THE DIGITIZATION OF THE RISK PROFILE:Implications for Risk Leaders

Speaker Panel

ANDREW BENT - SageYVETTE CONNOR – Grant ThorntonCHRIS MANDEL – Sedgwick Institute

PAUL WINSTON – Insurance Thought Leadership

Today’s agenda

➢ What is digital risk and the digitization of risk?

➢ Understanding the Digital Footprint (Risk Leader View)

➢ Implications through Insurtech (Insurtech/Innovation View)

➢ Case Study and Moving Forward (Yvette – Consultant View)

➢ Key take-a-ways & questions

What is (being) Digital?

Being Digital is the re-imagining of business processes to be by default a fully online, fully automated process from end user interaction to back office processing, with no need for human intervention. Attributes include:➢ Customer first culture

➢ Real time

➢ Automated processing

➢ Intelligent

➢ Accessible on-line anywhere

➢ Attractive and user-friendly

➢ Drives change

➢ Continuously improving

SOURCE: Infoq.com; Reda Hmeid, HRMC Digital

Digitization Trends

➢Increasing speed of data availability even in real time;

➢Increasing breadth and depth of exposure data quality that when aligned with loss data enable a more complete view into risk profile;

➢Declining cost of more robust tech tools that will make more risk leaders able to be more effective and to contribute at higher more strategic levels, more effectively;

➢Reduced regulatory burden flowing from the above as regulators get more comfortable with the way particularly large risk bearing entities manage risk;

➢Increasing data privacy challenges as more potentially sensitive PI info is available to more stakeholders including more exposure to bad actors

Digitization Trends (cont’d)

➢Insurtech will evolve into “risktech”;

➢Eventual complete digitization of the risk profile;

➢More investment in data collection and analysis tools;

➢Increasing transparency among risk stakeholders;

➢Ultimately, declining cost of traditional risk and increasing cost of risk in emerging exposure areas;

➢Increasing formation of alliances and coalitions

What is Digital Risk Management?

• Focused on risk associated with digital business processes

• A business issue; not just a technology issue

• Owned by management; not just IT

• Should equip decision makers with knowledge and a balanced decision making framework

• Enables leaders to understand their digital risk profile from a business perspective

More on Digital Risk Management is Where Risk Leaders Would:

• capture and manage information from a broader and richer set of data

• use advanced analytics to further improve the accuracy and consistency of its models

• embed mitigation solutions in the organization’s websites, mobile apps, and its financial, product and process platforms

• enable leaders to consult self-serve dashboards informed by risk analyses

• review and reshape its mandate and role to capitalize on its ability to provide faster, more forward-looking, and deeper insights and advice to the organization

• Acquire sufficient technological skills/understanding to enable building digital risk resiliency

The future of risk management in the digital era- December 2017 | Report McKinsey & Co.

Important Aspects of Digital Risk

Digital Risk

Digital “in” the

Business

Digital “as” a Business

Higher Speed of Impact

Strategic

Impact

Operational Impact

Governance Impact

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Components of a digital risk profile

➢ Key technology affected risks vs all risks

➢ What matters most to whom driven by technology?

➢ Aligns KRIs with KPIs to organizational scorecards

➢ Who owns and is accountable for the risks?

➢ Connects relevant digital risk strategies with specific risks

➢ The status of the digital control environment

➢ The status of targeted mitigation tactics

➢ Depicts digital trends and significant changes

➢ Informed by risk professionals with an understanding of how technology is impacting exposures and the strategy

Where Do Digital Risks Live?

Strategic

• Acquisitions

• Business Model

• Competition

• Demographic

• Brand

• Disruptive innovation

• Market.

Operations

• Customer service

• Infrastructure

• Processes

• System capabilities

• Talent

• Technology

Financial

• Capital

• Cash flow

• Credit

• Debt obligations

• Foreign exchange

• Liquidity

• Etc.

External

• Economy

• Environment

• Geopolitical

• Regulatory

• Tax policies

• Weather events

• Etc.

