RIMScast

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews three of his favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, who are the three authors of the new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance. They discuss how the executive report was conceived and written, and what the challenges were in writing it. The report contains insight and direction on the need for a clear and accessible risk appetite statement and risk tolerance in any organization using ERM. They speak of challenges risk professionals face in setting a risk appetite statement, and why risk appetite is essential for organizations today, Key Takeaways: [:01] About RIMS and RIMScast. [:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by past and present members of the RIMS Strategic and Enterprise Risk Management Council to discuss their new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance. [:47] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management. [1:09] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:27] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, "Accident Prevention — The Winning Formula For Construction and Insurance". I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change. [1:57] The link to this dedicated episode is in this episode's show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at [email protected] or [email protected]. [2:23] The RIMS Canada Conference 2024 will be held in Vancouver from October 6th through October 9th. The deadline for session submissions has been extended through May 30th! Visit RIMSCanadaConference.ca or the link in this episode's show notes to learn more about how you can submit your educational session for consideration at RIMS Canada Conference 2024. [2:54] As mentioned, RIMS has a new Executive Report called Developing and Refining Risk Appetite and Tolerance. It is available through the link in this episode's show notes and through the Risk Knowledge page at RIMS.org. The report was jointly authored by three of my favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt. [3:19] All have been featured in the ERM Q&A Series. Trisha and Lorie have both been featured here on RIMScast, and Lianne is making her debut. We're going to talk all about this wonderful new Executive Report that was just released. We'll see where we can extend the dialog beyond the report. [3:43] Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, welcome to RIMScast! [3:53] I am joined by three of my favorite RIMS members. Two of you are returning to RIMScast. One is making your RIMScast debut, Dr. Lianne Appelt. People might know Dr. Lianne Appelt from RIMS-CRMP Stories, earlier this year. [4:36] Trisha Sqrow of Marsh is next. Trisha says it's great to be part of the Strategic and Enterprise Risk Management Council. Trisha was with DFW Airport when they received Honorable Mention for the ERM Award of Distinction in 2021. [5:38] Lorie Graham is "the leading Oracle of ORSA." Lorie was the Vice-Chair and Chair of the RIMS Strategic and Enterprise Risk Management Council. As the former Chair, Lorie kept her word and helped see this paper through. [6:23] Lianne says that putting together a risk appetite statement or devising risk tolerance levels or the other elements described in this paper are some of the hardest things we do as risk professionals. When this was discussed in the Council, Lianne saw potential value in having a guide with examples for risk practitioners to learn from and use to grow their programs. [7:54] This paper was Trisha's first project on the Strategic and Enterprise Risk Management Council (SERMC). Through working on this paper, Trisha got to know Lorie and Lianne. She used her knowledge and grew a lot in the knowledge gained from Lorie and Lianne. They divided and conquered, each doing an aspect of the project. [8:43] Lorie says working on the paper was a shared responsibility. They each had a different perspective, coming from different industries, having different roles, and facing

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews live at RISKWORLD 2024 Tina Cameron, author of the RIMS Executive Report, Leveraging Insurance & Risk Management to Address Political Risk, about her risk management career and the winners of the 2024 Spencer RIMS Risk Management Challenge, the IIRM Hyderabad Vigilant Challengers and their risk management professor, about what it took to win the challenge. They share their vigilant path to victory by learning real-life risk management skills. Listen in for risk management nuggets of wisdom. Key Takeaways: [:01] About RIMS and RIMScast. [:15] These interviews were recorded live at RISKWORLD 2024 in San Diego with the author of a RIMS report on political risk and the winners of the 2024 RIMS/Spencer Risk Management Challenge. [:44] First, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management. [1:05] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops. [1:22] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, "Accident Prevention — The Winning Formula For Construction and Insurance". I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change. [1:52] The link to this dedicated episode is in this episode's show notes. It is complimentary for RIMS members and nonmembers. Go check it out! [2:04] RISKWORLD 2024 was a smashing success, hosting approximately 