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

Forging a Risk Management Career Path: How Industry Leaders Are Developed. • Mark Millard Senior Manager, Ernst & Young, LLP • Richard Meyers CEO, Richard Meyers & Associates, Inc . • James Hills Risk Finance and Insurance Analyst Wilbur-Ellis Company. What to Expect.

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

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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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