300th Episode Spectacular with RIMS CEO Gary LaBranche

RIMScast

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

Justin Smulison interviews RIMS CEO, Gary Labranche about what’s coming up for RIMS, and also Linda Regner Dykeman, the Chief Marketing Officer for Canada at HUB International, about a Webinar she is moderating on September 12th, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. Listen in for details about the webinar.

Justin and Gary discuss the popularity and success of RIMScast, now in its 300th episode, the diversity it represents from the global risk community, and some of the events coming up in RIMS, including the 75th Anniversary Celebration, centered on RISKWORLD 2025 in Chicago. Gary shares his wisdom on trends in risk, what RIMS is promoting in legislation, and how RIMS is growing in influence. Gary introduces the joint production of the Associations’ Guide to Risk and Crisis Management toolkit which he coauthored and how it came to be. There is much more to learn from this spectacular 300th episode, so listen in.

Key Takeaways:

[:01] About RIMS.

[:15] About this special episode, Number 300, of RIMScast, coming to you from RIMS Headquarters in New York, featuring RIMS CEO Gary Labranche and a special guest from HUB.

[:36] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th starts the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:00] Let’s talk about prep courses for the RIMS-CRMP. On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.

[1:14] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.

[1:29] We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. We learned all about it in Episode 299. Be sure to check it out!

[1:47] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.

[1:59] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there!

[2:14] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination is in this episode’s show notes. If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. All RIMS regional conference information can be found on the Events page at RIMS.org.

[2:49] I’m so excited to share this special 300th episode of RIMScast with you all. There’s no better guest for me to bring out than RIMS CEO Gary Labranche! He’s a busy man. It’s very difficult to book an interview with Gary. It’s been about seven months and we finally got him!

[3:11] We’re going to talk about the trends impacting the risk profession, from active shooter preparedness and flood insurance to third-party litigation funding. We’re also going to talk about all the different ways in which RIMS is expanding and partnering with other organizations. We are delighted to share this special 300th episode with you all!

[3:39] RIMS CEO Gary Labranche, welcome back to RIMScast!

[4:00] Gary says it’s great to be back and congratulates Justin on 300 episodes of RIMScast. Gary talks about the effort that goes into each episode of the podcast. Justin notes there have been almost 175,000 unique downloads of the 300 episodes.

[5:21] Justin thanks Gary for the kind words. Justin says the podcast is the most rewarding thing he has ever done. It changed the trajectory of his career, it has provided wonderful opportunities and it’s a great way for Justin to keep in touch with RIMS members and other risk professionals who have an interest in the podcast. He’s always loved it.

[5:47] The advice Justin got when launching the podcast was to stick to a frequency. With a very minor exception over the past six years, Justin has stuck to a weekly episode. That, and the support of the RIMScast audience, RIMS leadership, and the many sponsors over the years, have contributed to the success of the podcast. Last week was the first sponsored episode.

[6:25] The sponsor, Hillwood, will sponsor another episode in September when Justin is on-site at the DFW RIMS 2024 Fall Conference and Spa Event.

[6:38] Gary attributes the success of RIMScast to perseverance, good quality, and great, diverse content with lots of different voices. That’s what people appreciate the most. Gary loves it because it shows the scope, breadth, depth, and variations of the global community, with guests from all over the world.

[7:07] Having guests from many nations and areas of practice is one of Justin’s favorite aspects of the show.

[7:42] Gary shares an overview of RIMS since January 2024 when he was last on the show. I February Gary went to Australia to visit with the chapter board there. From there he flew to New Zealand and attended the New Zealand and Pacific Island Chapter’s Embrace the Unknown event. Gary recommends visiting both nations.

[8:59] Next, Gary went to Singapore and hosted the first RIMS-CRMP Networking Reception in Singapore. It was a good crowd and the first time most of them had met each other. Gary visited two universities that support the RIMS-CRMP by providing the RIMS-CRMP Prep course, which is one reason why RIMS-CRMP is growing so well in Singapore.

[10:03] RIMS-CRMP in general is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but close on the heels of Canada is Singapore. There are more RIMS-CRMP applicants from outside of the United States than in the United States.

[10:38] Gary enjoyed his international trip. It was an opportunity to develop a better sense of how to serve those communities, internationalize RIMS content, and make the RIMS-CRMP a global standard. It’s the only risk management credential accredited to an international standard by ANSI, the credentialing body.

[11:43] RIMS just went through the audit to renew that credential. Making it a global standard will require RIMS to continue to develop, evolve, and improve, asking questions, and involving and engaging people from all over the world.

[12:16] It’s RIMS plug time! Webinars! All RIMS Webinar registration pages are available at RIMS/org/Webinars. Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.

[12:46] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[13:01] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast!

[13:37] Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line where rates seem to be unsustainable. Casualty also had its issues, particularly with Directors and Officers liability.

[14:05] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive, to grow their books of business. This competition is not being seen in all lines, segments, or geographies. Some zones have not seen the same level of competition across the board.

