ISO vs COSO and Framework Flexibility

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

In this episode, Justin interviews RIMS 2026 President Manny Padilla on several topics, including his first connection with RIMS and his attendance at RISKWORLD on a scholarship. Manny is the first RIMS president of Hispanic descent. This is a historic moment. Manny remarks on the support for diversity he has experienced in RIMS since joining.

Manny's background spans corporate risk leadership, military service, and teaching. Manny speaks of his teaching practices and how he links the academic side to real situations and strategies the students will face. Manny shares anecdotes from his military service. Justin and Manny discuss the objectives of the RIMS Legislative Summit in Washington, D.C., on March 18th and 19th, and Manny invites all members to register and participate.

Manny continues the interview with reflections on the RIMS-CRMP, other certifications and designations, and how investing in developing yourself will make you stand out as a risk practitioner. Justin and Manny discuss the nature of polycrisis. Manny asks you to participate and become involved in your RIMS chapter and educational events.

Listen for career advice for both new risk practitioners and seasoned risk professionals.

Key Takeaways:

[:01] About RIMS and RIMScast.

[:16] About this episode of RIMScast. We are delighted to be joined by RIMS 2026 President Manny Padilla. We're going to learn about his plans for the presidency and his unique career in risk and pre-risk. But first…

[:47] RIMS Virtual Workshops. The next RIMS-CRMP-FED Virtual Workshop will be led by Joe Mayo on February 17th and 18th. On March 10th, we have a RIMS-CRMP Exam Prep with John Button, a recent RIMScast guest.

[1:04] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making" with Joe Milan. Register today and strengthen your risk knowledge! RIMS members always enjoy deep discounts on the virtual workshops.

[1:21] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker.

[1:36] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise.

[1:47] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the link in this episode's show notes.

[2:07] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers.

[2:25] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you!

[2:50] On with the Show! I am so pleased to present our guest today! He has been a big supporter of RIMScast for years! I'm thrilled that he is our 70th President here at RIMS. I'm talking about Manuel "Manny" Padilla.

[3:05] Manny was RIMS 2025 Vice President. He's been a positive force on the Board. He is also the Vice President for Risk Management & Insurance for MacAndrews & Forbes, Inc. He is a RIMS-CRMP holder. He truly loves risk management! He will be a fantastic RIMS President!

[3:26] We're going to talk about his career pre-risk-management and bring us up to the present, what his experience with RIMS has been like, and his perspective on what it takes to achieve success in the profession today. Let's get to it!

[3:40] Interview! RIMS 2026 President Manny Padilla, welcome to RIMScast!

[4:02] Manny says everyone's energy is up there, and he's looking forward to having a very positive 2026.

[4:16] Manny says that being Vice President involved a lot of learning. He says that the RIMS board participation is very much a training program. You learn to see how the organization responds. In the Executive Board, you start to see how RIMS is run.

[4:34] Manny says, as you move forward from Secretary to President, you pick up a lot of training. It's a good training program.

[5:00] Manny says that on the Board, there's a lot of excitement and a lot to do. There's a lot of information to impart to our professional society. We're very active and motivated to get that information out there.

[5:15] Manny is the 70th president of RIMS. In 1992, Manny attended RISKWORLD in New Orleans through the Anita Benedetti Student Involvement Program. The information was on a board at the College of Insurance. He applied for it and was sponsored to attend.

[6:30] In the College of Insurance, Manny was sponsored by an insurance company as an assistant junior underwriter, in the days when computers were just meant to write letters and fill out policy forms. He knew just one side of the business.

[6:55] Going to RISKWORLD got Manny out of New York for a week. When he learned what risk management was, his eyes opened, and he said, this is what fits best for me. It was looking at risk strategically and doing things to protect the company's assets. That resonated with him.

[7:48] When underwriters and brokers answer the phone, often it's with Hello, this is (Company). How can I help you? Manny says that when he answers the phone, it's with Hello, this is (Company), this is Manuel Padilla. I hope you're having a great day! How can I help you?