AN ENTERPISE RISK MANAGEMENT SPECTRUM

Top Risk for 2019

• Existing operations meeting performance expectations competing against “born digital’ firms

• Succession challenges and ability to attract and retain top talent

• Regulatory changes and scrutiny

• Cyber threats

• Resistance to change operations

Top Risks for 2019

• Rapid speed of disruptive innovations and new technologies

• Privacy, identity management and information security

• Inability to effectively utilize analytics and big data

• Organization culture may not sufficiently encourage timely identification and escalation of risk issues

• Sustaining customer loyalty and retention

Source: Protiviti’s Board Perspectives and Risk Oversight; issue 111

#TIFutureofRisk

Understanding Our Digital Risk Footprint

Andrew BentRisk Director, Sage Group plc

#TIFutureofRisk

What is our Digital Risk Domain?

In defining the digital risk domain, we need to consider:

• Do we own it?

• Do we host it?

• Do we manage it?

Diagram Source: Cloud Service Model – Understand The Types, Characteristics, & Advantages

#TIFutureofRisk

How Does the Approach Shift the Risk?

• Different cloud-based approaches move the balance between outcome and risk ownership, and the degree of risk control exercisable

• As the balance shifts, so does the view of 1st vs. 3rd

party liability

Diagram Source: Making sense of all the cloud-as-a-service models

#TIFutureofRisk

Risk Considerations for (Big) Data Analysis

What are the potential advantages of Big Data to the Risk Manager?

• Advanced fraud identification capabilities

• Identification of new business opportunities, markets or trends

• Supports advanced modelling of complex scenarios and options

• Reduced cycle time for decision making

• Enhanced threat monitoring (digital and non-digital)

Diagram Source: Cloud Service Model – Understand The Types, Characteristics, & Advantages

What do we need to consider when pursuing these advantages?

• Do we have permission to use the data for this purpose?

• Where and how is the data stored, and what are the effects of consolidation?

• Can we legally transfer data across borders?

• Do we have the capability and skills to (i) develop, and (ii) use the information produced?

• How much data can we usefully understand before we reach peak capacity?

#TIFutureofRisk

Effects of Digitization on Insurance

What are the potential advantages of increased digitization on the insurance market?

• Increased access to data that can enhance the accuracy of the underwriting process

• Increased reliability of the data through technologies such as blockchain

• Increased speed of decision making, lowering overhead costs, increasing competitiveness

• Potential for new lines of value-creating digital services

Diagram Source: Cloud Service Model – Understand The Types, Characteristics, & Advantages

What are the potential disadvantages of increased digitization on the insurance market?

• Overloading of models with extraneous data

• Reduced or removed availability of cover due to model limitations – even when it is a “good risk”

• Increased data storage and handling requirements for both insureds and insurers

• Increased commoditization of lines that require a differentiated or more nuanced approach

#TIFutureofRisk

Implications of Insurtech

Paul WinstonCOO, Insurance Thought Leadership Inc.

#TIFutureofRisk

Implications of Insurtech

• Context for increasing digital activity in the insurance sector – digital gold rush

• Insurtech growth also producing tech applications that impact risk management

• A view of some technologies that can benefit risk management

• A view of some of the risk exposures created by technology

#TIFutureofRisk

Growth of tech focused on insurance - Opportunity

7 Fatal Flaws in Insurance

1. Too expensive

2. Too confusing

3. Too easy to game the system

4. Cash drain

5. Doesn’t cover all causes of loss

6. Doesn’t cover everything

7. Doesn’t cover everyone

Source: Rob Galbreath, “The End of Insurance As We Know It”

With trillions of dollars in global

life and non-life insurance

industry, innovators and Investors

see potential for a big payoff if

they can solve for any of

these...even incrementally.

Insurtech movement focused on new

products, process improvement,

reduced expenses, loss prevention,

fraud prevention, alternative revenue

streams, better customer experience,

and more.

