Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises
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Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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This week on the podcast, Justin Smulison is joined by first-time podcast interviewee, Karen Agostinho! Karen is an experienced risk management and insurance professional, currently serving as the VP of Risk Management at Five Guy Enterprises. She\\u2019s here to discuss all things franchise-related, from the types of risks that franchises are faced with right now to the ERM processes she has implemented with her team.\\xa0
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Karen gives insight into her team\\u2019s role, overseeing enterprise-wide risk management and insurance program for over 500 corporate-owned stores; how Five Guys navigates the risks of potential labor shortages; and how they navigate transparency laws with regards to job postings and salary range.
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Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today\\u2019s episode with Karen Agostinho.
[:34] Upcoming RIMS webinars and workshops.
[1:23] More about today\\u2019s episode.
[1:54] Justin welcomes Karen Agostinho to RIMScast.
[2:34] Karen\\u2019s career in risk and what led her to become the VP of Risk Management for Five Guys Enterprises.
[5:50] How many people are on Karen\\u2019s team?
[6:28] Karen shares more about her team\\u2019s role, overseeing risk management for over 500 corporate-owned stores.
[7:23] How many of their locations are franchisees?
[7:37] What are some of the traditional franchise/franchisor risks that Karen has experienced? And how have they evolved in the last couple of years?
[9:16] One thing that is unique to Five Guys are their barrels of shelled peanuts at every store. How will they continue to navigate the risks associated with this going forward?
[11:40] How is Five Guys navigating the risks of labor shortages, attracting workers, and attracting franchisees.
[14:05] How does Five Guys handle transparency laws with regards to job postings and salary range?
[16:40] RIMS plug time! All about the RIMS Legislative Summit 2022, RIMS Buyers Guide, and the RIMS App with Morgan O\\u2019 Rourke.
[17:43] About the ERM program/process that Karen and her team have implemented for Five Guys and whether it draws from ISO or COSO.
[19:25] As the VP of Risk Management, does Karen have the ear of the higher-ups, the CEOs, and the C-Suite?
[20:41] Did Karen always want to go into this sector? And does she find that being in food retail professionally rewarding as a risk professional?
[22:27] Which country surprised Karen the most that Five Guys expanded into?
[23:05] Is Five Guys in Australia?
[24:07] Are they making any special preparations for an influx of business as we approach the summer?
[25:00] Karen shares her appreciation and passion for franchising.
[25:32] Karen\\u2019s words of wisdom for those coming up in the risk management world, especially those looking to franchising.
[27:00] Karen shares her thoughts on her first podcast experience.
[27:38] Justin thanks Karen Agostinho for joining the podcast and shares some of the links to check in today\\u2019s show notes.
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Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy \\u2014 Legislative Summit Returns on September 20th!
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
\\u201cFundamentals of Risk Management\\u201d \\u2014 May 24\\u201225th
Webinars:
May 19, 2022 | \\u201cHow Successful Security Teams Manage Risk to Build Trust and Drive Growth\\u201d | Sponsored by OneTrust
June 2, 2022 | \\u201cCyber, and Data, and Regulatory Risks (to Avoid)\\u2014Oh My!\\u201d | Sponsored by Beazley
Sponsored RIMScast Episodes:
\\u201cKeeping Subcontractors Safe Through Partner Elevation\\u201d | Sponsored by Highwire
\\u201cESG: A Responsibility and a Growing Megatrend\\u201d | Sponsored by Prudent Insurance Brokers Ltd.
\\u201cFocusing on Your Team to Deliver Exceptional Quality and Service to Your Clients\\u201d
| Sponsored by Gallagher Bassett
\\u201cBermuda Opportunities in 2022 with BDA Chair Stephen Weinstein\\u201d | Sponsored by Bermuda Business Development Agency
\\u201cSyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy\\u201d | Sponsored by Prudent Insurance Brokers Ltd.
\\u201cNavigating the Risk Landscape in 2022\\u201d | Sponsored by AXA XL
\\u201cPrioritizing People: Expertise and Innovation\\u201d | Sponsored by Gallagher Bassett
\\u201cRisk Findings for the Industrial & Manufacturing Industry\\u201d | Sponsored by Aon
\\u201cEstablishing the Right Assurance to Request From Business Partners\\u201d | Sponsored by HITRUST
\\u201cAon\\u2019s 2021 Retail Industry Overview\\u201d | Sponsored by Aon
\\u201cA Legacy of Resilience\\u201d | Sponsored by J.B. Boda Group
\\u201cThe Golden Era of Insurance\\u201d | Sponsored by The Hartford
\\u201cInsurance Investigation Trends Happening Now\\u201d | Sponsored by Travelers
\\u201cWhat Could a CRO Do for Your Business?\\u201d | Sponsored by Riskonnect
\\u201cHard Reality: A Look at Rising Rates in Property & Excess Casualty\\u201d | Sponsored by AXA XL
\\u201cProperty Valuation Deep Dive\\u201d | Sponsored by T\\xdcV S\\xdcD
\\u201cProperty Loss Control Engineering\\u201d | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: \\u201cClimate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan\\u201d | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:\\xa0
\\u201cHow One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020\\u201d
RIMS Publications, Content, and Links:
RIMS Membership \\u2014 Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Advisory Services \\u2014 Ask a Peer
RIMS Coronavirus Information Center
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories \\u2014 New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
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Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
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Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
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Follow up with Our Guests:
Karen Agostinho\\u2019s LinkedIn
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Tweetables (For Social Media Use):
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\\u201cOur [team\\u2019s] role is to oversee that enterprise-wide risk management and insurance program for over 500 corporate-owned stores, located across the US and globally. And most importantly, support the health safety of approximately 10,000 employees.\\u201d \\u2014 Karen Agostinho
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\\u201cA successful franchise or franchisee relationship is like a marriage. It\\u2019s an interdependent relationship that requires mutual respect, trust, effort, and most importantly, communication from both parties. \\u201d \\u2014 Karen Agostinho
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\\xa0\\u201c[Our ERM process draws] from the ISO guidelines which may or may not already exist as part of the organization. We then adapt and/or improve for our efforts to ensure efficiency, effectiveness, and consistency.\\u201d \\u2014 Karen Agostinho
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\\u201cFor me, risk management is all about answering this question: how much stress can an organization sustain and for how long?\\u201d \\u2014 Karen Agostinho
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