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Navigating Risk Management Career Development

Explore the evolution of risk management roles, essential skills, education options, and career paths. Learn effective communication, skillset enhancement, and growth strategies in the industry. Embrace challenges and stay proactive for advancement.

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Navigating Risk Management Career Development

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  1. Forging a Risk Management Career Path: How Industry Leaders Are Developed

  2. • Mark MillardSenior Manager, Ernst & Young, LLP • • Richard MeyersCEO, Richard Meyers & Associates, Inc. • • James Hills Risk Finance and Insurance Analyst • Wilbur-Ellis Company

  3. What to Expect • Review of the historical risk manager’s role • Risk manager’s career growth and development (basic to advanced) • Overview of technical and intangible tools that make a good risk manager great • An appreciation of risk and change as positive tools for competitive advantage

  4. Progression of risk management role • Historical/traditional • RM as insurance buyer (financial scope: reduce premium) • Progressive • Elements of risk financing and loss control (financial scope: use of risk financing and loss control to lower the total cost of risk) • Strategic • Business risk manager – Managing, measuring, advising on insurable and non-insurable risk (financial scope – prudent risk taking – maximizing profit and minimizing losses with good claims and loss control oversight)

  5. Communication – listen and learn • Learn the language and the terms • Insurance • Legal / contractual • Financial / investment • Insurance ratings • What are the key stakeholders at your company telling you about their view on exposures? How are you responding?

  6. Communication – speak and lead • Do you take advantage of opportunities to speak at internal and external presentations? • Do you present an overview of your insured and self-insured programs to senior leadership and the Board of Directors • Are you the dominant speaker at insurance program renewal or marketing meetings on your risk profile? Could you do it yourself without a broker?

  7. Skillsets – growing into the role • Build on what you know • Solid risk identification and mitigation skills • Insurance program management • Claims management • Vendor management

  8. Skillsets – growing out of the role • Board presentations • Merger and acquisition involvement • Risk audits / enterprise risk management • Risk committee • Alternative risk transfer techniques • Risk financing tools • Contractual risk transfer • Loss control

  9. Education • Is a CPCU worth the effort • Is a JD or MBA worth the cost • Specialized certification programs for focused areas (healthcare, construction, claims, captive management, etc.) • Professional development courses (RIMS, AMA, ABA, ICCE) • Stay educated and connected (conferences, advisory boards, etc.)

  10. Career or stepping stone • Grow inside the function • Is their room to grow within the function? • Management of insurance team • Officer of the company • Opportunity to assume other functions (safety, environmental, benefits)? • Is their room to grow out of the function • CRO, COO, CGC, Treasurer, CFO • Operations

  11. RIMS Growth Model • Professional growth model (RIMS) • A matrix of necessary communication, business and strategic management skills reflecting various career stages • Information at: http://www.rims.org/resources/QualityProgram/Documents/RM_professional_growth_model_brochure.pdf

  12. Top ten tips • Create annual achievable stretch goals • Build on those goals annually • Add a challenge that overlaps business and other uses • Take advantage of speaking opportunities • Embrace technology • Promote yourself creatively • Share successes • Update your resume periodically • Create a benchmarking group with peer companies • Get involved with networking opportunities

  13. Additional considerations • Be transparent and proactive with communication • Establish a risk committee • Create a blindside list, rank items by probability and dollar impact. Establish appropriate mitigation plans • Create a risk management intranet site • Develop a process and control framework and document appropriately

  14. Final thoughts • Career development strategies are as important as business strategies • Be creative and proactive • Look for growth opportunities and demonstrate capabilities for advancement • Keep continuing education as a high priority

  15. Questions?

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