Julie Bean, 2024 Heart of RIMS Award Winner

RIMScast

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

Justin Smulison interviews Julie Bean, 2024 Ron Judd Heart of RIMS Award Winner about her career in risk management, including how she ended up at seven companies in her first two years, and about her extensive involvement in RIMS Chapter committee leadership, chairing three committees and co-chairing a fourth committee at the same time. Her advice to new risk managers: Get involved in your RIMS Chapter, join committees, and build your network. Networking builds your career.

Listen in for risk management insight and thoughts about being involved.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by the Ron Judd Heart of RIMS Award winner for 2024, Julie Bean!

[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.

[:59] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.

[1:16] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.

[1:46] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at [e-mail] or [e-mail].

[2:12] The Ron Judd Heart of RIMS Award recognizes the volunteer contributions of a RIMS member who serves as a role model while keeping the chapter and the society vibrant and resilient, truly exemplifying the heart of RIMS. Julie Bean is best known as an omnipresent force in the RIMS Chicago Chapter. She is this year’s recipient.

[2:38] We saw her take to the stage in San Diego during RISKWORLD 2024. We had a chance to connect afterward and I’m so glad to present this interview where she will share some of her insight and knowledge on her work as a risk professional and her illustrious career, and what it took to balance being a RIMS chapter and a risk professional.

[3:06] 2024 Ron Judd Heart of RIMS Award winner, Julie Bean, welcome to RIMScast!

[3:38] Julie says it was an amazing feeling to receive the Ron Judd Heart of RIMS Award at RISKWORLD 2024. She worked for a month on her acceptance speech, but then the presenters told her there would not be time for remarks. She was just happy to walk across the stage with an enormous headshot behind her! The San Diego Convention Center has a huge stage.

[4:49] Julie takes a moment to reflect on the award. When her chapter nominated her and she saw the letters of recommendation, she was touched. She had never felt she was going over and above; it’s in her DNA to be part of the chapter, one of the largest next to New York. The chapter’s energy is so exciting! Julie always felt it an honor to be a part of it.

[5:46] Julie says, “Thank you to my incredible chapter and all of the risk professionals whom I’ve had the honor of meeting over these 20-something years. It was an honor to be there.”

[6:15] Julie was a Marketing and English double major, with no risk or insurance classes. In the working world, she was expecting to go into marketing but worked in companies that either shut down or were bought by somebody else. In two years, she was at seven companies. Through all that, she learned about resilience in companies and within herself.

[6:58] After her sixth company, Julie went to her headhunter to reinvent herself and find something else. That has helped her a lot in the risk management world because resilience is what it takes to protect the company and make it stronger.

[7:30] Julie is at the Chamberlain Group; in July it will be 19 years. She joined at the level of the parent company, the Duchossois Group. It’s a family-owned company. The Duchossois Group bought and sold several companies. Julie ended up at the Chamberlain Group once the other companies were divested. She has always been doing risk management for Chamberlain.

[8:03] Chamberlain is the access solutions company with the garage door operators LiftMaster and Chamberlain and MyQ Technology. Julie has always been a department of one, so she has learned to surround herself with people who help her in her profession and help her company.

[8:35] To work as a department of one, Julie created her path forward in a family business. The Duchossois Group gave her flexibility and autonomy in her role. She understood there was no vertical mobility.

[10:17] Julie learned early that she needed to surround herself with a network of smart people. Her broker and professional networks are extensions of her department.

[11:04] Julie is risk-averse. She looks for the worst thing that could happen and asks if they want to take that risk. There are upsides to taking risks. Her RIMS committee work allowed her to lead and taught her to delegate. Once you delegate, your committee is much stronger.

[12:22] Julie tells about her RIMS journey. Dan Morris, a one-time RIMS chapter president, and Julie’s boss at ServiceMaster, encouraged Julie to attend RIMS chapter meetings and serve on committees. In the Chicago Chapter, there are many opportunities because many things are going on. At one time, she was chairing three committees and co-chairing a fourth.

[14:15] Julie is thankful that her boss at the time, Colleen O’Connor, found it valuable for Julie to spend time on committees because of the networking and the knowledge she gained from her involvement with RIMS.

[14:49] Julie speaks of the benefits to her career she derives from networking. People she knows at RIMS are the most brilliant minds in the risk community and they are so willing to share their thoughts. When she has a problem, she asks for help and the answers come quickly.

[17:09] For several years, Julie had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have different, unique challenges than a large public Fortune 500 company. Julie says those sessions were incredible. She could always reach out to any of those peers to get good advice.

[17:54] It’s RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars 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.

[18:18] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!

[18:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.

[18:54] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.

[19:09] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.

[19:29] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.

[19:45] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.

[20:06] Back to the interview with the Ron Judd Heart of RIMS Award winner Julie Bean!

[20:29] Julie is in Oakbrook, Illinois, where the Chamberlain Group resides. It’s a suburb outside of Chicago. RIMS will be in Chicago for RISKWORLD 2025 in May 2025. In May, there’s a good chance of having good weather in Chicago! Julie will most definitely be there!

[22:20] Julie’s biggest challenge over the years has been to show the value proposition of the risk management role. If it’s done correctly, nobody notices you. You’re not a profit center. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening because you had good risk control?

[22:58] What is the value of putting the correct insurance in place so that you’re covered and protected when there are losses? Julie tries to encourage people in the organization to understand that risk is everybody’s responsibility. The risk manager does not own risks. A risk manager gets involved with the other departments to understand the risks in the organization.

