity came up to be part of the organization that has been so important to his career for all those years, he jumped at it and was fortunate to be selected for this position. Ralph joined WEF in mid-2024.

[7:47] Ralph says he is thrilled with the opportunity for direct contributions to water and the environment. It has been fantastic. The organization has always done super important things. He gets to be a part of making those things a reality now, and it's great.

[8:17] World Water Day, March 22nd, is a big day for Ralph and for the WEF. This year, it emphasizes water access and gender equality. WEF is a strong supporter of water access, criminal justice, and gender equality. WEF is very proud to be a UN Water Partner.

[9:06] Access to clean water and sanitation is directly correlated with a higher level of education, gender equality, and economic stability. If you have one, you're going to get the other.

[9:24] In particular, ready access to clean water and toilets is crucial for women, especially at school age. If women aren't carting water all day long, they have more hours to spend with access to schooling and to join the workforce.

[9:51] Ralph says there's also a very high correlation between women in the workforce and economic well-being, not only of the family, but also economic well-being within the regional and national economies. The theme for this year's Water Day ties it all together.

[10:42] This is core to some of the work WEF does. WEF has a program called Charities of Choice.

[10:54] WEF supports and promotes several not-for-profit organizations that focus on philanthropic and charity work, domestically and in developing countries, that provide services that ensure that the water environment is enhanced or preserved and public health is protected.

[11:20] Ralph shares a couple of examples. Global Water Stewardship works to resolve sanitation issues in the developing world by educating people and engineering sustainable centralized solutions that keep waterways clean and communities healthy.

[11:38] Water for People is an international nonprofit based in Denver, Colorado. Their goal is to bring water, sanitation, and hygiene services to everyone and to make the solutions last.

[11:55] Engineers Without Borders builds a better world through engineering, through projects that empower communities to meet their basic human needs and equip leaders to solve some of the world's most pressing water challenges.

[12:14] Operators Without Borders looks to provide certified volunteer water and wastewater operators who can support utilities in developing countries, following emergency or disaster situations, to ensure that safe drinking water and wastewater services are resumed quickly.

[12:48] Ralph says WEF largely provides a platform and access to tens of thousands of people around the world who are part of WEF membership. WEF also has grants for water-related emergencies.

[13:42] Ralph says volunteer work is probably the biggest thing people can do to help. Making donations to any of these organizations is super important. Feet on the street is a big cost component of this work.

[14:10] The other cost component is training. If you send people to a location to solve a problem, and then they leave and don't provide training to the community, the solution won't last. Volunteers participating in some of these projects are a big help in making projects sustainable.

[15:06] Ralph says you can provide someone a meal, or you can teach them how to grow that meal. There are short-term and long-term aspects. Long-term, you have to make sure they have the infrastructure, training, knowledge, and resources to provide for themselves.

[15:51] The Value of Water campaign highlights the state-by-state economic benefits of investing in water infrastructure. The campaign is a coalition of the U.S. Water Alliance, the WEF, and other organizations. The WEF is on the Value of Water campaign steering committee.

[16:27] We're at a pivotal moment regarding water infrastructure. A recent study was on the U.S. water infrastructure, but the issue is global.

[16:46] The U.S. water infrastructure gets scored every couple of years on an A through F system. We don't score very well. The recent research has a powerful message. The funding gap is $1.8 trillion in water infrastructure between now and 2044.

[17:30] Ralph says that's an opportunity. The latest report from the Value of Water campaign shows what's possible if we invest in water. Every $1 million directed towards water infrastructure generates $2.5 million in economic growth. There is a return on this investment.

[18:13] That kind of return builds stronger communities. It creates meaningful jobs and helps drive innovation.

[18:26] The report identifies that implementing circular water principles is going to be key. These strategies help transform linear systems into regenerative systems, where water is reduced and recovered, and constituents can be pulled from the water and recovered.

[19:00] WEF is committing to advancing this approach as they help to shape a resilient and inclusive future.

[19:14] The 2025 Value of Water Campaign Report is publicly available. The link is in this episode's show notes.

[19:36] A Quick Break! RIMS is once again supporting the FERMA Global Risk Manager Survey 2026.

[19:47] Now in its second consecutive global edition, the survey, led by FERMA, brings together insights from Europe, the U.S., Latin America, Asia Pacific, and Africa, offering an international perspective on how the risk management profession is evolving.

[20:03] Surveys are anonymous, and the final report is free. The deadline to participate is March 31st. A link is in this episode's show notes.

[20:12] RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[20:29] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges are now available. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[20:48] The Second Annual RIMS Texas Regional Conference will be held in San Antonio from August 10th through August 12th.

[20:55] The call for submissions for educational sessions is open through March 18th. Check out the link in this episode's show notes and make a pitch! Hopefully, you get selected, and we see you in San Antonio!

[21:07] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information.

[21:26] Let's Return to Our Interview with Water Environment Federation Executive Director Ralph Exton!

[21:44] Justin says Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands, has twice been a RIMScast guest to cover World Water Day. Ralph and Henk work in the same circles and have crossed paths.

[22:19] In Justin's first interview with Henk Ovink, Mr. Ovink pointed out how Heineken was one of the first companies to use its industrial sludge as an energy source to keep its plants going. Ralph says plenty of companies now are pillars of the Circular Water Economy.

[23:08] Ralph says, if you recover energy, nutrients, and valuable metals from waste, as opposed to burying it in a landfill, you unlock a lot of economic opportunities that way.

[23:40] The waste that's generated at many waste treatment plants can be converted into enough fuel to power all the pumps and equipment that's needed to treat the water itself. You create a microeconomic opportunity right there that doesn't rely on electricity from the grid.

[24:06] Ralph says it has become a growing scenario. WEF is trying to do its part to promote as many of those opportunities as it can. They give out several awards every year for Utilities of the Future that are doing this type of thing. WEF highlights these companies at annual events.

[24:44] The more organizations, whether utilities or industries, that do this, not only does it help the environment, but it also creates economic opportunities.

[24:56] There will always be byproducts and sidestreams that come off of these processes, by which you can generate economies around them, whether you're extracting a nutrient from waste or pulling energy from that waste.

[25:18] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[25:42] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[25:57] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[26:09] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[26:18] Let's Conclude Our Interview with Water Environment Federation Executive Director Ralph Exton.

[26:56] Ralph says the notion of circularity started with the Ellen MacArthur Foundation. They're about building economies around implementing circular processes. The WEF is focused on circularity in terms of water. They refer to it as the Circular Water Economy.

[27:42] The WEF leads the way for the public and private sectors to optimize and recover valuable resources from water and wastewater in ways that help fight climate change, support equitable economic development, and ensure water access. This is the Circular Water Economy.

[28:26] The circular water economy practices help keep products and materials in use. They regenerate natural systems and design out waste and pollution from the equation. The model helps to build a just and sustainable society. The WEF is working to lead that.

[28:42] There are three core principles of the Circular Water Economy.

[28:45] These are: 1. Reduce. Minimize water usage and waste through efficient practices. 2. Recover. Extract valuable resources from wastewater. 3. Regenerate. Restore natural ecosystems. Recharge aquifers through sustainable water management practices.

[29:13] The benefits of following those core principles include reducing water pollution, preserving ecosystems, lowering water treatment and extraction costs, supporting green jobs, and enhancing water security with equitable access to water resources.

[30:18] The WEF did a report last year on the economic opportunities that can be unlocked by implementing Circular Water principles. A link is in this episode's show notes.

[30:39] The WEF started the Circular Water Economy with the principles of circularity and circular economies, with a focused effort on water. The WEF felt that between water and waste, they could churn out a lot of economic opportunity with a focus on the sector they support.

[31:14] The WEF believes that the Circular Water Economy will make the biggest impact in the next five years. It's one of their three core strategic pillars.

[31:32] March 22nd is World Water Day. This episode is coming out six days ahead. People have time to participate in local World Water Day activities, volunteer, or donate.

[32:03] Ralph says the most important reminder he can give the RIMScast audience is that water is more than an enterprise or utility risk; it's a human risk. When water systems fail, other things fail. Operations fail, supply chains fail, and workforce stability is disrupted. Public trust is ruined.

[32:50] Ralph says women, families, and communities absorb that impact first, which has direct economic consequences.

[33:00] The most resilient organizations elevate water subjects to the boardroom, treating it with the same rigor as they would cybersecurity. Water needs to be at the same level as cybersecurity and financial risks.

[33:20] Water governance is no longer optional; it's foundational to resilience and equality. The theme of World Water Day this year speaks to that.

[33:41] Justin says there are so many ways for RIMS and WEF to collaborate. Justin looks forward to getting Ralph on a webinar about water management. Justin thanks Ralph for informing our audience about World Water Day and why water risk management is central.

[34:16] Special thanks again to Ralph Exton, Executive Director of the Water Environment Federation, for joining us here today on RIMScast. I've got links to WEF.org and the Circular Water Economy in this episode's show notes.

[34:31] Be sure to check out the links in this episode's show notes for prior RIMScast coverage of water risk and World Water Day. Remember that World Water Day is observed globally on Sunday, March 22nd, 2026. Everyone deserves access to clean water.

[34:50] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[35:19] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[35:37] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[35:54] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[36:11] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[36:25] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[36:38] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines.

RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

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RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

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RISK PAC | RIMS Advocacy

FERMA Global Risk Manager Survey 2026

WEF.org

2025 Circular Water Economy White Paper Report

2025 Value of Water Campaign Report

2025 Industrial Water Solutions Columbus, OH

2026 Industrial Water Solutions Chicago, IL

2026 WEF Summit-Financing the Future of the U.S. Water Sector Podcast

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

"Risk Appetite Management" | March 25‒26

"Claims Management" | April 7‒8

"Emerging Risks" | April 15 | Register Now!

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 20 | Presented by RIMS

"Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times" | April 16 | Presented by Zurich and World Travel Protection

RIMS.org/Webinars

Related RIMScast Episodes:

"Water and Women in Risk with Sarah Mikolich"

"Environmental Bias with Eloise Copland"

"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)

"Combating Water Scarcity with AquaShares Founder James Workman" (2020)

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

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RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

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

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About our guest: Ralph Exton, Executive Director, Water Environment Federation

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Kristen Peed, RIMS Ex Officio, and RIMS Board Member, John Kline, about the results of the 2025 RIMS Risk Professional Compensation Survey, covering Risk Professionals in North America. They discuss the growth trend in base salaries for risk professionals in the U.S. and Canada and what this growth represents. They also dig into the median salary of Chief Risk Officers in both nations and how that reflects on the perceived value of the risk profession today. They discuss the worth of experience and certifications for a risk career. They cover the variety of assignments attached to the roles of risk professionals, and the value of expanding the responsibilities of your role over your career. They discuss the rising generation of risk professionals and the need to ensure the transfer of knowledge as the more experienced risk managers retire.

Listen for thoughts on incentives for contributing to the long-term stability and growth of your organization.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. We will review the results of the RIMS 2025 Compensation Survey with Kristen Peed and John Kline. But first…

[:40] RIMS Virtual Workshops. On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course.

[:51] The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes.

[1:00] On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo.

[1:12] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:19] Webinars. On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes".

[1:34] We had to reschedule the "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" Webinar that was scheduled for March 6th. Registrants should have received an email about the rescheduling. We will soon confirm the new date.

[1:51] Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:01] On with the Show! We are delighted to be joined by RIMS Ex Officio, Kristen Peed, and RIMS Board Chair, John Kline, to discuss the findings of the RIMS 2025 Compensation Survey.

[2:15] This biannual survey provides detailed compensation analysis for virtually all risk management positions, as well as the impact that education, experience, and other demographic data have on salaries.

[2:27] The report also provides data about risk management reporting structures, team size, benefits, and additional cash compensation programs. It's a North American study. There are some positive trends that we're going to explore with Kristen and John, so let's get to it!

[2:42] Interview! Kristen Peed, John Kline, welcome to RIMScast!

[3:01] As Ex Officio, Kristen hasn't seen the inside of airports as often. Last year, Kristen was on 98 flights.

[3:54] John has been on the RIMS Board for five years. He says the Board is a great team of people. It's a privilege to serve.

[4:31] As Kristen and John both have a vested interest in RIMS and the future success of the profession, Justin wanted them together on the show to review some of the high-level points of the Compensation Survey. The survey is available through a link in this episode's show notes.

[4:51] Justin states that the median salary for U.S.-based risk professionals is now $160,000; it's $140,000 in Canada. Both figures are up over the last decade and since the last survey, in 2023.

[5:20] Kristen sees the sustained salary growth as a clear signal that risk management has moved from a support function to a strategic function. Organizations aren't just paying us for insurance placement or procurement but for our insight, foresight, and decision support.

[5:42] Kristen says that over the last decade, risk professionals have been pulled into conversations around cyberresilience, operational continuity, regulatory exposure, capital strategy, and reputation. Those are board-level issues.

[6:00] When compensation grows steadily and not in spikes, it reflects the recognition that good risk management is necessary to protect enterprise value and enable smarter growth.

[6:16] Kristen is seeing that the market is saying risk leaders are not cost managers anymore; they are people protecting the value of their organization and creating that value, as well.

[6:29] John agrees with Kristen. He adds that he thinks, as an industry, we have gotten to be more professional. RIMS has worked on this for years: How do we get the people in this profession to be treated as professionals, like an attorney or an accountant, not procurement?

[6:58] John thinks the practitioners have upped their game, becoming much more technically competent, participating in professional development, and becoming more involved at an executive level at corporations.

[7:27] John also sees practitioners becoming more involved in the industry. Taking roles on advisory groups at insurance companies and brokers. They're getting to be active participants. Management recognizes that these individuals do a good job of representing the company.

[7:48] John thinks it's a combination of better technical skills and greater recognition, which allows them to have that seat at the table. It's a host of things.

[8:03] Justin recently had Cynthia Garcia as a guest on RIMScast. Cynthia is the Chief Risk Officer for Bernards Construction Company in California. Justin is seeing more folks like her, who have the CRO role, as RIMScast guests.

[8:24] With more Chief Risk Officers and VPs of Risk Management in the U.S. now reporting a median salary of $245,000, which is up dramatically from 2023, it seems like the market is catching up with the importance of risk professionals, especially senior-level risk professionals.

[8:52] Kristen thinks part of it is market catch-up. When she moved into her role at Sequoia, she upped her game. Leadership came to her and tapped her for things she never thought she would get to experience. Those things increased her responsibilities and shifted her into the CRO role.

[9:28] Kristen says the CRO role has matured. The risk leaders are expected to really look at enterprise risk, insurance strategy, capital efficiency, governance, and how they can help their business be more resilient.

[9:46] Kristen reports directly to the CEO and works directly with the CFO and CISO. She's not just managing programs; she's being integrated into the decision-making process.

