Events

Meet the Risk Institute team during ‘Fan Fest’

Come meet the Risk Institute team and mingle with 20,000 or so of your closest friends during the “Fan Fest” held before the Ohio State-Cincinnati game, September 7, 2019.

We’ll be in a tent between St. John Arena and Ohio Stadium the morning before the game, 9 a.m – noon, where we will be highlighting research into safe driving.

Joining us will be Brittany Shoots-Reinhard, senior research associate in the Cognition and Affect in Decision Making (CAIDe) Lab for the Department of Psychology. She is also a member of the Distracted Driving Task Force, a collaborative initiative begun in 2017 spearheaded by the Ohio Department of Transportation and the Ohio Department of Public Safety. The task force leans on expertise from a variety of resources, including law enforcement, insurance companies and educators. Its purpose is to give recommendations on how to curb distracted driving.

Earlier this year, as part of this state-wide initiative, the Risk Institute hosted Gov. Mike DeWine, WBNS anchor Dom Tiberi, university researchers and insurance experts to discuss the latest research and technology aimed at curbing distracted driving. “Our phrasing is putting the brakes on distracted driving,” said Phil Renaud, executive director of the Risk Institute.

Renaud said the effort to reduce distracted driving must include solutions that go beyond new laws. He said behavior, technology and urban planning and design are needed to reduce accidents and save lives.

Fans are also encouraged to take a look at a immersive driving game created by Driving Essentials XE, which is part of a complete training curriculum that teaches teen drivers to learn and refine critical skills essential to safe driving.

Economic Nationalism & Trade Conference

On February 8, 2019, The Risk Institute, Moritz College of Law, Fisher College of Business and the College of Food, Agricultural and Environmental Sciences examine — through an interdisciplinary lens — the legal, business and economic consequences of U.S. trade policy.

“Trade policy is an important and complex issue requiring understanding and solutions made through collaborative sharing of the information and ideas from multiple areas of specialized knowledge,” said The Risk Institute Executive Director Phil Renaud. “Interdisciplinarity is one of our hallmarks of our academic efforts at Ohio State, and it is fitting that three of our colleges would co-sponsor this conference.”

The day was broken up into three distinct sections, each focusing on different aspect of economic nationalism: law, economics and business.

Daniel C.K. Chow, Frank E. and Virginia H. Bazler Chair in Business Law at The Ohio State University Moritz College of Law argued that as practiced by the US and China, the two main proponents of economic nationalism in the modern global economy, the term refers to the “adoption of national policies that promote exports while at the same time creating barriers to imports.”

Many of the panelists agreed that tariffs as a trade policy are simply blunt instruments, but the implications and instrumentation of that instrument have tangible political and economic consequences. For example, farmers in China are able to get into global manufacturing and that’s a big job compared to low skill workers in Ohio. An obvious solution then is to reduce the number of low-skill workers in highly developed countries.

The Economic Nationalism and Trade Conference raised as many questions as it was positioned to answer especially surrounding hot-button issues: redistribution of wealth, globalization, economic and actual mobility. The Colleges were very pleased to bring together three connected disciplines – economics, business and law – to discuss about international trade, an issue that affects everyone in our nation and beyond. By sharing perspectives, we broaden our common understanding, and aim to improve the well-being of our state, regional, national and global communities.

Time & Change: Risk Institute Annual Conference 2018

Our 2018 Annual Conference — an invitation-only, two-day event (Sept. 26 & 27) — was attended by C-suite executives and senior risk professionals from around the globe and featured Eddie George, Ohio State Football legend and Jeff Eggers, Executive Director of the McChrystal Group. This year our conference focused on managing talent pipeline and workforce development in the face of massive technological change and economic upheaval.

Our annual conference is an ongoing dialogue between risk management practitioners on risk management successes, challenges and leading practices related to the evolution of risk.

Attendees heard from 15 talented speakers. Each coming from a unique perspective on managing talent pipelines in the face of massive technological change and economic upheaval.

“Some say that Gen Z has an 8-second attention span, but I don’t believe it. I think they have an 8-second BS meter. They can tell in a snap if something is relevant to them — if it’s bogus, if it’s worth their time,” said Marcie Merriman, Chief Culture Hacker at EY. “The millennial boat has sailed and Gen Z is here.”

Professor Joseph Fuller from Harvard University’s Future of Work Initiative offered insight into how Boomers approach a rapidly changing job market, “While Baby Boomers might recognize the job titles of today, many would lack the skills required to do the jobs they had when they retired.”

