The Varied World of Risk Management: A Conversation with Kristen Peed | Unparalleled Episode 001
We are so excited to share that our first podcast episode is finally live! Our inaugural episode features an interview with Kristen Peed, Director of Corporate Risk Management at CBIZ and RIMS Board of Directors Member. Peed's involvement in various organizations, as well as her extensive background in the field, sheds light on the importance of mentorship, staying informed, and understanding the evolving role of risk management professionals.
1. The Importance of Mentorship
Peed places a strong emphasis on the value of mentorship in the risk management field, sharing her experience of investing in the growth and development of young professionals. She particularly enjoys working with college students and guiding them as they decide on their career paths. This passion for mentorship is evident in her involvement with various non-profit organizations, including College Now. Peed explains, "I just really get energized and I feed myself really great energy from these mentees that I work with, and it's just so rewarding for me on a personal level."
2. Staying Informed and Adapting to Change
Peed highlights the importance of staying informed about emerging risks and being prepared to adapt. She recounts her experience in early 2020, when she heard about COVID-19 from friends in China during a RIMS leadership forum. This prompted her to inform her company's chief of staff about the potential threat, ultimately leading her to spearhead CBIZ's COVID-19 response. Peed's proactive approach and willingness to take on new challenges demonstrate the significance of staying informed and adapting to change in the world of risk management.
3. The Evolving Role of Risk Management Professionals
According to Peed, many people still hold the misconception that risk managers only deal with purchasing insurance. However, the role of risk managers has evolved over time, with professionals in this field now providing solutions to companies and helping them navigate complex risks. Peed points out that risk managers are uniquely positioned to understand how various departments within a company interact, allowing them to identify risks and opportunities that others may not see.
"I am one of a very few people at this company that has connections to every single department at the company. And I understand how the pieces fit together as well."
4. The Power of Soft Skills and Diversity in Risk Management
Peed emphasizes the importance of soft skills, such as communication and relationship building, in the risk management field. She notes that many successful risk managers, including women, have developed these skills to effectively gather information, analyze data, and provide valuable solutions to their companies. Peed encourages other risk managers to raise their hands for more responsibilities and take advantage of the opportunities available to them.
5. Embracing InsurTech Solutions
As the insurance industry continues to evolve, Peed expresses her excitement for the InsurTech revolution. She believes that InsurTech solutions, like LineSlip, can provide risk managers with an extra set of hands and eyes, allowing them to be more efficient and effective in their roles. "I'm loving this new InsureTech kind of revolution and seeing where that's going to lead us in the future," Peed remarks. These technological advancements can help risk managers turn data into actionable solutions, ultimately benefiting the companies they serve.
Kristen Peed's insights highlight the multifaceted world of risk management and the importance of mentorship, staying informed, and embracing change. By focusing on the development of soft skills, understanding the evolving role of risk managers, and leveraging InsurTech solutions, professionals in this field can continue to provide valuable support and solutions to their companies.