[10:04] That level of influence requires judgment, credibility, and the ability to lead cross-functionally. That's what the compensation reflects. Kristen doesn't see it reverting. She sees it stabilizing at higher levels as those expectations remain elevated.

[10:27] There are 21 people on the two teams that report to Kristen.

[10:42] John says, having been in the industry for several years, people who sit in our chairs probably understand the company as well as anybody else.

[10:56] John says part of our job is to look at all the nooks and crannies and understand everything, whether it's property exposure, premises, product, reputation, or Directors and Officers liability. We get engaged in Errors & Omissions. We get engaged in cyber.

[11:18] We have become part of the team that understands holistically. John's job is a holding company. He works holistically. He thinks the compensation and the responsibility continue to catch up with each other.

[11:50] One area John sees that needs work is corporate risk. We probably need to carve out operational, enterprise, and insurable. If you work at a bank, you have credit risk and capital risk; there are a lot of other risks where we don't have the skillsets.

[12:15] John says that in different industries, the CRO or Risk Manager will encompass different things. We probably need to focus on the operational, enterprise, and insurable risk, and carve out the credit risk, the capital risk, and the liquidity risk.

[12:48] John is a team of one. Anybody in his position has to have good communication skills and a lot of support. John can't do what he does by himself. He networks within the organization. He has contacts throughout the organization. He has outside business partners.

[13:37] John wants to walk together, shoulder-to-shoulder with his business partners. He sees them as more than collaborators. If you want to go far, you go together.

[14:22] Kristen says that leadership without direct authority is a critical skill. When you're a team of one, you learn how to direct people when you don't have actual authority over them. Collaborating with them and communicating well are critical to that skillset.

[14:45] Kristen says a CRO is just a title. Titles vary across corporations. What someone with the CRO title does is not more important than what a Director of Risk Management does at another company. Functions are different across different companies.

[15:17] A Quick Break! RIMS is once again supporting the FERMA Global Risk Manager Survey 2026.

[15:30] Now in its second consecutive global edition, the survey, led by FERMA, brings together insights from Europe, the U.S., Latin America, Asia Pacific, and Africa, offering an international perspective on how the risk management perspective is evolving.

[15:46] Surveys are anonymous, and the final report is free. The deadline to participate is March 31st. A link is in this episode's show notes.

[15:56] RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[16:12] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[16:31] The Second Annual RIMS Texas Regional Conference will be held in San Antonio from August 10th through August 12th.

[16:38] The call for submissions for educational sessions is open through March 18th. Check out the link in this episode's show notes and make a pitch! Hopefully, you get selected, and we see you in San Antonio!

[16:51] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information.

[17:09] Let's Return to Our Interview with John Kline and Kristen Peed!

[17:31] We're talking about the RIMS 2025 Compensation Survey. There is so much great information in it. It is available through RIMS.org and the link in this episode's show notes.

[17:45] Nearly all compensation survey respondents, 97% in the U.S. and 90% in Canada, perform functions beyond risk management, including insurance, claims, business continuity, compliance, and even ESG.

[17:58] Justin asks if compensation is keeping pace with the expanding scope and complexity of the role.

[18:06] John says he feels he is fairly compensated. He enjoys getting involved in multiple areas. Procuring insurance is a large part of his role, but he brings a lot of other value to the organization.

[18:43] John says he enjoys assisting in other areas of risk. It helps his professional development. It brings variety to his job. He works very closely with business continuity to help them quantify and understand it. He needs to know that for his insurance renewals.

[19:08] Years ago, John was responsible for the ergonomics program of Bank of America, one of the largest employers in California. He had a wonderful team and really enjoyed the job. It led to his accomplishment of driving down workers' compensation claims.

[19:58] John says you ought to change your job every two years. If you're doing your job two years from now, the same job, exactly the way you're doing it today, you're not growing. You're not developing your job.

[20:20] John says he was in the same job, at one point, for almost 17 years. Every year, what he did was entirely different. He had the same title for 17 years. Every two years, he remade what he did.

[20:40] John says growing your job shows your recognition of the increase in compensation and increased responsibility.

[20:50] Kristen has a unique position at Sequoia. She's not sure that what she does exists at any other company. She has the opportunity to work in underwriting and risk management for her company and brokerage. She was brought on as the internal risk manager.

[21:10] Kristen also has the opportunity to oversee a team of underwriters and claims professionals who work on workers' compensation and employment practices liability that go into the PEO captive. Learning about all that was fun.

[21:28] About a year ago, Kristen had the opportunity to take over the leadership of the property and casualty brokerage team. She gets to see all three facets of this industry, sitting in one role.

[21:49] Because of these experiences Kristen has had, now she sits in on strategic decisions about opening new companies. Sequoia is getting ready to open up another company.

[22:02] Kristen is part of the leadership team, looking at how to scale this. It's more than insurance decisions. It's about how to do this business, how to scale it, compliance, and governance.

[22:22] Kristen says to look for opportunities to raise your hand. Expanding your skillset will help support your position with your leadership when you're going through the merit cycle.

[22:46] Justin says the top industry impacts in the survey include attracting new candidates, cyber exposure, adoption of new technologies, AI, and hybrid workshifts. The median age of U.S. risk professionals is 51. Justin asks Kristen and John if we are facing a succession challenge.

[23:11] Kristen says a big yes on that. John says succession planning and talent retention within this industry are the number one challenge. It is estimated that over the next five years, 350,000 people will retire. Over 50% of the industry is over 55. This is huge.

[23:52] With those retirements, the industry will lose a tremendous amount of intellectual capital and experience. At the same time, this large group of professionals retiring in the next five or 10 years provides types of opportunities that never existed before for people in their 30s and 40s.

[24:26] John says talent is the number one challenge for the industry. People coming into it are going to learn the skillsets. There's a lot this industry has to offer. There's a wide range of roles and a huge opportunity for growth. It touches so many different areas of the organization.

[25:02] John says people are going to need a risk professional. The uncertainty in this world is increasing. The speed of change is getting faster. They will need someone like us. Make sure your organization knows you're the person they want, and so they don't look for someone else.

[25:42] Kristen says she doesn't think risk has a talent shortage. She says Spencer Educational Foundation is doing a great job of recruiting into our industry. What we need to keep our eye on is the knowledge transfer and making sure that we're training the next generation.

[26:05] Kristen believes the solution isn't just recruiting, it's the development. Make sure you're bringing that next generation to the RISKWORLD Conference so they understand how business is done, and they're developing those relationships.

[26:18] Kristen says we shouldn't be focused on people late in their careers, like John and I. Risk isn't a back-office role anymore. It's out there on the front lines. Treat the next generation that will step into our shoes as the front lines.

[26:50] Budget to bring the next generation to conferences. Include them in meetings and opportunities to be strategic. Teach them. If we don't transfer that knowledge, we risk losing that judgment. It's not a headcount issue but a knowledge transfer issue.

[27:12] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[27:38] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[27:52] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[28:05] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[28:13] Let's Conclude Our Interview with John Kline and Kristen Peed.

[28:23] Justin cites the survey, saying 79% of U.S. professionals were eligible for additional cash compensation, with performance, especially organizational performance, driving the most payouts. Justin asks if this is an appropriate incentive program.

[28:45] Kristen says linking compensation to organizational performance makes sense. But risk doesn't exist in a vacuum. We have to make sure we're not rewarding only short-term results.

[28:57] Kristen is eligible for incentives for both short-term organizational performance of a year and long-term incentives for multi-year organizational performance. That gives her time to put into play strategically things that will impact the organization in the long term.

[29:20] Kristen doesn't know that a lot of organizations have evolved to where they're doing both short-term and long-term incentives and bonuses.

[29:28] Kristen says that is a way we could incentivise risk professionals to make an organizational impact that permeates throughout the enterprise. It rewards something that's more overarching than one year's performance.

[29:58] John agrees with Kristen. This is part of the evolution of the profession. John has base compensation, short-term incentives, and long-term incentives that he's had for years. It helps you get alignment with management for the long-term success of the organization.

[30:19] John says most of us could save money in any given year, but we've got to look at stability for our programs. Management does not like wide fluctuations.

[30:42] It forces us to think strategically, like an owner or the C-suite. It helps develop stability, not only on the corporate side, but also on the broking side and the carrier side.

[31:02] For years, carriers in the reinsurance industry have had five- and ten-year incentives. It takes that long to see if a reinsurance contract is profitable. This is the evolution of the industry to align us better with the long-term objectives of the C-suites.

[31:51] John says, if I have wild fluctuations year to year, and I haven't kept the C-suite apprised of it for three years, management's not going to like that. I'm not doing my job.

[32:26] Justin points out that on paper, John is a department of one, but he works with several others. Kristen says in her last job, she was a department of one. What strategies can John and Kristen provide for risk professionals with very limited resources to use to transfer knowledge?

[32:47] Kristen thinks recognizing what your resources are is the place to start. You may have more resources at your fingertips than you realize. Your brokers can help you with the tools they may have. Your carrier partners may have other tools.

[33:11] Kristen stresses RIMS and RIMS.org for all the tools and information at your fingertips there, as well as the RIMS Engage social media platform, where you can reach out to other risk professionals to get their advice.

[33:28] Kristen thinks our industry is one of the greatest when it comes to collaboration and knowledge-sharing. She can call on her network for advice. You may be a department of one, but you are not alone. You have an entire community behind you to support you.

[33:58] Justin explains that RIMS Engage is exclusively for RIMS members, one of the many benefits of RIMS membership.

[34:11] John endorses everything Kristen said. He adds that you need to understand who your key stakeholders are. Those are the people who will support you. You have to set realistic expectations. As a team of one, sometimes things fall through the cracks.

[34:51] You have to have a plan. You make a plan, you work the plan. You can't just come in every day and ask yourself what you are going to do that day.d You need a plan for the day, even though something during the day will upset the plan.

[35:09] John says, "Communicate, communicate, communicate." John doesn't want to be a black box. If someone says they don't understand what he does, he sits down with them and tells them.

[35:50] Justin adds a quick plug for the RIMS-CRMP. It's a great way to enhance your knowledge. If you are a department of one, if you pass that RIMS-CRMP exam, you will have the capacity of several risk professionals.

[36:08] Kristen agrees. Credentials don't replace your experience, but they help you compound it fast. The RIMS-CRMP credential is incredibly valuable. It can help accelerate your knowledge. Risk management is a profession where judgment compounds over time.

[36:36] You earn that credibility by seeing market cycles, going through claims scenarios, and by having failures and then recovering from them.

[36:49] John says important credentials like the RIMS-CRMP show right away that you're dedicated to the industry. These are not easy certifications. They provide instant credibility.

[37:16] When you can put RIMS-CRMP on your signature line, you differentiate yourself. You show others you are furthering your education.

[37:38] Justin says we're going to see you both at RISKWORLD 2026 in Philadelphia! John Kline and Kristen Peed are omnipresent at RISKWORLD.

[37:52] RIMScast recently had 2025 Goodell Award Winner Randy Nornes on the show. He said he can't stand the word risk, even though he's made his career on it. He prefers the word uncertainty because risk has a negative connotation.

[38:29] Kristen says Sequoia's Chief Legal Officer has a saying, "Nothing bad happens." We have been prepared for everything. We have a playbook. We have practiced it. We don't talk about risk but about closing the gap and mitigating against those things.

[39:03] John says, this is an opportunity. He understands Randy's position. People understand what a risk is. What is uncertainty? John likes the term risk business rather than the term uncertainty business.

[40:14] John, Kristen, it has been wonderful to reconnect with you! I can't wait to see you again in two months! See you at RISKWORLD! [40:27] The RIMS 2025 Compensation Survey is available now. The links are in this episode's show notes. There are different tiers to access it.

[40:52] Special thanks again to Kristen Peed and John Kline for joining us to discuss the results of the 2025 RIMS Risk Management Compensation Survey! Members have the benefit of receiving the survey results for free. The cost is $500 for nonmembers. A link is in the notes.

[41:14] I've also got links to John Kline and Kristen Peed's prior RIMScast appearances and Kristen's RIMS-CRMP Story. Look for both of them at RISKWORLD 2026 in Philadelphiafrom May 3rd through the 6th.

[41:27] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[41:55] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[42:14] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[42:31] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[42:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[43:02] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[43:14] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines.

RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April - June 2026 Cohort | Led by James Lam

RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today and Submit an Educational Session!

RIMS Compensation Survey 2025 — Download Today | Press Announcement Here.

RIMS Risk Management magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Episodes Now Live

RISK PAC | RIMS Advocacy

FERMA Global Risk Manager Survey 2026

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18

Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

Risk Appetite Management | March 25‒26

Claims Management | April 7‒8

Emerging Risks | April 15 | Register Now!

Upcoming RIMS Webinars:

"Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | Presented by RIMS — Rescheduled — Date TBA in March

RIMS.org/Webinars

Related RIMScast Episodes:

"Investing In Yourself with RIMS 2026 President Manny Padilla"

"RIMS 2025 Goodell Award Winner Randy Nornes"

"A Brand New Day with RIMS 2025 President Kristen Peed"

"AI and the Future of Risk with Dan Chuparkoff"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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About our guests: Kristen Peed, Chief Risk Officer at Sequoia and RIMS ex officio

John Kline, Senior Director, Enterprise Insurance Risk Management at TransUnion and RIMS Board Chair

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Randy Nornes, the 2025 Harry and Dorothy Goodell Award Winner, about his career. They talk about uncertainty and a long-term approach to risk. Randy won the 2025 Goodell Award for his lifetime achievements. He is a problem solver. Randy advises risk professionals not to focus on what they did yesterday, but on what is happening today, and to stay current with risks such as AI and cyber risk. Randy talks about how staying with Aon for years has given him the latitude to look across the company and focus on the next risk.

Listen for tips on laying the groundwork before the risks.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. Our guest is 2025 Goodell Award Winner Randy Nornes. We will learn all about his fascinating career and his risk philosophies. But first…

[:42] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep.

[:53] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course.

[1:01] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo.

[1:18] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:26] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:40] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:51] For a quick preview, check out last week's episode with Cynthia Garcia. She is the Chief Risk Officer from Bernards, who will be joining us on that exciting panel.

[2:00] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:20] On with the Show! Our guest today, Randy Nornes, is the 2025 Harry and Dorothy Goodel Award Winner.

[2:29] Named after the first President of RIMS and his wife, the Harry and Dorothy Goodell Award honors an individual who has furthered the goals of risk management and the Society through outstanding service and lifetime achievement.

[2:41] Randy Nornes exemplifies all that and more. He has been with Aon for 38-plus years. Currently, Randy is the Executive Vice President and Enterprise Client Partner for Technology, Media, and the Communications Industry. He has done some volunteer work, which we will talk about.

