What Is a Risk and Insurance Manager and How to Become One
Table of Contents
What Does a Risk and Insurance Manager Do?
As a risk and insurance manager, you have the combined duties of a risk manager and an insurance manager. Risk management is the practice of controlling risk through tactics that offset the likelihood of financial loss. Insurance management, on the other hand, is used to develop ways to limit or those losses by purchasing insurance against risks, such as disability payments or employee accidents. Your combined responsibilities as a risk and insurance manager revolve around reducing risk while developing safety nets to prevent loss on risks the company does take. This is especially crucial in corporate risk management, in which you are often dealing with risky investments on which the company is unwilling to take a full loss.
How Can I Become a Risk and Insurance Manager?
To become a risk and insurance manager, you need to have a bachelor’s degree in economics, finance, or accounting and significant work experience in corporate risk management. Increasingly, according to the Bureau of Labor Statistics, companies are looking for managers with advanced qualifications, such as a master’s degree in business administration, finance, or economics. In addition to your education, there are several certification programs in which you can enroll, such as the Certified Risk Manager certificate. Certification can demonstrate your competence and can be useful for career advancement.
