3 things you need to know to succeed in risk

Panelists from the Women. Fast forward panel at this year's annual conference

Panelists from the Women. Fast forward panel at this year’s annual conference

Disruption and gender diversity are two of the biggest topics facing business leaders today. Both issues are critical to the future of every industry. And they’re closely connected.

The best way to navigate disruption is to harness the power of diverse thinking by enabling people with different experiences, ideas and knowledge to come together in an inclusive culture. Gender diversity is a critical part of the equation. Not only this, gender diverse leadership is proven to increase the skills businesses need to navigate the disruptive trends transforming their industry.

So what does this mean?

If a person, or company, wants to succeed in mitigating risk, they must embrace gender diversity at every level.

In short, everyone benefits from thinking like a woman.

  • “You need to get comfortable being uncomfortable” — Jessica Jung, Director, Oswald Companies

Achieving success isn’t something that just happens to a person. It requires a lot of hard work, tough choices, and generally being willing to put yourself out there— trying something new.

  • Have an entrepreneurial spirit

No matter if you’re the intern grabbing Starbucks for your department or a C-suite executive, don’t be afraid to think outside the box. When approaching any situation, don’t come to the meeting and just point out the risks — offer real solutions.

  • Communicate. Communicate. Communicate.

Every panelist punched this point home — communicate with everyone, from your spouse to your organization and boss. By being an open communicator, you project to others that you are confident, open to compromise, and available.

Each year, The Risk Institute at The Ohio State University Fisher College of Business hosts an annual conference that brings together thought leaders, industry experts, and academics to engage in a dialogue about the latest trends in risk management. This year the conversation focused around governance, culture, and the vital role women play in the field.

One of the Institute’s founding member’s, EY, cosponsored a panel spring-boarding their Women. Fast forward initiative, which aims to accelerate the achievement of gender parity in business.

The Risk Institute will continue this conversation and others through this year’s Risk Series.

Zika – Can We Predict the Next Outbreak? (Pt 2)

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


With regard to the Zika virus, The World Health Organization (WHO) and other health organizations have called for top level meetings to address the virus and its worldwide impact. The WHO has recently warned that the virus could potentially spread to every country in the Americas.

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Aedes aegypti

We need not think beyond the last few years where we saw SARS (2003), Influenza H1N1 (2009) or Chikungunya (2014) to understand that there is a great need for businesses to think about proper planning and dealing with the potential impact upon business and society. Central to risk mitigation is learning as much as possible about Zika and its potential impact to your organization.

On June 13, 2016, The Risk Institute at The Ohio State University Fisher School of Business brought together a group of professionals representing a diverse assortment of job responsibilities and

industries to discuss the impending Zika virus and pandemic planning from an enterprise perspective. The discussion centered on four topics:

  • Evolutionary Ecology and Viruses
  • Pathogens and Pandemics: Emerging Viruses including Zika
  • Pandemic Planning
  • Learning from Pandemic Events: From SARS to Zika

Conversation was energetic as we explored the factors that are driving emerging infectious disease including host shifting, the emergence of drug resistant pathogens, and insect/tick pathogens combined with rapid population growth.  This, coupled with greater urbanization, increased global travel and global climate change, creates an environment where we will most likely see an increase in emerging infectious diseases.

With this information present and the summer months now upon us, companies need to focus on mitigating the risk of Zika within the workplace. Does your company have employees in infected regions? Do you have employees that travel to infected regions? Do you have the correct information to inform employees about how to limit the spread and contraction of the disease? Employers also will need to be flexible and prepare to possibly to delay trips to infected areas, hold virtual meetings, etc.

Global Air Travel Kilpatrick and Randolph

To the extent that your organization has developed a business continuity plan, risk managers must ask if the plan is sufficient to deal with a pandemic threat in addition to the more traditional exposures present. Once you are comfortable that the plan is robust enough, it will need to be tested to respond to geographic specific exposure that could have wider impact upon the business and it customers.

Nancy Green from Aon pointed out that organizations should also conduct a review of their insurance portfolio. For example, within the firm’s property coverage, does the coverage extend to the cost of sanitizing and testing? What about the cost of evacuation of an insured property? How about the resulting loss of income from the closure of a hotel (if your business includes that exposure) during sanitization, or loss of guests due to identification of the virus at the insured premises.  What about contingent business interruption or extra expense due to the closure of a key facility of a key customer or supplier.  Green also stressed the importance of making considerations for Worker’s Compensation and Liability claims, as well as reviewing your company’s health insurance coverage. All valid and very important checks and balances to consider as we think through the enterprise-wide impact on an organization.

