Job Responsibilities
Responsibilities:
Administration of cost-effective risk management programs to
protect corporate and business assets. 11.1%
Confer with businesses to provide technical advice and
information on loss exposures, insurance programs and risk
management services. 11.1%
Prepare underwriting submissions, analyze, negotiate and approve
insurance policies, endorsements and premium allocations as well
as budgeting for loss control. 11.1%
Identify and recommend to customers risk management techniques
other than insurance for minimizing exposures to loss. 11.1%
Work with claims administrator to negotiate and monitor P/C
claim settlements to expediently maximize recovery on property
losses and minimize third party payments on liability losses.
11.1%
Conduct ??root cause?? analysis on major risks/claims issues,
trend and analyze data. Develop and conduct presentations on
risk management procedures and objectives. Develop and implement
appropriate intervention to reduce and minimize exposures.
Measure and evaluate results. 11.1%
Review lease agreements, management agreements, vendor contracts
and policies and procedures to identify risks and provide
recommendations for minimizing exposures to losses. 11.1%
Maintain a current knowledge of insurance markets, policies,
coverage extensions, rating plans, retention plans and risk
management information systems to enhance professional decision-
making. 11.1%
Assist management in administering an equitable allocation
program for risk financing expenses to businesses and affiliates
for budgeting and loss control purposes. 11.2%
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Job Requirements
B.S. Degree in business area Insurance focus preferred.
Nationally there are at least 50 accredited programs offering
this course of study or concentration. Most senior positions
require a graduate degree. Equally important are industry
credentials and designations. Prominent among them are the
prestigeous CPCU (Chartered Property Casualty Underwriter)
program and the ARM (Associate in Risk Management) these two
programs are offered through the American Institute in Malvern,
PA. The course of study is normally included within the Finance
Department. Critical skill sets include statistics, accounting,
and a heavy quantitative ability. Course selections must
include property, liability, social, professional and
nontraditional insurance areas.
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Uppers
Independent work - Project Focused Activities that impact others
Variety of Activities - Given the role of Risk Management in the modern
corporation new challenges are emerging daily resulting in complex and diverse
assignments.
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Downers
As this is a new field it does not always have the O level
support needed to execute and succeed in every organization.
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Lifestyle
Depending upon organization and industry.
Travel - Medium
Social - Medium
Dress - Professional
Diversity - General
This area typically reports to the Treasury Dept.
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Compensation
Compensation is a function of experience and organizational size.
Small firms have compensation for 5 yr staff $75-$150k
Large firms have compensation for 5 yr staff $$100k - $200k
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Advice to Jobseekers
Experience as an insurance producer or underwriter is invaluable
to Risk Management as is Civil Engineering, Nursing, and
Accounting. Depending on the size of the firm you may
specialize in Human Capital or Physical Plant and Equip.
A person with a broad range of interests as well as breath in
education will find Risk Management challenging.
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