In addition to discussing demographic changes, Eddie George, Ohio State Legend and Entrepreneur offered attendees some sage advice, “You are going to be uncomfortable in life. So why not learn to be comfortable in the uncomfortable?” He encouraged attendees to eliminate the metaphorical box governing their life, citing his own experience of becoming a wealth manager, getting his MBA, and acting on Broadway after a successful career in the NFL.

We live in a digital world, which means that the risks we face are changing more rapidly than ever before. Over the course of two days, we sought to cultivate a greater understanding of how an organization can approach the many sides of talent risk — and leverage it to create value.

As Greg Khairallah, Senior Manager for Big Data and Analytics at Amazon Web Services, put it, “We simply cannot afford to think about risk the same way we’ve thought about it in the past.”

Impact of Demographic Change on the Macroeconomy

The next installment of the Risk Series will be Weathering the Storm: Building Business Resilience to Climate Change on March 20, 2018 and April 12, 2018.

At the turn of the last century, the majority of American were involved in agriculture. Today that number is less than 2%. Technological advances shifted the American economy then, it’s happening again, but this time in the manufacturing and service industries.

The Risk Institute welcomed Chris Ryan from ADP and Michael Betz from The Ohio State University on February 21, 2018 to discuss on demographic change impacts the macroeconomy.

Betz emphasized that to understand the digital revolution, it helps if we also understand the industrial revolution of the 19th century and other employment revolutions. 

The Luddite revolution of the 19th century began as cotton gins and steam engines were breaking on to the stage in a big way, able to do the jobs of low skill workers faster and more efficiently. These Luddite revolutionaries called for the end of these machines, but their call was shortlived because they were soon able to find other work and reap the benefits of living in a more productive society.

Throughout history, as worker productivity increased, so too did the median household wage, and so there hasn’t been much sustained resistance to new technology.

So is the digital revolution different?

Both Betz and Ryan say yes.

In the past, low skill jobs were taken over by highly specialized machines and workers were able to retrain and procure new jobs that machines couldn’t do, but with advancements in technology, robotics and artificial intelligence even the highest skilled workers are having a tough time competing.

To compound the situation, since the 1980s, worker productivity has increased exponentially, but the median household income has leveled off, so people aren’t experiencing the financial benefits of a more efficient society.

ADPs data calls this phenomenon the “Fading American Dream.” 

According to their data, a child born in 1940 had a 92% chance of earning more than their parents did. However, a child born in 1985 (so today’s millennials), only have a 50% chance of earning more than their parents.

So what can be done?

Ryan suggests looking forward to the future saying that most employment practices are looking in the rearview mirror rather than looking forward to future trends like liquid pay, the gig economy and work flexibility.

The next installment of the Risk Series will be Weathering the Storm: Building Business Resilience to Climate Change on March 20, 2018 and April 12, 2018.

Impacts of Protectionism on Global Trade

Join us for the next Risk Series session on February 21, 2018, as we discuss how demographics drive the economy and the risks and impacts your business faces as a result.

Last week, it was announced that President Trump has placed steep tariffs on solar energy cells and washing machines. These tariffs largely targeted Asian manufacturers such as Samsung and LG and represent the first step towards the sort of economic protectionist policies that were the hallmark of his 2016 campaign.

Protectionist trade policies have been in place for decades, but they’re once again coming to the forefront of political discourse as a result of populist movements at home and abroad.

As part of the Risk Institute’s commitment to leading the conversation on risk and risk management, we hosted our first continuing professional development session of 2018 on the impacts of protectionism on global trade.

Speakers included Sarah Brooks, Professor at Ohio State University; Jose Souto from Cargill; and Prentice Wells from EY.

According to Sarah Brooks, Professor of Political Science at The Ohio State University, since the 2016 election, international political economy has hit home in the US reflected through increased populist sentiment, economic nationalism, and discontent with free trade agreements. Dr. Brooks was quick to point out that the US has long championed free and open trade while actually maintaining a protectionist economy.

Each speaker also touched on the “China Shock,” which took place from 1991-2012 when China’s share of world manufacturing value added grew from 4.1% to 24%. Of the 100 counties hit hardest by the China shock, Trump won 89.

Jose Souto from Cargill explained that protectionism can take many forms: tariffs, quotas, subsidies, exchange rate manipulation and others. Protectionist policies exist in theory to protect infant, recuperating, and declining industries; to protect basic and strategic industries; and to deter unfair trade practices. The efficacy of those policies depends on a myriad of factors, but nearly every nation in the world employees at least some protectionist economic strategies.

