In order to stay proactive rather than reactive to 21st century business risks, industries as diverse and exciting as cannabis, cyber security, finance and healthcare use enterprise risk management (ERM). Last year, emerging technology and new management disciplines were explored as the Department of Risk, Insurance and Healthcare Management hosted its first-ever ERM Conference at the Fox School of Business. A grant from the Spencer Educational Foundation made the event possible for over 80 attendees. Industry experts at the conference discussed recent discoveries, longer-term trends and shared their best practices along with pitfalls to avoid.
“Risk can surface in multiple forms—cybersecurity, supply chain, climate change, human capital, data analytics and beyond,” said M. Michael Zuckerman, Temple University, Associate Professor and Academic Director for Enterprise Risk Management, and one of the conference’s organizers.
Steven Schain, Senior Counsel at Hoban Law Group who works primarily with banks, shared insights from within the cannabis industry during his presentation. According to The Wall Street Journal, U.S. legal marijuana sales in 2018 were estimated at $10.2 billion. And while cannabis is a lucrative industry, less than .03% of banks are willing to serve marijuana related businesses (MRB). Since federal restrictions make it difficult for MRBs to make financial transactions, challenges abound. MRBs often conduct businesses without bank accounts, and must use cash for crucial functions like employee payroll, rent, taxes and paying vendors. Robbery and assault are also considered higher-risk in this field due to the extraordinary levels of cash.
“Insurance only covers up to $20,000 cash loss, and since many MRBs have $200,000 to $500,000 on hand, theft can be fatal,” says Schain.
Carol Fox, vice president of strategic initiatives at the Risk and Insurance Management Society (RIMS), presented on cybersecurity. Although estimates vary, loss due to cybersecurity breaches is in the hundreds of billions of dollars per year. A 2016 report by Cybersecurity Ventures stated that cybercrime will cost more than $6 trillion worldwide by 2019.
“A disturbing percentage of risk professionals are unaware of disruptive technology prevalence,” she warns.
As a discipline, ERM has the ability to transcend any single industry. Kelly Botti, senior vice president, chief risk officer and corporate counsel at TruMark Financial Credit Union, shared her journey in guiding the TruMark Financial executive team to understand and value risk strategy.
“At its core, Enterprise Risk Management promotes two essential business concepts: informed decision-making and authentic conversation,” says Botti. “Its greatest value is the ability to spark curiosity. In approaching ERM from this angle, executive teams gain insight, as opposed to information, which aid in the development of corporate vision and strategy.”
Planning is already underway for the second annual conference in May 2019, hosted again by the Fox School, with no shortage of fascinating topics on the horizon.
“The opportunity ahead is to harness Big Data,” says Ian Waxman, Principal at Navigate. “How do we use it,? How can we do a better job of getting ahead of risk and being quicker in responding to it?”
For more information about the Fox School of Business and the Department of Risk, Insurance and Healthcare Management, click here.
A roundup of media mentions featuring faculty, staff, and students from the Fox School of Business and the School of Sport, Tourism and Hospitality Management.
Eagles’ Odds of Defending the SuperBowl
George Diemer, assistant professor of instruction in the School of Sport, Tourism and Recreation Management, was interviewed by CBS 3 Philadelphia in regards to the Philadelphia Eagles’ chances of making the NFL Playoffs. Watch now>>
Ed Rendell Receives Musser Award
Last month, former Philadelphia mayor and Pennsylvania governor Ed Rendell was honored with the Fox School’s prestigious Musser Award for his service to the city and the state. Read more>>
What is Anti-Marketing?
A new wireless provider “opened” two secret stores—and the mystery is stopping passersby in their tracks. Jay Sinha provides insight into the nontraditional marketing campaign that gets people talking. Read more>>
Lessons Learned from Amazon HQ2
Charles Dhanaraj speaks with Philadelphia Business Journal about the lessons the city can learn from its failed Amazon HQ2 bid. “We can’t be a reactive city,” he says. What can Philly do to encourage more corporate investment? Read more>>
Attracting International Students
Keya Sadeghipour, dean of the College of Engineering at Temple University, mentions the Fox Innovative Idea Competition as one of the many ways universities can take a global approach to recruiting new students. Read more>>
Temple News | Nov. 27
Fox student Alfonso Corona brought his company, Plug, into Research Professor Susan Mudambi’s classroom to learn how to create a successful marketing and communications strategy. Read more.