10,000 attendees. On-site in San Diego, I recorded two more interviews I wanted to share with the global RIMScast audience. I found them so insightful and they captured some of the energy we were experiencing on the exhibit-room floor. [2:31] The first interview was with a fascinating risk professional, Tina C. Cameron. She is the Senior Manager of Global Insurance for World Vision International. Tina also authored a recent RIMS Executive Report titled Leveraging Insurance & Risk Management to Address Political Risk. A link is in the show notes. [2:57] Since Tina travels worldwide, she's an authority on the subject. On Wednesday, May 8th, Tina and I found a Tiki Bar near RIMS HQ and we set up the mic to talk about the Executive Report, her work, and the many risks and challenges a risk professional or business leader must consider before setting up operations abroad. [3:22] I am pleased to share this interview with the global risk management community. Tina Cameron, welcome to RIMScast! [4:00] Tina Cameron is with World Vision International. She started her career with a degree in business finance. She also studied global economics. She got a position as a corporate cash manager. That led to a job of half cash manager, half risk manager. After that, she only took risk manager jobs. She lists the industries she worked in that gave her a broad base of experience. [4:54] Tina got her ERM and qualified for the RIMS Fellow. She also worked in mergers and acquisitions, due diligence, and audit. Tina was very interested in international matters. Her father was a world traveler and adventurer. He slept on the ground in some places. Tina has always been interested in other cultures. She wanted to be in a larger international organization. [6:03] Tina joined World Vision International, an organization in about 100 underdeveloped countries. These countries don't have all the privileges of developed countries. World Vision works to establish relationships with the government and bring humanitarian aid. They deliver humanitarian aid to poor children in the poorest countries in Africa, South America, and Asia. [6:52] World Vision International also does microloans. Tina says one of the most important things is helping girls get into school in countries where girls are not valued as highly as boys and have no access to schools. World Vision helps families get their girls into school. They pay for education and transportation so girls in those countries have an equal opportunity. [7:43] Tina talks about Leveraging Insurance & Risk Management to Address Political Risk. The main point of the report is to prepare. You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people. [8:46] You have to work with security firms. World Vision International has in-house security because they

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews Oliver Wild, the President of AMRAE, Joan Woodward, Executive Vice President for Public Policy at Travelers, and Chuck Baxter, Executive VP at IPISC, all live at RISKWORLD 2024. First, Oliver discusses AMRAE's 2024 RMIS Panorama. Next, Joan discusses Travelers' 2024 CFO Study. To finish the episode, Chuck discusses World Intellectual Property Day and the importance of IP rights in your organization. There is much to learn from these RIMScast guests. Justin also reveals the location of RISKWORLD 2025. Key Takeaways: [:01] About RIMS and RIMScast. [:15] These interviews were recorded live at RISKWORLD 2024 in San Diego, from May 5th through May 8th. [:39] Before we get to the interviews, let's talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we've got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, there is Fundamentals of Risk Management. [1:05] On July 9th and 10th, we have Managing Workers' Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar. A link is in this episode's show notes. Listen for more about RIMS events later in the show. [1:30] My first guest is the President of the Association for the Management of Risk and Insurance Enterprise or AMRAE. Their complimentary 2024 RMIS Panorama is now available for download. The last time we saw the folks from AMRAE on RIMScast was in 2019. François Beaume from AMRAE was in the RIMS office and we had a fun, impromptu interview. [2:03] This year, I sat down with the AMRAE 2024 President, Oliver Wild. Oliver is the Chief Risk Officer for Veolia, a company providing water risk management, water reclamation, and water treatment. He was at RISKWORLD 2024, representing AMRAE. We talked about the Panorama, its improved functionality and accessibility, and the trends identified in the Panorama. [2:46] Oliver Wild, welcome to RIMScast! [3:05] Oliver is the President of AMRAE, the French equivalent of RIMS. They have over 1,600 risk manager members. They organized their conference in February 2024 in Deauville, France. There is a link to the event site in this episode's show notes. The last time Justin spoke with someone from AMRAE was in 2019. Justin interviewed François Beaume in the RIMS office. [3:59] The new Panorama is the 17th Edition. Oliver says AMRAE is reaching out to more risk managers with the help of IFRIMA, FERMA, and other risk associations. For this edition, AMRAE got responses from 250 risk managers in 36 countries. It gives an international view of the use of risk management information systems. [4:30] The