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Board Reporting and ERM in 2026 with Trisha Sqrow and Suzanne Christensen
Monday, 13 April, 2026
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews SERMC members Suzanne Christensen and Trisha Sqrow about the new RIMS Executive Report they co-authored with Joe Pugh, also of the SERMC, "Board Risk Reporting: How to Deliver Insights that Matter." Suzanne and Trisha share tips for preparing to report to your board, how frequent reporting should be, and the difference between the board's oversight and the executive team's management. Trisha also shares descriptions of her two upcoming RISKWORLD presentations on May 6th. Listen for insight on providing the board with the information they need to support the organization's objectives and strategies. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration is open for RISKWORLD 2026, which will be held from May 3rd through 6th in Philadelphia. Visit RIMS.org/RISKWORLD to register. [:27] About this episode of RIMScast. Our topic is board reporting and ERM, and our guests are Trisha Sqrow and Suzanne Christensen of the RIMS Strategic and Enterprise Risk Management Council. They've co-authored a new Executive Report. We're going to talk all about it. But first… [:58] RIMS Virtual Workshops. The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes. [1:14] Webinars. On April 16th, Zurich and World Travel Protection will present "Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times". [1:24] On May 14th, Origami Risk will return with a new session, "Future-Proofing Your Risk Program: Keeping Pace with Scale, Complexity, and Visibility." Register for webinars at RIMS.org/webinars and through the links in this episode's show notes. [1:39] Folks, for more RIMS content, head over to YouTube and subscribe to @RIMSOfficialChannel. There you will find video podcasts, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. [1:55] Head over to RMMagazine.com for the Q1 Edition of the Azbee-Award-winning publication, RIMS Risk Management Magazine. [2:06] On with the Show! Our guests are Suzanne Christensen and Trisha Sqrow. As members of the RIMS Strategic and Enterprise Risk Management Council, they co-authored the new RIMS Executive Report, "Board Risk Reporting: How to Deliver Insights that Matter." [2:24] Co-authored by Joe Pugh of the AARP, a RIMS Strategic and Enterprise Risk Management Council member, the report provides practical insights and guidance to risk practitioners who report to their organization's board of directors or overarching governance committees. [2:38] The report provides guidance on aligning this reporting with the board's role and expectations, the steps that should be taken to sustain the alignment, and how to ensure reporting provides the board with the appropriate level of detail. [2:52] The link to the report is available in this episode's show notes. You can also visit the Risk Knowledge section of RIMS.org. If you like what you read and you like what you hear today, be sure to hear Patricia and Joe at RISKWORLD on May 6th at 11:30 a.m. in Room 119-AB. [3:11] They will extend the dialog with the session "From Risk Aware to Risk Savvy: Elevating Board-Level Risk Reporting and Engagement." It will undoubtedly be a fantastic session! [3:21] Let's talk about board reporting right now! [3:23] Interview! Suzanne Christensen and Trisha Sqrow, welcome back to RIMScast! [3:31] Suzanne Christensen and Trisha Sqrow have been carrying the torch for the Strategic and Enterprise Risk Management Council at RIMS for years. Now, they are rejoining us on RIMScast. It's a delight to welcome them both back. [3:57] The new RIMS Executive Report, "Board Risk Reporting: How to Deliver Insights that Matter," was co-authored by Suzanne Christensen and Trisha Sqrow, with Joe Pugh, who is also on the Strategic and Enterprise Risk Management Council. [4:15] This paper is available for a limited time exclusively to RIMS members. It will then be open to the public. There's a lot of great information in it, and it gets right to the point. [4:40] Research shows that while many risk professionals believe their reporting supports board decision-making, most boards are still asking for more information and deeper analysis. [4:47] Trisha says, boards are becoming more interested in understanding the risk profile of the organization, what's being done, and how leadership is managing risk, because we are in a complex time. There are so many risks that are not internal. [5:33] The board is asking: How do we look at this, how can we manage what we can, and prepare for and respond to those things that we can't manage, but that could come and hit us? [5:47] Boards are more interested. They have regulatory concerns and requirements, potential liability, and things of that nature. [6:07] Suzanne agrees with Trisha about the complexity in our post-COVID world with the interconnectedness of risks and the unexpected. Regarding the pace of change, Suzanne says hang onto your seats right now, particularly with AI! [6:30] Boards serve a lot of constituents and stakeholders, and they're feeling pressure. They're looking for more insightful analysis. The report gets into how to figure out what is insightful to a board. Justin