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Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle
Manage episode 426766689 series 2442729
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS Director Of Publications Morgan O’Rourke and RIMS Risk Management Magazine Senior Editor Hilary Tuttle about RIMS Risk Management Magazine, including its recent Azbee awards for design, changes to its format, and the second quarterly issue. Hilary and Morgan share insight into supply chain, pirates, geopolitical conflict, heat domes, a forecasted active hurricane season, elections in many nations, AI gender bias, and what they expect to see for the rest of 2024.
Listen for guidance on preparing your risk management strategy for the second half of 2024.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by two of my favorite guests, Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine.
[:38] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.
[:57] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:31] 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.
[1:46] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:07] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!
[2:23] Every July, we like to kick off the Summer with a Mid-Year Risk Report from our friends in the RIMS Publications Department, RIMS Publications Director and Editor-in-Chief of Risk Management Magazine, Morgan O’Rourke, and the magazine’s Senior Editor, Hilary Tuttle.
[2:45] I thought it would be fun to hear what’s shaking the landscape in risk management. Morgan and Hilary are the best in risk management reporting. We’ll talk about risk management trends, some of their favorite topics to cover, and even some of the accolades that the magazine and website have won.
[3:08] Hilary Tuttle and Morgan O’Rourke, welcome back to RIMScast!
[3:26] RIMS Risk Management Magazine has won three design awards this year from the American Society of Business Publication Editors, known as the Azbee Awards. Congratulations to our friend, Art Director, Andrew Bass.
[4:20] RIMS Risk Management Magazine is digital-first, publishing new articles weekly, sometimes a couple a week. It has quarterly digital-only issues and newsletters. The issues look like the former print edition but use technology in new ways to publish content. They are seeking contributions of articles from risk professionals. Contact them if you have a risk article to write!
[6:27] The Q2 issue of RIMS Risk Management Magazine addresses the impact of AI on insurance underwriting. It covers geopolitical issues for the rest of the year. AI and geopolitics are dominant issues now. It also contains guidance on things like document retention policies for litigation and the uses of parametric insurance to address earthquake risk.
[8:05] The issue presents news on the growing copyright infringement claims from the use of social media content and information on third-party risk management issues.
[8:21] Russ Banham wrote an article in this issue about supply chains. Hilary also recently wrote content about shipping. There is a record low of ship losses but a notable increase in threats to shipping. Geopolitics, including the conflict between Israel and Gaza, and conflict in the Red Sea are driving the threats. The majority of cargo ships are being rerouted around Africa.
[9:51] This rerouting affects supply chains greatly. It also affects the environment. By the end of 2023, after about two months of conflict, emissions were up 14%. Ships add 10 days of sailing time to go around Africa. The emergency infrastructure is strained for the route around Africa when ships that are built to stay in coastal waters are rerouted.
[10:34] Somali pirates are back. International regulations on patrolling for piracy expired. Patrolling has been redirected to the Red Sea for the conflict there. Ships navigating the Horn of Africa cross through Somali waters. These factors provide opportunities to the pirates. Since December there have been several boardings.
[12:38] “Ghost ships,” a fleet of unregistered ships, are shipping oil from Russia to countries that are still doing business with Russia. These are older boats that are poorly maintained that can’t be insured and are likely to leak, break, or catch on fire in port. The costs are borne by local governments and property owners wherever the ship docks.
[15:01] Hilary brings up the Captain Phillips movie, where the Somali pirates kept mentioning insurance payouts.
[15:26] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinars debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[15:50] 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’ll have that link up soon on an upcoming episode.
[16:09] Review your organization’s 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.
[16:24] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada.
[16:40] The Spencer Educational Foundation’s Risk Manager on Campus Program brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.
[17:06] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. 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.
[17:31] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.
[17:55] That was a great episode, so after you finish this one, go back and listen to Episode 293!
[18:01] Let’s return to my interview with Morgan O’Rourke and Hilary Tuttle of the Azbee Award-winning RIMS Risk Management Magazine.
[18:30] July is the start of severe weather seasons across the globe. The forecasts are terrible. The East Coast is facing a heat dome. It becomes an issue for businesses of protecting their workers. In a recent survey, 65% of small business owners said they plan heat safety measures to protect employees; 35% of small business owners have no plan for such measures.
