Richard Morman, ARM, CPCU, CRIS
Channahon
Summary
Risk and insurance executive with deep expertise designing and leading enterprise risk management and insurance programs for complex, growth-focused organizations. Proven ability to translate risk strategy into measurable financial impact through disciplined insurance placement, broker management, and contract risk transfer. Experienced partnering with executive leadership to identify emerging exposures, control loss costs, and protect profitability. Known for building pragmatic, business-aligned risk solutions that support operational growth while strengthening organizational resilience.
Overview
16
16
years of professional experience
1
1
Certification
Work History
Director of Insurance & Enterprise Risk Management
Cubic Corporation
San Diego, CA
01.2023 - 11.2025
- Directed enterprise risk financing strategy across a $40M global insurance premium risk portfolio (Auto, GL, WC, Umbrella, Property, Aviation, Product Recall, EPLI, D&O, Cyber), optimizing capital allocation and coverage structure to reduce earnings volatility.
- Improved EBITDA by $2M+ through restructuring risk retention, renegotiating carrier partnerships, and implementing disciplined claims and litigation cost controls.
- Designed and implemented an enterprise-wide ERM framework aligned with NIST, COSO, and ISO 31000, strengthening governance and supporting defense contracting compliance requirements.
- Managed budgets effectively to ensure optimal use of resources while maintaining financial stability.
- Reduced total cost of risk by improving claims management processes, shortening cycle times, and enhancing loss trend analytics.
- Directed cross-functional teams to enhance operational efficiency and achieve strategic objectives.
- Advanced enterprise safety and loss control programs across manufacturing and field operations, reducing losses by 25%+ while improving regulatory compliance and contract performance.
- Established business continuity and crisis management planning capabilities to enhance organizational resilience.
- Rolled out new RMIS System through Origami.
- Served as strategic risk advisor to executive leadership; delivered quarterly enterprise risk reporting to the Audit Committee and Private Equity Sponsors.
Director of Insurance & Risk Management
TriMark USA
Mansfield, MA
06.2021 - 01.2023
- Managed a $22M insurance budget, overseeing placement and administration of all lines of coverage across the enterprise.
- Developed and executed comprehensive enterprise risk management strategies to protect company assets, operations, and reputation across multiple locations.
- Directed the company's risk portfolio, including insurance, claims, and safety programs, fostering a culture of proactive risk mitigation and regulatory compliance.
- Led enterprise risk assessments to identify operational, financial, and strategic exposures, strengthening risk visibility and mitigation planning.
- Partnered with executive leadership and Audit Committee to align risk management initiatives with corporate objectives, ensuring risk strategy supported long-term business performance.
- Designed and enhanced enterprise safety programs, policies, and training initiatives, reducing workplace incidents and elevating safety awareness.
- Partnered with CFO to formalize enterprise risk appetite and integrate risk tolerance into capital allocation, insurance structuring, and operational decision-making.
Vice President of Insurance & Risk Management
McKinley Woods Partners
Minooka, IL
01.2015 - 06.2021
- Managed a $15 Million Dollar insurance budget and placed all lines of coverage.
- Managed $150 Million Dollar Surety Bond program and collateral.
- Directed all aspects of risk management for a leading design-build development firm, ensuring effective identification, assessment, and mitigation of risks across multiple high-value construction projects.
- Developed and executed comprehensive risk management strategies to protect assets, manage liabilities, and maintain compliance with industry regulations throughout the construction lifecycle.
- Led risk analysis and assessments for construction, development, and project financing, including contract reviews, environmental risks, and contractor/vendor performance - including OCIP and CCIP management.
- Oversaw insurance programs, ensuring adequate coverage and effective claims management, including negotiating policy terms to optimize coverage while minimizing costs.
- Managed safety protocols and programs for all construction sites, reducing workplace incidents and promoting a culture of safety and risk awareness among project teams.
- Collaborated closely with senior executives, project managers, legal teams, and external stakeholders to ensure effective communication and implementation of risk management strategies.
- Implemented a data-driven approach to track project risk performance, providing actionable insights and recommendations to senior leadership for improved decision-making.
- Developed and managed enterprise-wide safety and loss prevention programs, reducing overall claims and improving project timelines and budgets by identifying and addressing potential risks early in the planning and design stages.
- Supported acquisition due diligence through enterprise risk assessment and insurance program integration planning.
Assistant Vice President & Insurance Broker
Socius Insurance
Elgin, IL
01.2012 - 01.2015
- Managed a $1.7 million revenue book of business, overseeing a portfolio valued at $23 million in premium, specializing in complex property placements across multiple markets, including Lloyd's of London and Bermuda.
