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RIMS 2024 Goodell Award Winner Eamonn Cunningham

2024-04-23

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

Justin Smulison interviews Eamonn Cunningham about his career in risk management for a large shopping mall developer based in Australia and about his work as Founder and President of the RIMS Australasia Chapter. Eamonn shares experiences, philosophy, and practical career advice. He describes the natural diversity of Australia and how it is an advantage in risk management. Eamonn is passionate about the importance of relationships. He stresses that networking builds relationships. Eamonn recalls how he would convert risk management skeptics in the construction industry. He reveals a secret of breaking the glass ceiling into the room where big decisions are made and he stresses how critical it is to speak the language and jargon of your audience, especially when presenting to executives.

Eamonn will be presented the Goodell Lifetime Achievement Award at RISKWORLD 2024.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.

[:31] About today’s episode of RIMScast. My guest is RIMS 2024 Goodell Award Winner Eamonn Cunningham. You know him as the Founder and President of the RIMS Australasia Chapter. He had a wonderful career at Westfield and we’re going to talk all about it today.

[1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.

[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!

[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!

[2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!

[2:24] Named in honor of RIMS’s first president, the Harry and Dorothy Goodell Award pays tribute to an individual who has furthered the goals of the society and the risk management discipline through outstanding service and achievement. The RIMS 2024 Goodell Award recipient is Eamonn Cunningham.

[2:44] Many of you know him directly or by reputation. He launched the RIMS Australasia Chapter and had a wonderful career at Westfield, which develops malls and commercial properties worldwide. There’s a wonderful feature about him and his work in the Awards edition of RIMS Risk Management Magazine. A link is in this episode’s show notes.

[3:08] Justin and Eamonn have met but this is the first time they have connected in depth. Eamonn is a wonderful interviewee. He imparts a lot of wisdom in this interview for risk practitioners at all stages of their careers. After meeting him virtually or in person, you become a fan of Eamonn Cunningham. Listen for Happy Days references!

[3:37] RIMS 2024 Harry Goodell Award winner Eamonn Cunningham, welcome to RIMScast!

[4:11] Eamonn Cunningham will be receiving the Goodell Lifetime Achievement Award at RISKWORLD 2024. Eamonn says he is unbelievably honored to be receiving this very prestigious award! He has been told to limit a speech to two and a half minutes. He has his speech down to 2:29!

[5:11] There’s a great article featuring Eamonn Cunningham and his career in the Awards Edition of RIMS Risk Management Magazine. Today, we’ll expand upon that article and talk about some of the things that there wasn’t space for in the article.

[5:32] Once Eamonn gave up being an accountant, he migrated to the wonderful industry of risk management. He ended up at Westfield shopping malls. He especially enjoyed the retail aspect of the real estate industry. There is a lot more to risk than buying insurance. He was able to show the benefit of risk management early at Westfield.

[6:28] Eamonn helped develop malls of 100 retail stores and more. There was a total property value of about $7 billion. They were complex, diverse projects. There was a lot of fun and lots of challenges. Eamonn enjoyed meeting people who were not initially converts to risk management. He called them his hard cases.

[7:46] Eamonn made it his endeavor to shine the light. He was fortunate even in the tougher cases to get them to say they got it. Development and construction people were his hardest cases. They thought they knew more than Eamonn about risk management. He had to show them how his token involvement could help them a little bit.

[8:45] The help, which was offered free of charge, sparked interest, and “away we went”!

[8:59] In some cases, senior management of a company questioned why they were spending a fortune on insurance as the only way to manage risk. Is there a better way? They learned that risk management was the better way, going from operational risk management to enterprise risk management. That was Eamonn’s career at Westfield.

[10:15] Eamonn notes that accepting diversity in all respects is important. Almost all of Australia’s growth has come from immigration from many different cultures, ethnicities, religions, and practices. It is easy to embrace diversity in Australia and to see it as an advantage. It’s part of the Australian spirit.

[11:54] Eamonn believes the basic risk management framework philosophy is the same the world over. Its implementation varies from country to country. The Australian culture is open and direct. They get to the heart of the matter quickly. Get the risk, figure out how to manage it, and bring it back quickly within the risk appetite.

[12:55] The members of AC/DC are not on Eamonn’s contact list. Justin thinks of AC.DC and Midnight Oil when he thinks of Australia. Eamonn notes that the lead singer of Midnight Oil, Peter Garrett, was also a politician.

[14:05] Eamonn is passionate about the importance of relationships in the profession and with underwriters. You don’t just focus on the upcoming renewal. Smart risk managers will have an eye on the renewal for the following year and the year after. This is especially true in the real estate industry, where everything is considered long-term.

[14:59] The management of the insurance program is long-term. As a risk manager, you create and nurture relationships with market participants. These relationships need to be on a win-win basis or there is likely to be a parting of the ways sooner rather than later. Eamonn saw his job as removing volatility from the risk team of the organization.

