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Recipes for Success with Wendys CRO Bob Bowman

Published: Dec. 5, 2023, 8:59 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 interviews Bob Bowman, the CRO of Wendy\u2019s in today\u2019s episode. Bob will be the guest panelist in the December 12th RIMS webinar, Prepare Yourself for the New Generation of Risk. Bob speaks of his career trajectory and what he learned as a claims manager for Safeco Insurance, a risk manager for Macy\u2019s, and the Chief Risk Officer of Wendy\u2019s. He talks about connecting with programs across the corporate reach of Wendy\u2019s and what falls under his oversight as the CRO. Justin shares the focus of the December 12th webinar and also provides his words of advice for young risk\xa0

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Listen in for an interesting overview of ERM at Wendy\u2019s.

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Key Takeaways:

[:01] About RIMScast.

[:14] RISKWORLD 2024 will be held in sunny San Diego, California, from May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens in November 2023. Public registration opens December 6th, 2023. Visit RIMS.org/riskworld for more information.

[:35] About today\u2019s episode, a discussion of franchising, merging risks, and professional development, with our guest, Bob Bowman of Wendy\u2019s.

[:56] The RIMS CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization.
[1:16] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.

[1:39] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That\u2019s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode\u2019s show notes.

[1:56] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!

[2:15] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode\u2019s show notes. Go to RIMS.org\u2019s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but there are other awards that might appeal to you or a friend.

[2:43] Bob Bowman is the CRO (Chief Risk Officer) for Wendy\u2019s. We will talk about franchising risks, merging risks, enterprise risk management, and professional development and hear about his career, which started in insurance. He worked at Macy\u2019s for several years and is now at Wendy\u2019s

[3:10] We\u2019re going to talk about how and when Bob and his risk group are involved at different stages of decision-making for this global brand.
[3:20] Quick plug! Bob Bowman is going to be the guest panelist for our upcoming RIMS webinar, presented by Riskonnect on December 12th. It\u2019s titled Prepare Yourself for the New Generation of Risk. The link is in this episode\u2019s show notes. Anyone who hears this interview will want to hear more from him in this webinar on December 12th!

[3:45] Bob Bowman, welcome to RIMScast!

[4:12] Bob\u2019s title at Wendy\u2019s is Chief Risk Officer. He has been with Wendy\u2019s for a little under 10 years. Bob tells of his time before that. He started in claims management in 1990 at Safeco Insurance. He backed into insurance as his degree is in restaurant and hospitality management.

[5:38] From Safeco Insurance, Bob moved into the risk management space with help from a mentor and professional networking connections.

[6:10] Bob was at Macy\u2019s for over 20 years. Macy\u2019s was going through a lot of change and transition at the time. When Bob joined Macy\u2019s, retail was vital and thriving. When Bob left Macy\u2019s, retail was just becoming aware of Amazon. Digital commerce was making itself known.

[6:58] Bob had done an internship with Wendy\u2019s in college. Twenty-plus years later they made him an offer. He had loved his experiences at Macy\u2019s but everything was siloed. The offer at Wendy\u2019s was to connect the siloes and steer the ship. The pieces he had learned at Macy\u2019s had to be translated into a single strategy for success at Wendy\u2019s.

[8:14] Risk management both in retail and at Wendy\u2019s is about product and process. It\u2019s all about delivering something of perceived value to the consumer, along with an experience. The experience might be the more important part of the equation. It\u2019s getting the product and experience right every time, in the perception of the customer.

[9:10] Wendy\u2019s corporate headquarters hired Bob to work with the risk management team they had and develop it for organizational resilience, business continuity planning, crisis management, and enterprise risk management.

[10:15] Bob tells how he referred to ISO and COSO in charting the path for Wendy\u2019s. It is now part of the way Wendy\u2019s manages every program. Every program begins with a framework selection of ISO, COSO, or another standard or industry best practices.

[10:59] Food preparation and location selection are under other leaders. Bob\u2019s space is risk management in any and every program at Wendy\u2019s. He uses a consistent business model across all of the programs.

[11:37] Franchising is a unique business model. It has many advantages but also comes with inherent risks. There is less control with autonomous, independent businesspeople working within a single brand with a desire to deliver a consistent experience to the customer across the franchise system.

[12:46] Wendy\u2019s franchisees are autonomous but must be respectful of regulation.

[13:42] The Wendy\u2019s corporate risk management group has grown since Bob started. There were six to eight risk managers in 2014. Today it is a group of about 15.

[14:31] Bob discusses what is behind the growth of risk management at Wendy\u2019s. There is increasing complexity in the world, so there is increasing value in and appreciation for risk management. The way Wendy\u2019s transacts business has changed and continues to change. There are new technology risks.

[16:17] When Bob started in the industry, there was a push to master tangible risks. Over the last five years, that has become a push to master intangible risks: digital data technology, network systems, cloud, hardware, software, and so forth.

[16:51] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.

[17:12] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register!

[17:28] At 5:00 p.m. India Standard Time, on December 1st, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at T\xdcV S\xdcD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown.