[8:04] That approach made a difference. From the very first, Manny found that this is a relationship business. It's very direct. You know who you're doing business with. People have an open mind and are willing to listen and hear you out.

[8:41] Manny has relationships over the years through RISKWORLD; some have become primary vendors. He notes that there has been a lot of change in the last decade, and since COVID, there's a whole new group of professionals. Some are going to RISKWORLD for the first time.

[9:20] Manny says, as our technology develops, and as we become more crucial to the companies we manage and represent, he sees it on the floor at RISKWORLD. As risk professionals, you need to step out from behind the table and go into the industry.

[9:52] The industry is welcoming and will provide you with a significant number of opportunities.

[10:17] Manny Padilla is the first RIMS President of Hispanic descent. He finds that personally meaningful, but says that RIMS has always extended a hand to all. He felt that when he first stepped onto the conference floor. He has met some unique people and friends through RIMS.

[11:02] Manny says it's great to get the recognition, but it's secondary. RIMS is a good environment. If you're looking at a career change or looking to expand your horizons, this is the organization that you team up with for development.

[11:42] The bigger picture and strategy are built into risk management. Risk managers do better when they raise their hand and say, "This doesn't smell right." They tend to be strategic, forward-thinking, and practical when executing their jobs. Manny speaks up at Board meetings.

[12:30] Seeing the big picture comes with a responsibility. Not being able to operate a significant portion of your business or have your product on the shelves sends your customers to your competitor.

[13:39] Manny gives a shoutout to all veterans in RIMS and shares some thoughts from his military experience. He was in the Navy 24 hours after he graduated from high school. He has been to every country except those that are sanctioned. He was in the Navy from 1982 to 1988.

[14:50] He says it was a wonderful time. The Berlin Wall came down while he was in the military.

[15:03] Manny was an Assistant Master-at-Arms for Fighter Squadron 124 in San Diego. The movie Top Gun was filmed on the base at Miramar Naval Air Station. Manny met Tom Cruise and the rest of the crew briefly during the filming.

[15:57] Some of the Squadron 124 instructors were in the movie as background in the club scene. The Top Gun character was based on a real pilot, who later went into state government.

[17:01] Manny is an adjunct at the Greenberg School of Risk Management. He has some latitude in how he teaches. What he teaches is centered on a set of accepted books and information. There's the technology the students need to know, and the practice that he teaches them.

[17:42] Manny links the definitions, structures, and policy designs to real-world situations and his experience on how those situations were handled. A lot of it has to do with the customization of products and policies to address typical risk exposures.

[18:01] It goes to the risk management process, RIMS-CRMP issues, and ARM-type approaches. Every policy and program is custom, based on the risk appetite and risk tolerance of the insured company and what they've decided to do.

[18:25] 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.

[18:44] Booth sales are open now. General registration and speaker registration are also open. Marketplace and hospitality badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information.

[19:02] The Spencer Educational Foundation will also have a presence at RISKWORLD. Spencer's CEO, Megan Miller, recently joined us on RIMScast. February 23rd 2026, will mark the 7th Annual Spencer Day.

[19:19] We believe in celebrating this industry's diverse and talented future and would love for everyone to join us in this virtual celebration. Visit SpencerEd.org and help us reach our fundraising goal of $7,500 to support an additional scholarship that will be awarded this Spring.

[19:37] We're hoping you will make a $47 donation today, in honor of Spencer's 47th year of operation. A link to Spencer Day is in this episode's show notes.

[19:48] You can visit SpencerEd.org. There is also a link to Megan's appearance on RIMScast in this episode's show notes.

[19:57] Let's Return to Our Interview with RIMS 2026 President, Manny Padilla!

[20:07] Manny says there is much overlap between ISO and COSO. He doesn't do one versus the other; he does both. Both have shared technologies and wording. You need to understand each because you can be in different jurisdictions with audits that may be biased toward one.

[21:12] Manny explores the meanings of investing in yourself. For early-career professionals, it's building your technical depth and professional credibility. It means understanding policies, claims dynamics, the financial impact on you, and how the industry comes into play.

