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Live Again from RISKWORLD 2024!

Published: May 21, 2024, 8 a.m.

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

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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\u2019s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we\u2019ve 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\u2019 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, \u201cAccident Prevention \u2014 The Winning Formula For Construction and Insurance\u201d. 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\u2019s 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\u2019s 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\u2019t 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.\xa0

[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 are in the most dangerous places in the world. Their security team prepares World Vision people to go into a country with strenuous training. A person is not eligible to go into the country without passing security training.

[9:04] World Vision employs local nationals and also people from around the world to help. There are a variety of people flying in for operations. Employing local nationals creates goodwill. There are also lots of volunteering opportunities all over the world. The jobs World Vision creates are opportunities for locals to help their communities.

[9:48] World Vision International is a Christian organization but they do not proselytize or force Western values on people. They go in with respect for the culture and religion. They go in only to help the locals get to the best circumstances they can with food security, clean water, sanitation, and hygiene. World Vision gives them the skills to be self-sufficient and then leaves them.

[11:03] Tina says a lot of firms don\u2019t pre-plan for political risk. Then, once in the country, they ask carriers for political risk insurance. In a lot of cases, coverage will be denied to firms that are not known to the carriers. Tina wrote in the executive report the things you can do to get underwriters comfortable with your risk profile.

[11:37] Carriers need to get to know you and your operations, and that you understand security. They need to know your travel. Do this ahead of time and also get your various other forms of insurance without country exclusions. The carriers know World Vision International, so they don\u2019t get normal exclusions.

[12:18] We\u2019ve been there since the fifties. You can\u2019t just jump in and expect to get insurance. It will either be denied or it will be extremely expensive. If you\u2019re planning on going into a new country, get with a specialist broker who understands political risk and can guide you through the process. That\u2019s when you first begin to understand your risk. Start a year in advance.

[13:32] Tina\u2019s paper was written for risk managers who roll up their sleeves and put their hands in the dirt. It\u2019s necessary to do due diligence on the country. Ask yourself about the power grid, internet service, and what cell phones will work there. Can you dial out of the country? Who controls the water and power? What are the roads like, if any? What about waterways?

[14:48] Are there fire stations? Are they all-volunteer? Are your people trained to put out fires? Hire outside security for your commodity warehouses. What\u2019s the flooding like? You\u2019ll want to be on high ground. We can take a lot from what we\u2019ve learned here in the U.S. from natural disasters and other places where you\u2019ve had losses.

[16:27] Tina suggests learning the best way to secure roofing so you don\u2019t have a roof claim with every hurricane season.

[16:45] You have to have a contingent supply chain plan. You may need to airdrop. Look for other suppliers. What are the cyber laws in that country? How do you handle local cash? The top person on the ground needs to have a credit card with a high limit. Emergencies can happen, including needing emergency evacuation. Extracting people requires payment in advance.

[18:03] Tina discusses her participation in RISKWORLD, RIMS education, and the International Council. She and Justin give a shoutout to Gayle Jacobs, an SVP at Marsh, who advises World Vision International on political risk. Gayle Jacobs had a session at RISKWORLD 2024.

[19:27] Tina, thank you so much for joining us!

[19:42] RIMS plug time! Webinars! Our friends from T\xdcV S\xdcD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program.

[20:15] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[20:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I\u2019ll have that link soon on an upcoming episode.

[20:54] So review your organization\u2019s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[21:09] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[21:29] If this description applies to you, then you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[21:49] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode\u2019s show notes.

[22:01] My next guests flew from India to compete in person at RISKWORLD 2024 for the 2024 Spencer RIMS Risk Management Challenge. They won! The winners were The Institute of Insurance and Risk Management Hyderabad. Their team name was the Vigilant Challengers.

[22:17] They won the challenge that began seven months ago with 38 universities dedicating their time and effort to address a risk management case study based on the city of Tukwila, Washington. During RISKWORLD, the field was narrowed to three university teams and those finalists presented one last time in front of the conference attendees and a panel of judges.

[22:39] The Vigilant Challengers won and they also won a $10,000 prize, courtesy of RIMS and Spencer. They were led by our good friend Professor Roop Kumar Nagumantri, the university representative. I wasn\u2019t going to let them leave for a flight back to India without getting them on the show, live in person!

[23:01] Vigilant Challengers of IIRM Hyderabad, welcome to RIMScast!

[23:23] Justin met Professor Nagumantri in 2017 or 2018 at RIMS India. Professor Nagumantri has bolstered risk management in India. He is proud of his fantastic team, Vigilant Challengers. They have a lot of energy! It\u2019s an extraordinary experience for them.

[23:57] Shivya Tuli, Elvis John, and Yagnasritha Mallavajhala introduce themselves and the area of risk management they study at IIRM Hyderabad. Risk management is not yet a popular course in India. Coming to IIRM has been advantageous to each of the Vigilant Challengers participants. Professor Nagumantri tells how he selected the team. There was a test.

[26:02] How the IIRM Hyderabad team approached the Tukwila, Washington risk case study. They started by reading the city budgets and risk materials to formulate a buying approach. It took almost three months to read the materials. It took them about six months to prepare their presentation.

[27:15] The Vigilant Challengers detail how they made their presentation. It was their first time on an international stage. The judges made them comfortable. At the finals, they were a bit nervous, seeing that the hall was full. Again the judges and audience made them comfortable. It was a wonderful experience.

[28:10] The team used slides and technology to help their presentation. They presented like they were selling. They wanted the City of Tukwila to be better, to mitigate risks, and to get over all the risks. Their presentation was a balance of technology and individual explanations. The audience feedback was amazing and gave them a lot of confidence.

[29:32] The Vigilant Challengers recommend future challenge participants to back up innovative solutions with real-world examples. The more research you do, the better your report will be. The hard work and late nights helped. The team considered the human element of working with a city. They provided a practical solution that will help the city.

[30:40] Thoroughly research the subject and the audience you are addressing to relate and connect with the particular case study. Research and hard work are very important.

[31:11] The team members stayed up late and worked on Zoom calls after staying at the college until 8:00 or 9:00 at night.

[31:32] Professor Nagumantri says Spencer\u2019s Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. They learned to do research and apply the findings to a problem. They will make good CROs.

[32:29] Special thanks once again to Tina Cameron and the winning team of the RIMS Spencer 2024 Risk Management Challenge, IIRM Hyderabad Vigilant Challengers.

[32:49] A link to Tina Cameron\u2019s RIMS paper, Leveraging Insurance & Risk Management to Address Political Risk is in this episode\u2019s show notes as is more information about the IIRM Hyderabad Vigilant Challengers and their victory.

[33:04] Also check out last week\u2019s RIMScast episode for more coverage of RISKWORLD 2024 with some fantastic interviews, live and in person!

[33:13] It\u2019s plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It\u2019s different from the RIMS Events App. Everyone loves the RIMS App!

[33:45] 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\u2019s collaborate! Contact pd@rims.org for more information.

[34:29] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.

[34:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today\u2019s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[35:02] 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 Content@RIMS.org.

[35:23] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

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Mentioned in this Episode:

RISKWORLD 2025 will be in Chicago! May 4\u20127

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation \u2014 Grants Page \u2014 Apply Through July 30.

Spencer Educational Foundation 2024 Funding Their Future Gala

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS ERM Conference 2024 \u2014 Nov 18\u201219 \u2014 Boston, MA \u2014 Call For Session Submissions by May 13.

RIMS Risk Management Awards Edition 2024

Spencer-RIMS Risk Management Challenge 2025 \u2014 IIRM Hyderabad Wins!