Our session also focused on valuable lessons  learned from past events and how they can be used to provide valuable insight for the present and future. As put forth by Tom Hopkins of Sherwin-Williams, key to his organization dealing with previous pandemics were:

  • Identification of all relevant stakeholders
  • Develop both plans and processes to address issues
  • Identify resources needed locally and globally
  • Think global, act local
  • Have communication platform in place, and stress test it in non-critical situations
  • Have senior management alignment in place to enact a “Analysis & Action Now, Evaluation Later” methodology
  • Get comfortable with ambiguity

The Risk Institute is thankful for the informed leadership of our session experts, Professor Steve Rissing (Department of Evolution, Ecology and Organismal Biology, The Ohio State University), Julie E. Mangino MD, FSHEA (Professor of Internal Medicine, Division of Infectious Diseases, The Ohio State University and Medical Director, Department of Clinical Epidemiology, OSU Wexner Medical Center), Nancy Green CPCU, ARM (Executive Vice President, Aon Risk Solutions) and Thomas E. Hopkins, (Retired SVP Human Resources, The Sherwin–Williams Company).

The session provided thought provoking ideas and advanced The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.


On June 13, 2016, The Risk Institute at The Ohio State University Fisher College of Business presented the first session of its 2016-2017 Executive Education Risk Series, Zika – Can We Predict the Next Pandemic Outbreak? For more information on this and future events, please visit http://go.osu.edu/Zika-u-osu.

 

Managing Your Talent Pipeline and Succession Planning

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPretePhilip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 

 


On May 12, 2016, The Risk Institute at The Ohio State University Fisher College of Business held, as the final session  of its 2015-2016 Executive Education series, The Talent War: Managing the Talent Pipeline and Succession Planning. The session was very well attended with participants from a cross section of industry sectors.

All industry sectors from retail to manufacturing regularly face the challenge of recruiting, selecting, on-boarding developing and maximizing talent. More and more sectors are reporting significant challenges in recruiting and retaining good talent.

Whether caused by rapid advances in technology and skills, changing workplace perceptions of millennials, or pending retirement of the “boomer” generation, businesses are facing a new and complicated set of dynamics

Session leaders, Anthony J. Rucci (The Ohio State University Fisher College of Business), Levi Segal, (Aon Hewitt) and Yvonne Kalucis (MXD Group) collaborated to provide insights into understanding the changing, complex alignment of talent management to general business strategy. The session emphasized how to proactively use risk management to balance the risks related to talent management in order to meet business goals and enhance business performance.

IMG_5173 Crop

Professor Rucci’s presentation included very interesting points on:

  • The intangible value chain (predicting performance risk with intangibles)
  • Employee “commitment” as a key risk indicator
  • CEO challenges and strategic talent management
  • Organization capabilities risk measurement and audit

Professor Rucci was followed by Levi Segal, who spoke on Strategic Performance Management: Can You Afford to NOT Get This Right? Segal raised some thought provoking questions that included:

  • Are you competing for top talent with more industries than before?
  • Are we incenting the right behavior?
  • How much economic value do high performers add versus the rest?
  • Are you ready to manage and pay for performance in an age of less pay, decreased flexibility and greater regulation?

Finally, Yvonne Kalucis presented on Strategic Talent from the practitioner perspective. The presentation highlighted unique characteristics of strategic positions within an organization. Defining characteristics of strategic positions typically are:

  • Usually <20% of organization
  • Hold disproportionate importance to a company’s ability to execute its strategy
  • Wide variability in the quality of the work displayed among team members in the position

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The session provided thought provoking ideas and advanced The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.


For more information about upcoming events, our students, partners or research, visit our website: fisher.osu.edu/centers/risk.

The Talent War: Managing the Talent Pipeline and Succession Planning

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


On May 12, 2016, The Risk Institute at The Ohio State University Fisher College of Business will be presenting the final session of its 2015-2016 Executive Education series, The Talent War: Managing the Talent Pipeline and Succession Planning.

All industry sectors from retail to manufacturing regularly face the challenge of recruiting, selecting, onboarding developing and maximizing talent. More and more sectors are reporting significant challenges in recruiting and retaining good talent. Whether caused by rapid advances in technology and skills, changing workplace perceptions of millennials, or pending retirement of the “boomer” generation, businesses are facing a new and complicated set of dynamics.

Session leaders, Anthony J. Rucci (The Ohio State University Fisher College of Business) and Yvonne Kalucis (MXD Group) will collaborate to provide insights intoRiskInstitute_block understanding the changing, complex alignment of talent management to general business strategy. The session will emphasize how to proactively use risk management to balance the risks related to talent management in order to meet business goals and enhance business performance.

The session will provide thought provoking ideas and advance The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.


The Risk Institute Executive Education Series will complete it’s 2015-2016 season on May 12, 2016 with The Talent War – Managing the Talent Pipeline and Succession Planning, a half-day course for executives. For more information, or to sign up for the session, visit FISHER.OSU.EDU/RISK