[21:56] For seasoned professionals, the investment is fluency in strategic issues. It's understanding enterprise risk, governance, capital strategy, and how emerging risks are changing, through technology, geopolitics, climate, and litigation, and how they interact.

[22:30] It also means investing time in mentoring and developing future leaders. It expands your ability to manage your duties, brings new ideas into the industry, and is important for your brand.

[22:48] It's your career. If your company won't pay for you to go to RISKWORLD, remember it's your future and your brand. Invest in your brand. You're the person who carries it forth into the future. You need to see where the movers and shakers are heading. You will learn from them.

[24:27] The RIMS Legislative Summit is on March 18th and 19th. Manny says it's a little challenging and overwhelming to think of going into the government to speak with Congressmen, Senators, and other legislative folks.

[25:01] It helps you develop new skills. Manny learned how to approach and discuss sensitive topics with regulatory bodies and meet with other people who are focused on that area.

[25:17] Manny says, when you sit across the table to discuss the Federal flood program, the terrorism program, the pandemic risk insurance program, and the qualified risk manager description, and you move it through various channels, it's mind-boggling and most rewarding.

[25:41] While you're a risk insurance person, you're not there to represent your company. You're there to represent RIMS and the risk profession.

[26:05] Manny has a 20-plus-year relationship with the Coast Guard Auxiliary. They have a legislative group there, and Manny will generally step into the office and say hello and figure out how things are going and how policy gets through.

[26:27] At the RIMS Legislative Summit, you're there to pitch a very specific set of topics. They are very willing to listen to the topics. In some cases, they are the policy experts on those topics. What they are looking for is a variety of different approaches from actual professionals.

[26:52] They refine their development of policy based on these meetings. Manny says it is very helpful to participate, and you're all invited.

[27:05] Manny says the pitch is specific to a specific person, such as the Senator involved in Federal flood insurance. Manny explains how you can team up with other legislators to come on board with your pitch.

[28:15] Manny says he likes pairing with a risk professional to meet legislators. He says, in some cases, we have affiliations with some insurance carriers, brokerages, and vendors. He likes going with them, as well. In some cases, they have a robust system in place.

[28:32] Manny says it's good to see the professionals at the table and how they do it. But as professional risk managers, we don't do too badly. We add a lot of value, and the legislators do appreciate that.

[28:54] Justin shares his experience of going with Mark Prysock, RIMS GC, Robert Cartwright, RIMS President at the time, and Gary Raymond of FedEx at the time. Justin shadowed them and watched how they worked.

[29:31] RIMS has legislative priorities. Major priorities are the Federal Flood Program and the Terrorism Risk Act. Manny says that what tends to happen is that every year they get extended for a short period until Congress comes together to argue about something else.

[29:55] It's always under a threat of not being renewed, but then it gets extended again. Manny says it's a key issue that keeps coming up. Manny says to look at the Legislative Affairs page at RIMS.org/advocacy for the list of priorities.

[30:21] The first day of the RIMS Legislative Summit is for sitting down and talking about the specifics of each of the items. Then we bring in some experts in each particular area to talk about what is on the floor to be able to get through Congress to final agreements.

[30:47] Justin announces that Mark Prysock will be on RIMScast next week to do a deeper dive on the RIMS Legislative Summit.

[31:13] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th.

[31:34] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes.

[31:46] Save the dates, March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C. Join us for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community.

[32:03] Book your hotel room at the Sofitel Washington, D.C. in Lafayette Square by February 16th after you register for the event, and you will receive a special RIMS rate of $359 per night.

[32:18] Let's Conclude Our Interview with RIMS 2026 President, Manny Padilla.

[32:30] Manny has several certifications after his name. The first is RIMS-CRMP. Justin first interviewed Manny after the RIMS-CRMP. In that interview, Manny said the RIMS-CRMP helps risk professionals stand out by signaling a commitment to continuous learning.

[33:25] Manny looks at designations and certification as how you stack up with your peers and how corporations look at you, compared to others. Certifications prove your higher knowledge.