[3:00] Randy has a fascinating career. We're going to learn about it as well as his leadership style, his risk philosophy, and how he is keeping Aon at the forefront of AI innovation.

[3:09] [If you've been to RISKWORLD, you've seen Randy in the halls and the educational sessions. He has been an ever-present force there. And he is a highly-regarded member of the Chicago RIMS Chapter. Let's get to it!

[3:23] Interview! 2025 Goodel Award Winner, Randy Nornes, welcome to RIMScast!

[3:44] Randy is proud of that award. He wonders, after receiving a lifetime achievement award, what's next? Retirement? Should he write a book?

[4:11] On the day of the award, Randy was backstage with Martha Stewart and had a chance to visit with her and discuss risk management.

[4:21] Randy's wife and one of his sons were in the audience. When Martha Stewart came out and spoke, she referred to their conversation. Randy gained credibility at home that Martha Stewart listened to what he had to say!

[4:52] Justin says that RISKWORLD 2025 was fantastic! Randy says he has probably attended three dozen RISKWORLD conferences. He says they get better and are different every time. You can see, decade by decade, what's important.

[5:31] There is a wonderful profile on Randy Nornes, written by Russ Banham, in the special Awards edition of RIMS Risk Management Magazine. It is still available online. That's how Justin got to know Randy Nornes before this interview.

[5:57] Randy always tries to link up with what the next big thing is. Since late 2025, Randy has been leading Aon's AI infrastructure efforts, from the financing of data centers, to the construction, to the development, to the operation, and to the energy attached to that.

[6:28] AI is the next big thing. Randy says that 40% of GDP is coming through the lens of building AI infrastructure. Aon has a big team for it, and that's what Randy does every day. He says it's massive, exciting, and relentless.

[7:03] Randy says, Because it's coming so fast and furious, it's not something you have time to sit back and think about. He says we're seeing this thing evolve week by week. It's global. Risk management is at the center of making it all work.

[7:27] Randy says there's a different lens depending on where you sit in the AI infrastructure world. Everyone is thinking about the risks of the construction, the operation, the access to power, and the climate. It's all melded into one thing.

[7:48] Randy calls the Chicago RIMS Chapter big and vibrant. Chicago is unique in having representation from so many different industries. It's not highly concentrated. People have a lot of lenses to look at risks through. It makes for good conversations.

[8:11] Justin notes that last year's Risk Manager of the Year, Jennifer Pack, was from Chicago. The Rising Star, Megan Smalter, was originally from Chicago. Randy has spent time on the West and East Coasts, and he finds the Chicago Chapter unique, with 25 different industries.

[8:49] Justin gives a shout-out to Julie Bean, the 2024 Heart of RIMS Award Winner. Justin says Randy is in great company. The talent coming out of Chicago brings something special to RIMS.

[9:27] Randy was going to be a banker. A banker manages risk around lending and projects. It's not a huge leap to get to the world of risk management from there.

[9:44] In the 1980s, it was a turbulent time for banking. We had just come out of a tough inflationary period, with real estate bankruptcies and banks and savings and loans going under. His advisor told him not to go into banking.

[10:18] Randy interviewed someone from Chubb. Chubb was scaling up a new product, Directors' and Officers' insurance. Randy was good at case studies in business school. Underwriting D&O insurance is a case study. Randy thought he could do that job.

[10:54] Randy started at Chubb and ended where he is today. In 1987, Randy moved to Frank B. Hall, acquired by Aon in 1992. He was young and a good worker, so he was kept by the company. He says it was a trip working alongside Pat Ryan and learning the business at Chubb.

[11:48] Pat Ryan took Randy and others under his wing. He is a great mentor. Randy credits him for access. Randy mentions other early supporters, Al Diamond and Skip Dunn. With Pat Ryan, Randy was always looking for the next big risk to come along or a new framework.

[13:00] In the 1990s, governance, Sarbanes-Oxley, and enterprise risk frameworks came to the forefront, following bankruptcies of major companies that had appeared to be successful.

[13:28] When enterprise risk became a thing, it needed frameworks. That led Randy to build one of the first enterprise-risk-focused teams to help companies think about it. This was before COSO.

[13:55] Randy says a lot of the clients they dealt with in those early days were in industries where someone had already gone through some trauma, and they wanted to make sure they weren't next up. It was a lot of, "Hurry up and make sure we're OK!"

[14:26] Randy says, in the 1990s, they were doing risk modeling. The reinsurance teams had risk models that ran on AS400 mainframe computers. They had to book computing time to run a scenario with a set of assumptions. They would run 10,000 simulations in a day.

[14:55] If they wanted to change the assumptions, they had to book another time.

[15:02] Now it's all on the laptop. The quality of data is significantly higher. They can do it in real time. Risk managers today may not recognize how lucky they are.

[15:24] Randy says, We're always trying to decide what problem we're trying to solve for and what we know about that particular issue. The modeling is the entry point to know what to do or what matters.

[16:10] Randy thinks risk is a terrible word. We risk professionals have a hard time communicating with people who aren't in our space when we use the word risk. Everyone has a different definition of risk. Randy says everyone can get on board with certainty and uncertainty.

[16:34] Randy says, what we're doing with modeling is trying to understand what the distance between certainty and uncertainty looks like. Then, we have to decide what's comfortable and where our tolerance is. Then, decide what to do with the part that we want to get rid of.

[16:48] That's at the core of risk management, and it hasn't changed in decades. The tools we have now have changed dramatically.

[16:56] Justin cites Christy Kaufman from the profile article, who said that Randy is far more than a traditional broker; he is a thought partner and a problem-solver. Justin asks what allows Randy to move beyond transactional work into a strategic advisory mindset.

[17:19] Randy says insurance is a complete waste of money, unless you can show how you're adding value. You can get there by showing this uncertainty spectrum and understanding it.

[17:58] Randy says the mindset is, "I've parachuted in. What do we have going on?" If I did that today, I'd be looking at supply chain issues. It's amazing when you have that lens. Early on, he looked at a supply chain that was "perfect, end-to-end" on spreadsheets.

[18:27] Everything was manually entered. Managers were judged on average inventory levels, and wanted to keep the levels as low as possible. To game the system, they ran inventory at the lowest level.

[18:57] They would raise the inventory at the end of the month to make it look like they were on target. It was not a real-time inventory. It looked like risk management was fine, but the chance of a stockout or a long-term impact was pretty great.

[19:24] A Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[19:43] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[20:02] Save the dates March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C.! Join us in Washington, D.C. for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.

[20:19] Visit RIMS.org/advocacy for more information and to register. Also, check out the prior episode of RIMScast, Episode 378, featuring RIMS General Counsel and Vice President of External Affairs, Mark Prysock, as we discuss the top priorities for RIMS in 2026 and beyond.

[20:39] The Second Annual RIMS Texas Regional Conference will be held in San Antonio from August 10th through August 12th.

[20:46] The call for submissions for educational sessions is open through March 18th. Check out the link in this episode's show notes and make a pitch! Hopefully, you get selected, and we'll see you in San Antonio!

[20:59] Let's Return to Our Interview with 2025 Goodel Award Winner, Randy Nornes!

[21:19] Justin asks how Randy delivers good or bad news to a high-level executive. Randy says he was gifted by his radio announcer father with a very calm demeanor. You're delivering what it is, based on some fact. Randy has had to deliver a lot of crazy facts over the years.

[22:29] Early in his career, Randy had a financial institution client. They had some major issues. He was standing outside the boardroom, ready to go in to tell them whether they had insurance or not. They did not. He was on the phone with London, working out some coverage.

[23:28] He got the message while he was in there that they had managed to land something for the client, so he could pivot. His colleagues said they couldn't believe how calm he had been, going in.

[24:11] Randy says it's best to set the landscape with executives before extra risk is taken, showing alternatives and strategy, so if something happens, it was foreseen, you were just unlucky in that year.

[24:53] If you hadn't done the front-end work and gotten everybody onboard to see why it was the right strategy, then the news of unanticipated issues gets a lot harder to deliver.

[25:04] There's a lot of front-end work to do. To drop bad news on people without any prep is going to be a lot harder. Being transparent and on the same page, especially with finance people, makes communication easy. This flows up to the CFO and higher. Set the foundation.

[25:51] Randy has 100s of people focused on data centers. They have analysts and use AI for some things. There are people from the financial institution vertical, construction, operations, cyber, AI, energy, and renewal. They gather together. It's multidisciplinary, under one umbrella.

[27:05] Randy says his leadership style is collaborative. He tries to lift the whole team, orchestrating how it comes together. He lets them have the success they deserve. Randy is a strong proponent of mentorship. It's the secret to his success.

[27:50] Randy has worked with some people for his entire career, as clients, colleagues, or competitors, and he stays connected with them. Hundreds of people fit that profile.

[28:17] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[28:43] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[28:57] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[29:10] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[29:18] Let's Conclude Our Interview with 2025 Goodel Award Winner, Randy Nornes.

[29:39] Randy worked with Pat Ryan to lead the Risk Management and Financial Guarantee Team for Chicago's 2016 Summer Olympic bid. Randy says when Pat retired as CEO of Aon, he took on this project to head Chicago's Olympic bid. He invited Randy to the project.

[30:19] In an Olympic Bid, the city has to sign a Host City Agreement that says they will take on the risks of delivering the Games. There's an effective financial guarantee. Globally, it is often done on a country level. That's not how it operates in the U.S.

[30:43] Pat and Randy had to figure out how to de-risk the games so that what the city's guarantee would look like was limited because the team had built insurance and risk management. On the construction side, they had contractors take on risks.

[31:03] They created a de-risking model. It was the first time anyone had done that for an Olympic Games. Chicago was not successful, but the work the team did on de-risking the Games became the model that a lot of Western cities took on for their Olympic bids.

[32:03] Randy says you start with a line-item budget that the bid team puts out. A big part of it is the construction of venues, living spaces, technology, including massive broadcast bandwidth, tens of thousands of volunteers to transport and train, and secure.

[32:35] Randy says they took the line-item budget and worked on each item separately, to create certainty and shrink the distance between certain and uncertain, so that when they put the umbrella guarantee on top of it, it touched a lot fewer things and had a lot more certainty.

[33:01] The biggest thing the umbrella policy covered is delivering the Games on a certain date. No delays. All the costs are front-end. If, for some reason, the Games don't happen: terrorism, global war, or pandemic, you're stuck with all those front-end costs. It's the worst case.

[33:39] The closer you get to the event, the more risk you have. Then you have the three or four weeks when you're delivering the Olympic Games and the Paralympic Games.

[33:49] Randy says it was interesting. They did a white paper on it, "How to De-risk Games." It was done to encourage cities not to be afraid to host the Games.

[34:19] Randy says, over the years, when cities in North America are bidding for Winter or Summer, they reach out, and Pat and Randy give them the template. San Francisco, LA, Boston, and Calgary all asked for it.

[34:51] Most of the people on the Bid Committee were on the City level. It was Mayor Daley, his staff, and 50 aldermen. Randy says, We gave them lots of transparency into what we were doing.

[35:16] Randy says they provided 1,200 pages of material, in 3-ring binders, for each of the aldermen. They also put all the text on discs to search electronically. Later, an alderman called Randy, angry because he couldn't listen to the disc in his car. Randy explained it to him.

[3:24] Randy thinks a city should be thankful to host the Olympic Games. They make the city sparkle. The city gets a big influx of outside money. Chicago would have gotten a lot of Federal money. The transportation system would have been upgraded. It would make the city better.

[36:49] Randy describes how London and Paris were improved by hosting the Olympic Games. If you're thinking of bidding, it's worth it. Randy wishes Chicago's bid had been successful.

[37:33] Justin and Randy comment on the Milan Winter Olympics Opening and Closing Ceremonies. The next Winter Olympics will be on the French side of the Alps.

[38:01] Justin says that Chicago is known for its colorful history of notorious characters.

[38:45] Justin asks Randy about Project Six. Project Six came out of the Olympic Bid. Seeing corruption in the city government, Randy and a few committee members put together Project Six, referring to the six business leaders who partnered with Elliot Ness to go after Al Capone.

[39:44] They set up Project Six as a nonprofit whistleblower organization so people could come to report corruption. They got hundreds of whistleblower tips. They published things and gave information on criminal activity to Federal prosecutors.

[40:07] Some things were not criminal but unethical. When the Chicago Cubs were playing in the World Series, public officials paid face value for Cubs tickets instead of the market price. Project Six brought it to the ethics committee, and they changed that practice for tickets.

[41:31] Randy says they did not make a lot of friends in public office. Project Six is closed.

[41:47] Randy talks about angering a bunch of people in public office. They went after Project Six because they weren't getting whistleblower tips on Republicans. There might have been one Republican commissioner in Chicago.

[42:20] Randy says some of the senior people they ruffled went after donors. So it was a better idea to shut it down. It ran for three and a half years.

[42:41] Randy says the biggest frustration was how slow things move. It takes years for some convictions to go through. You would like justice to happen faster. Randy hopes that when high-profile people go to prison, others pause to consider.

[43:59] Randy gives his advice on what separates a good risk manager or problem solver from a great one. He says not to get too focused on what you did yesterday. Every day, step back and ask, Am I still doing the right stuff? Am I focused on the right thing?

[44:26] You have a fixed amount of money to spend to solve your risk problems. You're insuring your buildings for fire, but over time, you've engineered them to be fire-resistant. There is less risk. At the same time, you have AI, cyber risk, and new things that come in.

[44:48] Is it better to direct money to solve cyber risk and take on more risk for property? Don't get hung up on what you did yesterday. Stepping back and staying on top of what's happening with the business has never been more important.

[45:17] Businesses are transforming before our eyes, and AI is leading the transformation. Make sure you're interacting with your business to stay current on what the business is all about.

[46:02] Randy says being at Aon a long time has given him a lot of latitude to do all the things he has done. He can look for new things, cut across the towers that exist and think about risk at the broadest level.

[46:40] If you move company to company, you'll step into the new role, fix a few things, and move to the next company. You won't have the latitude to experiment with new things or ask what comes next. You're there because you're needed at that time.

[47:07] Randy says, That can be comfortable. But don't get too comfortable and make sure you're staying current.

[47:17] We really appreciate you joining us here on the show. I want to wish you congratulations again on the Goodel Award. It's a big honor here at RIMS, and you certainly deserve it.

[47:27] I look forward to meeting you in Philadelphia, from May 3rd through the 6th at RISKWORLD! Thank you so much for joining us here on RIMScast, Randy!

[47:40] Special thanks again to 2025 Goodel Award Winner, Randy Nornes, for joining us here on RIMSCast! A link to his profile in RIMS Risk Management Magazine's Awards Edition 2025 is in this episode's show notes.