[15:37] Eamonn saw some risk managers who prefer to be bottom-feeders, going for the cheapest price every year. Eamonn told them that way of working is doomed to failure. It will create volatility. The senior people at the organization do not expect volatility from the risk manager.

[16:12] Eamonn owes a lot of his risk management success to the choices he made in partnering with industry peers. Two-way relationships have both give and take. Professional relationships are like personal ones. The more you nurture them and respect them, the more rewarding they will be to you.

[17:03] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.

[17:16] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.

[17:31] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.

[17:52] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.

[18:10] RIMS Webinars: Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management.

[18:27] On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd.

[18:43] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months!

[19:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.

[19:12] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.

[19:28] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.

[19:49] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.

[20:11] How can risk managers break the glass ceiling? Always choose your words carefully. You must be perceived as credible and relevant. Make sure you know your business like the back of your hand. You must be tenacious. Don’t automatically take “no” for an answer. If you must accept “no,” make sure there is a valid reason for it.

[21:20] Eamonn stresses that you need to sharpen soft skills, particularly oral skills. Always consider yourself as having the capability to do more for the business. Push that point whenever possible. You must get into the room where the big decisions are made.

[22:12] Eamonn believes risk professionals have an enormous advantage in that they have one thing in common with the CEO. They are responsible for the entire business, not just a part of it. They need to know how the entire business operates.

[22:58] The most successful CEOs surround themselves with great people. As a risk manager, surround yourself with great people who operate in other parts of the business. Get them in sync with the risk-aware way of doing business. You’ll have a person promoting your case to the business. As a result, you will get noticed.

[23:51] Justin and Eamonn discuss ISO frameworks for ERM. Do your intel on your audience. Don’t be technical unless they are asking for the technical. Use jargon they understand and want to hear. Don’t place yourself in an ivory tower or preach from a pulpit. Be in the business and use the lexicon of the business. Watch the body language.

[25:58] Do necessary reconnaissance before making a presentation or board reporting as a risk manager. At Westfield, Eamonn had the job of inducting future non-executive directors into their management routine. While inducting them, he learned their interests and stored that information for future use in presentations.

[27:58] Eamonn co-created the RIMS Australasia Chapter. Risk managers were meeting informally, but they wanted a formal structure, so they looked for an association and found RIMS. They ran analysis and intel and put a case to the CEO at the time. She accepted their position.
[25:54] Ten or 12 of Australia’s largest companies signed on and threw in seed capital. Eight or nine months later, at RIMS LA 2013, Eamonn got the banner for the chapter.

[28:24] As part of that structure with RIMS, there are a lot of resources on the table and it creates opportunities to network. That’s manna from heaven when it comes to risk managers whose CEO tells them to do more.

[28:50] The RIMS Australasia Chapter started with approximately eight members. Now there are 60 to 70 formal members, with followers on LinkedIn numbering about 450.

[29:23] After Eamonn got the banner in 2013, he set up his succession plan. There is a capable Vice President in the wings, Katie Sexton, who, subject to the vote of members, will become President next year. Katie was on the February 6th Episode of RIMScast.

[30:57] Eamonn’s advice to new risk professionals: “Pick your industry, it doesn’t matter what industry, and embrace yourself, track your career. You’re going to deviate all over the place. Upscale constantly, never stop learning and knowing more about the business. You can’t do it all on your own.”

[31:40] Eamonn believes the term risk manager is a misnomer. The risk manager is the conductor of the risk management framework with a multitude of people in the field and home offices around the world. You can’t do it on your own and you need to be good at getting the message out to your disciples.

[32:27] Eamonn has retired from Westfield. Now he stays alive mentally by keeping active. He will take a backseat in the chapter, and stay until the rest of the board tells him it’s time to go.

[33:36] Eamonn sees heat maps as risk and opportunity perspective maps.

[33:55] It has been such a pleasure to have a chance to spend this time with you! I’m going to see you in San Diego, just before you accept your award. I want to thank you for all you’ve done for RIMS over the years, as well!

[34:24] Special thanks again to Eamonn Cunningham for joining us here on RIMScast. He will accept the Goodell Award on May 6th at RISKWORLD 2024. Learn more about his career in the Awards Edition of RIMS Risk Management Magazine, available now and through a link in these show notes. A link to the Australasia Chapter is there as well.

[34:49] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!

[35:14] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.

[35:55] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.

[36:12] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.

[36:27] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.

[36:47] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!

Mentioned in this Episode:

RISKWORLD 2024 — San Diego, CA | May 5–8, 2024

RISKWORLD Pre-Conference Workshops

RISKWORLD Speakers

Spencer-RIMS Risk Management Challenge — Live at RISKWORLD

NEW FOR MEMBERS! RIMS Mobile App

RIMS DEI Council

Spencer Educational Foundation — Grants Page

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.

RIMS Risk Management Awards Edition 2024