[19:24] There are some severe consequences if you have employees working outside without any consideration for their safety. OSHA has raised extreme heat safety as an enforcement priority. If you are in the 35% not planning or employee safety in the heat, reconsider your plan.
[19:53] The Workers Compensation Research Institute recently did a study that found that the probability of work-related accidents increases by five to six percent over 90 degrees. The effect is strongest in the South. This relates to heat stroke but also to extreme heat’s effects on cognitive function, reflexes, and reaction time. There is an increase in incidents like falling.
[20:39] There is also a correlation between excessive heat and more significant injuries like traumatic injuries, dislocations, lacerations, and more. Some claims are a lot bigger.
[21:27] Morgan notes some recommendations employers can follow for providing and enforcing planned breaks, water, and shade. They should have a thought-out process and strategy. If an employer sees obvious effects, they must get employees immediately out of harm’s way into a colder place. If someone is confused or vomiting, get them medical attention immediately.
[22:38] It’s helpful to educate the workforce to know what symptoms to look out for in themselves and others, especially heat stroke symptoms that may not be obvious. This is a great mitigation option.
[22:59] Employers can use technology to monitor people’s temperature and the temperature of the environment where they work. This includes wearables.
[23:31] Mitigation protocols apply both to extreme cold and extreme heat. Both can cause great harm. A sports drink is not all that is needed.
[23:48] There is a new hurricane season outlook and infographic with the 2024 forecast on the Risk Management Magazine website. Hilary reviewed 10 detailed meteorological research studies and all of them predicted an above-average active season.
[24:21] Some called it a hyperactive or supercharged storm season. People are expecting quite a lot of storms and worse storms, with a higher risk of making landfall this year. There are a lot of cautions out there. We’ve had 14 straight months of record-high ocean surface temperatures, and storms that form above warmer, deeper water tend to be worse.
[25:00] Not only are the ocean surface temperatures above average, they are above average in a way mimicking the temperatures of the worst earlier hurricane seasons. Ocean temperatures are already as high as normal September ocean temperatures. About 95% of hurricanes happen in September and October in a normal year.
[25:52] The second factor is we are shifting from El Niño to La Niña conditions. In La Niña conditions, the wind shear that would typically break up storms doesn’t occur so storms are more severe. Justin notes even the water at the beach is warmer this year, from taking his family to the beach. Be prepared for hurricanes.
[28:26] Hilary discusses gender-based bias in AI large language models. The models mimic human traits. Large language models are trained on human writings so they have the biases that humans have. It can pick resumes that match the employees you already have, which may be predominantly white men. At Amazon, AI systematically disadvantaged women applicants.
[30:06] Scientists haven’t figured out all of the reasons large language models make the choices they make. Even the use of pronouns in questionnaires changes how the answers are valued. Male-pronoun questionnaires valued achievement while female-pronoun questionnaires valued security. AI disadvantages the use of non-binary pronouns or statements on gender identity.
[31:08] June is Pride Month. Is technology the next frontier of where we need to be conscious of inherent bias and how we actively fight that in the workplace? Look at technology with a grain of salt. If scientists can’t tell why bias is in AI, don’t assume you know why it’s in there. Watch for it.
[32:24] The year 2024 will have the most people voting in elections around the world ever. New leadership will come up with new standards. Change or uncertainty will lead to volatility. A rise in populist nationalism is happening in many countries, involving different trade dynamics. You should already have started to prepare for changes if you have international operations.
[35:23] Morgan hopes that all the things we are preparing for this year don’t happen. Risk managers hope none of the measures they put in place have to be enacted. The status quo is success but be prepared. Morgan says that from 2020 until now has just been tiring!
[36:45] Hilary hopes for more interesting data breaches; she’s tired of exposed S3 buckets, failures of basic MFA implementation, and people making dumb mistakes. She gets very excited about hefty SEC fines over cyber failures. She supports businesses learning one way or another. She says there has been a 12-fold increase in cyber disclosures in the first quarter of SEC filing.
[38:08] Seeing progress there and seeing large fines translate into better risk management is exciting. Businesses are following the regulations.
