2016 Risk All Stars

Empowered Risk Management

The 2016 Risk All Stars deployed creativity and passion to add value to their organizations.
By: | September 14, 2016 • 2 min read
Modern business woman finishing a phone conversation with a colleague

The best risk managers are inquisitive and tenacious. They possess the drive to help their organizations prosper, even if C-suite executives don’t initially grasp risk management’s scope or potential.

Superior risk managers proactively engage with colleagues and corporate leaders to identify the risks and challenges they face: They listen more than they talk. They delve into the details. They consider exposures and how they can be mitigated. They consider the upside of risk as well as its downside. They put their creativity and passion to work.

AllStars2016v1oThe 2016 Risk All Stars exemplify ingenuity and resourcefulness in problem solving. They demonstrate the power of their profession to make a profound difference.

For some, like James Colorado Robertson, making a difference meant starting from scratch. Before he even graduated from LSU, he created an enterprise risk management plan for the university. Then he helped build the first stand-alone public higher education insurance program in the state.

For Christopher de Wolfe, the challenge was that company leaders at Mars Inc. didn’t always recognize the integral role of risk management. It was an afterthought. That’s no longer the case. Not only did de Wolfe revamp the risk management program at Mars, he was so successful at promoting its services with colleagues that they now frequently seek advice on improving resilience and minimizing risk.

The 2016 Risk All Stars exemplify ingenuity and resourcefulness in problem solving. They demonstrate the power of their profession to make a profound difference.

The best risk managers seek out possible exposures and offer solutions. For Susan Hiteshew at Under Armour Inc., that meant building a “playbook” the fast-growing company uses to add value to projects when business lines, projects or acquisitions are discussed.

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“In a young company that grows as quickly as we do, you can’t wait for things to happen — you have to be proactive,” she said.

When unforeseen changes hit, that’s when the best risk managers display their talent for thinking outside the box.

When Scott Clark, who recently retired from Miami-Dade County Public Schools, learned that FEMA substantially reduced the level of assistance it would provide to storm-damaged properties, he worked with Swiss Re on an innovative parametric storm solution to address the shortfall.

It is that creativity, passion and determination that marks each of the 11 Risk All Stars honored this year. They devised solutions that added value to their organizations and empowered the role of risk management. We hope their achievements offer encouragement and guidance to others striving to do the same. &

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Risk All Stars stand out from their peers by overcoming challenges through exceptional problem solving, creativity, perseverance and passion.

See the complete list of 2016 Risk All Stars.

Anne Freedman is managing editor of Risk & Insurance. She can be reached at [email protected]
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2016 Risk All Stars

The 2016 Risk All Stars

Creativity and a passion for risk management mark the winners of the 2016 Risk All Star award.
By: | September 14, 2016 • 3 min read

Scott Clark: Withstanding the Storm

09152016_1CS_AllStars_SClarkRisk and Benefits Officer, Miami-Dade County Public Schools (recently retired)

When FEMA reduced assistance, Scott Clark put together a new storm policy that protected his school district and saved money as well.

Christopher de Wolfe: Risk Management’s Sweet Spot

09152016_1CS_AllStars_CdeWolfeGlobal Director of Risk Management, Mars Inc.

Christopher de Wolfe leveraged his company’s marketing savvy to help the organization buy in to the risk management mission.

Carlos Dezayas: Freeing Cargo From Captivity

09152016_1CS_AllStars_CDezayasSenior Manager, Corporate Risk Management, The Kraft Heinz Co.

When a captive structure didn’t serve the needs of a post-merger cargo program, Carlos Dezayas built a new one.

Timothy Fischer: Managing U.S. Nuclear Fuel Risks

09152016_1CS_AllStars_TFischerChief Risk Officer, BWX Technologies

Timothy Fischer makes the complicated job of managing risk for the sole producer of nuclear fuel to the U.S. government look easy. It’s not.

James Colorado Robertson: A-Plus in Risk Management

09152016_1CS_AllStars_CRobertsonAssistant Director, Risk Management, Louisiana State University

James Colorado Robertson used innovation, persistence and love of his alma mater to help create Louisiana State University’s risk management program.

Susan Hiteshew: A Winning Strategy

09152016_1CS_AllStars_HiteshewSenior Manager, Global Insurance and Risk Financing, Under Armour Inc.

Susan Hiteshew built a risk management playbook to stay ahead of Under Armour’s challenges and fast growth.

Chauncey Fagler: An ERM Mantra

09152016_1CS_AllStars_CFaglerExecutive Director, Florida College System Risk Management Consortium

Chauncey Fagler’s risk management successes stem from his conviction to create “the best consortium” for Florida colleges.

Susan Tukel: Revolutionizing the Organization

09152016_1CS_AllStars_STukelPresident, Locomotive Engineers and Conductors Mutual Protective Association

Susan Tukel brought her 100-year-old organization back from the brink.

David Jewell: Balancing Act

09152016_1CS_AllStars_JewellVice President-Risk Management, Dollar Tree

David Jewell’s focus and experience helped guide a successful $9.2 billion acquisition, despite a staggering array of obstacles.

Kristy Harris: Flipping Coverage on Its Head

09152016_1CS_AllStars_KHarrisRisk Manager, Southwest Airlines

Southwest’s Kristy Harris engages underwriters as she searches for creative solutions during a soft market.