[47:57] He's one of our men in Chicago. Check out ChicagoRIMS.org. They have a live event coming up called "Nuclear Verdicts: Live Mock Trial for Evaluating Litigation Risk and Strategy" at the Aon Center (Chicago), on March 11th. You might see Randy there!

[48:14] We've got the Chicago RIMS Annual Golf Outing on September 21st, and the 11th Annual Chicagoland Risk Forum on September 24th at the Old Post Office in Chicago. They're one of our most active and vibrant chapters, so check out those events and visit ChicagoRIMS.org.

[48:34] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[49:02] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[49:20] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[49:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[49:54] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[50:08] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[50:20] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Legislative Summit — March 18-19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation — Scholarships and Grants

RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April ‒ June 2026 Cohort | Led by James Lam

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute | Awards Edition 2025

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Episodes Now Live

RISK PAC | RIMS Advocacy

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18

Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

RIMS Virtual Workshop – Facilitating Risk-Based Decision Making | March 4‒5 | Register Now

Risk Appetite Management | March 25‒26

Claims Management | April 7‒8

Emerging Risks | April 15 | Register Now!

Upcoming RIMS Webinars:

Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management | March 6 | Presented by RIMS

Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes | March 12 | Sponsored by Global Risk Consultants

RIMS.org/Webinars

Related RIMScast Episodes:

"Investing In Yourself with RIMS 2026 President Manny Padilla"

"RIMS 2024 Goodell Award Winner Eamonn Cunningham"

Sponsored RIMScast Episodes:

Secondary Perils, Major Risks: The New Face of Weather-Related Challenges | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

Want to Learn More?

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

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About our guest: Randy Nornes, at Aon

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Cynthia Garcia about her career journey. She credits mentors and sponsors for paving the way for her success. Justin and Cynthia discuss the demands of the Chief Risk Officer role and how Cynthia works with stakeholders who have competing priorities. Cynthia shares her perspective on construction risk and safety. She is seeing more diversity in the rising generation of risk professionals, with amazing opportunities for all.

Cynthia shares how her Confucianist upbringing still makes it a struggle for her to receive recognition. Despite that, she posted on LinkedIn about receiving the 2025 Bill McIntyre Leadership Award at the International Risk Management Institute (IRMI) Construction Risk Conference. That post led Justin to reach out to her. Cynthia speaks of her involvement with the Spencer Educational Foundation, including being a Risk Manager on Campus. Justin and Cynthia talk about the March 6th Webinar, "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management", that she joins as a featured panelist.

Listen for tips on careers in risk management for construction.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. Our guest is Cynthia Garcia, the award-winning Chief Risk Officer for Bernards. We will talk all about her career in construction risk and get some "inspirado." But first…

[:44] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep.

[:55] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course.

[1:02] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo.

[1:20] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:27] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:42] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:53] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:14] On with the Show! Our guest today is Cynthia Garcia. She is the Chief Risk Officer for Bernards.

[2:22] Cynthia made a big impact on the risk landscape in 2025 when she received the Bill McIntyre Leadership Award from the International Risk Management Institute during its Construction Risk Conference.

[2:35] I wanted to learn all about her career and what it's like to be the risk officer for a major construction company.

[2:42] Earlier, I mentioned the March 6th RIMS Webinar, "Hard Hats and High Stakes," and Cynthia will, in fact, be the Chief Risk Officer mentioned there.

[2:51] If you like what you hear in this episode and want to learn more about career development, construction risk, and why rising risk professionals should seize the opportunities in the construction sector, you can register for that Webinar.

[3:04] Cynthia is a fascinating individual, and I am so pleased to present this interview! Let's get to it!

[3:09] Interview! Cynthia Garcia, welcome to RIMScast!

[3:27] Justin and Cynthia are going to be collaborating on a RIMS Webinar on March 6th, "Hard Hats and High Stakes." It's all about how women have and can continue to thrive in construction risk management. Cynthia is the ideal Chief Risk Officer to have on that panel.

[3:46] Justin thanks Cynthia in advance for being on that panel and being a guest on RIMScast.

[4:07] Cynthia is the CRO for Bernards, based in California.

[4:33] Like many in her generation, Cynthia stumbled into risk management. She started as an administrative assistant for Morley Builders, an amazing employee-owned general contractor in Santa Monica, California.

[4:52] She was fortunate to have several sponsors and mentors within the organization. They helped her see that she belonged at the table. They saw something in her that she hadn't seen in herself, which is the beauty of a mentor.

[5:16] In spaces she was not in, they advocated for her and said, Why don't we give this to Cynthia? That's the beauty of a sponsor. Cynthia says she was blessed to be in the right place at the right time. She was able to lean in.

[5:32] Cynthia says that the thing that attracts her about risk management and what she does is finding the hard yes. Risk management doesn't say, "No."

[5:50] Risk management, when practicing its craft, is fully integrated with operations and understanding what the business needs. It is strategically aligned and helps make sure the organization is making those thoughtful business decisions that allow taking risks.

[6:11] Then, risk management takes it to the next step to ask how this adds to our shareholder equity, how this aligns with who we want to be as a company and as people. Risk management threads the needle between entrepreneurship and "cowboyism."

[6:28] Risk management leads with "Help me understand, and help us get to the hard yes. We can do it, but here are some of the things we need to do to make sure that it's successful."

[6:50] Cynthia always likes to start by making sure she is coming in with a lot of curiosity. She asks for help to understand what she's not seeing to try to connect the dots. If Cynthia doesn't understand the needs of her business partners, she's not creating value.

[7:11] Cynthia joined Bernards as Chief Risk Officer four years ago next month (March). Bernards created the position for her. She says she's blessed to work with talented people. She credits an amazing group of rockstar individuals. She says a rising tide lifts all boats.

[8:00] Cynthia says her team carries the weight and does it beautifully. She says the genius of true leadership is understanding we're paving the way for our replacement. Leaders who are afraid of talent need to pause and rethink what that means.

[8:26] Cynthia's Risk and Safety team has 13 staff members.

[8:45] Cynthia has a VP of Risk and Safety who is definitely a genius at making the wheels turn. He is Cynthia's only direct report. He does an amazing job setting the tone and the pace.

[9:03] Cynthia says, We focus on listening to the voices of our internal and external customers. As an employee-owned company, we try to understand what our business partners need, whether it's accounting, finance, human resources, operations, or estimating.

[9:22] Cynthia focuses on what our business partners need from risk management to help achieve mission success.

[9:27] Cynthia says, from day to day, it's everything from safety to claims, to insurance issues, to coverage questions, but a fair part of the job is when business teams proactively reach out with questions about issues that have come up.

[9:50] Cynthia says the beauty of being in a smaller organization is that Risk Management is not siloed. It's not just insurance and claims but also litigation management and contracts. Risk partners closely with the CHRO on policies and employment practices.

[10:13] Risk partners closely with Finance and Accounting on a variety of issues. Cynthia feels it is fortunate that Risk is viewed and valued as an internal resource to its business partners and part of the critical strategy to achieve the company's goals.

[10:41] Bernards has a little fewer than 400 employee-owners. Cynthia credits Finance and Accounting for paying vendors on time and treating trade partners fairly. She credits Marketing for helping the brand, highlighting company accomplishments, and creating community buzz.

[11:30] Cynthia credits the very customer-centric Tech team, who have helped her a lot, and the Virtual Construction Design team, who help with clash detection and getting ahead of constructability issues early on.

[11:59] She notes the estimating team getting ahead of what's out there and making sure we have the right projects to go after. It takes a village.

[12:14] Cynthia says we like to think all of us employee-owners have a vested interest in mission success. We're all in construction.

[12:27] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[12:45] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information.

[13:04] Save the dates March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C.! Join us in Washington, D.C. for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.

[13:20] Visit RIMS.org/advocacy for more information and to register. Also, check out the prior episode of RIMScast, Episode 378, featuring RIMS General Counsel and Vice President of External Affairs, Mark Prysock, as we discuss the top priorities for RIMS in 2026 and beyond.

[13:41] Let's Return to Our Interview with Bernards' Chief Risk Officer, Cynthia Garcia!

[13:58] When Cynthia joined Bernards, there were about 10 people on the Risk and Safety team. Then they went into remodel mode, with a different strategic vision. Continuous improvement is a Bernards core value. It's a 52-year-old company with processes and talent in place.

[14:27] Cynthia says we've been looking at the areas where we can have the greatest impact, picking off the low-hanging fruit first, and then building out processes that allow us to scale without reinventing ourselves every few years.

[14:57] Cynthia says safety is our priority. Bernards added safety to its core values this year. Cynthia says it was a grass-roots movement. It percolated up through Operations and said, This is who we need to be.

[15:24] Cynthia says a risk management team's job is to safeguard all the resources of the organization. That includes people and things, clients, and trade partners. The Risk and Safety team has a holistic view. They can't be good by themselves. They can't be safe by themselves.

[15:42] For Cynthia, safety takes on a larger meaning than physical well-being, including creating spaces where people are allowed to be vulnerable.

[15:57] Cynthia talks about leading with empathy, with top priority not only for physical safety but also for a psychologically safe environment, where you can show up, be seen, heard, and thrive.

[16:41] Cynthia says she works on building connections through conflict. For what could be tough conversations, it helps if you are willing to check your ego at the door and come in curious. Cynthia often states her intention up front.

[17:01] Cynthia might say, "My intention isn't to challenge you, it's to have you help me understand your perspective and help me see what I'm missing." Cynthia says she asks a billion questions because there is so much she doesn't know. She always tries to get with the "why."

[17:32] Cynthia says, When I try to understand what it is that my counterpart needs to happen, then we can figure out the path forward together. As employee-owners, our goals are aligned. We're looking in the same direction.

[17:52] Cynthia says, We may fuss with the GPS a little bit, but we know the destination is set and we have a commitment to one another. Once we are willing to shut up, listen, and ask the questions to learn, then we can figure out how to be of service.

[18:16] Cynthia says her job isn't to convince, it's first to understand.

[18:22] A Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September.

[18:51] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July.

[19:06] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th.

[19:18] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information.

[19:27] Let's Conclude Our Interview with Bernards' Chief Risk Officer, Cynthia Garcia.

[19:41] As Cynthia mentioned earlier, Bernards is employee-owned. Cynthia thinks that Bernards being 100% employee-owned makes all its employee-owners better businesspeople. The heart of risk management is making those good choices.

[20:27] Looking across the table and knowing she is betting with her fellow owner's retirement, makes Cynthia think about that a little bit differently. She thinks the employee ownership structure lends itself to amazing risk management.

[20:49] Cynthia says you have to be disciplined. You're not spending somebody else's money on this. We're working together, and when we all make good choices, we are ultimately rewarding ourselves and impacting future generational owners, too. That's quite meaningful.

[21:09] Cynthia says it's the best of both worlds. You have the umbrella of a big company paying the bills, but you're rewarded for smart entrepreneurism.

[21:27] Cynthia has a long-term view when making decisions. It's not about what's in it for her. It's how does this support who we want to be today, and who we want to try to be tomorrow? It makes us look further into the horizon.

[22:24] May 4th through May 8th, 2026, is Safety Week, here in the U.S. That coincides with RISKWORLD 2026. Cynthia will be at RISKWORLD.

[22:41] Cynthia says for Safety Week, Bernards has planned activities on each job site to highlight the good things that men and women are doing to build the communities in which they work and live, and doing them in such a way that they go home to families and loved ones.

[23:01] Justin notes that settlements from construction site accident injuries can be astronomical. Part of Cynthia's job is to minimize accidents from the outset, which connects to Bernards' core value safety-first mindset.

[23:34] Cynthia says client response has been amazing. Recently, one of the project executives at Bernards was invited to the school district and won an award acknowledging their efforts on safety. That felt good because it wasn't Bernards saying it, but the clients saying we see it.

[23:58] Bernards has trademarked "A Better Experience." It's a phrase they are proud of. They're building not only to create a better experience for their employee-owners, but also for project success for owners who value safety.

[24:15] Bernards is a large school builder, working on many programs up and down the state. Bernards is cognizant of the impact they are having on the future generation of leaders and citizens. They're very grateful to have that acknowledgement from their clients. It's special.

[25:29] Cynthia says she is absolutely seeing more opportunities for women in risk management and in construction. Construction tends to be inclusive. It's an industry filled with optimists. Its people bring that can-do attitude. They are very generous and gracious with their support.

[26:13] Cynthia says she has been in the risk profession for about 30 years. The demographics have changed, and she sees diversity in the new young talent permeating the industry.

[27:10] Cynthia thinks the work that the Spencer Educational Foundation does in partnership with RIMS is tremendous. She says it is amazing that colleges and universities are offering the Risk Management and Insurance degree and concentration. Cynthia never heard of that before.

[27:35] Cynthia says that people her age moved into risk management from adjacent areas. She is pleased that now people come into risk management intentionally. She talks about risk managers trying to figure out how to help businesses thrive and grow to the next level.

[28:47] Cynthia is one of Spencer's Risk Managers on Campus. She explains how the grants to colleges work. Spencer works tirelessly to make sure the next generation of leaders know what an amazing career this is and the opportunities it offers. Cynthia is grateful to be part of it.

[30:15] Justin mentions that other Risk Manager On Campus risk professionals have been guests on RIMScast, and they have inspiring stories to tell. They love reaching the young people who are going to be the future of the profession.

[30:35] Megan Miller, Spencer CEO, was a recent RIMScast guest. Check out SpencerEd.org for grants and opportunities. If you know somebody interested, send them the link to explore. If they connect with people like Cynthia through the RMOC grant, their experience will be richer.

[31:28] Cynthia came to Justin's attention through a LinkedIn post about her being honored as the 2025 Bill McIntyre Leadership Award recipient at the International Risk Management Institute (IRMI) Construction Risk Conference.

[32:08] Cynthia says you're always a little bit surprised but so pleased when you get acknowledged by your peers. As IRMI is pre-eminent in the construction risk management space, it was more special to Cynthia, as she knew of the great work they did.

[32:33] Cynthia remembers starting in risk management and going to them as a resource. She knows the people who make IRMI thrive. They're people Cynthia looks up to. She is very grateful that it was her turn to be acknowledged. She feels there are way more qualified folks out there!

[33:41] Cynthia says she is an immigrant. English is her second language. She is Korean and grew up in a Confucianist household. In terms of philosophy, you should be seen, not heard. The collective win is celebrated.

[34:06] Cynthia has had to work to get over the heebie-jeebies about self-promotion or what could be viewed as arrogance. She's working on it and doing better at accepting compliments. It's an opportunity to show others who are coming up behind her that diversity exists.

[34:45] Cynthia says it's hard for us to visualize ourselves in a role without models who came before us. What are the opportunities that exist? Can I also think about this? Cynthia said the marketing team is genius. Justin said that was what caught his eye on LinkedIn.

[35:19] Cynthia says she is very fortunate to be supported by so much talent and such a community that helps uplift you.