[39:12] Justin congratulates Morgan and Hilary on the Azbee wins. Any listener who wants to read more can go to RMMagazine.com. The special digital edition is for members only. It’s another value of RIMS.org/membership.
[39:50] Special thanks, again, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine, for extending the dialog beyond the pages of RIMS Risk Management Magazine, which is now available at RMMagazine.com. Be sure to check out the Q2 issue. Members have the benefit of that fantastic page-flipping edition.
[40:13] It’s 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!
[40:46] 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! Contact pd@rims.org for more information.
[41:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:45] 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.
[42:01] 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.
[42:21] 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:
“Addressing Supply Chain Challenges Amid Rising Geopolitical Tensions”
RISKWORLD 2025 will be in Chicago! May 4‒7
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!Contribute to RIMS Risk Management Magazine
Spencer Educational Foundation — Funding Their Future Gala 2024
RIMS Webinars: RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“On Risk Appetite and Tolerance”
“Live Again from RISKWORLD 2024!”
“Climate Disclosures with Jana Utter”
“Supply and Bike Chains with Emily Buckley”
“Kicking off the new year with RIMS CEO Gary LaBranche”
“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
“Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine”
Sponsored RIMScast Episodes:
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)
“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-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 Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Morgan O’Rourke, RIMS Director Of Publications
Hilary Tuttle, RIMS Risk Management Magazine Senior Editor
Tweetables (Edited For Social Media Use):
RIMS Risk Management Magazine is primarily digital-first, publishing new articles on a weekly basis, sometimes a couple a week. We are also doing quarterly digital-only issues. — Hilary Tuttle
A recent survey said that of small business owners, 65% said they are going to add heat safety measures to protect their employees; that means there are 35% that are not doing that and there are some pretty severe consequences of heat injuries through neglect. — Morgan O’Rourke
Scientists can’t entirely figure out all of the reasons that some of these large language models make the biased choices they make. — Hilary Tuttle
I would hope that all the things we are preparing for this year don’t happen; that hurricane season is not terrible, and the election season doesn’t create all sorts of instability. Risk managers hope none of the measures they put in place have to be enacted. — Morgan O’Rourke
102 episodes
Manage episode 426766689 series 2442729
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS Director Of Publications Morgan O’Rourke and RIMS Risk Management Magazine Senior Editor Hilary Tuttle about RIMS Risk Management Magazine, including its recent Azbee awards for design, changes to its format, and the second quarterly issue. Hilary and Morgan share insight into supply chain, pirates, geopolitical conflict, heat domes, a forecasted active hurricane season, elections in many nations, AI gender bias, and what they expect to see for the rest of 2024.
Listen for guidance on preparing your risk management strategy for the second half of 2024.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by two of my favorite guests, Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine.
[:38] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.
[:57] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:31] 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.
[1:46] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:07] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!
[2:23] Every July, we like to kick off the Summer with a Mid-Year Risk Report from our friends in the RIMS Publications Department, RIMS Publications Director and Editor-in-Chief of Risk Management Magazine, Morgan O’Rourke, and the magazine’s Senior Editor, Hilary Tuttle.
[2:45] I thought it would be fun to hear what’s shaking the landscape in risk management. Morgan and Hilary are the best in risk management reporting. We’ll talk about risk management trends, some of their favorite topics to cover, and even some of the accolades that the magazine and website have won.
[3:08] Hilary Tuttle and Morgan O’Rourke, welcome back to RIMScast!
[3:26] RIMS Risk Management Magazine has won three design awards this year from the American Society of Business Publication Editors, known as the Azbee Awards. Congratulations to our friend, Art Director, Andrew Bass.
[4:20] RIMS Risk Management Magazine is digital-first, publishing new articles weekly, sometimes a couple a week. It has quarterly digital-only issues and newsletters. The issues look like the former print edition but use technology in new ways to publish content. They are seeking contributions of articles from risk professionals. Contact them if you have a risk article to write!
[6:27] The Q2 issue of RIMS Risk Management Magazine addresses the impact of AI on insurance underwriting. It covers geopolitical issues for the rest of the year. AI and geopolitics are dominant issues now. It also contains guidance on things like document retention policies for litigation and the uses of parametric insurance to address earthquake risk.