[14:29] As markets transition from a hard market to a competitive environment, there is some unusual and inconsistent behavior. Carriers in Canada are being more flexible with their appetite.

[14:41] London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.

[14:56] As we transition out of what was considered a hard market, we see a lot of inconsistency in this market.

[15:05] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for increase in population, it reflects that of a market in recession.

[15:19] We, as brokers are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunity.

[15:30] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.

[15:44] How is this going to change the availability of capacity of pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.

[16:07] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.

[16:28] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.

[16:43] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.

[17:22] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.

[17:38] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.

[17:54] Let’s return to today’s interview with RIMS CEO, Gary Labranche.

[18:48] Gary explains the importance of regional conferences. Not everyone can attend RISKWORLD. RIMS serves a large community. People are at different places in their careers with different budgets.

[19:09] One of RIMS’s goals is to be as accessible as possible in terms of content and the opportunity to engage. They depend on the chapters and groups of chapters to work together and create educational and engagement opportunities.

[19:27] The Florida RIMS Educational Conference is a great example of that. It has been going for decades. It’s a wonderful, unique RIMS experience put on by the chapters of Florida. The same with the Western Regional Conference, which Gary is looking forward to.

[19:47] The Canada Conference has been going on for decades. Chapters like Chicago, DFW, Atlanta, and others do terrific jobs that provide a really accessible opportunity. People can drive from their homes. It’s a lower-priced product. It’s very grassroots.

[20:18] RIMS announced at RISKWORLD that they will be launching a Texas Regional Conference in August 2025. It’s a joint venture between RIMS and the four chapters of Texas. Gary is excited about it!

[20:44] RIMS continues to look for ways to create more opportunities for engagement, more accessibility of content, and continue to build the brand.

[21:03] Justin speaks of the joint effort of ASAE, ASIS International, and RIMS to produce the Associations’ Guide to Risk and Crisis Management toolkit. This was somewhat inspired by the active shooter incident when RIMS RISKWORLD was in Atlanta in 2023.

[21:52] Gary describes the event. On the last afternoon of RISKWORLD, there was a mass shooting in midtown Atlanta. Five people were shot; one person was killed. The gunman was at large. Because of the shooting, RIMS canceled the closing session and the evening party.

[23:25] RIMS implemented its crisis response plan and learned a lot from doing so. Afterward, RIMS did a complete After Action Analysis. They started thinking through the implications of mass shootings on the entire convention industry.

[23:56] Hundreds of thousands of people attend association-sponsored events every year. Gary has run hundreds of conventions, including the convention for the convention industry. Large gatherings are opportunities for violence. We need to take that responsibility more seriously.

[24:32] Associations like RIMS have the great privilege of being able to convene people together with the reciprocal responsibility to care for, protect, and secure the convened. RIMS joined with two other organizations to create a risk and crisis management toolkit for conferences.

[25:03] Gary explains how RIMs worked with ASIS, a group focused on corporate security, and ASAE, the American Society of Association Executives to produce the toolkit. AON sponsored the project with ASAE Business Services.

[25:26] Gary Labranche was honored to contribute and coauthor the toolkit, with Josh Salter and Stuart Rothlein. He describes the content of the toolkit. ASAE just released it and it is the first risk management toolkit in the association space.

[26:38] Associations employ a million people and impact hundreds of millions of people through programs and conferences. Gary is happy that RIMS was able to collaborate in this guide, which is available free. It’s dedicated to the entire community and those who attend conferences.

[27:13] The guide with be shared with RIMS chapters and groups that put on regional conferences. We collectively have a responsibility to those who trust us to convene them and to keep them safe at conventions.

[27:32] The link to the toolkit is in this episode’s show notes. Justin encourages you to check it out, after you listen to this full interview with RIMS CEO Gary Labranche!

[28:37] Gary explains third-party litigation funding. It is a growing source of concern to all in the risk management community. The concern is that funding could be coming from unidentified sources, including parties hostile to the national security interests of the United States.

[30:12] It could be laundered money. We don’t know the source of the funds. There have been efforts in some states to get more transparency on the sources of funding and what the intention is behind the funding.

[30:48] Justin believes there are plenty of plaintiff’s law firms that are fighting against third-party litigation funding to maintain the integrity of their practice areas. RIMS’s Public Policy Committee is looking at this funding.

[31:21] Gary notes that we are at the end of this session of Congress. No legislation on third-party litigation funding has moved forward. There is an opportunity to build toward legislation, in the next session of Congress.

[31:41] There has been some successful legislation passed in some states. The public policy community feels there might be more opportunity to pursue this kind of legislation at the state level. Third-party litigation funding is becoming RIMS’s number one public policy issue.

[32:16] RIMS is also still focusing and working on flood insurance reauthorization. Gary guesses it will be reauthorized at the 11th-and-a-half hour in a big appropriations omnibus package.

[33:24] Third-party litigation funding is here to stay. Gary suggests there is opportunity for RIMS to build a coalition and create funding through the RISK PAC to get allies on both sides of the aisle in both bodies of Congress, for a level playing field and judicial system transparency.