[17:49] Bob Bowman, our guest today is on the next webinar. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today\u2019s Risks While Preparing for the Risks of Tomorrow.

[18:05] On January 4th, RIMS\u2019s Public Policy Committee will explore Nevada\u2019s \u201cDefense Within The Limits\u201d Ban. On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. Justin will host that session and will be joined by three expert panelists. He is looking forward to reaching you all with this session.

[18:26] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.

[19:37] Bob describes risk as uncertainty. Wherever there is uncertainty, that is risk. What are the things that need to be true to reduce that uncertainty? That\u2019s risk management. You can apply that easily to intangible risk. Bob does not have the technology background that would equip him to participate in the innovation discussion.

[20:28] Bob trusts the CTO and others with technology backgrounds to guide him so he knows how to advise the C-suite. The intangible risk space is growing across nearly every aspect of the business. To be effective, Bob partners with every business function.

[22:31] Wendy\u2019s attempts to simplify risk management. To Bob, if you are going to be effective as a risk management practitioner, simplifying is the table stakes. The balance of the business has little interest in and appreciation for risk management until it\u2019s relevant through their lens and on their terms with the results they are trying to achieve.

[23:45] What has enabled Bob and his team to find some success is the risk profile, which is getting to know the risk from the perspective of the business, and the business leaders. It\u2019s up to the risk managers to speak the language of risk from the perspective of the leaders and grasp the challenges of each functional area of the business.

[24:41] Risk management is asking, what could we do to make that desirable outcome more certain or increase the probability that we will hit that target. Bob asks, If I could guarantee you a greater probability that you will achieve your goals, wouldn\u2019t you begin thinking about more goals? Wouldn\u2019t you be more ambitious about accomplishments?

[25:36] New items and new recipes would only come to the risk management department in terms of food safety.

[26:31] Bob says he was on the periphery of the breakfast menu unveiling and he gives credit to an amazing team. Breakfast For Us in its current form is a recent innovation. Without prompting from risk management, the team coming up with the menu asked, what are the things that need to be true for this to be a successful endeavor?

[27:01] That is risk-based decision-making from the outset of the idea. There was a lot of labor, expertise, and collaborative decision-making across the entire organization for months that went into the development of the breakfast menu. Bob wonders how many of the things that needed to be true went from not yet being true, to true, in the process.

[29:30] Bob talks about the collaborative partnership between the Wendy\u2019s corporation and the franchisees. All parties have to be represented in the discussion.

[30:09] Bob speaks about his part in the webinar coming on December 12th, Prepare Yourself for the New Generation of Risk. It goes toward the dilemma that many risk professionals are confronted with. There are so many new, evolving, uncertain areas of risk and risk management. The world is delivering us a heavy dose of VUCA!

[30:52] We\u2019ve got to be equipped to understand the VUCA World and be able to translate it to our organizations. This webinar will focus on that. Justin will host. It\u2019s a great way to close out the year!

[31:33] As Bob looks back on his career, his advice to young people considering risk management is to get a mentor and a professional network, do hard work, and be willing to expand one\u2019s skill set. Support great people to be supported by great people. That\u2019s a universal part of the equation.

[32:31] Special thanks to Bob Bowman of Wendy\u2019s for joining us on RIMScast! You can hear more of Bob\u2019s perspective and experience in the December 12th RIMS Webinar sponsored by Riskonnect titled Prepare Yourself for the New Generation of Risk. Register at RIMS.org/webinars and the link in this episode\u2019s show notes.

[32:52] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!

[33:19] 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 professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let\u2019s collaborate! Contact pd@rims.org for more information.

[34:03] 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. The RIMS app is available only for RIMS members! You can find it in the App Store.

[34:28] 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.

[34:44] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.

[35:07] 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 2024 \u2014 San Diego, CA | May 5\u20138, 2024

RIMS Riskworld Award Nominations \u2014 Jan. 5, 2024, is the deadline to submit nominations!

RIMS-Certified Risk Management Professional (RIMS-CRMP)

NEW FOR MEMBERS! RIMS Mobile App

Spencer Educational Foundation \u2014 Grants Page

Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024

Dan Kugler Risk Manager on Campus Grant

RIMS Risk Management Magazine: ERM Special Edition 2023

RIMS Webinars:

Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by T\xdcV S\xdcD | Dec. 7, 2023

Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023

Addressing Today\u2019s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023

Nevada\u2019s \u201cDefense Within The Limits\u201d Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024

How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

Leveraging Data and Analytics for Continuous Risk Management | Dec 7

Fundamentals of Insurance | Dec 12

See the full calendar of RIMS Virtual Workshops

All RIMS-CRMP Prep Workshops \u2014 Including Chris Mandel\u2019s Dec 13\u201314 Course

Related RIMScast Episodes:

On The Menu: Restaurant Injury Risk Trends in 2023

Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises

Risk Insight with AAIN Leadership and Panda Express

Fleet Safety with Nets Executive Director Susan Gillies-Hipp