[8:05] The issue presents news on the growing copyright infringement claims from the use of social media content and information on third-party risk management issues.
[8:21] Russ Banham wrote an article in this issue about supply chains. Hilary also recently wrote content about shipping. There is a record low of ship losses but a notable increase in threats to shipping. Geopolitics, including the conflict between Israel and Gaza, and conflict in the Red Sea are driving the threats. The majority of cargo ships are being rerouted around Africa.
[9:51] This rerouting affects supply chains greatly. It also affects the environment. By the end of 2023, after about two months of conflict, emissions were up 14%. Ships add 10 days of sailing time to go around Africa. The emergency infrastructure is strained for the route around Africa when ships that are built to stay in coastal waters are rerouted.
[10:34] Somali pirates are back. International regulations on patrolling for piracy expired. Patrolling has been redirected to the Red Sea for the conflict there. Ships navigating the Horn of Africa cross through Somali waters. These factors provide opportunities to the pirates. Since December there have been several boardings.
[12:38] “Ghost ships,” a fleet of unregistered ships, are shipping oil from Russia to countries that are still doing business with Russia. These are older boats that are poorly maintained that can’t be insured and are likely to leak, break, or catch on fire in port. The costs are borne by local governments and property owners wherever the ship docks.
[15:01] Hilary brings up the Captain Phillips movie, where the Somali pirates kept mentioning insurance payouts.
[15:26] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinars debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[15:50] 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’ll have that link up soon on an upcoming episode.
[16:09] Review your organization’s 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.
[16:24] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada.
[16:40] The Spencer Educational Foundation’s Risk Manager on Campus Program brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.
[17:06] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. 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.
[17:31] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.
[17:55] That was a great episode, so after you finish this one, go back and listen to Episode 293!
[18:01] Let’s return to my interview with Morgan O’Rourke and Hilary Tuttle of the Azbee Award-winning RIMS Risk Management Magazine.
[18:30] July is the start of severe weather seasons across the globe. The forecasts are terrible. The East Coast is facing a heat dome. It becomes an issue for businesses of protecting their workers. In a recent survey, 65% of small business owners said they plan heat safety measures to protect employees; 35% of small business owners have no plan for such measures.
[19:24] There are some severe consequences if you have employees working outside without any consideration for their safety. OSHA has raised extreme heat safety as an enforcement priority. If you are in the 35% not planning or employee safety in the heat, reconsider your plan.
[19:53] The Workers Compensation Research Institute recently did a study that found that the probability of work-related accidents increases by five to six percent over 90 degrees. The effect is strongest in the South. This relates to heat stroke but also to extreme heat’s effects on cognitive function, reflexes, and reaction time. There is an increase in incidents like falling.
[20:39] There is also a correlation between excessive heat and more significant injuries like traumatic injuries, dislocations, lacerations, and more. Some claims are a lot bigger.
[21:27] Morgan notes some recommendations employers can follow for providing and enforcing planned breaks, water, and shade. They should have a thought-out process and strategy. If an employer sees obvious effects, they must get employees immediately out of harm’s way into a colder place. If someone is confused or vomiting, get them medical attention immediately.
[22:38] It’s helpful to educate the workforce to know what symptoms to look out for in themselves and others, especially heat stroke symptoms that may not be obvious. This is a great mitigation option.
[22:59] Employers can use technology to monitor people’s temperature and the temperature of the environment where they work. This includes wearables.
[23:31] Mitigation protocols apply both to extreme cold and extreme heat. Both can cause great harm. A sports drink is not all that is needed.
[23:48] There is a new hurricane season outlook and infographic with the 2024 forecast on the Risk Management Magazine website. Hilary reviewed 10 detailed meteorological research studies and all of them predicted an above-average active season.
[24:21] Some called it a hyperactive or supercharged storm season. People are expecting quite a lot of storms and worse storms, with a higher risk of making landfall this year. There are a lot of cautions out there. We’ve had 14 straight months of record-high ocean surface temperatures, and storms that form above warmer, deeper water tend to be worse.
