Crossing Thin Ice

History has a way of creeping back when we assume the battle is already won. In this our 85th episode, we confront an immediate, present-day vulnerability to TB that most professionals believe belongs safely in the textbooks of the past. Current risk frameworks are structurally blind to slow-moving, invisible threats that erode infrastructure from the inside out. TB has been quietly adapting benea...

I used to think a great ERM program just meant strict discipline. Now I know the best CROs have an ERM playbook with multiple sets of plays and sometimes they are calling audibles, changing the ERM play at the last moment.  Most companies run their business using a single ERM playbook—until a crisis hits. Today we address 6 distinct "time zones" and explain how you actually need different playbook...

Outliers are events we know are possible—we have the data, the science, or the historical precedent—but we actively ignore them because they haven't happened recently. They grow in the dark because a stable economy breeds complacency, leading institutions to price assets as if these threats don't exist. In today's podcast, Max explains how we must shine a light into the dark corners of the market—...

If you treat a "wicked problem" like a standard, predictable risk, failure is almost guaranteed. Listen up and we will explain, what is a Wicked Problem and how it is very different from most of the risks on your risk register.   In this episode of Crossing Thin Ice, we break down why traditional enterprise risk management frameworks are completely failing in the face of modern, systemic crises—fr...

The risk of hyperinflation should not be ignored despite our lack of recent experience with it in the U.S. Hyperinflation is not just theoretical, our discussion looks at the core mechanics of inflation - most notably that it is based on trust. Max shares a comprehensive look at the unique factors cushioning the U.S., such as reserve currency status, while also addressing significant growing risks...

Survival in chaos doesn't come from optimization. It comes from diversification, buffers, and the speed to decide what to do next. Pragmatists have a completely different way of doing risk management that is designed for these VUCA times. By focusing on building resilience to survive volatility.  Most managers are doing this wrong by chasing efficiency in a uncertain world. In this episode, we bre...

Stability breeds instability. If your model assumes calm continuity, you might be blind to the pile of sand that's about to avalanche.  Many actuaries and financial modelers rely on recent data and linear trending of assumptions, missing the amplifying loops that can accelerate change to topple entire systems. We discuss what to look for instead. 

We are making decisions with incomplete and conflicting information every day.  Volatility, Uncertainty, Complexity and Ambiguity (VUCA) make it harder and harder to get those decisions right. Maybe we need to change our objective, not to find the best decision, but the one with the least chance of disastrous consequences.  Keep your eyes out for the Regime change that has started.  We provide fou...

How do you make a confident decision when the information itself is unclear? Ambiguity is the core challenge of modern leadership. But the pursuit of perfect data to drive good decisions leads right into "analysis paralysis".  We need to be enhancing our capability to use strategies like satisficing—making the best possible decision within time constraints—and using narrative scenarios to communic...

A jet engine is complicated. Your company is complex. The strategies for managing the risks of each are fundamentally—and dangerously—different. We call Complexity the "twist" in VUCA because it fundamentally changes the nature of the problems we face. While Volatility, Uncertainty, and Ambiguity describe challenging conditions, Complexity introduces a system where the parts are interdependent and...

Uncertainty is rising and AI is one of the most significant drivers.   Not because there is something wrong with AI, but because it is so different and so powerful.  We just do not know what changes are right around the corner.  We do believe that the future belongs to the companies who learn to best combine human empathy, creativity and the ability to navigate uncertainty with AI's speed of proce...

We are entering a period of high risk coming from every direction that our current systems cannot hope to mitigate. This episode of Crossing Thin Ice looks ahead to 2026's major challenges. Hosts Dave and Max analyze interconnected risks—from economic fragility and climate change to AI's inflection bubble. They explore whether our systems are drifting toward crisis or a path to resilience. Tune in...

Diversify food strategies, not just portfolios. Solutions like the Green Revolution and widespread monoculture farming boosted food supply but created long-term ecological and social vulnerabilities. We link population ideas from Franklin and Malthus to modern pressures—climate change, resource scarcity, migration—and warns these risks could cause solvency issues for insurers. Max discusses soluti...

