Oct 12, 2021
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin is rejoined by one of his favorite guests, Nir Kossovsky, the CEO of Steel City Re! Nir is an authority on business, process risk, and reputational value. He’s been an industry-wide leader in the development of index measures of reputational value and actuarially sound underwriting methods that deter reputational attacks and protect companies and their leadership.
In their conversation together, Nir is talking all about reputation risk. He provides a preview of his upcoming session on reputation risk at the 2021 RIMS ERM Conference, shares his perspective on reputation and how it has changed since COVID-19 and the key ESG Commitments that boards can make (and shouldn’t make) both in the long term and short term.
Also, stay tuned for a quick conversation in the middle of the episode with Morgan O’Rourke to discuss the new RIMS app!
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:12] About the RIMS Buyers Guide.
[:46] About today’s episode with Nir Kossovsky.
[:54] Upcoming RIMS current virtual offerings.
[1:17] How to register for the upcoming RIMS ERM Conference.
[1:33] Other upcoming RIMS virtual conferences.
[2:00] More about today’s episode.
[2:25] Justin welcomes Nir Kossovsky back to RIMScast!
[2:31] How Nir’s perception and perspective on reputation changed since COVID-19.
[6:01] Would Nir agree that reputation makes up a large part of any organization’s ERM program?
[7:18] Does Nir often see that the line between Chief Legal Officer and Chief Risk Officer starts to blur after a while? Are these roles starting to be condensed into one?
[9:15] What does Nir think about “T” (standing for “Technology”) being added at the end of ESG?
[10:54] Upcoming RIMS webinars!
[11:50] Justin introduces a quick conversation with RIMS Publication Director Morgan O’Rourke to discuss the new RIMS app.
[12:02] Justin welcomes Morgan to the podcast!
[12:15] Who can download the RIMS app? Where can you download it?
[12:40] What you will find on the RIMS app.
[13:15] Is the RIMS app constantly evolving? Will there be updates down the line?
[13:31] How to provide feedback on your RIMS app experience.
[13:51] Returning to the interview with Nir Kossovsky.
[14:01] The key ESG Commitments that boards can make (and shouldn’t make), both long-term and short-term.
[20:08] Nir shares a sneak preview of what he will be presenting at the ERM Conference on Nov. 11th on the topic of reputation.
[22:17] Looking ahead, what does Nir believe will be the next event (equal in magnitude to COVID-19) that will affect the practice of risk management and reputational risk?
[24:59] Justin thanks Nir Kossovsky for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
RIMS Risktech Forum 2021 — Virtual Two-Day Event! December 7th & 8th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
Upcoming Webinars:
October 13, 2021 | “Board Dynamics: Confidence, Communication and Clarity” | Presented by RIMS Path To The Boardroom
October 21, 2021 | “Community-Sourced Risk Research & Best Practices” | Sponsored by Vector LiveSafe
October 26, 2021 | “Cyber Risk and the C-Suite” | Presented by RIMS Path To The Boardroom
October 28, 2021 | “Risking it All? Taking the Leap into Enterprise Risk Management (ERM) from RMIS” | Sponsored by Origami Risk
November 1, 2021 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
November 4, 2021 | “Using IoT Technology to Lower the Cost of Commercial Insurance Risk” | Sponsored by The Hartford
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Reputational Risk with Nir Kossovsky” (2018)
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Measuring Reputation Risk with Kasper Nielsen”
“Mastering Intelligence Risk Management with Dr. Jay Grusin and Steve Lindo”
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 Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Steve Pottle!
Spencer Educational Foundation
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.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Tweetables (For Social Media Use):
“COVID removed the blinders for most individuals. … For some, the world slowed down … and it began to allow people to ask the question, ‘What is important to me?’ … I think that … gave rise to the surge in the ESG movement.” — Nir Kossovsky
“The capital markets also think that is true now; that reputation is a major component of [an] organization’s ERM program. And that capital’s view is focused on … three … reputational issues that have become mission-critical from almost every company … — ESG.” — Nir Kossovsky
“40% of Chief Legal Officers are reporting now that reputation risk is on their agenda.” — Nir Kossovsky
“What boards should do in the context of protecting the assets of a firm is to commit to process … that, today, involves general counsel … the enterprise risk manager … [and] risk management … with governance, leadership broadly, controls, and insurances.” — Nir Kossovsky