Gamma Iota Sigma to Present The Ohio Regional Conference at The Ohio State University, January 26-27, 2018

Yardley, PA,  — Gamma Iota Sigma (GIS) will present the Ohio Regional Conference at The Ohio State University Blackwell Inn and Conference Center January 26-27, 2018 in partnership with The Risk Institute and Insuring Ohio Futures. Made possible in part by a grant from The Ohio State University, the conference is an excellent opportunity for the industry to engage with and recruit top collegiate talent from GIS schools in the surrounding area in a single setting, with an agenda that includes a career fair, educational sessions, keynote addresses, and industry and alumni panels, in addition to leadership seminars and networking opportunities.

GIS has teamed with its Sustaining Partners, companies who have made a significant, long-term commitment to support the organization, and the local insurance industry to offer industry engagement opportunities throughout the conference. The event is GIS’s first regional conference, expanding on its hallmark program, the Annual International Conference and Career Fair, which takes place in the fall.

Companies wishing to participate in the Ohio Regional Conference can register now at one of four levels, with discounts to GIS Sustaining partners at the top two levels. With an estimated 400,000 jobs needed to be filled by 2020, the insurance industry is looking to hire and engage with students of all interests: risk management, finance, economics, information technology, data analytics, human resources, marketing, and more.

Following the Ohio Regional Conference, GIS continues its programmatic expansion and its efforts to meaningfully connect students to opportunities in insurance with the addition of The Pipeline, The Insurance Industry’s Virtual Career Fair for Collegiate Talent, which will take place February 13, 2018 on the occasion of Insurance Careers Month and in partnership with the Insurance Careers Movement, Insuring Ohio Futures, IABA (International Association of Black Actuaries), and MyPath. Open and free to all students, The Pipeline Virtual Career Fair will bring employers together with college students pursuing a career in the insurance industry, providing access to companies seeking entry-level and internship candidates. The next Annual International Conference will be held October 4-6, 2018 in Chicago, Illinois. There are many ways for companies to engage directly with GIS and its students, from the Sustaining Partners Program to the GIS Career Center and opportunities directly with chapters.

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About Gamma Iota Sigma

Incorporated in 1965 and boasting an annual membership of over 4,000 students at 76 colleges and universities throughout North America, Gamma Iota Sigma (GIS) is the industry’s premier collegiate talent pipeline and has over 50 years of history of engaging students and preparing them for careers in insurance. GIS is the only organization of its kind and is the solution to the industry’s talent gap issue, pursuing a mission to promote, encourage, and sustain student interest in insurance, risk management, and actuarial science as professions. GIS is committed to growing the number of highly qualified students entering the industry; to that end, the number of GIS students and active chapters has more than doubled in recent years and continues to grow. In partnership with Sustaining Partners, corporate supporters, professional organizations, and trade associations, the full spectrum of GIS programming provides its members with meaningful interaction with the industry, as well as the tools to pursue and succeed in an insurance career. For more information, visit: GammaIotaSigma.org.

 

Risky Business

7 common reasons given for a merger

Mergers and acquisitions are likely to be the biggest capital investment for a firm. For the acquired, stock prices typically rise significantly, but for the buyer, they typically fall. So what are the main reasons given for a merger or acquisition? In a recent Risk Series session hosted by The Risk Institute, Isil Erel discussed these and more during her talk.

Continue reading Risky Business →

Risk evolution in the digital revolution take center stage at Risk Institute Annual Conference

The evolution of risk in a digital age took center stage at The Risk Institute’s 4th Annual Conference at The Ohio State University Fisher College of Business. It was held September 27th and 28th and hosted a diverse audience from a wide cross-section of industries. Speakers included industry luminaries Aneesh Chopra, First Chief Technology Officer of the United States appointed by President Obama; and Paul Zikopoulos, VP of the Competitive and BigData Analytics Teams for IBM.

Gender diversity, smashing glass ceilings, and being women in a male-dominated industry dominated the conversation of the ‘Women in Risk’ panel discussion featuring Helga Houston (Huntington Bank), Tami Hudson (EY), Tara Papp (Vantiv), Helen Patton (OSU) and Suzanne Surface (NiSource) sharing their perspectives as women in the risk industry. The path to achieving equity in the workplace “seems counterintuitive,” said Patton. “But female workers will not advance until their male counterparts become their advocates. It would be great to get to a point when we don’t have to have this conversation because that means we are at a point where diversity has become the norm.”