The Economist | Nov. 1
What is the future of education? James W. Hutchin, senior research fellow at the Fox School and advisor to Flinders University of Australia, shares his thoughts in a new report from The Economist and the Commonwealth Bank of Australia. Read more.
Economic Times India | Nov. 18
Subscription and streaming services like Netflix, Amazon Prime and Apple Music are all over the world, including India. Jay Sinha, associate professor of Marketing and Supply Chain Management, describes the appeal. Read more.
The Legal Intelligencer | Oct. 8
Do broken windows and doors impact a neighborhood’s safety or just the building’s aesthetic? James M. Lammendola, assistant professor of practice, and Harper J. Dimmerman, adjunct professor, both of Legal Studies, shed light on a recent decision by the PA Supreme Court. Read more.
U.S. News & World Report | Sept. 12
How can prospective students find ways to differentiate their college applications from the competition? David Kaiser shares his tips with U.S. News & World Report on how to make an application stand out. Read more.
First-time home buyers take notice—after a five-year flurry to start her career at retailer-for-good United By Blue, Jen Singley (BBA ’13) decided to pivot towards real estate. Now, she’s slinging much more than exposed brick and herringbone tile kitchens. Singley has an idea, cultivated at UBB, that could change the way home buyers and sellers approach real estate in Philadelphia.
Singley’s path to real estate has not been straightforward. Born and raised in Allentown, Pennsylvania, she decided to major in marketing at the Fox School of Business with the idea of getting into retail after graduation. Four days after receiving her diploma, Singley did just that, having landed a job at the then retail start-up UBB, owned by fellow Fox alumni Brian Linton and Mike Cangi. Tasked with opening and managing their first storefront at 2nd street, she eventually oversaw the brand grow to include four locations, including one in New York.
“Brian and Mike taught me so much,” said Singley. “I received constructive feedback and was pushed to step outside of my comfort zone. They were a huge part of my career growth.”
Singley credits Fox with helping her prepare for such a huge opportunity immediately after college.
Four Skills Singley Sharpened At Fox
- Financial Management: “At Fox, I learned as much about numbers as I possibly could. Not everyone left college knowing how to manage income vs. debt and I’m glad I did.”
- Interviewing: “I overthink and get nervous before interviews. The mock interview nights at Fox really helped. As realtor, having a “script” ready for clients that answers potential questions comes in handy.”
- Independence: “Fox encouraged networking. Even if my friends couldn’t make it, I’d go by myself to networking nights.”
- Negotiation: “Several of my classes had a focus on negotiation, which definitely translates into my job today. Every deal I work on involves negotiation for prices, rate, and timeline.”
When Singley decided to leave UBB in the summer of 2018, she had risen to title of director of operations, but the burgeoning retail guru wasn’t happy anymore. Too busy with managing scores of new employees, she missed out on the litter clean-ups that UBB was well-known for, one of the reasons she liked her job.
“I thought about it for a year and a half,” she said. “I love everyone at United By Blue, but part of me wasn’t whole at that point. I saw my coworkers getting excited about a new product launch or an event, and I didn’t share in that same passion anymore.”
Hailing from a family of entrepreneurs and small business owners, Singley got her real estate license in 2017 while still at UBB and was selling homes part-time. The decision to leave her comfortable position at a growing company was tough, but she felt supported by her parents—her father owns a duct-cleaning and fire restoration company.
“I wanted to do something I was excited about everyday again,” she said. “Having flexible hours and helping young house buyers, that’s what’s motivating me right now.”
There are similarities between her old career and her new one. Singley is organizing neighborhood trash pickups to rally new buyers and current community residents. Her hope is that bringing together social enterprise and selling homes, she can help set a new standard for real estate agents in Philadelphia, one cigarette filter or cheesesteak wrapper at a time.
To get the word out about the places she loves, Singley has harnessed the power of social. She knows that people her age find aesthetically pleasing photos, tips on maintaining homes and defining real estate jargon more interesting than print mailers and cold calls. Her strategy has worked to engage potential home buyers. So far, Singley has sold 14 homes and counting—not bad for seven months on the job.