number of vendors has also increased. It's a very dynamic market. [4:49] AMRAE integrates risk managers' views. There are risk manager testimonials and expert opinions on the market from insurers and brokers. It's a neutral, objective study and very business-focused, reaching into different departments in the organizations. [5:38] You can access the full report. It's free. You can also get direct access to the data with a QR code that gives you dashboards so you can slice and dice the data and get the view you want to see, per country and vendor, and the risk managers' responses. [6:54] It's a growing, dynamic market. More risk managers are implementing risk management information systems. The trend is a single risk management information tool to respond to the needs of many departments. On average in a company, 50 people use that tool to help them report to the board or their executives. [7:47] A critical aspect and key benefit of these data-rich risk management information tools is information sharing, including real-time data. The number one reason risk managers implement this type of tool is for risk mapping. Other benefits are driving your action plans, following up on them, and sharing risk maps with your internal audit. [8:43] A recent trend is to use these systems for risk management and prevention. To a lesser extent, Oliver sees internal control feeding into that. [8:57] Oliver speaks of the popularity of SaaS. The quality of SaaS tools has improved, off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement and it takes about four months. The average cost for these tools is €100K a year but differs by country. In the U.S., bigger systems cost more. [10:53] The digitalization of the risk management function is critical and you're seeing that in the insurance market as well leading to the big expansion of risk management information tools. [11:10] Oliver shares his view on AI. The GenAI aspect is very new and is developing quickly. It's already in current risk manageme

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews RIMS Risk Manager of the Year 2024, Steve Robles, Los Angeles County. They discuss how his career progress how he negotiated a position to have a direct report to the County CEO and Board of Supervisors, as an Assistant CEO over Risk Management, and why he feels it was necessary to have a direct report with the strategic decision-maker. Steve tells of the importance of sharing knowledge with a network and how he built his coworkers to be his succession to be ready when he left. Finally, he leaves you with his advice for building your career upon your passion. Listen for wise risk management philosophy. Key Takeaways:y [:01] About RIMS and RIMScast. [:14] RISKWORLD 2024 is the yv w now in San Diego, from May 5th through May 8th. Use the RIMS Events App to organize your sessions, meetings, and other fun and educational experiences at RISKWORLD. [:30] About today's episode of RIMScast. This is a fantastic episode! I will be joined by RIMS Risk Manager of the Year 2024, Steve Robles. There's so much to discuss with him! [:56] There's a good chance that you are listening to this episode while you are with us in sunny San Diego, California during RISKWORLD 2024. Let's start with May 6th. In the morning on the Main Stage at 8:00 a.m., we have an Opening Keynote from Peter Diamandis. [1:14] At noon, PST, we've got the Main Stage Leadership Keynote, An Afternoon with Marlee Matlin, Academy Award-winning actress, director, and activist. The Spencer RIMS Risk Management Challenge Final Round will be held in Ballroom 6A at 1:15 p.m. [1:34] On the morning of Tuesday, May 7th we've got the Spencer 5K Fun Run, sponsored by Sedgwick. That event will be held at 200 Marina Park Way. At 8:00 a.m., we have our Industry Breakfast Keynote from Evan Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. [1:54] On Wednesday, May 8th, at 3:00 p.m., on the Main Stage, our Conference Finale and Closing Keynote will be delivered by entrepreneur, author, TV personality, and Shark, Daymond John. Each day there will be sessions at the DE&I Studio, the Global Studio, the Innovation Hub, the Thought Leader Theater, and the Wellness Center, in addition to the breakout session rooms. [2:21] Check out the full itinerary at RIMS.org/RISKWORLD, and the RIMS Events App. If you have any questions or want to pick up some wonderful RIMS swag, check us out at RIMS HQ. [2:39] The RIMS Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs the honorees have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981. [2:56] The 2024 RIMS Risk Manager of the Year is Steven Robles. Steve was recognized for his work as the Assistant CEO for the County of Los Angeles. He's featured in the special Awards Edition of RIMS Risk Management magazine. On Wednesday, May 8th, at 2:10 p.m., Steve and I will be at the Global Studio to extend this dialog. [3:21] Right now, we're going to have a lot of fun! We're going to talk about highlights of the past year and his career and what it means to be Assistant CEO for a major county in the United States of America. RIMS Risk Manager of the Year 2024, Steven Robles, welcome to RIMSCast! [3:56] Steve is excited to be a guest on RIMScast! Steve says it's extremely humbling to be RIMS 2024 Risk Manager of the Year. He has spent his entire career in risk management