notes that each board will have a different definition of insightful. [6:58] One board can change over time as different board members bring different dynamics and expectations to the board. The paper has a point about keeping pace with the board. [7:18] The paper makes the point that effective board reporting is not about what risk teams want to say but about what boards need to hear. [7:43] Suzanne breaks down the difference between the need that the board knows and understands, and articulates, and the things they should also know, to be good board members. That takes exploration. There are things the board might not know to ask. [8:10] Risk professionals have knowledge and context. They need to lean in and say, "You're asking for this, and that's super important, but in addition, here are some other things to be aware of." You need to start with a mutual understanding. There's a process to go through. [8:31] Trisha says the risk practitioner has the largest view of the risk profile of the organization. The board is thinking more of strategic goals and objectives, but they do want to know about the risk. Board risk reporting is a matter of working to connect strategy with risk management. [9:07] The risk practitioner can develop a culture of discussion and openness to discuss risks, mitigations, and possible blind spots. [9:26] Suzanne says one of the primary roles of the board is to make sure the firm has the right strategy and they're executing it appropriately. The biggest risk to the board is becoming irrelevant to constituents and clients. Not all key risks to the organization are equal to the board. [9:59] The board spends more time on the strategic risks. When reporting, you can't forget the operating risks. You can summarize them as "Here are some things to look at that we've got covered. So, let's spend more time over here." [10:46] If you don't first build alignment with executive management before engaging with the board, Suzanne says you'll end up with a modern-day Babylon. You won't end up with support from the key risk owners on the strategic side. The owners of the risk are the decision-makers. [11:02] The decision-makers are management and executive management. It has to be their story, and they have to buy in. Risk practitioners are the facilitators to create that alignment so those conversations can be robust, open, and transparent. [11:44] Trisha says the executive leadership team (ELT) is the liaison and connection to the board. Most risk practitioners may not be in all of the board meetings or interacting with the board regularly. The executive leaders probably are. [12:05] The ELT can bridge the gap. They have the relationships and know the personalities of the board members. They understand how the board likes to receive information and can help the risk practitioner develop reports in that way. They can open the line of communication more. [12:28] Trisha says that in her previous work for DFW Airport and others, they did this through the structure of the Enterprise Risk Management program, having a risk council report periodically to the ELT, so they have the information and can go forth with it. [13:17] Suzanne says the best practice is to spend some prep time to get some baseline knowledge and level-setting across, so when you go into those meetings, the conversations will be richer. You're not educating. You're getting right to what you want to focus on in your report. [13:58] There are different methods for doing that, depending on the organization, with its aptitude and appetite. You can do it in a pre-conversation setting, starting with the ELT, so that they're part of that conversation, helping to drive it. That is ideal. [14:21] A Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. [14:41] Public registration is open, and booth sales are still available. Links are in this episode's show notes, and be sure to check out RIMS.org for more information. [14:50] We will kick off Day 1 with a conversation with Adam Grant. He is an organizational psychologist, best-selling author, and a leading influential management thinker. [14:59] The excitement continues with the announcement of the closing keynote speaker. NFL Hall of Famer, Super Bowl Champion, Emmy-winning broadcaster, and entrepreneur Michael Strahan will be on the main stage on May 6th. Justin is super stoked! [15:15] If you're still on the fence, this is the time to smash that Register button and hear from one of the all-time greats. [15:23] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [15:42] Let's Return to Our Interview with Suzanne Christensen and Trisha Sqrow! [16:10] Suzanne says you want to exude confidence when you initiate a risk dialogue with executive leaders and the board, but you don't want to look so buttoned-up that when something does go bump, they look at you and say they thought you had that covered. [16:42] Trisha says it's very important to build those relationships as you can, so you have direct knowledge of the primary stakeholders you are working with, and so you can communicate better with them and provide good, insightful tidbits of knowledge. [17:10] Boards are to maintain oversight and not get down into the management level. [17:22] Suzanne says good reputational