[35:27] Justin comments that the "seen and not heard" thing is not just Confucianism, but also old-world Brooklynism. His old relatives said, "Children should be seen and not heard."

[35:52] Cynthia says we all have shared experiences within our collective. People tend to focus on the differences. It is important to celebrate our differences, but there's so much more in common, regardless of the geography and the generation in which we were raised.

[36:10] There is so much in shared value. Cynthia says she is constantly inspired by those stories of people who saw a different future or leaned into a hand up. That motivates her to try to be better and drives her.

[36:35] Justin says posting is a networking opportunity too. If that post had not gone up, Justin would not have met Cynthia. It's a way to broaden your network and meet more people. Justin says it's OK to do a humblebrag. Justin is known as the shameless self-promoter.

[37:11] Justin says it is very special when you are acknowledged outside your company.

[37:20] Cynthia's post triggered a series of events, one of which is, in recognition of Women's History Month, RIMS will present the webinar on March 6th, "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management", with Cynthia as a featured panelist.

[37:38] Cynthia will provide the CRO perspective. Also on the panel are Danette Beck from Astrus and Jessica Risullo from WTW. Cynthia shares how she knows these amazing, trailblazing women. Cynthia is grateful to be on a panel with them. They're rockstars!

[38:47] Justin says it's going to be excellent! The link is in this episode's show notes, or visit RIMS.org/webinars. Megan Miller, the CEO of the Spencer Educational Foundation, will kick things off with a special introduction.

[39:15] It's going to be a wonderful way to observe and celebrate Women's History Month, ahead of RISKWORLD and Construction Safety Awareness Week.

[39:30] Justin thanks Cynthia for joining us on RIMScast, sharing with listeners her construction risk perspective and career path. There's a lot to take away. Justin thanks Cynthia for her perspective and her time.

[39:45] Cynthia says she appreciates Justin and the work RIMS is doing to put a spotlight on our amazing industry and the opportunities that exist. She says she is grateful for the opportunities Justin and RIMS are creating and thoughtfully curating.

[40:04] Special thanks again to Cynthia Garcia for joining us here on RIMScast. You can hear more from her directly on March 6th during the RIMS Webinar "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management".

[40:17] RIMS members, keep in mind that RIMS Webinars are complimentary for you. That is one of the many benefits of a RIMS membership. Visit RIMS.org/webinars and the link in this episode's show notes to register. That's going to be a fantastic session!

[40:34] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[41:03] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[41:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:38] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[41:55] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[42:09] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[42:21] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RISK PAC | RIMS Advocacy

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Construction Safety Week

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Debut Episode Now Live

Spencer Educational Foundation — Scholarships and Grants

RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026!

Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management | March 6 | Presented by RIMS — Featuring Today's Guest, Cynthia Garcia!

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18

Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now

"Risk Appetite Management" | March 25‒26

"Claims Management" | April 7‒8

"Emerging Risks" | April 15 | Register Now!

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

"Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants

RIMS.org/Webinars

Related RIMScast Episodes:

"Investing In Yourself with RIMS 2026 President Manny Padilla"

"Strategic Risk Career Transitions with Susan Hiteshew"

"Supply Chain Integrity and Sustainability with Nicole Sherwin of EcoVadis"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

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About our guest: Cynthia Garcia, Risk Manager at Bernards

Production and engineering provided by Podfly.

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

In this episode, Justin interviews RIMS General Counsel Mark Prysock on RIMS Public Policy Focus in 2026.

The RIMS Public Policy Committee is focusing on several legislative issues in 2026. These include the reauthorization of the Terrorism Risk Insurance Act, a federal government backstop in the event of a catastrophic terrorist attack. The bipartisan legislation would reauthorize program funding through 2034.

The Public Policy Committee is tracking an association tax reform proposal to levy a 21% tax on nonprofits' net earnings. Republicans and Democrats together are interested in the potential tax revenue of this proposal. RIMS serves on the Steering Committee of an association coalition led by ASAE to try stop this new tax from moving forward.

Other legislative interests include reforming the National Flood Insurance Program, mandating disclosures around third-party litigation funding of civil lawsuits, and providing the risk management perspective on various cybersecurity and data privacy initiatives.

This year's Legislative Summit, scheduled for March 18th and 19th in Washington, DC, will allow RIMS members to meet with their members of Congress to discuss these issues. Registration for the Summit is now open. Justin and Mark discuss these topics and more in today's interview.

Finally, if you haven't already done so, please consider contributing to RISK PAC, the Society's political action committee.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. Our guest is RIMS General Counsel and VP of External Affairs, Mark Prysock. He's here to tell us what's going on with RIMS advocacy efforts and the top items on our legislative agenda in 2026 and beyond. But first…

[:47] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep.

[:57] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course.

[1:06] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo.

[1:22] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops.

[1:29] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:43] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:54] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes.

[2:12] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers.

[2:32] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you!

[2:57] On with the Show! Our guest today is Mark Prysock, the General Counsel and Vice President of External Affairs here at RIMS. It is always wonderful to have him on the show.

[3:07] He's here to remind us of the RIMS legislative priorities of 2026 and how they will be addressed during the RIMS Legislative Summit on March 18th and 19th in Washington, D.C., and who qualifies to attend.

[3:19] He will also talk about what else we can expect in the way of public policies that RIMS would like to prevent, and those we support. There are lots of links in this episode's notes. You can visit RIMS.org/advocacy, as well.

[3:30] Let's learn about the policies that are changing the risk landscape.

[3:34] Interview! Mark Prysock, welcome back to RIMScast!

[4:15] Mark says the RIMS priorities for 2026 include third-party litigation funding, where third parties, often from other countries, invest in civil litigation. This is of great concern from a national security perspective.

[5:22] If a foreign firm wants to invest in a lawsuit against a defense manufacturer, that foreign investor will have access to everything that comes out in discovery.

[5:36] There's a lot of information that can be gleaned through civil litigation. That is a national security concern. That's one of the things we are hoping Congress will address.

[5:55] Justin notes that RIMS had a couple of webinars about TPLF in 2025. The webinar panelists were incredibly knowledgeable and passionate about prevention. They covered ways to spot it and what to do about it.

[6:21] Mark states that there is a strong link between TPLF agreements and nuclear verdicts for substantial amounts of money.

[6:34] There's a real risk from a commercial insurance buyer's perspective if you are in an industry that is subject to TLPF arrangements, that the insurance for these types of lawsuits could dry up or become substantially more expensive. This could be extremely problematic.

[7:15] Congress is considering reauthorizing the Terrorism Risk Insurance Act (TRIA). There is bipartisan support for it. The full House will be voting on it before too long. This may get wrapped before the RIMS Legislative Summit. The reauthorization would extend through 2034.

[7:40] Mark says that overall, RIMS would support a long-term reauthorization of the program.

[9:25] A proposal to tax the net earnings of non-profits came up almost two years ago. Some members of Congress feel that non-profits compete with for-profit organizations but don't bear the same tax burdens. Congress is always looking for new revenue streams.

[11:08] Congress is not done with budget bills and comprehensive tax bills. If there is a bill that comes forward this year, RIMS will try to make sure that there are no changes in the way that non-profits are taxed.

[11:28] Justin points out that RIMS is serving on the steering committee of a broad-based association coalition led by the American Society of Association Executives. It's called the Community Impact Coalition. A substantial number of associations in the D.C. area are involved.

[11:50] Being on the steering committee means that RIMS plays a very active role in settling on the legislative strategy in dealing with this issue.

[12:01] Mark says it's great to be involved in working with this group. They had a great deal of success last year in making sure none of these new tax provisions were included in the budget reconciliation bill.

[12:15] WMark says that we just need to make sure again, for the last half of this session of Congress, that those tax provisions don't rear their ugly heads again.

[12:24] Justin states that we love ASAE at RIMS. In 2023, RIMScast won an NYSAE Award for MarCom Excellence.

[12:40] Justin asks about the National Flood Insurance Program (NFIP). It is typically funded as part of the Continuing Resolution, a bill that funds the federal government in general. That bill is considered by Congress every three to nine months.

[13:22] We often reach a point where the issues regarding the Continuing Resolution are hashed out at the eleventh hour. Sometimes, they're not, and the government experiences a partial shutdown, which, at the time of recording this episode, we are currently in.

[13:42] At present, the NFIP is not funded. RIMS advocates for the NFIP to be reauthorized, with enhancements, for an extended time, such as two or three years. However, if it were not part of the Continuing Resolution, it would no longer be considered must-pass, and it might go away.

[15:31] Mark talks about attending the RIMS Legislative Summit. You may attend if you are a RIMS member working for a company that does business in the United States.

[15:37] Mark says we are looking for RIMS members who represent companies that are constituents of Members of Congress, so you can go in, talk to a Member, say I am here on behalf of RIMS, and I work for a company that has X number of employees in your district.

[15:59] Say that these are some risk management issues that my company is facing right now. I'd like to talk to you about those, if I could.

[16:08] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th.

[16:29] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes.

[16:42] February is Insurance Careers Month! That coincides nicely with the Spencer Educational Foundation's 7th Annual Spencer Day, which will be February 23rd.

[16:54] Spencer's CEO, Megan Miller, was recently a guest on RIMScast, and we were discussing how everyone can join in this virtual celebration. Spencer is seeking $47 donations in honor of its 47th year.

[17:11] The goal on Spencer Day is to raise $7,500 to support an additional scholarship, which will be awarded in the Spring. A link to Spencer Day information is in this episode's show notes. Visit Spencered.org/spencer-day.

[17:27] Let's Return to Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock!

[17:58] Mark says the RIMS Legislative Summit will take place in Washington, D.C., on March 18th and 19th. March 18th is Education Day, held at the U.S. Chamber of Commerce Building in D.C. There will be training on the various advocacy issues.

[18:28] There will be panel discussions around third-party litigation funding, reauthorizing the National Flood Insurance Program, and association tax reform. They bring together many people from the D.C. community to talk about these issues.

[18:45] This includes lobbyists, people from the administration, Congressional staffers, and people who are going to bring different perspectives to provide RIMS attendees with a well-rounded understanding of each of these issues.

[19:04] After that, there will be a basic presentation on how to lobby Members of Congress, with all the dos and don'ts. By that time, RIMS members will be ready to go. There will be one-page leave-behinds that outline an issue in depth and have a specific ask for Members of Congress.

[19:27] Mark says we'll make sure that those one-pagers are transmitted to all the Congressional offices we'll be visiting, before our meetings, and also have printed leave-behinds for our members to take with them when they go to the Hill.

[19:41] Thursday, March 19th, will be a full day. We release the hounds! Everybody hits the Hill, talks to Congressional staff members, and maybe Members of Congress, about our legislative priorities.

[20:11] Mark says the pitch in 2025 was solid. One issue, the Freedom to Invest in Tomorrow's Workforce Act, liberalized the use of 529 College Savings Accounts for credentials, certifications, and things that might advance their careers in other ways.

[21:06] There was very strong bipartisan support in the House and the Senate. Mark says RIMS participated in a very effective lobbying campaign on this. That legislation was passed into law using the exact language that our lobbying campaign recommended.

[21:28] For Mark, that was a high point from last year's RIMS Legislative Summit. Another high point was the attendance numbers. There were about 100 Congressional visits in total. RIMS was very well-represented last year, and Mark hopes we outdo ourselves this year.

[21:52] A Final Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[22:12] General registration is open, and you can lock in the Advance Rates through February 28th. Marketplace and Hospitality Badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information.

[22:29] Let's Conclude Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock.

[22:48] Beyond the Legislative Summit, the RIMS Public Policy Committee wants to work very closely with the RISK PAC Trustees to raise awareness around RISK PAC and the important role that it plays in supporting our legislative program.

[23:05] RISK PAC is the RIMS political action committee. It's a vehicle to raise personal funds from RIMS members and use those dollars to support the reelection campaigns of Members of Congress who RIMS believes already support our issues or are in a position of influence.

[23:38] Mark says we have some fairly exciting new things happening with RISK PAC this year. The first is a fundraising reception at RISKWORLD on Sunday afternoon, just before the opening general reception.

[24:29] Any RIMS member who is a U.S. citizen can support the RISK PAC. Make a contribution to the PAC in order to attend.

[24:58] RISK PAC will have a fundraiser at the Florida RIMS Conference in July. They are planning on more exposure at other regional conferences this year, as well.

[25:36] Mark expects a lot of good things to happen for the RISK PAC this year, and hopes to raise a good amount of money to support our legislative initiatives.

[26:14] Mark says TRIA is becoming a new, very relevant issue to the risk management community. It's all about extending an existing program.

[26:39] Last week's RIMScast guest was RIMS's 70th President, Manny Padilla. Mark says Manny has been a long-time supporter of the Public Policy Program and Committee. He's a financial supporter of RISK PAC. He's a regular attendee at the RIMS Legislative Summit.

[27:41] Having someone in the President's role who is enthusiastic and supportive of our Public Policy Program is great for us.

[27:50] Mark says that Manny Padilla has been great for connecting the Public Policy Committee with other people working on similar issues.

[28:10] Justin and Mark look forward to speaking more, later in the year, about what is accomplished on these issues.

[28:33] If you have any questions before the RIMS Legislative Summit, you can visit RIMS.org/advocacy or reach out to Mark Prysock directly. He'd love to hear from you.

[28:53] Special thanks again to Mark Prysock for joining us here on RIMScast and providing these very critical advocacy and legislative updates. The RIMS Legislative Summit will be held on March 18th and 19th.

[29:10] Register today at RIMS.org/advocacy. There is also information about the RISK PAC. We want you to get involved and take part in advocating for your profession!

[29:26] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[29:54] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[30:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[30:31] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[30:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[31:01] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[31:13] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RIMS Legislative Summit – March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RISK PAC | RIMS Advocacy

RISKWORLD 2026 Registration – Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation | Spencer Day — Feb. 23, 2026

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute

RIMS Now

RIMS-Certified Risk Management Professional (RIMS-CRMP)| Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Debut Episode Now Live

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep: Feb 17‒18 | Led by Joseph Mayo

Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now

"Risk Appetite Management" | March 25‒26

"Claims Management" | April 7‒8

"Emerging Risks" | April 15 | Register Now!

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

"Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants

RIMS.org/Webinars

Related RIMScast Episodes:

"Investing In Yourself with RIMS 2026 President Manny Padilla"

RIMS Public Policy Committee: "Navigating Cyber and IT Practices to Legal Safe Harbors"

"Spencer Day 2026 | The Future of Strategic Risk Management"

"Risk Outlook '26 with Morgan O'Rourke and Hilary Tuttle"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

Want to Learn More?

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

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

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Mark Prysock, RIMS General Counsel & VP External Affairs

Production and engineering provided by Podfly.

