Risk Manager

Insurance is already part of everything you do.

Find your career in it.

RISK MANAGER

What do Risk Managers do?

Risk managers or analysts specialize in identifying potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance. In other words, they coordinate loss control systems for organizations and businesses which may include disaster recovery plans and emergency evacuations. Risk managers also:

Direct the purchase of insurance programs
Manage claims and loss control activities
Manage relationships with third party service providers including brokers and insurers
Prepare loss analyses and budgets
Identify exposures, recommend solutions, implement approved programs, promote loss prevention, update and monitor compliance with insurance procedures and manage safety/risk management manuals.

Risk managers may work directly for large companies or independently as consultants, providing risk management services.

Is this career for you?

Do the following statements accurately describe you?

You are currently enrolled in a general arts, education, humanities or a business program at the post-secondary level
Your current program of study requires the ability to communicate complex ideas, critical thinking, time-management and organization
You have strong communication and interpersonal skills
You are self-motivated, outgoing, open-minded, and enjoy learning new things
You have excellent verbal and written communication skills
You have strong analytical and judgment skills and pay attention to detail
You have (or had) a part-time job that involves decision-making and problem-solving, interpersonal and communication skills, such as a nurses aide, restaurant server or retail sales associate

If you answered yes to these statements, then a career as a risk manager might be the perfect fit!

How do I get there?

A combination of the following qualifications would be helpful in gaining employment in the property and casualty insurance industry.

College/University

A college diploma or university degree in engineering science, commerce, business management and judicial studies are acceptable for entry into the profession, though those who have earned a degree or specialization in risk management are at a distinct advantage.

Licensing

There are no licensing requirements for this career at time of publication.

Professional Qualifications

The Canadian Risk Management (CRM) designation is recommended for a role in risk management. Learn more.

The Insurance Institute's Chartered Insurance Professional (CIP) is the property and casualty insurance industry’s comprehensive professional program focusing on technical and applied career specific knowledge. Completion of the CIP with a concentration in Claims courses would be an asset in professional development and in gaining understanding of the claims process. Learn more.

The Insurance Institute's Fellow Chartered Insurance Professional (FCIP) is the property and casualty insurance industry’s premier designation denoting a level of professionalism above the CIP. Learn more.

What does the future hold?

Earning potential for this role depends on education, experience, and geographic region. Much weight is given to those with specialized experience either in fire, health and safety, liability, or law. Many companies offer performance-linked bonuses.

Employment opportunities for risk managers are expected to increase. The increase will be largely due to the need for organizations to develop disaster recovery plans and pandemic response plans. Risk management will also need to replace retiring workers and meet the needs of an increasing population. This will create a substantial number of job openings and opportunities.

Risk managers have a lot of choice when it comes to choosing an employer. Risk managers are hired by oil and gas companies, rental car companies, schools, insurance companies, construction companies and much more. Other roles within this field are:

Risk Analysts
Risk Advisors
Safety Consultant
Loss Control Specialist
Workers’ Compensation Claims & Insurance Manager
Risk Consultants
Environmental Risk Assessment Specialist
Risk Analyst Engineer
Director of Corporate Risk
Nuclear Safety Advisor
Credit Risk Analyst
Chief Risk Officer
And much more.

Additional Resources for this role are available from the Insurance Institute and the Risk and Insurance Management Society, Inc - RIMS Canada Council.