#TIFutureofRisk

Follow the money: Startup funding

RiskTech

31,200 startups

$248.3 Billion

InsurTech

7,800 startups

$43.8 Billion

Source: Innovator’s Edge, total funding through 2018

#TIFutureofRisk

Simultaneous forces of innovation at work

Inside out: Solutions

that target specific

aspects of supply

chain, like customer

acquisition and

marketing,

underwriting, rating,

customer service,

claims, etc.

Outside in: New

technology with

application to risk and

insurance, such as

drones, autonomous

vehicles, blockchain,

artificial intelligence,

internet of things,

wearables, sensors,

sharing economy, etc.Entrepreneurs more

willing to ask “What

if?” and “Why not?”

#TIFutureofRisk

Tech that can improve risk management

Risk identification, monitoring and analysis: big data, structured and unstructured data analytics, deep learning, geospatial, drones, A.I., machine vision, quantum computing, social analysis, telematics

Loss prevention: IoT and sensors, cloud, A.I. at the edge, automation and robotics, augmented reality

Claims adjusting and processing: visual analysis, contextual mobility, conversational A.I., natural language processing, automated FNOL, fraud detection, predictive modeling, augmented loss analysis

Risk financing: Peer to peer insurance, UBI, on-demand insurance, blockchain risk syndication, policy automation

Risk communication: chatbots, sensors, compliance tech, analytics dashboards

#TIFutureofRisk

Tech that can improve risk management - Examples

Aquaii

Underwater drones (robotic fish), packed with sensors to monitor and inspect marine environment, equipment. Used by Whole Foods to monitor North Sea salmon farms, minimizing safety risks.

RiskGenius

Applying machine learning to policy forms to compare policies, identify gaps or errors, or update language as case law changes. Risk managers could analyze policy wording before binding, or in claims disputes.

aim2

A.I. on the edge and computer vision tech monitor workplace safety in real time and minimize injury via access control, visual inspection of personal protective equipment without wearables that employees perceive as intrusive.

Pillcheck

A genomics-guided medication management service to match a person's prescription and his or her genetic profile. Can avoid harmful side effects, improve the efficacy of treatment and lower costs and speed RTW.

iCede

Cloud-based platform to simplify the coordination and communication of all aspects of a multinational P/C insurance program. A rules engine ensures compliance with local requirements.

#TIFutureofRisk

Growth of digital creates risk exposures

▪ Overreliance on critical information infrastructure

▪ More digital processes exposed to cyber attacks and data theft

▪ Cyber risk aggregation scenarios

▪ Reliability of data from sensors is unproven

▪ Cascading failure from interconnected technologies

▪ Lack of standards in IoT

▪ Intersection of humans and technology

▪ Legacy systems unable to keep up, integrate with new tech

▪ New sources of fraud from streamlined claims processes

▪ Legacy products not meeting needs created by new tech

▪ Technology that reduces losses, also reduces premiums

#TIFutureofRisk

Case Study and Moving Forward

Yvette Connor Principal, Strategic Risk Advisory, Grant Thornton

Don’t know the first thing about

digital risk management?

Tackling Digital Risk topics

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Cyber, an ongoing emerging risk with many unknowns = Uncertainty, Need for Improved Resiliency

#3 Emerging Risk - Cyber Risk

Board of Directors

#2 Economic Conditions

#4 Governance

#1 Regulatory

Changes

Source: 2015 Survey North Carolina State University ERM Initiative

Reviewing Management Principles

New governance considerations related to

Information Risk:

• Data Governance

• Data Policy Alignment

• Data Risk Analysis

• Data Records Management in business systems

• Data Compliance audits

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Identify the Business Challenge:

Emerging and evolving risk types that arise from new business models.

An example of the Business Challenge:

For instance, digital channels present new kinds of risk (including the greater exposure of digital assets).

What is our Business Objective:

Requires risk management to pay close attention to data resources and the translation to risk impacts. A greater level of interconnectedness among internal business processes and external business partners also requires vigilance on contagion risk.