risk management establishes credibility up front, without appearing confident that you can prevent every risk from happening. Something big could happen. You need a good business crisis plan. The board could be involved in a crisis. [18:26] Boards need to be risk savvy, not just risk-aware. The educational part is helping the board understand the organization and the key risks to it. Then they need to be actively engaged so they're asking better questions and leveraging that knowledge to make better decisions. [18:44] That's the evolution you're working on. It's ideal to do some of the educational work up front so you don't have to do it in real-time. It helps to get quickly to the risk-savvy, better decision-making piece. [19:12] Trisha explains the difference between being risk-informed and risk savvy. When you learn risk at the basic level, you know the nuts and bolts. Becoming risk savvy is understanding how it all integrates together. How do we start seeing what risks are interconnected? [19:40] Trisha asks how we see how the external factors that we face in the world could impact our strategic goals and initiatives. You need to mitigate risks, plan, and prepare for them, and think through your overarching organizational resiliency. [20:07] The risk practitioner doesn't just present a list of risks and mitigation plans. They say, here's what we're seeing and how this could impact that. Here are the systemic issues, and talk about what we are doing from that larger perspective. [20:32] Suzanne thinks it's important not to be backward-looking but to have foresight and look around the corner at what's ahead and ask how we can be more nimble as we charge forward. How can we adapt better to the new environment and manage risks in real-time? [20:53] That all helps to build foresight and the ability to think about what could go awry, or what new opportunity we need to take to achieve our goals. These are important points to being risk savvy. [21:29] Suzanne says in some organizations, board reporting is not happening. There is zero cadence. Some organizations report almost quarterly. In those cases, is the board providing oversight or management? [22:06] Consider how much information and what you are reporting; insights beat volume. What are the insights you need the board to know? Determine the level of information the executive team, the audit compliance committee, and the full board need. It's organization-specific. [22:47] Trisha addresses information overload. If you can get some pre-read out there, so that you can then have a conversation, that's ideal. Think about what decisions they need to make to know what information they will need to have in hand to make those decisions. [23:14] The decisions that are being made are different, depending on the group you are reporting to. Strategic decisions are going to need this information; operational decisions will need this other information. [23:39] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period opened on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September. [24:00] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July. [24:15] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th. [24:27] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information. [24:36] Let's Conclude Our Interview with Suzanne Christensen and Trisha Sqrow! [25:21] Justin asks about rightsizing, in terms of reporting. Suzanne says there is a set of goals or objectives behind right-sizing. When you get to the objectives, you can think about how you rightsize for those objectives. What do they need to know to make those decisions? [25:59] Trisha agrees. It goes back to understanding the audience and what they like to see, and saying, here are things that we need decisions on, or we need your thought process on. [26:21] Trisha has two sessions on Wednesday, May 6th, at RISKWORLD. The first one is with Katrina Gilbert from the DFW Chapter, "Kickoff to Resilience: A Case Study in Risk Management Strategies for Major Event Planning," from 10:15 a.m. to 11:15 a.m. [26:49] Fifteen minutes later, Trisha will present "From Risk Aware to Risk Savvy: Elevating Board Level Risk Reporting and Engagement," with co-author Joe Pugh from AARP. [27:12] Trisha says there's a responsibility on the board to know that the program is operating as it should, it's bubbling up information that should be bubbled up, they're getting exception reporting, and they have confidence that it's coming their way; it's not haphazard. [27:44] There is a little bit of time that has to be spent talking about the program and how the board can have confidence in it. It doesn't have to be a long story. It's "Here's what we're focused on. Here's how we know we're good. We've done a benchmark. We know we keep it current." [24:12] Suzanne says you want to enable informed oversight. You want to think through what they would need so that they can provide oversight to you. [28:18] You need forward thinking, looking at not only what's happening now, but also at what the potential emerging risks are. What are we watching for? How are we preparing for those things? Work to engage the board as you go forward. [28:33] Trisha says to get feedback on an ongoing basis. It's helpful to do annual surveys, but