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Apr 14, 2020

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


Today’s topic is innovation and strategic risk management — which also happens to be the title of the new RIMS Executive Report! The full title of the report is “Innovation + Strategic Risk Management: A Positive Pairing for a Better Future,” which was published on Risk Knowledge. The author of the report, Monica Merrifield, is also the guest of today’s show. Monica is the Principal Advisor of Strategic Risk and Innovation for the YMCA as well as other organizations that are nonprofit and in the public sector. Previously, she served as YMCA’s Vice President of Risk Intelligence for 10 years. She has also done a ton of great work with the RIMS Strategic & Enterprise Risk Management Council — which is where she and Justin originally met!


In this episode, Monica is going to discuss the paper she wrote, diving deep into the topic of innovation and SRM. She also highlights how some of the ideas can even be applied during the coronavirus pandemic. Tune in to hear all of Monica’s key learnings and insights!


Key Takeaways:

[:01] About the RIMS Membership.

[:27] About today’s episode and special guest, Monica Merrifield.

[:33] About RIMS Coronavirus Information Center.

[:47] About the new RIMS webinar all about positioning your business amid the coronavirus pandemic.

[1:34] More about today’s episode and guest.

[2:10] Justin welcomes Monica to RIMScast.

[2:18] Monica describes her career background.

[2:56] Does Monica feel that the nonprofit sector is suffering a bit right now due to the pandemic?

[4:12] How can innovation and strategic risk management (SRM) be linked?

[5:24] Will SRM always be successful?

[7:47] Monica provides some examples of good questions a strategically-minded risk professional can ask throughout an innovation cycle.

[10:10] What do people and organizations get wrong about innovation? And what do they have to get right to get meaningful success with innovation?

[13:37] Why does Monica think that ‘innovation’ has become a sort of buzz word these days amongst organizations?

[17:33] What are some new skills or traits that risk practitioners will need to support innovation in their organizations?

[21:14] How does Monica feel that companies are innovating right now during the pandemic? And what does she feel that they could learn from this pivotal time in history?

[25:02] Where to find the RIMS Executive Report.

[25:15] Justin thanks Monica for joining the podcast and highlights some of the links to check out in today’s show notes!


Mentioned in this Episode:

Download the new RIMS Executive Report: “Innovation + Strategic Risk Management: A Positive Pairing for a Better Future”

RIMS Coronavirus Information Center

RIMS Advocacy

RIMS Webinar — April 23rd: “Defeat Blindspots and Cognitive Biases During COVID-19 and Pandemics with Dr. Gleb Tsipursky”

NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.

Upcoming RIMS Events

RM Magazine

Risk Management Monitor

RIMS-Certified Risk Management Professional (RIMS-CRMP)

New Feature: RIMS-CRMP Stories

RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!

RIMS Benchmark Survey: Contribute your data by April 30th and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit

Download any episode of RIMScast.

“Bridging Strategy and Implementation with Strategic Risk Management” RIMS White Paper

Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen


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Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.


Follow up with Our Guest:

Monica Merrifield’s LinkedIn