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AI Data Centers
Legal Risk Management
Artificial Intelligence
Insurance
Risk Management
Private Equity
Venture Capital
Operational Resilience
Cybersecurity
Sustainability
Market Volatility
Investment Management
Legal Services
Axiom
Gaming
Natural Gas
Enterprise Risk Management
Fairplay AI
Financial Services
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Welcome to Masters of Risk, a podcast by S&P Global Market Intelligence. I am Stewart Webster, and I'll be your host for the next 30 minutes. Risk evolves fast, especially in the current markets, keeping it top of mind for business leaders today. Join us monthly as we reach across the globe to speak to business leaders about what keeps them up at night. We'll have it here first, whether it's credi... more

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Latest Episodes

In this episode of Masters of Risk, host Stewart Webster speaks with Lionel Jolie, Partner and Head of Credit at J.F. Lehman & Company, about the growing tensions beneath today's private credit markets and the opportunities emerging for disciplined i... more

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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 i... more

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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 c... more

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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, interd... more

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Recent Guests

Lionel Jolievault
Partner and Head of Credit at JF. Lehman & Company
JF. Lehman & Company
Episode: Private Credit Under Pressure: Liquidity, Distress, and Opportunity in Today's Credit Markets
Karan Sood
CEO and co-founder of Vest, defined outcome ETFs and buffer strategies leader
Vest
Episode: Beyond Diversification: Strategic Risk Insights for Modern Portfolios
Karim Saleh
Founder of FairPlay AI, advisor on AI risk in finance
FairPlay AI
Episode: Bias, Blind Spots, and Bottom Lines: Reframing AI Risk in Financial Services
Chrystina Howard
ERM leader of the Complex Risk Practice
HUB International
Episode: From Compliance to Catalyst: How Enterprise Risk Management is Evolving for a Volatile World
Ali Hassan
Founder of Perceptive Capital, a hedge fund focused on digital assets and cryptocurrency markets.
Perceptive Capital
Episode: Beyond Volatility: Inside the Hidden Risks and Rewards of Crypto Markets
Michelle Sartain
President of Marsh US and Canada
Marsh
Episode: System Shock: AI, Misinformation, and the New Age of Fragility
Wish Bakshi
A leading voice in digital infrastructure and the energy behind it.
Episode: AI Data Centers: How Energy Keeps Them Running Part 1
Dr. Jonathan Stringfield
Author of Get in the Game, How to Level Up Your Business with Gaming, Esports, and Emerging Technologies
Microsoft
Episode: The Game Changers for "Gamers"
Annabel Thomas
Founder and CEO of Nc'Nean, a sustainable Scotch whiskey distillery
Nc'Nean
Episode: Nc'Nean Whisky Breaking the Barriers

Host

Stewart Webster
Host of Masters of Risk

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Talking Points

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Private Credit Under Pressure: Liquidity, Distress, and Opportunity in Today's Credit Markets
Q: What risk concerns you the most for the next 12 to 18 months?
The consumer and transmission mechanisms to the consumer, driven by oil price shocks and potential Middle East tensions, plus ongoing macro uncertainty, are the biggest sources of risk that could affect demand and credit stress.
Private Credit Under Pressure: Liquidity, Distress, and Opportunity in Today's Credit Markets
Q: So what type of credit risk metrics do you rely on to decide whether to purchase these secondary loans?
We emphasize liquidity position, free cash flow, investment in their capabilities, and the ability to withstand stress; we look for assets with real value, structural resilience, and the potential for recovery even if liquidity tightens.
Private Credit Under Pressure: Liquidity, Distress, and Opportunity in Today's Credit Markets
Q: And for our audience who doesn't know about your firm, can you talk a little bit about what your firm does, what spaces you invest in?
We are a $9 billion alternative asset manager focused on private equity and private credit, investing across four sectors and primarily providing liquidity to lenders by buying loans from CLOs, direct lenders, and BDCs in both public and private markets.
Beyond Diversification: Strategic Risk Insights for Modern Portfolios
Q: Can you talk a little about Vest and the type of ETF strategies you deploy?
Vest focuses on defined outcome ETFs that embed downside protection, defined income, and defined upside capture by using derivatives. These strategies aim to provide more predictable risk/return profiles, with a range of protection levels (e.g., 10% downside protection with various upside caps) across many risk profiles.
Bias, Blind Spots, and Bottom Lines: Reframing AI Risk in Financial Services
Q: How can AI models be made fairer without sacrificing accuracy or profitability?
There is a widespread misconception that fairness comes at the expense of accuracy; in practice, fairness can be achieved by incorporating information that better represents hard-to-score populations (e.g., cash-flow data) and by explicitly optimizing for both performance and reduced disparities, which often leads to better risk ranking and higher overall performance.

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Frequently Asked Questions About Masters of Risk

What is Masters of Risk about and what kind of topics does it cover?

This show centers on risk across sectors, exploring practical frameworks and real-world challenges that keep leaders up at night. Episodes frequently examine how emerging technologies, data, and market dynamics reshape risk assessment—from defined outcome investments and derivatives-based risk transfer to AI fairness, ERM evolution, and the evolving role of insurance in enterprise resilience. Guests bring senior-level perspectives from finance, technology, insurance, and energy, often pairing strategic discussions with actionable takeaways on governance, liquidity, and risk-ready operations. A notable pattern is the cross-disciplinary lens: investors, risk managers, and corporate leaders discuss both macro trends and on-the-ground implicati... more

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Which podcasts are similar to Masters of Risk?

These podcasts share a similar audience with Masters of Risk:

1. The Credit Edge by Bloomberg Intelligence
2. Unhedged
3. Moody's Talks - Inside Economics
4. Exchanges
5. Odd Lots

How many episodes of Masters of Risk are there?

Masters of Risk launched 3 years ago and published 30 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Masters of Risk?

Recent guests on Masters of Risk include:

1. Lionel Jolievault
2. Karan Sood
3. Karim Saleh
4. Chrystina Howard
5. Ali Hassan
6. Michelle Sartain
7. Wish Bakshi
8. Dr. Jonathan Stringfield

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