- Expertly brokered insurance solutions for clients with a focus on property, including specialized coverages such as Owner-Controlled Insurance Programs (OCIP), Contractor-Controlled Insurance Programs (CCIP), Inland Marine, and large-scale property risk placements.
- Developed and maintained strong relationships with underwriters and key decision-makers at Lloyd's and within the Bermuda market, negotiating favorable terms and conditions for clients.
- Worked closely with clients to assess and understand their unique property risk exposures, tailoring coverage solutions that addressed both standard and highly complex risks.
- Played a key role in designing and placing customized property insurance programs, including alternative risk financing solutions and captive insurance structures for large construction and industrial clients.
- Provided expert guidance to clients on risk management strategies, offering insights into emerging trends, industry best practices, and innovative coverage options.
- Managed the full lifecycle of client relationships, from initial risk assessment and quote generation through to policy placement, ongoing service, and claims support.
Middle Market Insurance Underwriter
Travelers Insurance
Chicago, IL
10.2009 - 02.2012
- Underwrote package insurance policies (property, general liability, auto, workers compensation, and umbrella, EPLI, D&O, E&O and Cyber for middle-market clients, assessing complex risk factors and tailoring coverage solutions to meet the unique needs of businesses in various industries.
- Collaborated with brokers and agents to provide timely and competitive insurance quotes, offering expert guidance on policy options and risk management strategies.
- Managed a portfolio of middle-market accounts, performing periodic risk assessments and policy reviews to ensure ongoing coverage adequacy and customer satisfaction.
- Worked closely with claims and risk management teams to address any issues or concerns regarding policy coverage, helping clients navigate claims processes when necessary.
- Developed and maintained strong relationships with clients, brokers, and internal teams to ensure smooth policy renewals, retention, and upselling of additional coverage options.
Education
Bachelor of Arts - Insurance & Risk Management
The University of Olivet
Olivet, MISkills
- Enterprise Risk Management (ERM)
- COSO
- ISO 31000
- NIST Cybersecurity Framework Integration
- Regulatory & Compliance Risk Governance
- Cyber Risk Assessment & Oversight
- Supply Chain & Operational Risk Management
- Crisis Management & Business Continuity Planning
- Board & Audit Committee Risk Reporting
- Risk Financing Strategy & Analytics
- Total Cost of Risk (TCOR) Optimization
- Insurance Program Design & Global Placement
- Alternative Risk Financing (Captives, SIRs, High-Deductible Structures)
- Surety Bonding & Financial Assurance
- Contractual Risk Transfer Strategy
- Claims Management & Litigation Strategy
- Loss Control & Safety Program Development
- OSHA & Workplace Safety Compliance
- Construction Risk Management (OCIP/CCIP)
- Data-Driven Risk Modeling & Trend Analytics
Certification
- Associate in Risk Management (ARM)
- Chartered Property Casualty Underwriter (CPCU)
- Construction Risk Insurance Specialist (CRIS)
- AI Essentials for Business (Harvard Business School)
- Organizational Leadership (Harvard Business School)
- Leading with Finance (Harvard Business School)
Timeline
Director of Insurance & Enterprise Risk Management
Cubic Corporation
01.2023 - 11.2025
Director of Insurance & Risk Management
TriMark USA
06.2021 - 01.2023
Vice President of Insurance & Risk Management
McKinley Woods Partners
01.2015 - 06.2021
Assistant Vice President & Insurance Broker
Socius Insurance
01.2012 - 01.2015
Middle Market Insurance Underwriter
Travelers Insurance
10.2009 - 02.2012
Bachelor of Arts - Insurance & Risk Management
The University of Olivet
Skills
Enterprise Risk Management (ERM) - COSO & ISO 31000, NIST Cybersecurity Framework Integration, Regulatory & Compliance Risk Governance, Cyber Risk Assessment & Oversight, Supply Chain & Operational Risk Management, Crisis Management & Business Continuity Planning, Board & Audit Committee Risk Reporting, Risk Financing Strategy & Analytics, Total Cost of Risk (TCOR) Optimization, Insurance Program Design & Global Placement, Alternative Risk Financing (Captives, SIRs, High-Deductible Structures), Surety Bonding & Financial Assurance, Contractual Risk Transfer Strategy, Claims Management & Litigation Strategy, Loss Control & Safety Program Development, OSHA & Workplace Safety Compliance, Construction Risk Management (OCIP/CCIP), Data-Driven Risk Modeling & Trend Analytics