Navigating Risks in Sports and Entertainment with Rich Lenkov, founder and CEO at SERMA
On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Rich Lenkov, Founder and CEO of the Sports and Entertainment Risk Management Alliance (SERMA). SERMA is the first risk management association devoted entirely to the sports and entertainment industries. It is an organization of risk managers, claims managers, general counsel, outside counsel, and other associated sports and entertainment professionals.
In this episode, Jason and Rich delve into risk management, claims management, litigation, and insurance issues in the sports and entertainment industry. Discover how SERMA provides a community for professionals to share ideas, best practices, and networking opportunities. Gain insights into the evolving concept of risk management and the challenges faced by risk managers in the face of complex risks within sports and entertainment.
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The Risk Landscape’s Evolution
Over the past few years, there has been a growing number of new and far more pervasive risks within the sports and entertainment industry. These range from mass shootings to weather-related events. There has been no uniformity in addressing these risks, leading to the creation of SERMA.
“The growing frequency of issues are so pervasive in this area, you know, almost every day there’s an issue that touches sports and entertainment risk and legal issues. I think that there are a variety of approaches to it, so there’s no real uniformity.”
The organization aims to unite like-minded professionals to share their strategies and develop better plans. It’s becoming a dynamic, knowledge-sharing environment where risk managers can navigate the evolving landscape.
“When you look at the unfortunate mass shootings at sporting events or at concerts, or you look at weather-related events, you look at cancellations because artists are ill or they can’t perform. If you look at events like intellectual property issues and alleged copyright violations, all those issues are more pervasive than ever. And that was one of the reasons why we thought now is a great time to put this organization together.”
Modern Risk Management
To navigate the constantly evolving landscape of risks, modern risk managers must be proactive and stay ahead of emerging trends. They need to be ready to grow alongside the dynamic nature of risks, prepared to tackle anything that comes to light. Risk managers must work together to address the issues that lack existing solutions and to develop industry standards.
We must be cutting edge, finding resources, and providing solutions before risks escalate. Gone are the days of waiting for the statistical data to take mitigative action. Today, we must secure our influence and stay ahead of the game.
“SERMA is to be on the cutting edge of the issues, deal with them before they exist, give people resources and tools to handle them, and mitigate those exposures before they become a problem.”
To find out more about navigating risks in sports and entertainment, tune in to this episode of Risk Management: Brick by Brick.