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

In this episode, Justin interviews RIMS 2026 President Manny Padilla on several topics, including his first connection with RIMS and his attendance at RISKWORLD on a scholarship. Manny is the first RIMS president of Hispanic descent. This is a historic moment. Manny remarks on the support for diversity he has experienced in RIMS since joining.

Manny's background spans corporate risk leadership, military service, and teaching. Manny speaks of his teaching practices and how he links the academic side to real situations and strategies the students will face. Manny shares anecdotes from his military service. Justin and Manny discuss the objectives of the RIMS Legislative Summit in Washington, D.C., on March 18th and 19th, and Manny invites all members to register and participate.

Manny continues the interview with reflections on the RIMS-CRMP, other certifications and designations, and how investing in developing yourself will make you stand out as a risk practitioner. Justin and Manny discuss the nature of polycrisis. Manny asks you to participate and become involved in your RIMS chapter and educational events.

Listen for career advice for both new risk practitioners and seasoned risk professionals.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. We are delighted to be joined by RIMS 2026 President Manny Padilla. We're going to learn about his plans for the presidency and his unique career in risk and pre-risk. But first…

[:47] RIMS Virtual Workshops. The next RIMS-CRMP-FED Virtual Workshop will be led by Joe Mayo on February 17th and 18th. On March 10th, we have a RIMS-CRMP Exam Prep with John Button, a recent RIMScast guest.

[1:04] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making" with Joe Milan. Register today and strengthen your risk knowledge! RIMS members always enjoy deep discounts on the virtual workshops.

[1:21] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:36] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:47] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the link in this episode's show notes.

[2:07] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers.

[2:25] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you!

[2:50] On with the Show! I am so pleased to present our guest today! He has been a big supporter of RIMScast for years! I'm thrilled that he is our 70th President here at RIMS. I'm talking about Manuel "Manny" Padilla.

[3:05] Manny was RIMS 2025 Vice President. He's been a positive force on the Board. He is also the Vice President for Risk Management & Insurance for MacAndrews & Forbes, Inc. He is a RIMS-CRMP holder. He truly loves risk management! He will be a fantastic RIMS President!

[3:26] We're going to talk about his career pre-risk-management and bring us up to the present, what his experience with RIMS has been like, and his perspective on what it takes to achieve success in the profession today. Let's get to it!

[3:40] Interview! RIMS 2026 President Manny Padilla, welcome to RIMScast!

[4:02] Manny says everyone's energy is up there, and he's looking forward to having a very positive 2026.

[4:16] Manny says that being Vice President involved a lot of learning. He says that the RIMS board participation is very much a training program. You learn to see how the organization responds. In the Executive Board, you start to see how RIMS is run.

[4:34] Manny says, as you move forward from Secretary to President, you pick up a lot of training. It's a good training program.

[5:00] Manny says that on the Board, there's a lot of excitement and a lot to do. There's a lot of information to impart to our professional society. We're very active and motivated to get that information out there.

[5:15] Manny is the 70th president of RIMS. In 1992, Manny attended RISKWORLD in New Orleans through the Anita Benedetti Student Involvement Program. The information was on a board at the College of Insurance. He applied for it and was sponsored to attend.

[6:30] In the College of Insurance, Manny was sponsored by an insurance company as an assistant junior underwriter, in the days when computers were just meant to write letters and fill out policy forms. He knew just one side of the business.

[6:55] Going to RISKWORLD got Manny out of New York for a week. When he learned what risk management was, his eyes opened, and he said, this is what fits best for me. It was looking at risk strategically and doing things to protect the company's assets. That resonated with him.

[7:48] When underwriters and brokers answer the phone, often it's with Hello, this is (Company). How can I help you? Manny says that when he answers the phone, it's with Hello, this is (Company), this is Manuel Padilla. I hope you're having a great day! How can I help you?

[8:04] That approach made a difference. From the very first, Manny found that this is a relationship business. It's very direct. You know who you're doing business with. People have an open mind and are willing to listen and hear you out.

[8:41] Manny has relationships over the years through RISKWORLD; some have become primary vendors. He notes that there has been a lot of change in the last decade, and since COVID, there's a whole new group of professionals. Some are going to RISKWORLD for the first time.

[9:20] Manny says, as our technology develops, and as we become more crucial to the companies we manage and represent, he sees it on the floor at RISKWORLD. As risk professionals, you need to step out from behind the table and go into the industry.

[9:52] The industry is welcoming and will provide you with a significant number of opportunities.

[10:17] Manny Padilla is the first RIMS President of Hispanic descent. He finds that personally meaningful, but says that RIMS has always extended a hand to all. He felt that when he first stepped onto the conference floor. He has met some unique people and friends through RIMS.

[11:02] Manny says it's great to get the recognition, but it's secondary. RIMS is a good environment. If you're looking at a career change or looking to expand your horizons, this is the organization that you team up with for development.

[11:42] The bigger picture and strategy are built into risk management. Risk managers do better when they raise their hand and say, "This doesn't smell right." They tend to be strategic, forward-thinking, and practical when executing their jobs. Manny speaks up at Board meetings.

[12:30] Seeing the big picture comes with a responsibility. Not being able to operate a significant portion of your business or have your product on the shelves sends your customers to your competitor.

[13:39] Manny gives a shoutout to all veterans in RIMS and shares some thoughts from his military experience. He was in the Navy 24 hours after he graduated from high school. He has been to every country except those that are sanctioned. He was in the Navy from 1982 to 1988.

[14:50] He says it was a wonderful time. The Berlin Wall came down while he was in the military.

[15:03] Manny was an Assistant Master-at-Arms for Fighter Squadron 124 in San Diego. The movie Top Gun was filmed on the base at Miramar Naval Air Station. Manny met Tom Cruise and the rest of the crew briefly during the filming.

[15:57] Some of the Squadron 124 instructors were in the movie as background in the club scene. The Top Gun character was based on a real pilot, who later went into state government.

[17:01] Manny is an adjunct at the Greenberg School of Risk Management. He has some latitude in how he teaches. What he teaches is centered on a set of accepted books and information. There's the technology the students need to know, and the practice that he teaches them.

[17:42] Manny links the definitions, structures, and policy designs to real-world situations and his experience on how those situations were handled. A lot of it has to do with the customization of products and policies to address typical risk exposures.

[18:01] It goes to the risk management process, RIMS-CRMP issues, and ARM-type approaches. Every policy and program is custom, based on the risk appetite and risk tolerance of the insured company and what they've decided to do.

[18:25] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them.

[18:44] Booth sales are open now. General registration and speaker registration are also open. Marketplace and hospitality badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information.

[19:02] The Spencer Educational Foundation will also have a presence at RISKWORLD. Spencer's CEO, Megan Miller, recently joined us on RIMScast. February 23rd 2026, will mark the 7th Annual Spencer Day.

[19:19] We believe in celebrating this industry's diverse and talented future and would love for everyone to join us in this virtual celebration. Visit SpencerEd.org and help us reach our fundraising goal of $7,500 to support an additional scholarship that will be awarded this Spring.

[19:37] We're hoping you will make a $47 donation today, in honor of Spencer's 47th year of operation. A link to Spencer Day is in this episode's show notes.

[19:48] You can visit SpencerEd.org. There is also a link to Megan's appearance on RIMScast in this episode's show notes.

[19:57] Let's Return to Our Interview with RIMS 2026 President, Manny Padilla!

[20:07] Manny says there is much overlap between ISO and COSO. He doesn't do one versus the other; he does both. Both have shared technologies and wording. You need to understand each because you can be in different jurisdictions with audits that may be biased toward one.

[21:12] Manny explores the meanings of investing in yourself. For early-career professionals, it's building your technical depth and professional credibility. It means understanding policies, claims dynamics, the financial impact on you, and how the industry comes into play.

[21:56] For seasoned professionals, the investment is fluency in strategic issues. It's understanding enterprise risk, governance, capital strategy, and how emerging risks are changing, through technology, geopolitics, climate, and litigation, and how they interact.

[22:30] It also means investing time in mentoring and developing future leaders. It expands your ability to manage your duties, brings new ideas into the industry, and is important for your brand.

[22:48] It's your career. If your company won't pay for you to go to RISKWORLD, remember it's your future and your brand. Invest in your brand. You're the person who carries it forth into the future. You need to see where the movers and shakers are heading. You will learn from them.

[24:27] The RIMS Legislative Summit is on March 18th and 19th. Manny says it's a little challenging and overwhelming to think of going into the government to speak with Congressmen, Senators, and other legislative folks.

[25:01] It helps you develop new skills. Manny learned how to approach and discuss sensitive topics with regulatory bodies and meet with other people who are focused on that area.

[25:17] Manny says, when you sit across the table to discuss the Federal flood program, the terrorism program, the pandemic risk insurance program, and the qualified risk manager description, and you move it through various channels, it's mind-boggling and most rewarding.

[25:41] While you're a risk insurance person, you're not there to represent your company. You're there to represent RIMS and the risk profession.

[26:05] Manny has a 20-plus-year relationship with the Coast Guard Auxiliary. They have a legislative group there, and Manny will generally step into the office and say hello and figure out how things are going and how policy gets through.

[26:27] At the RIMS Legislative Summit, you're there to pitch a very specific set of topics. They are very willing to listen to the topics. In some cases, they are the policy experts on those topics. What they are looking for is a variety of different approaches from actual professionals.

[26:52] They refine their development of policy based on these meetings. Manny says it is very helpful to participate, and you're all invited.

[27:05] Manny says the pitch is specific to a specific person, such as the Senator involved in Federal flood insurance. Manny explains how you can team up with other legislators to come on board with your pitch.

[28:15] Manny says he likes pairing with a risk professional to meet legislators. He says, in some cases, we have affiliations with some insurance carriers, brokerages, and vendors. He likes going with them, as well. In some cases, they have a robust system in place.

[28:32] Manny says it's good to see the professionals at the table and how they do it. But as professional risk managers, we don't do too badly. We add a lot of value, and the legislators do appreciate that.

[28:54] Justin shares his experience of going with Mark Prysock, RIMS GC, Robert Cartwright, RIMS President at the time, and Gary Raymond of FedEx at the time. Justin shadowed them and watched how they worked.

[29:31] RIMS has legislative priorities. Major priorities are the Federal Flood Program and the Terrorism Risk Act. Manny says that what tends to happen is that every year they get extended for a short period until Congress comes together to argue about something else.

[29:55] It's always under a threat of not being renewed, but then it gets extended again. Manny says it's a key issue that keeps coming up. Manny says to look at the Legislative Affairs page at RIMS.org/advocacy for the list of priorities.

[30:21] The first day of the RIMS Legislative Summit is for sitting down and talking about the specifics of each of the items. Then we bring in some experts in each particular area to talk about what is on the floor to be able to get through Congress to final agreements.

[30:47] Justin announces that Mark Prysock will be on RIMScast next week to do a deeper dive on the RIMS Legislative Summit.

[31:13] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th.

[31:34] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes.

[31:46] Save the dates, March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C. Join us for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community.

[32:03] Book your hotel room at the Sofitel Washington, D.C. in Lafayette Square by February 16th after you register for the event, and you will receive a special RIMS rate of $359 per night.

[32:18] Let's Conclude Our Interview with RIMS 2026 President, Manny Padilla.

[32:30] Manny has several certifications after his name. The first is RIMS-CRMP. Justin first interviewed Manny after the RIMS-CRMP. In that interview, Manny said the RIMS-CRMP helps risk professionals stand out by signaling a commitment to continuous learning.

[33:25] Manny looks at designations and certification as how you stack up with your peers and how corporations look at you, compared to others. Certifications prove your higher knowledge.

[33:54] RIMS recently released the Compensation Survey. If you start looking at the differences in pay, pay for persons who have no designation vs. those who have any designation, vs. those who have the RIMS-CRMP certification, you will see the difference in the six figures.

[34:44] Manny would rather have a nice designation and a job that pays six figures more than a job for a person with no designation. You also have to demonstrate love for the industry and prove that you're keeping up.

[35:12] A good portion of Manny's designations are based on his major in risk management and insurance. However, the technology, words, and approach have changed during his career. A risk manager became a strategic risk manager, then an enterprise risk manager. What comes next?

[35:50] Manny states that we should be certified and have these designations so that we understand the world we are living in.

[36:08] Manny says we are facing a convergence of risks, or a polycrisis. We have geopolitical instability, accelerated technology adoption, climate expectations, and an increasingly complex litigation environment. The financial world depends on what the government says at any time.

[36:39] Manny asserts that these risks don't exist independently anymore. Manny deals with catastrophes every day. He's trying to stay one step ahead of the calamities. We need to start acknowledging the strategic nature of risks and the ability to address them simultaneously.

[37:09] We also need to keep in mind that we live in an environment where digital access to information, data, and real financial information comes very quickly.

[37:23] Twenty years ago, you could have major catastrophes in countries around the world, and if you weren't directly impacted by it, you didn't pay attention to it. It would take weeks to get basic information on them. Today, information comes to us at a mind-boggling velocity.

[37:59] Justin and Manny discuss last year's L.A. wildfires and how the people are still reeling from them.

[38:44] Manny, it's been such a pleasure to see you, and I'm very much looking forward to what you're going to bring to the presidency this year. Are there any parting words regarding what people can expect at RISKWORLD, or anything you are working on?

[39:10] Manny says, I would basically say many thanks to all of you who are listening here. It's an honor to have been selected as the 2026 RIMS President. I ask that each of you participate with RIMS at our many professional events and learning opportunities.

[39:27] We are seeking out leaders and participants for our chapters, the many committees we support, and at our legislative events. Don't be shy. Engage. Invest in yourself. And see you all at RISKWORLD!

[39:44] Special thanks again to RIMS 2026 President, Manny Padilla, for rejoining us here on RIMScast! It is always a pleasure to see him. I've got links to Manny's prior RIMScast episode as well as the press release announcing his presidency.

[40:00] Manny will be at the RIMS Legislative Summit on March 18th and 19th in Washington, D.C. That's two days of advocating for the best interests of the risk profession. You must be a member to attend.

[40:15] Book your hotel room by February 16th to register and reserve your hotel room at the special RIMS rate of $359 per night at the Sofitel Washington D.C. Register at RIMS.org/advocacy.

[40:30] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[40:58] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[41:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[41:34] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[41:51] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[42:05] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[42:17] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation | Spencer Day — Feb. 23, 2026

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Newsroom: Manny Padilla Named 2026 President of RIMS

RIMS Leadership Corner: Polycrisis Meets Polysolutions

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute

RIMS Now

RISK PAC | RIMS Advocacy

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

RIMScast Canada — Debut Episode Now Live

Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep: Feb 17‒18 | Led by Joseph Mayo

Full RIMS-CRMP Prep Course Schedule

RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now

See the full calendar of RIMS Virtual Workshops

Risk Foundations Certificate Program | Feb. 10

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

"Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants

RIMS.org/Webinars

Related RIMScast Episodes:

"Spencer Day 2026 | The Future of Strategic Risk Management"

"Risk Outlook '26 with Morgan O'Rourke and Hilary Tuttle"

"James Lam on ERM, Strategy, and the Modern CRO"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

Want to Learn More?