 

Michael Brown: Looking at the Upside

09152016_1CS_AllStars_MBrownVice President and Property Department Manager, Golden Bear Insurance Co.

Michael Brown brought enterprise risk management to his company, while working to close the talent gap facing the industry.

The R&I Editorial Team may be reached at [email protected]
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Sponsored Content by Nationwide

Hot Hacks That Leave You Cold

Cyber risk managers look at the latest in breaches and the future of cyber liability.
By: | December 1, 2016 • 5 min read

Nationwide_SponsoredContent_1016Thousands of dollars lost at the blink of an eye, and systems shut down for weeks. It might sound like something out of a movie, but it’s becoming more and more of a reality thanks to modern hackers. As technology evolves and becomes more sophisticated, so do the occurrence of cyber breaches.

“The more we rely on technology, the more everything becomes interconnected,” said Jackie Lee, associate vice president, Cyber Liability at Nationwide. “We are in an age where our car is a giant computer, and we can turn on our air conditioners with our phones. Everyone holds data. It’s everywhere.”

Phishing Out Fraud

According to Lee, phishing is on the rise as one of the most common forms of cyber attacks. What used to be easy to identify as fraudulent has become harder to distinguish. Gone are the days of the emails from the Nigerian prince, which have been replaced with much more sophisticated—and tricky—techniques that could extort millions.

“A typical phishing email is much more legitimate and plausible,” Lee said. “It could be an email appearing to be from human resources at annual benefits enrollment or it could be a seemingly authentic message from the CFO asking to release an invoice.”

According to Lee, the root of phishing is behavior and analytics. “Hackers can pick out so much from a person’s behavior, whether it’s a key word in an engagement survey or certain times when they are logging onto VPN.”

On the flip side, behavior also helps determine the best course of action to prevent phishing.

“When we send an exercise email to test how associates respond to phishing, we monitor who has clicked the first round, then a second round,” she said. “We look at repeat offenders and also determine if there is one exercise that is more susceptible. Once we understand that, we can take the right steps to make sure employees are trained to be more aware and recognize a potentially fraudulent email.”

Lee stressed that phishing can affect employees at all levels.

“When the exercise is sent out, we find that 20 percent of the opens are from employees at the executive level,” she said. “It’s just as important they are taking the right steps to ensure they are practicing what they are preaching.”

Locking Down Ransomware

Nationwide_SponsoredContent_1016Another hot hacking ploy is ransomware, a type of property-related cyber attack that prevents or limits users from accessing their system unless a ransom is paid. The average ransom request for a business is around $10,000. According to the FBI, there were 2,400 ransomware complaints in 2015, resulting in total estimated losses of more than $24 million. These threats are expected to increase by 300% this year alone.

“These events are happening, and businesses aren’t reporting them,” Lee said.

In the last five years, government entities saw the largest amount of ransomware attacks. Lee added that another popular target is hospitals.

After a recent cyber attack, a hospital in Los Angeles was without its crucial computer programs until it paid the hackers $17,000 to restore its systems.

Lee said there is beginning to be more industry-wide awareness around ransomware, and many healthcare organizations are starting to buy cyber insurance and are taking steps to safeguard their electronic files.

“A hospital holds an enormous amount of data, but there is so much more at stake than just the computer systems,” Lee said. “All their medical systems are technology-based. To lose those would be catastrophic.”

And though not all situations are life-or-death, Lee does emphasize that any kind of property loss could be crippling. “On a granular scale, you look at everything from your car to your security system. All data storage points could be controlled and compromised at some point.”

The Future of Cyber Liability

According to Lee, the Cyber product, which is still in its infancy, is poised to affect every line of business. She foresees underwriting offering more expertise in crime and becoming more segmented into areas of engineering, property, and automotive to address ongoing growing concerns.”

“Cyber coverage will become more than a one-dimensional product,” she said. “I see a large gap in coverage. Consistency is evolving, and as technology evolves, we are beginning to touch other lines. It’s no longer about if a breach will happen. It’s when.”

About Nationwide’s Cyber Solutions

Nationwide’s cyber liability coverage includes a service-based solution that helps mitigate losses. Whether it’s loss prevention resources, breach response and remediation expertise, or an experienced claim team, Nationwide’s comprehensive package of services will complement and enhance an organization’s cyber risk profile.

Nationwide currently offers up to $15 million in limits for Network Security, Data Privacy, Technology E&O, and First Party Business Interruption.

Nationwide_SponsoredContent_1016
Products underwritten by Nationwide Mutual Insurance Company and Affiliated Companies. Not all Nationwide affiliated companies are mutual companies, and not all Nationwide members are insured by a mutual company. Subject to underwriting guidelines, review, and approval. Products and discounts not available to all persons in all states. Home Office: One Nationwide Plaza, Columbus, OH. Nationwide, the Nationwide N and Eagle, and other marks displayed on this page are service marks of Nationwide Mutual Insurance Company, unless otherwise disclosed. © 2016 Nationwide Mutual Insurance Company.

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This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with Nationwide. The editorial staff of Risk & Insurance had no role in its preparation.




Nationwide, a Fortune 100 company, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s.
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