Applying Management Principles: Case Study

33

High Risk Business Areas

Public and media scrutiny

Legal action or formal investigation

Involves large amounts of money

Relates to issues of data security

Outsourcing (Vendors)

Administrative change

Cloud-computing systems

Relate to the health, welfare, rights and protections of citizens and/or staff

Employment conditions of staff

Involve organizational change and/or

transitioning to….

Applying Management Principles: Case Study

Financial,

Insurance

Personnel,

OHS

Service

Delivery,

Operations

Compliance Reputation,

Political Environment Information

Min

or

Minor impact on

budget/ loss that

can be replaced

from budget

Insurance up to

$1m required.

Injury report

and/or first aid

only

May include

substantial stress

but no lost time.

Work processes

would be

inefficient but

decisions could

still be made and

actions taken.

Unlikely to result

in adverse

regulatory

response or

action.

No media attention

Credibility may be

questioned.

Minor damage to a localised

area or that ceases once the

event is over

Environmental liability or

remediation cost $0-

50,000.

Loss of information or records of short-

term administrative value (e.g. routine

advice)

Unauthorised access to UNCLASSIFIED &

PUBLIC agency information.

Mo

dera

te

Serious impact on

budget/ resource

reallocation

required

Insurance

between $1-5m

required.

Medical treatment

for Injury

Substantial stress

event requiring

professional

clinical support.

Service delivery

interruptions of

more than 24

hours.

Incident

reportable to

regulatory

authorities with

potential for

formal notice or

fine.

Local media coverage

Senior management

damage control

required.

Measurable impairment on

biological or physical

environment

Ecosystem will recover

without intervention.

Environmental liability or

remediation cost $50,000-

500,000

Loss of information or damage to records

of moderate value (e.g. minor contracts or

project records, or required for audit

purposes)

Unauthorised access to IN CONFIDENCE

agency information.

Majo

r

Critical impact on

budget/ external

recovery required

Insurance

between $5-20m

required.

Hospital

treatment for

injury

Serious

temporary

disability/ minor

permanent

disability.

Service delivery

interruptions

longer than 3

days but less than

a month.

Recovery would

be expensive and

time consuming.

Investigation,

prosecution and

major fine

possible

Actions or

decisions cannot

be explained to

courts or

regulatory bodies.

Significant media

coverage

Political

embarrassment

would occur. May

jeopardise future

funding.

Serious environmental

effects

Ecosystem will recover over

time once clean-up has been

completed. Environmental

liability or remediation cost

$0.5m - $5m

Loss of information or damage to records

of high value records that relate to long

term or ongoing rights, obligations and

entitlements (e.g. employee health

monitoring and incident management

records)

Unauthorised access to PROTECTED

agency information.

Cata

stro

ph

ic

The agency would

incur huge

financial losses

Insurance of more

than $20m

required.

Single death

Permanent

disabilities for

multiple persons.

Agency

operations would

be rendered

dysfunctional and

not be able to

recover from

consequences.

May result in

serious litigation

including class

actions.

National and

international media

coverage

Total loss of

confidence in agency.

Very serious environmental

effects

Remediation required.

Environmental liability or

remediation cost >$5m

Loss or irreparable damage to vital

records essential for the ongoing business

of an agency, and without which the

agency could not operate effectively.

Loss of information or irreparable damage

to records of enduring value recognised

by a broader audience than the original

creating agency, including future

generations (e.g. PERMANENT records)

Unauthorised access to HIGHLY

PROTECTED agency information

Data Risk Consequence Scale

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Applying Management Principles: Case Study

MUST DOs:

• Risk management processes MUST cover digital records in

all formats, including digital records outside formal

recordkeeping systems, such as email, websites & business

systems.

• Risk assessments MUST be carried out for all permanent

records, including permanent records held in business

systems.

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Applying Management Principles: Case Study

#TIFutureofRisk

Regulation is driving parts of the digitization agenda

Digitization can strongly help to cope with regulatory repercussions—as the regulatory Cost of Risk has continued to increase, digitization acts as an important lever to cope with the regulatory burden.

On the other hand, regulation is not a key impediment to digitizing risk.