and to be honored like this is just an amazing feeling. It's wonderful to know all the people who have helped him in his career; Steve shares his award with them. We cannot do our jobs by ourselves. [4:56] The Awards edition of Risk Management magazine has a wonderful article by Justin that details Steve's career, especially the last couple of years and his work at LA County. The article's link is in this episode's show notes. [5:30] Steve was with San Bernardino County for almost 23 years; it was a lot of fun. He started his risk management career as a safety officer there. He worked with the Sheriff's department to ensure they were safe when they raided drug labs. He worked with all kinds of wonderful professionals. That's what got him hooked. [6:41] The department Steve worked in at San Bernardino County was the Risk Management Department. From Safety, Steve progressed to Workers' Comp, Liability, Insurance, Indemnification, Contracts, and Finance. As he built his skill set and supervisory experience, he realized he could run the department. After 10 years, his goal was to head the department. [8:58] Justin points out a great takeaway for the audience: Build your skill set, build your network, and when the time is right, present yourself for promotion. [9:33] Steve's friends told him not to take the job at LA County. Steve likes to organize and he

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin Smulison interviews returning guest Jana Utter. Jana is the 2022 Risk Management Honor Roll inductee and a former RIMS SERMC Chair. Jana remains active on RIMS committees. On May 6 at 2:45 pm, she will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance in ROOM 25AB. The SEC is in the news with final and proposed Climate Disclosure Rules announced. Jana shares her knowledge, experience, and risk philosophy, a cluster of acronyms, and why ERM needs to connect more fully with ESG. Jana will be co-hosting a session on the ESG track with Bob Wirth at RISKWORLD 2024. Listen in to learn more about emerging ESG risk reporting and disclosure. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today's episode of RIMScast. My friend Jana Utter returns to discuss ERM, ESG, and the new Climate Reporting Disclosures; the SEC, the CSRD, and more. We've got a lot of acronyms today! [1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There's a link in this episode's show notes. [1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what's in store for RISKWORLD 2024. The full roster of keynotes has been announced! I'm so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He's also the Founder of FUBU. I'm a big fan! [2:10] I'm extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:24] Today's guest is one of my favorites. She is Jana Utter, the Vice President of Enterprise Risk Management at Centene Corporation. In 2022, RIMS named her to the Risk Management Honor Roll. She is the former chair of the RIMS Strategic and Enterprise Risk Management Council. Jana is knowledgeable about ERM and ESG. [2:50] Since there were new SEC Climate Disclosure Rules announced, I wanted Jana to come back on the show and fill us in on what we need to know. This dialogue will dovetail with her upcoming RISKWORLD session on May 6th at 2:45 p.m. in Room AB25, Sustainability Reporting, Making ERM Transparent. It is part of the ESG track. She'll be co-presenting with Bob Hirth. [3:25] Jana Utter, welcome back to RIMScast! Jana was the 2022 RIMS Risk Management Honor Roll Inductee. Jana and Justin go back quite a few years. This is her third time as a RIMScast guest. Jana was the chair of the RIMS Strategic and Enterprise Risk Management Council. She misses it a bit but has moved on to other RIMS volunteer activities. [4:10] Jana is here to discuss the SEC Climate Disclosures in the news. The U.S. SEC proposed final rules for Sustainability Reporting Standards. Also, the EU Corporate Standard Reporting Directive (CSRD) is making headlines. [5:02] Jana thinks it is important as risk professionals to think of sustainability in the same way that we think about enterprise risk management. They are both important. Jana speaks of the 2017 COSO ERM Update, Integrating Strategy with Performance. [5:29] That COSO document says that ERM helps enhance performance by more closely linking strategy and business objectives to risk. ERM affects value strategy and is linked to the business. The COSO framework also discusses how ERM leads to better decision-making. [5:48] The International Sustainability Standards Board (ISSB) says sustainability factors are becoming part of mainstream investment decision-making. Companies are called upon to provide high-quality global comparable information on sustainability reported risks and opportunities. [6:28] As ERM professionals, we are trying to identify risks to help protect the value and future ongoing business concerns of the company. Sustainability reporting is trying to do the same thing, protect the long-term value of the company. To Jana, that seems to be a natural fit. [7:00] Justin and Jana agree that the data should support the story-telling of the organization or the risk professional. Sustainability reporting is a big part of that data, just as financial statements are. [7:17] Sustainability reporting disclosures publish additional information by a company to inform stakehol