it's also asking in real-time, "Does this make sense; are you getting what you need?" [28:49] You can tell, based on the engagement, the level of discussion, and their questions. They should be asking insightful questions. That allows you to tell a deeper story because they're obviously interested in it. It's not a one-and-done. [29:30] Trisha says it's an honor to be able to speak at RISKWORLD or any RIMS event. She thanks the RIMS team, the SERMC, and others across the committees that selected the sessions. She is really excited to have the opportunity to do both sessions. [29:51] The "Large Event Planning" session will focus on what the DFW Airport has done to prepare for the FIFA World Cup, considering what it looks like to apply enterprise risk management to something of this magnitude and scale. [30:11] Katrina will do a case study, and Trisha will talk about higher-level issues. [30:17] The "Board Reporting" session will showcase the executive report just published that she co-authored. Trisha's excited. She understands her commute is just next door, which helps a lot since they are just 15 minutes apart. [30:43] Justin says we appreciate both of you for all the contributions you've made to RIMS through the years. I look forward to seeing you at RISKWORLD. Thank you for being such wonderful champions of the Strategic and Enterprise Risk Management Council here at RIMS! [31:04] Special thanks again to Trisha Sqrow and Suzanne Christensen for joining us on RIMScast. Check out the new RIMS Executive Report, "Board Risk Reporting: How to Deliver Insights that Matter." The link is in this episode's show notes and at RIMS.org/risk-knowledge. [31:24] The dialogue about board reporting and this executive report will be extended at RISKWORLD on May 6th. Trisha and her other co-author, Joe Pugh of AARP, will lead the session "From Risk Aware to Risk Savvy: Elevating Board-Level Risk Reporting and Engagement." [31:42] That session will be held in Room 119-AB. Prior to that session, Trisha will be co-presenting the session "Kickoff to Reslience: A Case Study in Risk Management Strategies for Major Event Planning," in Room 118-BC with her former DFW colleague, Katrina Gilbert. [32:04] If you haven't done so already, be sure to register for RISKWORLD at RIMS.org/RISKWORLD. [32:10] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [32:39] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [32:57] 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. [33:15] 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. [33:31] 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. [33:45] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [33:57] Practice good risk management, stay safe, and thank you again for your continued support! Links: RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Board Risk Reporting: How to Deliver Insights That Matter: Press Release | Download Paper Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines. RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | July‒Sept. 2026 Cohort | Led by James Lam RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today and Submit an Educational Session! RIMS Risk Management magazine | Contribute RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Episodes Now Live RISK PAC | RIMS Advocacy Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops Upcoming RIMS Webinars: "Navigating the New Global Risk Landscape: Lessons for Business Travelers in Unstable Times" | April 16 | Presented by Zurich and World Travel Protection "Future-Proofing Your Risk Program: Keeping Pace with Scale, Complexity, and Visibility" | May 14 | Presented by Origami Risk RIMS.org/Webinars Related RIMScast Episodes: "James Lam on ERM, Strategy, and the Modern CRO" "Risk Quantification Through Value-Based Frameworks" (2024) "The Value of Risk Management: Inside the RIMS 2025 Compensation Survey" "The Future of Strategic Risk Management" "Presilience and Cognitive Biases with Dr. Gav Schneider and Shreen Williams" "RIMS ERM Global Award of Distinction 2025 Winner Sadig Hajiyev — Recorded live from the RIMS ERM Conference in Seattle!" "Risk Rotation with Lori Flaherty and Bill Coller of Paychex" "Energizing ERM with Kellee Ann Richards-St. Clair" "Talking ERM: From Geopolitical Whiplash to Leadership Buy-In" "Tom Brandt on Growing Your Career and Organization with ERM" Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "Change Management: AI's Role in Loss Control and Property Insurance" | Sponsored by Global Risk Consultants, a TÜV SÜD Company "Demystifying Multinational Fronting Insurance Programs" | Sponsored by Zurich "Understanding Third-Party Litigation Funding" | Sponsored by Zurich "What Risk Managers Can Learn From School Shootings" | Sponsored by Merrill Herzog "Simplifying the Challenges of OSHA Recordkeeping" | Sponsored by Medcor "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant 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) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Manny Padilla! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Suzanne Christensen, RIMS Strategic and Enterprise Risk Management Council Trisha Sqrow, RIMS Strategic and Enterprise Risk Management Council Production and engineering provided by Podfly.