[33:54] RIMS recently released the Compensation Survey. If you start looking at the differences in pay, pay for persons who have no designation vs. those who have any designation, vs. those who have the RIMS-CRMP certification, you will see the difference in the six figures.

[34:44] Manny would rather have a nice designation and a job that pays six figures more than a job for a person with no designation. You also have to demonstrate love for the industry and prove that you're keeping up.

[35:12] A good portion of Manny's designations are based on his major in risk management and insurance. However, the technology, words, and approach have changed during his career. A risk manager became a strategic risk manager, then an enterprise risk manager. What comes next?

[35:50] Manny states that we should be certified and have these designations so that we understand the world we are living in.

[36:08] Manny says we are facing a convergence of risks, or a polycrisis. We have geopolitical instability, accelerated technology adoption, climate expectations, and an increasingly complex litigation environment. The financial world depends on what the government says at any time.

[36:39] Manny asserts that these risks don't exist independently anymore. Manny deals with catastrophes every day. He's trying to stay one step ahead of the calamities. We need to start acknowledging the strategic nature of risks and the ability to address them simultaneously.

[37:09] We also need to keep in mind that we live in an environment where digital access to information, data, and real financial information comes very quickly.

[37:23] Twenty years ago, you could have major catastrophes in countries around the world, and if you weren't directly impacted by it, you didn't pay attention to it. It would take weeks to get basic information on them. Today, information comes to us at a mind-boggling velocity.

[37:59] Justin and Manny discuss last year's L.A. wildfires and how the people are still reeling from them.

[38:44] Manny, it's been such a pleasure to see you, and I'm very much looking forward to what you're going to bring to the presidency this year. Are there any parting words regarding what people can expect at RISKWORLD, or anything you are working on?

[39:10] Manny says, I would basically say many thanks to all of you who are listening here. It's an honor to have been selected as the 2026 RIMS President. I ask that each of you participate with RIMS at our many professional events and learning opportunities.

[39:27] We are seeking out leaders and participants for our chapters, the many committees we support, and at our legislative events. Don't be shy. Engage. Invest in yourself. And see you all at RISKWORLD!

[39:44] Special thanks again to RIMS 2026 President, Manny Padilla, for rejoining us here on RIMScast! It is always a pleasure to see him. I've got links to Manny's prior RIMScast episode as well as the press release announcing his presidency.

[40:00] Manny will be at the RIMS Legislative Summit on March 18th and 19th in Washington, D.C. That's two days of advocating for the best interests of the risk profession. You must be a member to attend.

[40:15] Book your hotel room by February 16th to register and reserve your hotel room at the special RIMS rate of $359 per night at the Sofitel Washington D.C. Register at RIMS.org/advocacy.

[40:30] 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.

[40:58] 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.

[41:17] 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.

[41:34] 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.

[41:51] 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.

[42:05] 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.

[42:17] Practice good risk management, stay safe, and thank you again for your continuous support!

Links:

RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members!

Reserve your booth at RISKWORLD 2026!

Spencer Educational Foundation | Spencer Day — Feb. 23, 2026

RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now!

RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam

RIMS Newsroom: Manny Padilla Named 2026 President of RIMS

RIMS Leadership Corner: Polycrisis Meets Polysolutions

RIMS Compensation Survey 2025 — Download Today

RIMS Risk Management magazine | Contribute

RIMS Now

RISK PAC | RIMS Advocacy

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 — Debut Episode Now Live

Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep: Feb 17‒18 | Led by Joseph Mayo

Full RIMS-CRMP Prep Course Schedule

RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now

See the full calendar of RIMS Virtual Workshops

Risk Foundations Certificate Program | Feb. 10

Upcoming RIMS Webinars:

"Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS

"Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants

RIMS.org/Webinars

Related RIMScast Episodes:

"Spencer Day 2026 | The Future of Strategic Risk Management"

"Risk Outlook '26 with Morgan O'Rourke and Hilary Tuttle"

"James Lam on ERM, Strategy, and the Modern CRO"

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.

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About our guest: Manny Padilla, RIMS President 2026

Vice President, Risk Management & Insurance, MacAndrews & Forbes Inc.

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