The most important impediments to digitization are:

- legacy IT (85 percent),

- data challenges (70 percent),

- culture (45 percent),

- a shortage of talent (40 percent), and

- complex organizational structures (40 percent)

Regulation helps or hinders…..?

McKinsey: Future of Risk Management, 2017

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A digital transformation for risk would mean a number of changes.

Risk would capture and manage information from a

broader and richer set of data, looking into nontraditional

sources like business-review ratings online.

Risk would automate processes it controls, and

work with others to do the same for decision-

heavy processes.

Risk would use advanced analytics to further improve

the accuracy and consistency of its models, in part by

greatly reducing the biases

Risk would embed its solutions into an

organization’s website, its mobile app, and its

corporate platform, while deploying a flexible risk

data architecture.

Inside the organization, leaders would consult self-serve dashboards

informed by risk analyses—

and act on risk-driven strategic advice.

Risk would review and reshape its mandate

and role to capitalize on its ability to provide

faster, more forward-looking, and deeper insights and advice.

Risk would alter its organizational setup,

as well as its

culture,

talent, and

ways of working.

Roadmap

Take-a-ways

• Digital and digital risk are both the “now’ and the future as it subsumes business models and the risk profile or all organizations

• Digital Risk Governance is a matter of future survival in an increasingly complex and interconnected world

• Implementation will vary company by company depending on culture, leadership support, internal and external risk profile and risk tolerance

• Getting started and making headway is more important than getting it perfect but tone from the top is critical

• Insurtech is driving innovation and will be the solution set for both buyers and sellers going forward

• A strong enterprise wide cyber risk framework will help you prepare and respond more effectively, and it will help every company take more intelligent risks.

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Questions?

Chris Mandel, RIMS-CRMP, CPCU, ARM-E, RF

SVP Strategic Solutions, Sedgwick

& Director, the Sedgwick Institute

Chris.Mandel@Sedgwickinstitute.com

210-845-5804

Contact information

www.sedgwickcms.com www.sedgwickinstitute.com

© 2016 Sedgwick Claims Management Services, Inc. - Do not disclose or distribute.

Christopher E. Mandel, RF, RIMS-CRMP, CPCU, ARM-ESVP, Strategic Solutions, Sedgwick, Inc. &

Director, Sedgwick Institute

Christopher E. Mandel is the SVP for Strategic Solutions at Sedgwick and the Director of the Sedgwick Institute. In both roles he is engaged in helping Sedgwick chart its future through the long term planning for products, services and strategic solutions for this claims and productivity management firm. He is also co-founder and EVP, Professional Services for rPM3 Solutions, LLC as well as founder and president of Excellence in Risk Management, LLC. both independent consulting firms specializing in governance, risk and compliance, with a special emphasis on enterprise risk management. rPM3 Solutions holds a patent for a unique risk measurement process known as ARQ™. Prior to electing early retirement and for ten years from 2001-2010, Mr. Mandel was head of enterprise risk management for USAA Group, a $165 billion diversified financial services organization. At USAA, he designed, developed and led the enterprise-wide risk management and corporate insurance centers of excellence. He also served as President and Vice Chairman, Enterprise Indemnity CIC, Inc., an Arizona based alternative risk financing facility.

Mr. Mandel has more than 25 years of experience in risk management and insurance in large, global corporates. He has pioneered the development of cross-enterprise risk management capabilities resulting in S&P rating USAA as “excellent and a leader in ERM” from 2006 through 2010. In 2007, Treasury and Risk Magazine bestowed the Alexander Hamilton Award for “Excellence in ERM” on USAA. Mr. Mandel has been a long term senior leader in the Risk and Insurance Management Society including being elected President and Chief Risk Officer and was named Risk Manager of the Year in 2004. He also received RIMS’ Goodell Award (2016) for lifetime achievement.

Mr. Mandel’s deep, wide and diverse experience in all facets of risk management and insurance allows him to offer those interested in managing risk with excellence to engage him to provide everything from a comprehensive strategy and complete ERM framework to targeted guidance, tools, techniques and/or training. Mr. Mandel’s innovative approach to making risk a key strategically placed and results oriented function results from solidly connecting risk management outputs to a company’s key performance metrics and ultimately, mission accomplishment.