Just as the iPhone, Facebook, Amazon, and Google were changing the way we live our lives, the last decade has also seen an explosion of counterintuitive thinking in risk practice. Gone are the days of simply identifying a risk and buying insurance. Data breaches and hacks have become our new normal. When confronted with such obvious risk, just purchasing a cybersecurity insurance policy isn’t going to cut it. Aneesh Chopra suggested a more radical approach – opening up while locking down.

Women in Risk Panel

“Assume,” Chopra said, “everyone gets in.” Rather than the more traditional “moat-building” approach, he stressed the importance of comprehensive tracking/mitigation techniques so that once someone gets in a company can see where they went and, more importantly, shut them down quickly. He also underlined the importance of personal accountability in cybersecurity saying, “Any one of us is most usually not aware of the risk we individually pose to our organizations.”

How best organizations might be able to leverage emerging technologies, specifically blockchain was the topic Paul Brody, Global Blockchain Innovation Leader at EY spoke to. Blockchain is a tamper-resistant ledger of online interactions between parties (There’s a guide to blockchain on our blog– read it here). Paul Zikopoulos from IBM outlined ‘The Internet of Things’, and the surging power of data collection from everyday objects such as vehicles and buildings. Other speakers addressed timely subjects including data privacy, machine learning, and the management of cyber risk.

Covering so many subjects in the span of a couple days was no easy task; the complexity of digital trends is a constant evolution, one that changes as quickly as it picks up speed. As Greg Khairallah, Senior Manager for Big Data and Analytics at Amazon Web Services, put it, “So what’s the point then of adapting these technologies and embracing the risks involved if we’re just going to have to change again? Because this is the future.”

“We simply cannot afford to think about risk the same way we’ve thought about it in the past.”

Join us for the June 20th Executive Education Session

Growth through M&A is a high stakes game – every merger can have an impact on both the risk exposures and risk management strategies of the combined entity. Whether your company is seasoned in these types of transactions or embarking on its first acquisition, risk management plays a crucial role in providing the right risk due diligence, risk transfer solutions, as well as providing insight into the strategy, objectives, valuation, funding, costs, and integration.

Getting it right matters – there are large sums of money, time, and resources wrapped into each organizational change.

Join The Risk Institute and our experts from academia and industry for a lively discussion about the delicate balance of risk and reward in M&A.  Guest speakers include:

Isil Erel, PhD
Professor of Finance, The Ohio State University Fisher College of Business

Elizabeth A. Mily
Managing Director, Global Healthcare Group, Investment Banking Division, Barclays

Mike Repoli
Mergers & Acquisitions, Gallagher Bassett

Gavin Waugh
Vice President and Treasurer, The Wendy’s Company

This event has been rescheduled for Fall 2017. More details to come.

July summer session takes deep dive into critical work-force challenges

The U.S. work-force is at a turning point, with change swirling everywhere: Millennials are now the largest generation in the workplace. Baby boomers – and their decades of institutional knowledge – are nearing retirement after putting it off during last decade’s recession. Constant technological leaps are rewriting the rules for the skill sets that matter.

What does this mean for organizations trying to attract and hire today’s talent? How does this change the game for their ongoing efforts to build culture and develop their existing employees?

The Center for Operational Excellence is teaming up with three other centers for a pair of summer sessions focused on today’s greatest business challenges. The first, “Human Capital and Talent Management,” tackles these vital work-force development issues and on the morning of Tuesday, July 18, at the Fawcett Center.

At this session, gain insights on this issue from three compelling angles:

  • M. Gootman, Brookings Institution

    The Big Picture: Brookings Institution Fellow Marek Gootman will be unveiling results of a new work-force survey conducted in conjunction with the National Center for the Middle Market. The survey, set to be released in late June, looks at how middle-market companies – the fastest-growing segment of the economy – are responding to large-scale shifts in work-force dynamics to hire and retain workers.

  • The Ground War: Join talent management VPs Maura Stevenson (Wendy’s) and Kelly Wilson (Cardinal Health), and Kathy Smith, AVP Executive Succession and Development at Nationwide Insurance, for a moderated panel and audience Q&A session on how their organizations are responding to these work-force trends.
  • The Pipeline: Jamie Mathews-Mead, senior director of graduate career management at Fisher closes out the session with a look at how the college is preparing students to best meet companies’ rapidly evolving needs.

After the presentations, enjoy a networking lunch with members of other Fisher and Ohio State centers. Registration is set to open in June, with limited seating available for members and partners of each center.

The second summer session, set for Wednesday, Aug. 16, focuses on the explosion of data and digital disruption companies face and features a keynote from Jeremy Aston, senior director at communication tech giant Cisco. More details will be announced next month.