[25:00] Not only are the ocean surface temperatures above average, they are above average in a way mimicking the temperatures of the worst earlier hurricane seasons. Ocean temperatures are already as high as normal September ocean temperatures. About 95% of hurricanes happen in September and October in a normal year.
[25:52] The second factor is we are shifting from El Niño to La Niña conditions. In La Niña conditions, the wind shear that would typically break up storms doesn’t occur so storms are more severe. Justin notes even the water at the beach is warmer this year, from taking his family to the beach. Be prepared for hurricanes.
[28:26] Hilary discusses gender-based bias in AI large language models. The models mimic human traits. Large language models are trained on human writings so they have the biases that humans have. It can pick resumes that match the employees you already have, which may be predominantly white men. At Amazon, AI systematically disadvantaged women applicants.
[30:06] Scientists haven’t figured out all of the reasons large language models make the choices they make. Even the use of pronouns in questionnaires changes how the answers are valued. Male-pronoun questionnaires valued achievement while female-pronoun questionnaires valued security. AI disadvantages the use of non-binary pronouns or statements on gender identity.
[31:08] June is Pride Month. Is technology the next frontier of where we need to be conscious of inherent bias and how we actively fight that in the workplace? Look at technology with a grain of salt. If scientists can’t tell why bias is in AI, don’t assume you know why it’s in there. Watch for it.
[32:24] The year 2024 will have the most people voting in elections around the world ever. New leadership will come up with new standards. Change or uncertainty will lead to volatility. A rise in populist nationalism is happening in many countries, involving different trade dynamics. You should already have started to prepare for changes if you have international operations.
[35:23] Morgan hopes that all the things we are preparing for this year don’t happen. Risk managers hope none of the measures they put in place have to be enacted. The status quo is success but be prepared. Morgan says that from 2020 until now has just been tiring!
[36:45] Hilary hopes for more interesting data breaches; she’s tired of exposed S3 buckets, failures of basic MFA implementation, and people making dumb mistakes. She gets very excited about hefty SEC fines over cyber failures. She supports businesses learning one way or another. She says there has been a 12-fold increase in cyber disclosures in the first quarter of SEC filing.
[38:08] Seeing progress there and seeing large fines translate into better risk management is exciting. Businesses are following the regulations.
[39:12] Justin congratulates Morgan and Hilary on the Azbee wins. Any listener who wants to read more can go to RMMagazine.com. The special digital edition is for members only. It’s another value of RIMS.org/membership.
[39:50] Special thanks, again, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine, for extending the dialog beyond the pages of RIMS Risk Management Magazine, which is now available at RMMagazine.com. Be sure to check out the Q2 issue. Members have the benefit of that fantastic page-flipping edition.
[40:13] It’s 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!
[40:46] 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! Contact pd@rims.org for more information.
[41:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:45] 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.
[42:01] 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.
[42:21] 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:
“Addressing Supply Chain Challenges Amid Rising Geopolitical Tensions”
RISKWORLD 2025 will be in Chicago! May 4‒7
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!Contribute to RIMS Risk Management Magazine
Spencer Educational Foundation — Funding Their Future Gala 2024
RIMS Webinars: RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
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“Kicking off the new year with RIMS CEO Gary LaBranche”
“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”
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“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
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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-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:
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Sponsor RIMScast: Contact sales@rims.org or pd@rims.org 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: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Morgan O’Rourke, RIMS Director Of Publications
Hilary Tuttle, RIMS Risk Management Magazine Senior Editor
Tweetables (Edited For Social Media Use):
RIMS Risk Management Magazine is primarily digital-first, publishing new articles on a weekly basis, sometimes a couple a week. We are also doing quarterly digital-only issues. — Hilary Tuttle
A recent survey said that of small business owners, 65% said they are going to add heat safety measures to protect their employees; that means there are 35% that are not doing that and there are some pretty severe consequences of heat injuries through neglect. — Morgan O’Rourke
Scientists can’t entirely figure out all of the reasons that some of these large language models make the biased choices they make. — Hilary Tuttle
I would hope that all the things we are preparing for this year don’t happen; that hurricane season is not terrible, and the election season doesn’t create all sorts of instability. Risk managers hope none of the measures they put in place have to be enacted. — Morgan O’Rourke
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