Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Eloise Copland joins RIMScast to discuss the effects human bias has on all decision-making, what bias is, and working with bias by understanding how the mind uses it as a shortcut to process information. Understanding our biases about the environment will help us to direct with intention our decision-making around climate-change issues. Listen to this enlightening discussion to help inform your organization’s approach toward prioritizing the environment.   Key Takeaways: [:01] About RIMScast. [:27] About today’s episode with Principal Behavioral Scientist, Influence at Work, Eloise Copland, on the psychology of environmental bias risk. [:37] All about upcoming RIMS webinars, and more! [1:17] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information. [1:34] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org. [1:51] Head to the RIMS.org/Advocacy page! The RIMS Legislative Summit is returning to  Washington, D.C. on October 25th and 26th. Visit the link in the show notes. [2:04] Be on the lookout for the call for submissions for the RIMS ERM Conference, which will be held November 2nd and 3rd in Denver, Colorado! Check your inboxes. [2:20] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes. [2:41] The “E” in ESG stands for environmental risk. It is on their minds regularly at RIMS and RIMScast. Justin introduces Eloise Copland, the Principal Behavioral Scientist for Influence at Work. Eloise joins the podcast to talk about our approach to environmental bias and environmental risk. [3:43] Justin welcomes Eloise Copland, or El, to RIMScast. El is five hours ahead of New York time. [4:25] El tells about her background, career, and what excites her every day about behavioral economics and addressing environmental bias. [6:32] It takes well-funded agencies and corporations working together for change to occur. People run agencies and corporations and their biases influence decisions. [7:10] There isn’t one simple answer to why executives prioritize short-term environmental challenges over the bigger picture. We like to think that with the right information, and with the right resources, people make rational decisions. Research shows that people’s decisions are influenced by mental shortcuts called biases. [8:43] The four types of biases: Present bias — we value our present selves more than our future selves. Uncertainty aversion — we avoid unknown risks. Optimism Bias — we are overly optimistic about the future. Loss Aversion — we find losses to be more negative than equivalent gains are positive. [15:49] Execs believe it’s significantly more costly to be sustainable because there’s a lot of investment and you don’t get a lot of payback. Loss aversion overpowers the potential gains an organization might get. [16:19] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. The virtual workshop Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S. will be June 20–21, Register by June 19! The three-part virtual workshop on data risk management will be June 15. See the link. [17:48] The webinar Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies will be on June 22, 2023. Scott Fenstermaker of RIskonnect will lead the session. Scott tells about the webinar featuring Chip Hargrave of Walmart. [20:54] El describes ways to work with biases. Knowing what influences our decisions can help us to r