Singley’s Hot Neighborhoods
- Gray’s Ferry
Follow Singley @:
- Instagram: homesweethomephl
- Facebook: WomenForASustainablePhiladelphia [link to https://www.facebook.com/groups/WomenForASustainablePhiladelphia/]
- Yelp: Jen Singley, Keller Williams
Social Enterprises Singley Loves
- Hungry Harvest (CSA) [link: https://www.hungryharvest.net/]
- And We Evolve (consignment clothing) [https://andweevolve.com/]
Bennett Compost (waste pickup/compost drop-off subscription) [link https://www.bennettcompost.com/]
A roundup of media mentions featuring faculty, staff, and students from the Fox School of Business and the School of Sport, Tourism and Hospitality Management.
Are You Suffering From Too Many Choices?
More doesn’t always mean merrier. USA Today cites research by Center for Neural Decision Making director Angelika Dimoka that shows how fewer choices lead to happier consumers and more sales.
Twins, Triplets Taking Over Temple
A whopping 36 sets of twins and triplets—including Fox students—have arrived.
6 Things to Do When You’re Angry at Work
Deanna Geddes shares tips with Business Insider.
From Wall Street Exec to High School Teacher?
This Fox alum left Goldman Sachs to teach at Northeast High.
Warning: Your Personal Data Is Not Safe
The New York Times talks corporate data breaches with Anthony Vance.
Disruption Coming to Philly’s Hotel Scene
Wesley S. Roehl discusses Comcast tower’s upcoming Four Seasons launch.
Dorm Room Decorating Tips
An entrepreneurship major shows off her dorm design chops.
International Business Schools are Thriving
Fox’s partnership with Australia’s Flinders University is highlighted.
eMoney, Temple Announce New Partnership
Cynthia Axelrod discusses the impact on financial planning education.
Marriott, Airbnb Selling Experiences, Too
People want activity curation and a room, says Elizabeth Barber.
Fox Launches New Women’s Leadership Series
Philly Mag shares details on the new Executive Education program.
A roundup of media mentions featuring faculty and staff from the Fox School of Business and the School of Sport, Tourism and Hospitality Management.
Fox School in Financial Times
Recently, business schools are weaving into their curriculum study in neuroscience. Fox’s Dr. Angelika Dimoka, the director of Temple’s Center for Neural Decision Making, speaks with Financial Times about Fox’s PhD program in this space. Read more>>
Leading by example
The Philadelphia Eagles’ Brandon Brooks, a Super Bowl champion, is also a champion of mental health awareness. Honors students in a leadership course led by Fox’s Dr. Crystal Harold invited Brooks to Alter Hall to speak with Fox students at a de-stress event. 6 ABC and student newspaper The Temple News provide coverage. Read more>>
‘Performing at the highest level’
Fox’s Dr. Crystal Harold is among the recipients of Temple University’s annual teaching, research, and creativity awards. Temple Now, the university’s weekly newsletter, announces all of the 2018 awardees. Read more>>
Technically Philly | April 9, 2018
Three leaders of a local venture firm—including its CEO—have stepped down recently, amid calls from its investor groups for speedier returns on its stake sell-offs. Fox’s Dr. TL Hill provides subject-matter expertise on these processes. Read more>>
The Legal Intelligencer | April 5, 2018
Fox’s James Lammendola contributes an op-ed to The Legal Intelligencer, detailing a nonprecedential opinion by the Superior Court. Read more>>
Sydney Morning Herald | April 3, 2018An editorial in Australia’s second-largest daily newspaper discusses the pitfalls of a current marketing strategy, and it cites the research work of Fox’s Dr. Joydeep Srivastava. Read more>>
Media requests: Please send requests to Christopher A. Vito, associate director of communications & media relations, Temple University’s Fox School of Business, at email@example.com
Feb. 24, 2011
About 1,000 members and supporters of Pennsylvania labor unions rallied in Center City on Thursday to support Wisconsin’s embattled public workers. Their message: Wisconsin Gov. Scott Walker’s plan to strip collective bargaining rights from nearly all public employees is a deliberate attempt to destroy the middle class. John McClendon, an associate professor at the Fox School of Business who studies labor relations, says Walker’s proposal is unprecedented. “We’ve never seen anything quite like this in terms of an effort to roll back those collective-bargaining rights,” he said. “The implications for this could be very meaningful for other states, Indiana, Ohio and who knows where else.”