[24:20] When Julie lost her first job for reasons beyond her control, she was shocked. She says you have to think about what you offer a company, not what companies are going to offer you. After the third and fourth job losses, she switched her mindset. In those experiences, she had learned what she didn’t want to do: crunch numbers in spreadsheets with no human interaction.

[25:16] The roles Julie enjoyed were solving problems and interacting with people; understanding the situation and figuring out how to fix it or make it better. No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be.

[25:49] Have your network of peers and be involved with it. That’s how you’ll find your next job; that’s how Julie found Duchossois, 19 years ago. Her peers told her, “Take a chance, you might like the culture.”

[26:42] Julie explains the end of REBEX as ties were cut between the Milwaukee Wisconsin Chapter and the Chicago Chapter. Chicago RIMS Chapter joined forces with the Mid-Illinois RIMS Chapter to rebrand REBEX as Chicagoland Risk Forum and stay a regional conference.

[27:45] The move carried a lot of risk but it was needed to revitalize the conference. Julie made many conference calls with chapter leaders. It almost didn’t work but everyone on the committee was energized and determined to make it happen. When it did, Julie felt like she was walking into RISKWORLD. It was a definite success in the first year and it is a big moneymaker.

[29:45] Julie talks about managing expectations. She does this from day to day in her job. That gets people to trust you. You can’t always deliver good news but you can manage expectations and that gives credence to your role.

[30:37] Julie’s advice to the next generation of risk managers: “I would just say that what they get out of participation in RIMS will far outweigh any expectation they have, without question. The people are so willing to give of themselves. Get involved. Be the one in the room to raise your hand and say, ‘I think I want to be a part of that.’ Start small. Take manageable bites.”

[31:18] “As soon as they get in, I would guarantee that they will be hooked by the exuberance and the energy of the group.”

[31:32] Julie, it has been such a pleasure to meet you. I look forward to seeing you next year at RISKWORLD 2025, for our 75th anniversary. It’s a big deal; we’re already planning for it.

[31:46] A quick plug for the 2024 Chicagoland Risk Forum, hosted by the Chicago RIMS Chapter. It’s the Ninth Annual Chicagoland Risk Forum, on September 19th, 2024. It’s a big day; 8:00 a.m. to 7:00 pm. It’s at The Old Post Office, an incredible venue with a rooftop bar. It’s free for risk managers and staff! Please sign up and join us! A link to register is in this episode’s show notes.

[33:49] Julie, thank you so much for joining us here on RIMScast!

[33:52] Special thanks, once again, to Heart of RIMS Award winner Julie Bean, for joining us here today. There are so many great takeaways from her insight! Be sure to learn even more about her in the special Awards Edition of Risk Management magazine. The link is in this episode’s show notes.

[34:08] On September 19th, 2024, the RIMS Chicago Chapter Chicagoland Risk Forum 2024 will be held at The Old Post Office. Visit ChicagolandRiskForum.org for more information. Remember, it’s free if you are a risk manager!

[34:27] Let’s continue with the plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!

[35:01] 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 and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact [e-mail] for more information.

[35:45] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email [e-mail] for more information.

[36:03] 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.

[36:19] 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 [e-mail].

[36:40] 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 2025 will be in Chicago! May 4‒7

RIMS Risk Management Awards Edition 2024 (featuring Julie Bean)

Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024

RIMS DEI Council

Spencer Educational Foundation — Grants Page — Apply Through July 30.

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Virtual Workshops

RIMS Strategic & Enterprise Risk Center

NEW FOR MEMBERS! RIMS Mobile App

RISKWORLD 2024 Show Daily — May 6, May 7, May 8

RIMS Webinars:

Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024

Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024

Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024

RIMS.org/Webinars

Upcoming Virtual Workshops:

See the full calendar of RIMS Virtual Workshops

RIMS-CRMP Prep Workshops

Related RIMScast Episodes:

“RIMS 2024 Goodell Award Winner Eamonn Cunningham”

“RIMS 2024 Rising Star Chelsea Andrusiak”

“RIMS 2024 Risk Manager of the Year, Steve Robles”

Sponsored RIMScast Episodes:

“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)

“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL

“Elevating RMIS — The Archer Way” | Sponsored by Archer

“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant

“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response

“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.

“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response

“Cyberrisk Outlook 2023” | Sponsored by Alliant

“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD

“Insuring the Future of the Environment” | Sponsored by AXA XL

“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich

“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster

RIMS Publications, Content, and Links:

RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

RIMS Virtual Workshops

On-Demand Webinars

RIMS-Certified Risk Management Professional (RIMS-CRMP)

RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!

Spencer Educational Foundation

Leveraging Insurance and Risk Management to Address Political Risk — RIMS Executive Report

RIMS Events, Education, and Services:

RIMS Risk Maturity Model®

RIMS Events App Apple | Google Play

Sponsor RIMScast: Contact [e-mail] or [e-mail] for more information.

Want to Learn More?

Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.

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About our guests:

Julie Bean, ARM, CRM, Head of Risk Management at Chamberlain Group

Tweetables (Edited For Social Media Use):

If you’re the smartest person in the room, you need to find another room. — Julie Bean

For several years I had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have very different, unique challenges than a large public Fortune 500 company. — Julie Bean

If risk management is done correctly, nobody notices you. You’re not a profit center. You don’t sell or manufacture anything. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening? — Julie Bean

No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be. — Julie Bean