Replace "this won't happen" with "what if" and give your strategy a fighting chance. Volatility isn’t just a number — it’s the signal that tells you whether your strategy will survive shocks or be blindsided by them. This podcast starts our VUCA series and shows why time horizon, human bias, and narrative scenarios matter more than averages. Uncertainty, Complexity and Ambiguity to follow.  

Execution isn’t speed or perfection. It’s reliable delivery under chaos. Use these six steps to get there. Great ideas can fail simply because execution breaks down? In episode 70 of Crossing Thin Ice, hosts Max Rudolph and David Ingram show how risk management helps with good execution to turn plans into predictable profit. This episode walks through six practical pillars that make execution reli...

Most ORSA reports definitely fall into the TLDR category. But you can tell the ORSA with a clear, fast story that will become a part of the strategy discussion. This podcast tells how to turn a dense solvency exercise into an elevator pitch that earns attention, builds confidence, and links risk work to strategy. You’ll see why some ERM programs thrive and others wither, and how a small change in...

Data centers, AI, and local energy and water systems are colliding — and communities are feeling the strain. In this episode, we break down how data centers drive local jobs and growth but also demand massive electricity and millions of gallons of cooling water. We dig into real-world impacts (with Memphis as a case study), the strain on local grids, and the tradeoffs between diesel, natural gas,...

Good timing is a critical advantage in product launches and broader risk management. But you need to be ready.  Readiness is internal - organizational alignment, product, operations, finance, and sales - and external - economic, technology, regulatory, cyclical, customer, and competitive timing. Risk management helps by monitoring the environment, promoting transparency, running stress tests and s...

Can insurers treat premiums like a cheap loan — and when does that bet blow up? In this episode we unpack “investing for float”: where it can boost returns, why annuities and life blocks are fragile, and how gaps in ALM, liquidity and regulation can turn clever strategies into industry-wide risk. Practical checks for boards, investors and regulators throughout.

True business success often hinges less on the risks taken and more on the quality of judgment, timing, and execution. Yet, what precisely constitutes “good judgment” in the fast-paced world of commerce remains a profound, elusive question. How do leaders consistently make the right choices and identify the most probable paths to victory? Navigating this critical challenge is paramount for any ent...

Many of the most extreme dangers aren’t where people are looking. When risks are “in the light”—visible and priced—they get managed and shrink. But when risks are “in the dark” they quietly grow until a shock exposes them, often after it is too late to do anything about them. Hear about over 30 risks that are in the dark for many business leaders.  And a strategy for surviving.  Risks grow in the...

What if the world's largest rainforest became a savanna? The Sahara was once lush. Could the Amazon face a similar fate within a generation?  Deforestation isn't just about trees. It's also about changing global weather patterns. Understanding environmental feedback loops is key to preparing for our future. Read this story at https://crossingthinice.substack.com/p/deforestation-and-feedback-loops

Ever wished you could practice for those critical conversations or high-stakes scenarios before they happen? In this episode of Crossing Thin Ice, Max Rudolph and David Ingram dive into the transformative power of AI simulations for risk management and professional development. Discover how these innovative AI-powered role-playing games allow Chief Risk Officers, actuaries, and their teams to hone...

Everything we know about economic growth is about to change. Demographics hold the key. This discussion explores how global demographics, from declining birth rates in developed nations to population growth in Africa, will redefine national and global GDP, reshape industries like insurance, and challenge political stability. We dive into the interconnected impacts of an aging world, climate change...

Do you believe higher risk always leads to higher returns? This podcast challenges that conventional wisdom. Max Rudolph and Dave Ingram explore the critical roles of judgment, timing, and execution in achieving successful outcomes. Through real-world examples and insightful discussions, they reveal why many businesses operate below the efficient frontier and how understanding these dynamics can l...