Jan. 26, 2011
Phillies fans are well aware of Jimmy Rollins’ exploits on the field, but most probably don’t know that he’s been quietly paving the way for a post-baseball career as a music mogul. The all-star shortstop gave a tutorial Tuesday to 150 students at the Fox School of Business. Rollins, CEO of the Jimmy Rollins Entertainment Group, owns 5 percent of the publishing rights to Justin Bieber’s “Eenie Meenie” and received platinum records to mark 1 million units sold. “Music is American history,” he said. “It’s not gonna go in the books, but it’s gonna be in our hearts, our memories. It’s gonna capture that moment. So if I can own a piece of that, that would be great.”
Sept. 12, 2010
Once considered the place for panicked seniors to look for jobs ahead of graduation, college career offices are reporting dramatic hikes in use by first-year students looking for the earliest possible jump on the employment market. The Career Center at Temple, which saw a 22 percent increase in use by freshmen last year, held its first event specifically for first-years in late August. Jim Tutelman, a partner at the accounting firm PriceWaterhouseCoopers, recruited at a recent career fair for new students at Temple’s Fox School of Business. Reaching out to freshmen builds a company’s name recognition and familiarizes them with the variety of jobs available. “There are many more opportunities in the public accounting profession,” Tutelman said. “You don’t necessarily have to be an accounting major.”
July 7, 2010
First quarter 2010 numbers are in, and Venture Capital investment in both dollars and deals were down. The good news, if you can call it that, is that it’s better than Q1 2009. Interestingly, the percentage of venture and angel funds investing in seed-stage companies increased 40 percent from 2009 based on the second annual survey of its members by the National Association of Seed and Venture Funds (NASVF) and the Temple University Fox School of Business.
April 10, 2010
Job hunting is on the minds of graduating college seniors. Temple University’s Career Center is seeing an interesting employment trend: Last year, for the first time, its survey of graduating seniors found that self-employment ranked among the top five jobs. Two Temple students featured in the article are Fox School entrepreneurship students. “The hard work is starting to pay off, but I still have a long way to go,” said Mohamed Ali Niang, a junior entrepreneurship and international business/economics major who plans to start a rice-marketing business in his home country of Mali. “These are not really secrets, but hard work, creativity, being cross-cultural and learning from mistakes as well as others are critical.”
April 8, 2010
It’s only taken 28-year-old CEO Tom Szaky a few years to build TerraCycle into a competitive company with a sustainable mission to turn unrecyclable trash into a wide range of products. Seven years ago, Szaky was in the same place as the Fox School of Business students he spoke with April 5. Szaky, part of Fox’s showcase of businesses with sustainable practices, offered advice on start-ups and entrepreneurship using examples from his Trenton-based business, which makes everything from bags to cleaners to shower curtains. “You have to be ridiculously persistent and then you have to really believe in your product,” he said.
April 7, 2010
CNBC Anchor Maria Bartiromo and Comcast Executive Vice President David L. Cohen visited the Fox School of Business for the “Success: Reaching It, Keeping It” event presented by CBS Radio Philadelphia. Bartiromo provided insights from her bestselling book, “The 10 Laws of Enduring Success,” while Cohen reflected on his extraordinary career with the Philadelphia communications giant.
March 12, 2010
This year’s Global Social Entrepreneurship Competition had so many promising business plans that picking winners proved difficult. So judges did something unusual: they ponied up their own money on the spot to award another $3,000 prize. The contest, which had 161 entries from 36 countries this year, encourages creative solutions to global poverty. The spontaneous Judges’ Choice award of $3,000 went to two brothers for their plan to help small-scale rice farmers in Mali earn a better living by providing storage, marketing and other post-harvest services. One of the brothers, Mohamed Ali Niang, grew up in Africa and is now studying at Temple’s Fox School of Business.
Feb. 8, 2010
Most students still prefer print to digital, and even if they don’t, textbook publishers and authors have made very few titles available online. But that could change with the advent of the tablet-style Apple iPad and with students throughout the region buckling under heavy book expenses on top of pricey tuition. “I have no desire to cost these kids one cent more than they need to pay,” said Kate Nelson, an instructor in Temple’s Fox School of Business, who recently completed the fifth edition of a textbook on business ethics. “I am for whatever gets knowledge out there as cheaply as we can get it out there.”