Risk Manager

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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?

The following qualifications may be required for a career as a risk manager. Do these statements describe you?

An understanding of business administration, retail sales, and/or marketing
Technical understanding of insurance
Strong interpersonal and communication skills
Self-motivated, outgoing, open-minded and open to learning
Attention to detail and adaptable in a variety of situations
Analytical, with excellent report writing skills
Adept at change and project management
Computer proficiency

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 variety of skill sets are necessary for a career as a Risk Manager. Your experience in one of the fields listed may lead you to a successful career in the insurance industry.

Manufacturing:

Your intimate knowledge of the manufacturing industry and its processes and risks, make you an excellent fit for this career. Some additional technical education may be required and an increased knowledge of the insurance basics will help you to succeed in this role. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Environmental Science:

Your experience working in the environmental science industry allows you to properly identify the environmental risks to which companies may be exposed. Your investigation and research skills suggest you are thorough and you have experience preparing and delivering reports. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Civil Engineering:

Your knowledge of planning, design and building of infrastructure, buildings and homes allows you to see the risks inherent in each. This may make you an excellent candidate for a role as a Risk Manager.A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Mechanical Engineering:

You have detailed knowledge of manufacturing and can identify the risks within the operating processes, which can contribute to making you an excellent fit for a role as a Risk Manager. A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

Chemical Engineering:

Your knowledge of the manufacturing, chemical, energy and environmental industries, along with the risks inherent in each, makes you a great candidate for a role as a Risk Manager specializing in this area.A greater understanding of insurance fundamentals will also help you to excel in this role - set a goal to take the General Insurance Education (GIE) certificate or the Chartered Insurance Professional (CIP) designation offered by the Insurance Institute while you are working in the industry.

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.