...recently bought a fully loaded iMac Pro and when I use compressor, it causes the iMac Pro to reboot. I think it's a Kernal panic issue?...The iMac Pro is new. Two weeks old and nothing strange has been loaded on it...don't have anything like a hub attached to it besides my Red Mini Mag reader...
Compressor nor any other app should cause macOS to hang, crash or reboot. I've never seen this on my 10-core iMP and I use FCPX and Compressor a lot. I've seen FCPX crash many times but that's an application-layer crash, not an OS crash.
Do you have any external hard drives, esp. networked or NAS drives? While those should never cause a crash, sometimes an slow or non-responsive I/O device can be implicated in an OS hang or crash. If you boot drive is almost out of drive space that can also cause a crash.
The first approach is run Apple Diagnostics:
https://support.apple.com/en-us/ht202731
That usually won't find anything unless there's a drastic problem, but it's easy to run. If no problems are found, I suggest temporarily eliminating any other I/O devices such as hard drives Red Mini Mag reader. Also make sure you're on the latest version of macOS, FCPX and Compressor. Make sure you have loaded and installed the latest version of Apple Pro Video Formats:
https://support.apple.com/kb/dl1947?locale=en_US, see also:
https://support.apple.com/en-us/ht207249
Make sure you have the latest version of the RED Apple Workflow Installer:
https://www.red.com/downloads?category=Software&release=final
If macOS still crashes or reboots, try to isolate the bounds of the problem. Does it happen with any file just certain ones? Does it only happen when encoding to a specific codec?
Even though the machine is only two weeks old, you could try re-installing macOS. If you decide to erase the machine when doing a network-based install, be advised the T2 Secure Boot feature will not allow this unless you first disable Secure Boot. This is not well documented and Apple support reps may unintentionally walk you through a troubleshooting procedure that leaves your machine non-bootable:
https://www.red.com/downloads?category=Software&release=final
The above steps are straightforward, but I wouldn't spend a vast amount of time troubleshooting it beyond this. Your machine is less than 30 days old and if it's a hardware defect Apple will exchange or refund it within that period. The Apple Genius Bar also has access to much more rigorous diagnostics, including overnight and multi-day stress tests. If it's a hardware problem those are more likely to find it.