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

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

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guest: Manny Padilla, RIMS President 2026

Vice President, Risk Management & Insurance, MacAndrews & Forbes Inc.

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Megan Miller, the CEO of the Spencer Educational Foundation, and John Button, ERM strategist and RIMS-CRMP Workshop instructor. The episode is divided into two interviews. Justin and Megan review the Spencer activities coming up around RISKWORLD 2026 and later, with a focus on driving students into insurance and risk careers and on providing risk scholarships to build the industry. Justin and John focus on John's ERM and risk philosophies and the key skills and knowledge the next wave of risk practitioners will need as risk management moves into strategic risk modes. They discuss the RIMS-CRMP virtual workshops that John teaches, and James Lam's RIMS-CRO Certificate Program in Advanced Enterprise Risk Management, which John endorses. They talk about RISKWORLD 2026, which is coming up.

Listen for tips on inviting the next wave of students into the risk profession and preparing for upcoming trends in risk.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:17] About this episode of RIMScast. We will be joined by Spencer Educational Foundation CEO, Megan Miller, and ERM strategist and RIMS-CRMP Workshop instructor, John Button. But first…

[:47] RIMS Risk Foundations Certificate Program. This beginner program will guide you through the risk landscape and help evaluate the purpose, function, and process of risk management. On completion, you will receive a Digital Risk Foundation certificate and 24 RIMS CE credits.

[1:07] Cohort Number One starts on February 10th and 11th, with "Fundamentals of Risk Management," and then, on February 25th, "Risk Taxonomy," followed by two on-demand courses. Register now because the next cohort will be held in August. A link is in the notes.

[1:28] RIMS members always enjoy deep discounts on the virtual workshops.

[1:32] Webinars The next RIMS webinar will celebrate Women's History Month by exploring the success of women in construction risk on March 6th. We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:45] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. Visit RIMS.org/webinars and check out the link in this episode's show notes.

[2:00] RISKWORLD General registration is open for RISKWORLD 2026, which will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. Visit RIMS.org/RISKWORLD or RIMS.org. Register today to take advantage of those sweet advance rates through the end of this month!

[2:24] On with the Show! Returning to RIMScast is one of my favorite people, the CEO of the Spencer Educational Foundation, Megan Miller! Spencer Day is coming up on February 23rd. We want to hear all about what she has in store for us this month, and at RISKWORLD 2026.

[2:50] Megan Miller will also present a special introduction for the "Hard Hats and High Stakes" Webinar on March 6th. Let's get to it!

[3:08] Interview! Spencer Educational Foundation CEO Megan Miller, welcome back to RIMScast!

[3:30] Megan says the Spencer Educational Foundation had a great year in 2025. They surpassed their goals. They're riding into 2026 on top of the wave. They are also starting Year 1 of implementing their next Five-Year Strategic Plan through 2030.

[3:55] Megan says they have some big growth goals; they're hoping to raise $10 million a year by 2030. They ended last year at just over $4 million.

[5:13] Spencer Day on February 23rd is held in conjunction with Insurance Careers Month. The Insurance Careers movement is to get students thinking about careers in insurance.

[5:29] Holding Spencer Day during Insurance Careers Month raises awareness about what the Spencer Educational Foundation is doing to help drive more students into insurance careers.

[5:36] The Spencer Educational Foundation tries to raise at least $7,500 from individual contributors that day to fund an additional scholarship. If they can raise $7,500, they can give out one more scholarship in 2026 and set one more person on the path to a career in risk.

[6:18] At RISKWORLD, the Spencer Educational Foundation holds three events: Pickleball Social on Saturday, May 2nd, with sponsor Optum, the Gallagher Topgolf Golf Tournament on Sunday, May 3rd, and the 5K Fun Run on Tuesday, May 5th, with new sponsor Bold Penguin.

[7:59] The 5K Fun Run will take place at Boathouse Row at 6:30 a.m.

[8:57] The Spencer Soirée will be held on Monday, May 4th, at 5:30 p.m. It's Spencer's big donor appreciation event. At the Spencer Soirée, Spencer announces the winners of the International Student Risk Management Challenge that takes place all day on Sunday, behind closed doors.

[9:16] On Monday morning, you'll have the opportunity to see the top three student teams present. Over 50 teams are competing. They submit their papers online, and the judges select the top eight teams to be flown to RISKWORLD. In 2025, half of the teams were international.

[10:01] For some students, it was the first time they had ever been to the U.S. It's an incredible opportunity. In 2024, the team from Hyderabad, India, won. Justin had them as RIMScast guests.

[10:20] The 2025 winning team was from the University of Wisconsin-Madison.

[10:32] At the RISKWORLD conference, the top eight teams present behind closed doors on Sunday, and the judges select the top three. On Monday, those presentations are open to the public. It's impressive to hear the students talking through their cases. Come and watch!

[10:53] On Monday, at the Spencer Soirée donor appreciation event, the first, second, and third place winners are announced, with cash prizes. It's a big audience, and the students answer the judges' questions. Megan says that the students are poised and super bright.

[12:08] The 2026 Spencer Funding Their Future Gala will be held on Thursday, September 17th, back at the Waldorf Astoria, which was recently reopened after extensive renovations. Megan says it's stunning.

[13:30] There are two honorees for the gala, Sierra Signorelli from Zurich, and Marya Propis from RT Specialty. Marya was one of the earliest RIMScast guests. She has been heavily involved in Spencer.

[13:51] Megan says Zurich has been a strong partner of the Spencer Educational Foundation for a very long time. Sierra has taken on an expanded role at Zurich.

[14:09] Marya is the former board chair who hired Megan within the Spencer organization.

[14:35] For more information about the Funding Their Future Gala, listeners can reach out to Megan Miller or Brianne Kelly-Prensa at the Spencer Educational Foundation.

[15:00] Megan mentions some of the new names at the Spencer Educational Foundation. Brianne Kelly-Prensa is the new Development Manager, helping Megan with fundraising and finding new partnerships. Amisha Kitani is the new Program Administrator.

[15:31] Amisha was an intern at LVMH through Spencer's internship grant program.

[16:10] Megan was a Spencer scholarship recipient. While she was at Swiss Re, she received a Spencer scholarship for the part-time Master's program. Spencer was very instrumental in helping Megan complete her MBA.

[16:37] Spencer also has two board members who are Spencer scholarshop recipients: Robin Roeder and Cristina Vigilante. As Spencer grows and impacts more students, he loves to see them come back into the fold.

[17:13] Justin shares details about the presenters of the RIMS webinar on March 6th, "Hard Hats and High Stakes: Women Leaders Shaping Construction Risk Management," including a special introduction by Megan Miller. Megan is excited about it.

[19:01] The webinar is not only in honor of Women's History Month but also in advance of Construction Safety Awareness Week in May. Justin says this important sector deserves the spotlight.

[19:39] If you have any questions for Megan, find her at SpencerEd.org. Justin tells Megan, it is such a pleasure to see you again.

[19:56] Our next interview features John Button, CRMP, an Enterprise Strategic and Technology Risk Strategist for American Systems and an Instructor for the UCLA Extension Business School, specifically for implementing their Enterprise Risk Management course.

[20:24] John Button is one of the instructors for the RIMS-CRMP Virtual Workshop Series. John will be leading the March 10th and 11th Workshop, and the June 9th and 10th Workshop.

[20:39] We are going to get a glimpse into his risk perspective and philosophy. We're going to talk about strategic risk management and where he believes ERM is headed in the short and long term. Let's get to it!

[20:52] Interview! RIMS-CRMP Commissioner John Button, welcome to RIMScast!

[21:10] John heard about the RIMS-CRMP from other practitioners who were getting certified. John worked with Joseph Mayo on a couple of his books, the latest being Cultural Calamity. Joseph suggested the RIMS-CRMP to John. John looked into it.

[21:41] John fell in love with the RIMS-CRMP, as it is a foundational risk management certification.

[21:52] Justin adds that John Mayo was the first RIMS-CRMP Story. John says the RIMS-CRMP has been a pretty exclusive club, but it's spreading quickly around the globe, and once you've gotten it, you start to see who else has it.

[23:16] Justin asks about strategic risk management. John says when he was studying for the RIMS-CRMP, he was well aware of strategic risk management, and he had been an enterprise risk management advisor at Gartner, but it wasn't practiced as much then as we see it today.

[23:45] While studying for the RIMS-CRMP, John learned of the RIMS Strategic Risk Management Framework. He thinks it is one of the clearest ways of thinking about strategic risk management. It started connecting the dots for him about the value chain and benchmarking.

[24:21] John says there's been an evolution in business from hazard risk to operational risk to strategic risk, and the real value is within strategic risk management. With strategic risk, what we focus on is largely the business model or foundational assumptions of the organization.

[25:22] It will involve your customers, your financial model, your capabilities, and your value proposition. Strategic management deals with deciding the direction of a company, where you are trying to go, and the business model for how you are going to achieve success.

[25:48] John says strategic is fundamentally different from operational, which may involve the execution of parts of the strategy, keeping the lights on, and running the business.

[26:21] John says the most important skills for future risk leaders are to understand the decision science and analysis component of measuring uncertainty. That involves a basic understanding of statistics, probability theory, and the psychology of biases. That's critical.

[27:23] John tells of helping develop risk quantification courses for RIMS for risk managers to learn how to measure and communicate risk in economic terms, for leaders in an organization. That skill set will differentiate risk practitioners in companies in achieving goals and objectives.

[28:18] The people in an organization doing the work of mitigating the risk are often labeled as owning the risk. John says a risk is an uncertainty that will negatively impact an objective. Whose objective is threatened by the risk? Knowing that, you can build the accountability bridge.

[29:58] John says when the ownership of risk is not known, most executive decision-makers use System One, instinctive thinking. System Two thinking requires deliberation and problem-solving. When a risk owner is identified, executives switch to System Two thinking.

[31:37] Accountability is a by-product of risk owner identification.

[32:09] Quantitative risk analysis allows you to accurately and mathematically measure risk. You can't count risk with ordinal scales that only tell you the order of things. When you measure risk quantitatively or statistically, you can accurately forecast the financial impact of an event.

[33:51] That forecast enables executives to make more informed decisions. You can add risks in a mathematically coherent way. You can see how risks hang together for the organization.

[35:12] John says a good risk culture is an organization that practices what it preaches. John would expect to see incentives built into measuring performance. It's not just whether you met your goals and objectives, but also whether you followed good risk management practices.

[36:38] John says a lot of organizations speak to it, but what they say and what they do are often two separate things.

[37:13] There's a big push right now for using more quantitative tools and skills for doing risk management. Risk management is more than quantitative measurement or decision analysis. John sees mistakes from companies looking only at the short term.

[37:57] If you do risk management well, with a solid risk culture, there is always the possibility or probability of failure. Any company, even with great risk management, can be susceptible to systemic risk and big surprises. Having a good risk culture lowers the probability of failure.

[38:47] John says they touch on risk culture during the RIMS-CRMP Workshops. It's about trying to develop a programmatic and systematic approach to risk that is consistent, coherent, and serves as the foundation for further growth. It's the beginning of the journey, not the end of it.

[39:30] John discusses flipping the script from uncertainty to opportunity. He notes that risk managers often focus on compliance, which was great in the past. The future, with its move toward strategic risk management, will need far more than risk event forecasts.

[41:03] John believes the next phase will come from using your imagination, in collaboration with AI, to see beyond the five-year strategy timeframe, to develop hypotheses and a different kind of forecast about where trends, drivers, and conditions will show up in the risk landscape.

[41:56] John thinks risk management will move outside of the organization. The next wave of practitioners will be equipped quantitatively, helped by AI, and will help to steer strategy and the strategic direction of business models to find the opportunities for innovation.

[42:27] Justin says this has been such an enlightening conversation and mentions that John will be leading the virtual workshops for RIMS-CRMP on March 10th and 11th and June 9th and 10th. What is John Button's instruction style?

[42:53] John enjoys teaching. He's currently teaching Implementing Enterprise Risk Management at UCLA. What's important to him is making sure people are crystal-clear, understand the foundation, and can analyze the concept.

[43:19] John reduces most challenges in risk management to communication. What one person means by cyberrisk may not be what somebody else means. He makes sure those he is teaching feel confident when they walk away, ready to go. His teaching style is thorough.

[43:59] John always stays back after the webinar to answer questions. Some people contact him later with questions, and he's more than happy to help them.

[44:18] Justin mentions the RIMS-CRO Certificate Program in Advanced Enterprise Risk Management, hosted by James Lam. John introduced himself to James Lam at the FAIR Conference 2022, after reading his book. John took the RIMS-CRO Certificate Program.

[45:07] John says they worked live for about four hours every other week for six sessions, with each module building on the previous one. The next cohort will begin in April. Registration closes on April 6th. That course will run biweekly from April 14th to June 23rd, 2026.

[45:55] Check out RIMS's social channels to see a testimonial from John talking about the course. It was extremely beneficial for him and for the others who shared their perspectives on it.

[46:40] John will be at RISKWORLD 2026. Last year was his first RISKWORLD, and having attended a lot of business conferences, he shares that he was blown away by how awesome RISKWORLD is. John invites you to reach out to him if you go, and he'll be happy to talk to you.

[47:15] Special thanks to both of our guests, Megan Miller, the CEO of the Spencer Educational Foundation, and John Button, one of our valued RIMS-CRMP Commissioners and virtual workshop instructors.

[47:29] Links to SpencerEd.org and to John's upcoming virtual workshops for the RIMS-CRMP Exam Prep are in this episode's show notes. Register now, and let them know how great they sounded on RIMScast in February 2026!

[47:46] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[48:15] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[48:33] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[48:50] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[49:07] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[49:21] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[49:33] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation | Spencer Day — Feb. 23, 2026

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Risk Management magazine | Contribute

RIMS Now

RISK PAC | RIMS Advocacy

RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

The Strategic and Enterprise Risk Center

RIMS Diversity Equity Inclusion Council

RIMS-CRMP Story, featuring John Button

Upcoming RIMS-CRMP Prep Virtual Workshops:

RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10, Virtual

Full RIMS-CRMP Prep Course Schedule

See the full calendar of RIMS Virtual Workshops

"Applying and Integrating ERM" | Feb 4.

Risk Foundations Certificate Program | Feb. 10

"Facilitating Risk-Based Decision Making" | March 4‒5

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

RIMS.org/Webinars

Related RIMScast Episodes:

"Risk Decision-making in 2026 with Joseph A. Milan, Ph.D."