Mr. Mandel received his B.S. in Business Management from Virginia Polytechnic Institute and State University and an MBA in finance from George Mason University. He holds the CCSA, CPCU, ARM and AIC designations and is a frequent industry speaker, teacher and writer. He writes the “Risk Innovation” column for Risk and Insurance magazine and in 2008 was elected a member of Risk Who’s Who (RWW). He also wrote the Ask a Risk Manager column for Business Insurance from 1996 through 2008.

CONTACT: Chris.Mandel@sedgwick.com 210-698-8056 o 210-845-5804 m https://www.sedgwick.com

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Sedgwick © 2013 Confidential – Do not disclose or distribute. 43

Sedgwick CMS

The leader in innovative claims and productivity management solutions

Sedgwick Claims Management Services, Inc. is the leading North American provider of innovative claims and productivity management solutions. Sedgwick and its affiliated companies deliver cost-effective claims, productivity, managed care, risk consulting, and other services to clients through the expertise of more than 21,000 colleagues in 900 offices located in 65 countries. The company specializes in workers’ compensation; disability, FMLA and other employee absence; managed care; general, automobile and professional liability; warranty and credit card claims services; fraud and investigation; structured settlements; and Medicare compliance solutions. Sedgwick and its affiliates design and implement customized programs based on proven practices and advanced technology that exceed client expectations. For eight years in a row, Sedgwick has been awarded the distinguished Employer of Choice® certification, the only third-party administrator (TPA) to receive this designation. In 2011 and 2012, the company was named the Best Overall TPA by buyers of risk services through an independent survey conducted by Business Insurance. For more see www.sedgwick.com.

© 2018, Sedgwick Claims Management Services, Inc. applies to all content except where otherwise noted

Sedgwick © 2013 Confidential – Do not disclose or distribute. 44

The Sedgwick Institute

Vision

Launched I 2016, the Sedgwick Institute serves as an incubator for some of the best and brightest minds to advance the conversations that affect all the players in our industry, including injured and ill members of the workforce, insurance carriers, employers, property owners, third party claims administrators, brokers, lawmakers and medical providers. The institute’s thought leaders work individually and collaboratively to examine selected complex challenges facing the various stakeholders in our space and propose innovative options and solutions to improve public and private decision making on these issues.

Purpose

The Sedgwick Institute is an interdisciplinary community of thought leaders dedicated to helping drive dialogue and action around issues affecting the risk and benefits industry.

Who

To fulfill its evolving agenda, the Sedgwick Institute leverages both full- and part-time expertise from business, government, academia and other industry sources, through visiting or full-time fellow positions. While no specific minimum criteria are anticipated, decisions about institute appointments will be primarily a function of the issues selected to populate the agenda as it develops and evolves.

Visit us at: www.sedgwickinstitute.com & at LinkedIn

Speaker Bio: Chris Mandel

Christopher E. Mandel is SVP, Strategic Solutions for Sedgwick and Director of the Sedgwick Institute, the world’s largest and leading claims and productivity management firm. He has held leadership positions in ERM, risk management, insurance, consulting and brokerage for large global corporates for over 30 years including with such firms as USAA Group, PepsiCo, Verizon, American National Red Cross, Liberty Mutual and Marsh. He designed, launched and managed USAA’s first ERM strategy and framework rated by S&P as “Excellent” and “Leading” from 2006-2010. He has been a long-term senior leader in RIMS including being elected President in 2002-03 and was named Risk Manager of the Year in 2004. In 2016 he was given the Goodell Award, RIMS’ highest honor for lifetime achievement and was appointed to Risk Who’s Who in 2007.

He holds and has held numerous board positions in the industry and also teaches for RIMS and the International Center for Captive Insurance Education (ICCIE), Florida State and George Mason Universities.