[34:19] It’s RIMS Plug Time! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by collaborating with risk management and insurance educators across the U.S. and Canada.

[34:36] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.

[34:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.

[35:04] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.

[35:20] That was a great episode, so after you finish this one, please go back and listen to Episode 293.

[35:27] Let’s conclude our interview with RIMS CEO, Gary Labranche.

[35:54] Gary says 2025 is the 75th anniversary of RIMS. It’s a great opportunity to celebrate the past and focus on the future. RIMS is launching a 75th anniversary effort, the highlight of which will be RISKWORLD 2025, in Chicago at McCormack Place.

[36:42] We’re going into RISKWORLD 2025 with enormous momentum from RISKWORLD 2024. Attendance was up 21% from RISKWORLD 2023. The international headcount grew 35%. The number of countries represented grew by 14%. We’re sailing into 2025 with the wind in our sails.

[37:25] RISKWORLD takes a lot of effort and many years of preparation. Gary says we’re very excited about RISKWORLD 2025. Justin notes that the 75th Anniversary celebration is all year long and RISKWORLD 2025 is one event in the celebration. There will be content along the way.

[38:11] RISKWORLD has nine to 11 thousand people attending. It takes a lot of space at a convention center and lots of rooms in hotels around the city. The target time is early May. There is competition for hotels at that time of year.

[38:58] As a result, RIMS selects the city more than eight to 10 years in advance. Right now, RIMS is working on RISKWORLD 2034. They have to anticipate the growth of the convention over the decade. Six years in advance, they have a soft contract.

[39:51] There aren’t that many cities that can host RISKWORLD. It’s a math problem of square feet and the number of hotel rooms that can be committed. What’s the flight lift into that city? What international flight lift do they have? How many connections?

[41:12] Gary shares that there is so much wisdom in the RIMS community. We’re in the era of polycrisis. The world is more risk-aware than ever before. We all have a sense of risk being all around us. Never before has risk management been as visible and as valued by organizations.

[41:54] Gary states that this is a discipline that makes the world safer, more secure, and more sustainable. Gary talks to students and young professionals about how exciting that is. If you want to make a difference in the world, a way to do that is to be involved in this community.

[43:01] Risk management is a job that sees everything, knows everything, and connects to everything in the organization. A risk manager is at the center of the matrix of knowledge. You’re in a position to influence and direct the outcomes in many different aspects.

[43:38] Risk management is a cool space that will continue to grow in appeal. RIMS’s job is to continue to make risk management more attractive and visible to students and early career professionals. Most people come to risk management through insurance and other places.

[44:18] RIMS wants to attract and retain the talent we need to ensure the work of risk management well into the future. There will be increasing competition for talent. RIMS needs to be competitive to win the war for talent.

[44:48] In the 75th-anniversary efforts, RIMS will ramp up the Foundation for Risk Management, which will help win the competition for talent, increase the inclusivity of the community, advance knowledge and research, and sustain and accelerate the knowledge of the profession.

[45:19] This will help ensure the sustainability of the community and the future of risk management.

[45:40] Special thanks again to RIMS CEO, Gary Labranche for joining us here on RIMScast! When you see Gary at a RIMS event, by all means, go introduce yourself. He is one of the most personable people that you can meet. He would love to hear from you.

[45:58] As we mentioned, Gary contributed to the Associations’ Guide to Risk and Crisis Management toolkit, which is available at the link in this episode’s show notes.

[46:10] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[46:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact [e-mail] for more information.

[47:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [e-mail] for more information.

[47:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[48:02] 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. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at [e-mail].

[48:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024

DFW RIMS 2024 Fall Conference and Spa Event | Sept. 19‒20

Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024

RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open!

Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024

RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now

RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024!

RISKWORLD 2025 will be in Chicago! May 4‒7

Associations’ Guide to Risk and Crisis Management toolkit | Co-Authored by RIMS, ASAE, ASIS International, and Aon

RIMS DEI Council

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RIMS Webinars:

Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024

How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024

HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 – Aug 15

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood”

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

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

“DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services”

Sponsored RIMScast Episodes:

“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)

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

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

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

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

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

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

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

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

“Cyberrisk Outlook 2023” | Sponsored by Alliant

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

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

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

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

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)

RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [e-mail] or [e-mail] 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: [e-mail].

Join the Conversation!

Follow @RIMSorg on Facebook, Twitter, and LinkedIn.

About our guests:

Gary Labranche, RIMS CEO

Linda Regner Dykeman, HUB International Chief Marketing Officer for Canada

Tweetables (Edited For Social Media Use):

RIMScast has perseverance, good quality, and great, diverse content with lots of different voices, which I love because it shows the scope and variation of the global community. You have guests from around the world. It’s pretty cool, I have to say. — RIMS CEO Gary Labranche

The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line. — Linda Regner Dykeman

RIMS-CRMP is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but Singapore is close on the heels of Canada. There are more RIMS-CRMP applicants from outside the U.S. than in the U.S. — RIMS CEO Gary Labranche

If you want to make a difference in the world, a way to do that is to be involved in this community. — RIMS CEO Gary Labranche