Beyond Diversification: Strategic Risk Insights for Modern Portfolios

Beyond Diversification: Strategic Risk Insights for Modern Portfolios

In this episode of Masters of Risk, host Stewart Webster sits down with Karan Sood, Co-Founder and CEO of Vest, to challenge one of the most widely accepted principles in investing: diversification. Karan introduces the concept of "outcomes-based investing" and explains how Vest is leveraging derivatives to engineer defined outcome ETFs—investment strategies that explicitly shape risk and return profiles. By capping upside, buffering downside, and stabilizing income, these products aim to give investors something markets rarely offer: predictability. Drawing on his deep experience in structured products and options-based strategies, Karan breaks down how derivatives can function as a form of "insurance" within portfolios—transferring risk rather than simply spreading it. He also explores the hidden fragility beneath modern portfolios, arguing that traditional diversification may create a false sense of security in a world where correlations spike precisely when protection is needed most. Together, Stewart and Karan unpack the structural risks embedded in today's markets—from concentration within major indices to the growing illusion of diversification—and discuss why investors may be overcrowding the very strategies they believe mitigate risk. A thought-provoking conversation for asset managers, risk professionals, and financial advisors seeking to rethink portfolio construction, challenge long-held assumptions, and build more resilient investment strategies in an increasingly interconnected market. Credits: • Host: Stewart Webster • Guest: Karan Sood, Co-Founder and CEO of Vest [https://www.vestfin.com/about-us/bio/KaranSood] • Editor: Carl Schmidt • Producer: Caitlin Bray • Published with Assistance From: Sophie Carr and Feranmi Adeoshun

Bias, Blind Spots, and Bottom Lines: Reframing AI Risk in Financial Services

In this episode of Masters of Risk, host Stewart Webster sits down with Kareem Saleh, Founder and CEO of FairPlay AI, to unpack one of the most critical and underexamined risks in modern finance: algorithmic bias. As artificial intelligence becomes central to everything from lending decisions to fraud detection, Kareem explains why the promise of "objective" algorithms often falls short—and how hidden biases can quietly shape outcomes at scale. Drawing on his experience across global credit markets, Kareem reveals how unfairness enters AI systems—from flawed data to model design to real-world deployment—and why organizations that fail to address it are exposing themselves to financial, regulatory, and reputational risk. Together, Stewart and Kareem explore the misconception that fairness comes at the expense of performance, showing instead how more equitable models can unlock growth, improve accuracy, and expand access to capital. They also dive into the future of work in the age of AI, the need for modern governance infrastructure, and why fairness is quickly becoming a defining competitive advantage. A compelling listen for executives navigating AI adoption, risk leaders rethinking model governance, and anyone seeking to build more responsible—and more profitable—AI systems. Credits: * Host: Stewart Webster [https://www.spglobal.com/en/who-we-are/about-sp-global/our-people/stewart-webster#q=&rows=20&pagenum=1&sort=es_unified_dt%20desc] * Guest: Kareem Saleh [https://www.linkedin.com/in/kareemsaleh], Founder and CEO of FairPlay AI [https://fairplay.ai/team/] * Editor: Neri Reyes * Producer: Caitlin Bray * Published With Assistance From: Sophie Carr, Feranmi Adeoshun, Patrick Moroney, Barb Dalumpines, Cassandra Rowe

From Compliance to Catalyst: How Enterprise Risk Management is Evolving for a Volatile World

In this episode of Masters of Risk, host Stewart Webster sits down with Chrystina Howard, ERM leader for the Complex Risk Practice at HUB International, to explore how enterprise risk management is transforming in an era defined by volatility, interdependence, and systemic shocks. Chrystina brings decades of experience at the intersection of insurance, strategy, and complex risk, helping organizations navigate everything from geopolitical tensions and climate extremes to cyber escalation and workforce instability. Together, Stewart and Chrystina examine why ERM can no longer be treated as a compliance exercise and how leading organizations are using it as a strategic capability, one that unifies risk awareness, drives resilience, and strengthens competitive advantage. Their conversation spans the full risk horizon: alternative risk financing, the resurgence of parametric insurance, global regulatory pressures, the fragility of traditional insurance markets, and the critical role of culture in building risk‑mature organizations. Chrystina also shares a candid look at the risks keeping leaders up at night, from escalating cyber threats to declining employee wellness, and explains why the organizations positioned to thrive aren't the ones predicting every disruption, but the ones preparing to adapt to any disruption. A must-listen for executives seeking to modernize their approach to risk and unlock the full potential of ERM in a world where crises rarely occur alone. Credits: * Host: Stewart Webster [https://www.spglobal.com/en/who-we-are/about-sp-global/our-people/stewart-webster#q=&rows=20&pagenum=1&sort=es_unified_dt%20desc] * Guest: Chrystina Howard [https://www.linkedin.com/in/chrystina-howard-26300814b/] * Editor: Feranmi Adeoshun * Producer: Caitlin Bray * Published With Assistance From: Sophie Carr

Beyond Volatility: Inside the Hidden Risks and Rewards of Crypto Markets

In this episode of Masters of Risk, host Stewart Webster sits down with Ali Hassan, investor, entrepreneur, and founder of Perceptive Capital, to dissect the accelerating institutional movement into digital assets. Ali reflects on the early misconceptions surrounding Bitcoin and crypto and shares how risk frameworks have evolved as the market matures, infrastructure hardens, and regulatory uncertainty fades. Their discussion spans the full risk universe: exchange fragility, leverage, custody, smart‑contract vulnerabilities, the role of Decentralized Finance (DeFi) in global financial inclusion, and the growing belief that Bitcoin represents one of the most asymmetric return opportunities of our time. Stewart and Ali also look ahead to 2045, exploring which digital assets will survive, which will vanish, and what a world built on programmable money might mean for investors. A compelling roadmap for anyone seeking clarity in a rapidly shifting financial ecosystem. Credits: * Host: Stewart Webster [https://www.spglobal.com/en/who-we-are/about-sp-global/our-people/stewart-webster#q=&rows=20&pagenum=1&sort=es_unified_dt%20desc] * Guest: Ali Hassan [https://www.linkedin.com/in/alihassan91/] * Editor: Feranmi Adeoshun * Published With Assistance From: Sophie Carr and Caitlin Bray

System Shock: AI, Misinformation, and the New Age of Fragility

Kicking off Season 4 of Masters of Risk, host Stewart Webster sits down with risk expert Michelle Sartain, President, Marsh US and Canada, for a deep dive into the volatile U.S. risk landscape They explore the top threats identified by business leaders, including economic uncertainty, declining workforce health, the rapid spread of misinformation, the dual-edged sword of Artificial Intelligence, and systemic supply chain fragility. The conversation emphasizes the profound interconnectedness of these modern risks, where vulnerabilities in one area can trigger cascading consequences across social, operational, and political domains. Stewart and Michelle discuss the critical need for organizations to build resilience and adopt cross-functional strategies to anticipate, manage, and mitigate shocks in an unpredictable world. Don't miss this essential guide to navigating the complex fragilities of today's business environment. Credits: * Host: Stewart Webster [https://www.spglobal.com/en/who-we-are/about-sp-global/our-people/stewart-webster#q=&rows=20&pagenum=1&sort=es_unified_dt%20desc] * Guest: Michelle Sartain [https://www.linkedin.com/in/michelleasartain/] * Editor: Feranmi Adeoshun * Published With Assistance From: Sophie Carr and Caitlin Bray www.spglobal.com/market-intelligence [https://www.spglobal.com/market-intelligence] www.spglobal.com [https://www.spglobal.com/]