"The Evolving Role of the Risk Analyst"

"Risk Rotation with Lori Flaherty and Bill Coller of Paychex"

"Energizing ERM with Kellee Ann Richards-St. Clair"

Sponsored RIMScast Episodes:

"Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!)

"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

"Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant

"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

"Understanding Third-Party Litigation Funding" | Sponsored by Zurich

"What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog

"Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor

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

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

RIMS Publications, Content, and Links:

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

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RISK PAC | RIMS Advocacy

RIMS Strategic & Enterprise Risk Center

RIMS-CRMP Stories — Featuring RIMS President Manny Padilla!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

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

Want to Learn More?

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

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

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests: Megan Miller, CEO, Spencer Educational Foundation

John Button, RIMS-CRMP, Enterprise, Strategic & Technology Risk Strategist, American Systems

Production and engineering provided by Podfly.

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

In this episode, Justin interviews Susan Hiteshew about her career path, from long-time risk manager to broker, and how her foundation in risk provides her with corporate empathy and understanding of her clients. They cover key principles Susan learned on the way, how she intentionally made a change, and how her risk philosophy helps her as a broker. Susan shares points from her risk philosophy and the benefits she realized from the RIMS-CRMP, as well as from serving on the National RIMS Board.

Listen for key factors in a great trisk management team.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:17] About this episode of RIMScast. We will be joined by Susan Hiteshew, a long-time risk professional, to discuss how she successfully transitioned over to the broker side. We will also get her ERM philosophy and how it still guides her to this day. But first…

[:47] RIMS-CRMP and Some Prep Courses. The next virtual prep courses will be held on March 110th and 11th and again on April 21st and 22nd. Links to these courses can be found through the Certification page of RIMS.org and through this episode's show notes.

[1:04] RIMS Virtual Workshops are coming up. On February 2nd and 3rd, Pat Saporito will host the debut of the two-day course, "Storytelling with Data for Risk Management".

[1:18] On February 4th and 5th, Ken Baker will return to deliver the course, "Applying and Integrating ERM".

[1:28] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes.

[1:39] RIMS members always enjoy deep discounts on the virtual workshops.

[1:43] The next RIMS Webinar will celebrate Women's History Month by exploring "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" on March 6th.

[1:53] We'll be joined by a Chief Risk Officer, an underwriter, and a broker, who will explore their career paths and risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[2:08] Visit RIMS.org/webinars and check out the link in this episode's show notes.

[2:12] On with the show! Our guest today is the Managing Director and Office Head for Marsh's Washington, D.C. Office. Before accepting that role, she had 16 years of experience in risk management. She was one of the first RIMS-CRMP certificate holders. She's Susan Hiteshew.

[2:35] We're going to talk about her career and why she decided to make a transition over to the broker side with Marsh. We'll also talk about her ERM philosophy and how it continues to guide her to this day.

[2:47] We will also talk about strategy and the concept of professional empathy. Let's get to it…

[2:54] Interview! Susan Hiteshew, welcome to RIMScast!

[3:34] Susan can't imagine a better way to start 2026 than getting to be here on RIMScast with Justin!

[4:00] For years, Susan was a corporate risk manager. Most recently, she was the VP of Risk at a real estate investment trust. Before that, she was Senior Director of Insurance at a major hotel brand and had filled other risk roles.

[4:25] Susan says that before she got started as a risk manager, she began her career in claims. She worked in a specialized unit on the carrier side, analyzing legacy claims for coverage. They printed policies, read them, and manually wrote claims notes on them.

[4:57] Susan says it was a great way to learn the coverages and understand the underwriting intent of the policies. That foundation taught her that insurance is technically complex and that there's a policyholder on the other end who will be getting your coverage letter in the mail.

[5:19] Susan says insurance is a people business, even though it is very much a technical business. It's a form of strategic finance.

[5:28] Susan learned as a risk manager the value in building that downside protection for your company and creating predictability in your cost of risk so that your business can operate with confident margins.

[5:44] As a risk manager, Susan implemented that approach into how she thought about ERM. She thinks the most successful ERM programs are very collaborative across different business units and are built upon the spirit that everyone's a risk manager.

[6:05] Risk is something we all own for our company. Susan's focus was always on supporting her executive team and board, and giving them information in clear, cogent, and actionable ways.

[6:24] Susan speaks of frameworks. Risk and strategy are two sides of the same coin. Some risks are quantifiable and insurable; some risks are not.

[6:36] Enterprise risk management is about understanding all risks, creating awareness around them, and mobilizing your company to focus on those risks in every part of your organization, at every level. Susan finds value in both ISO and COSO. She leans more toward COSO.

[7:19] ERM was different at every company Susan worked with, tailored to the company and the business. It was collaborative. So much of enterprise risk management is taking who you are as a company, where you're trying to go, and building a framework that makes the most sense.

[8:11] Susan was a risk manager for about 16 years.

[8:20] Susan had reached the point where she wanted to broaden her impact across the board. Every time she made a change in her career, it was because she wanted to try something new and learn something different.

[9:09] The timing felt right. She had had a lot of different in-house experiences, so she could sit across from a client and say she had been in their seat and knows what they are thinking through from an insurance perspective, and she can help them solve their issues.

[9:32] At different companies, a risk manager does different things. Susan had had different areas of responsibility in insurance, claims, captive management, and enterprise risk management. What she loved the most was the insurance side.

[10:05] Susan asked herself, wouldn't it be great if she could do what she loved most, all the time, for lots of clients? She loves that in her role now, leading the D.C. office for Marsh, she gets to help lots of clients with lots of different problems. She loves supporting risk managers.

[10:44] Susan says the reason that she's been able to do what she's done in her career is because of support from others in the industry. She's having a lot of fun, working on helping clients with interesting problems. She thinks professional empathy helps her support clients.

[11:23] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th.

[11:44] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes.

[11:57] Save the dates, March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C. Join us for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community.

[12:13] Visit RIMS.org/advocacy for more information and updates and to register.

[12:21] Let's Return to Our Interview with Susan Hiteshew!

[13:08] Susan says that where her background is most helpful is in her claims foundation. It trained her to interpret coverage, to understand the intent of policy language, and to understand all that goes into resolving complex claims.

[13:24] As a risk manager, Susan learned what Accounting needs, what Finance needs, and what a CFO needs when something "has gone bump in the night" and there's a significant claim issue.

[13:37] Susan can tie all that together to support a risk manager and say, "You might want to have a conversation with Accounting about this. What do you have budgeted for this? Let's have a conversation with Finance about this. Is Legal involved? Do we have clarity on Operations?"

[13:55] Susan's years in-house taught her how to pull all of those different components of the organization together. A good risk manager knows and works with everybody in their company. There are many internal and external stakeholders.

[14:19] Susan helps risk managers navigate tough situations and know whom to talk to before needing to get in front of them, to bring a tough situation to a good resolution, with everybody being aware and having the opportunity to give input to bring the situation to a close.

[14:41] Justin notes that the risk manager needs to be the point guard for the organization. Susan agrees. She coaches her daughter's basketball team.

[15:20] Susan notes that risk managers save the company money, but in most cases, they don't generate income, so it's important to run an efficient risk management team with the resources to work with and support everybody in the company. The team size differs for every business.

[16:19] Susan has loved every stop along the way in her career. Each one has been different. She has worked with amazing people. She looked for work where she would be professionally challenged, learn a lot, and work with awesome people she can learn from at every level.

[17:06] When Susan was ready to try being on the broker side, she was very intentional about it. She is so grateful for her choice. She has absolutely loved this transition.

[17:23] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. Booth sales are open now!

[17:45] General registration and speaker registration are also open right now! Marketplace and Hospitality badges will be available starting on March 3rd. Links are in this episode's show notes. Be sure to check out RIMS.org for more information.

[18:01] Let's Return to Our Interview with Susan Hiteshew!

[18:22] Susan joined RIMS in 2011. She attended RISKWORLD in Philadelphia and is excited that RISKWORLD is back in Philadelphia this year, from May 3rd through 6th. There is a lot to do in Philadelphia, and it's very convenient for East Coast members.

[19:07] Susan says it's awesome to have RIMS-CRMP as part of her title. It's a designation that means something. It's tied to helping a risk manager get to the next level of connecting the risk and strategy for their organization.

[19:32] Susan took the RIMS-CRMP in the first group, in San Diego, in 2016. She was so excited to get the certification. Having the RIMS-CRMP and being active in RIMS gave her a wider lens on the profession than just seeing risk through the lens of one industry or company.

[20:14] RIMS exposed Susan to a much broader network and helped her build her professional network.

[20:34] Susan says the RIMS-CRM shows you keep up with all the CEs every two years.

[20:51] Susan says serving on the National RIMS Board and as the Board liaison for the Audit Committee in the past was an incredible experience. It put her at the intersection of governance, oversight, and strategic risk thinking. She saw how the Board evaluates controls.

[21:19] When Susan was on the Board, they had outside counsel come in and give several different board trainings on governance and how to be good supporters and board members, and understand how to do their job effectively.

[21:34] Working in that capacity helped Susan to sharpen her appreciation for transparency and disciplined communication, which were skills she was able to bring back to her role as a risk manager and other work she does.

[21:50] Susan serves on an advisory board for her daughter's school and on the board of a privately-held real estate firm in D.C. Being on the RIMS Board taught her about how to be a good advisor for the executive team.

[22:35] Susan says it's interesting to look at how the risk environment has changed. Marsh published the "World Economic Forum Global Risk Report" at the end of 2025. It talks about how risks are managed across the world by business executives, experts, and academics.

[23:01] Susan says it's interesting to see what risks they call out and how the risks change from one year to the next. The report is a fascinating read for people who are looking at external risks and how they might impact their company.

[23:16] Susan says the risk environment is incredibly dynamic. There are risks in the Risk Report that weren't there two years ago that are now in the top five risks.

[23:30] Susan believes Enterprise Risk Management is strategic, not administrative. Leaders need dynamic, real-time insights to help them connect risk directly to their business outcomes.

[23:45] Susan says tools and analytics are being used to help break down historically uninsurable risks into parts that can be actionable and solvable.

[24:15] Susan says expectations for talent are changing. We need risk professionals who can interpret analytics, communicate clearly, and help support executive decision-making processes. The connection between risk and strategy is becoming more imperative.

[25:10] How you identify your risks and communicate a message around your risks is going to be what matters and sets risk managers apart. You can have a policy and a process around managing a risk, but people at every level of a company need to internalize it.

[25:33] Susan says you need a level of validation and ownership. It has to be instilled into the corporate culture. That starts with empathy, connection, and keeping things real for folks. That will be the ultimate driver of success.

[26:04] Justin and Susan agree that risk management is a people business. It's about making things real for folks.

[26:22] When Susan worked as a risk manager for a major retailer with warehouses, she spent time in the warehouse, working at every station, so she understood the jobs that everyone was doing.

[26:38] She could see for herself how a workers' compensation injury happens. How are we getting these soft tissue issues? What do we need to do about them?

[26:50] Learning from the people who are doing it every day, you learn things you would never pick up, otherwise. You can tailor your training programs, business processes, and the real risk management work to the people who need it, whom you are helping keep safe.

[27:46] Susan's biggest piece of advice is to reframe the role. Risk management's role isn't reporting on risk; it's enabling competent business processes and competent decision-making. Speaking the language of strategy, and not just severity and probability, is very impactful.

[28:11] Susan says building relationships before you need them and infusing risk management into the culture of the company helps a business build a competent risk management approach at every level within the organization.

[28:30] Risk managers are really good at identifying issues and stumbling blocks, but offering options and solutions is where there is true value. Thinking about how we support our executives and leadership team is a key part of being a great risk manager.

[28:49] Our executives have several things coming at them, all day, every day. They've got to make decisions and move expediently.

[28:58] The more we can distill complicated risk issues into a straightforward framework, the more executives can confidently move forward on specific risk decisions. That is incredibly valuable.

[29:20] Susan says that from both the practitioner and the advisory perspective, when you're a risk manager and you position yourself as a strategic partner, you can be relied upon, not only to help protect the organization but also to help accelerate its success.

[29:40] Susan learned from a former boss to ask during ERM analyses, "Why do expensive race cars have very expensive brakes? It's not so you can stop, but so you can go fast confidently." A great risk management program helps enable speed, confidence, and resilience.

[30:34] Susan says that's what she loves about the value that risk managers bring to the table.

[30:56] Susan, you've been such a wonderful guest. You've been so giving with your perspective. Also, where are you going to be from May 3rd through the 6th, 2026? She'll be at RISKWORLD 2026 in Philly! It will be a great time, seeing all her RIMS friends!

[31:23] Some of Susan's favorite things about her profession are the friendships she created through RIMS.

[31:27] At RISKWORLD 2026, May 3rd through 6th in Philadelphia, you will Connect, Cultivate, and Collaborate! I can't wait to get the chance to finally meet you in person!

[31:38] Anybody who wants to learn a little more about Susan can check out her RIMS-CRMP Stories. It's one of the first ones. Susan is also on LinkedIn. Susan would love it if you reached out with a question for her, either on LinkedIn or RIMS Engage.

[32:05] Special thanks again to Susan Hiteshew for joining us here on RIMScast. I've got a link to her RIMS-CRMP Stories interview, which will hopefully inspire you to sign up for and study for the RIMS-CRMP exam.

[32:21] The link is in this episode's show notes. You can also check out RIMS.org/certifications.

[32:27] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.

[32:54] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact [email protected] for more information.

[33:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [email protected] for more information.

[33:29] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[33:45] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.

[33:59] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at [email protected].

[34:10] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

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Spencer Educational Foundation Scholarships | Submission Deadline Jan. 31, 2026

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RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan!

Susan Hiteshew's RIMS-CRMP Story: The Value of Being 'In The Club'

Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep

March 10‒11 | April 21‒22, 2026, 9:00 am‒4:00 pm EST, Virtual

Full RIMS-CRMP Prep Course ScheduleSee the full calendar of RIMS Virtual Workshops

"Storytelling with Data for Risk Management" | Feb. 2‒3

"Applying and Integrating ERM" | Feb 4.

"Facilitating Risk-Based Decision Making" | March 4‒5

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

RIMS.org/Webinars

Related RIMScast Episodes:

"Risk Decision-making in 2026 with Joseph A. Milan, Ph.D."

"The Evolving Role of the Risk Analyst"

"Risk Rotation with Lori Flaherty and Bill Coller of Paychex"

"Energizing ERM with Kellee Ann Richards-St. Clair"

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"The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant

"Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent

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"The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL

"Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company

"Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich

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About our guest: Susan Hiteshew, Managing Director | Office Head, Washington D.C., Corporate Regional Team Leader, Marsh

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