Mr. Mandel received his B.S. in Business Management from Virginia Polytechnic Institute and State University and an MBA in finance from George Mason University. He is certified in ISO31000 and holds the RIMS-CRMP, RIMS Fellow, CCSA, CPCU, ARM-E and AIC designations. and is a frequent industry speaker, teacher and writer. He writes the “Claim Management” column for IRMI, is a contributor to Risk and Insurance's "Risk Insider" column and has had continuously running columns in the industry trade press since 1996.

Speaker Bio – Andrew Bent

Andrew Bent, ARM-E, CFE, CCSA, CRMA is the Risk Director for the Sage Group plc (LON: SGE), providing enterprise and strategic risk management support to the organization. Prior to taking over leadership of Sage’s global Risk team, Andrew provided embedded risk support to Sage’s North American and Latin American operations and directed Sage’s global insurance program.

Previously Andrew led the Enterprise Risk Management team for the Alberta Energy Regulator (AER). In this role Andrew supported the AER to effectively manage the risks associated with regulating the third largest proven energy reserves in the world. Prior to joining the AER, Andrew was the Senior Risk Advisor to the Environment, Health and Safety function of Suncor Energy Inc. (NYSE/TSX: SU). Andrew has also held operational and risk management roles in government agencies and the private sector in Canada and New Zealand.

Andrew has led the RIMS Strategic Risk Management Development Council and collaborated on many enterprise and strategic risk management papers, articles and reports. Andrew has also instructed on Enterprise Risk Management topics across North America for RIMS, as well as serving on the board of three RIMS chapters. He is currently the president of RIMS Potomac Chapter in Washington DC.

Speaker Bio – Paul Winston

Chief Operating Officer

Insurance Thought Leadership Inc.

Paul Winston is Chief Operating Officer of Insurance Thought Leadership Inc., which serves decision makers and innovators transforming the insurance and risk management marketplace with thought leadership, an innovation software platform and advisory services.

Prior to joining ITL in 2016, he served more than 25 years in a variety of digital marketing, editorial and management roles with Business Insurance magazine, including Associate Publisher, Online General manager and Editor and Editorial Director.

Paul currently serves on the board of trustees for Gamma Iota Sigma, the international business fraternity for students of insurance, risk management and actuarial science. He was on the board of directors of the Spencer Educational Foundation from 2011-2016 and continues to serve on the scholarship committee. He also was a member of the advisory board of Illinois State University’s Katie School of Insurance and Risk Management from 2001-2015.

Paul is a graduate of DePauw University, Greencastle, Ind.

© 2017 Grant Thornton LLP | All rights reserved | U.S. member firm of Grant Thornton International Ltd

Speaker Bio: Yvette K. Connor

48

Strategic Risk Services Leader, Risk Advisory Services

Email: Yvette.Connor@us.gt.com

Experience

Yvette serves as Grant Thornton’s Strategic Risk Management Leader within Risk Advisory Services. She has over 25 years of domestic and international risk management experience. Yvette provides strategic, enterprise, and operational risk services to global, national, and regional organizations interested in reducing complexity, increasing transparency, and driving risk informed performance.

Yvette is a risk management leader with experience in ERM, Risk Transfer/Financing, Operational Risk, (including Cyber), Model Risk Management, and Regulatory risk assessments. Yvette ensures Performance Driven Risk Management results with measurable and actionable insights.

Prior to joining Grant Thornton, Yvette’s experience included leadership roles as a Chief Risk Officer and VP Risk Management, Managing Director at a global ERM consulting practice and the Head of Client Engagement for a global insurance and consulting organization. She has a proven record of succeeding in fast paced environments with changing regulatory and legal requirements, while delivering results that empower strategies and support risk informed decision making.Yvette's professional certifications include Associate in Risk Management, Risk Institute and PRM, Professional Risk Managers Int'l Assoc. She went to New York University, NY for Graduate Studies – Stern School of Business and has a Masters of Science, Risk Management. University of California, Davis Graduate Studies – Masters of Business Administration in Finance and Healthcare and to the University of California, Davis B.S. Biology.