Risk Management Degree Overview

Risk management and insurance is the study of methods used by organizations and individuals to identify and analyze the financial risks in order to minimize the potential for loss and increase the potential for gain/profit. Increasingly, risk management is being recognized as an important field of activity by many corporations, hospitals and government units, not just the insurance industry. Effective risk management can lead to successful business practices, effective planning, a reduction in unexpected cost and efficient allocation of money and investments. A degree in risk management and insurance will prepare students to diagnose and manage risks in organizations and provide insurance options to safeguard against liability losses. The degree program is designed to help students develop a working understanding of the risk management process and the interrelationship between insurance theory and practice. In addition to business knowledge, it is helpful for a risk manager to have additional familiarity or education in the industry in which they are performing assessments. Certification as a Financial Risk Manager (FRM), offered by the Global Association of Risk Professionals, can also help to increase career opportunities in the field of risk management.

Risk Management Coursework

The risk management degree program incorporates the study of risk control techniques used to protect an organization's assets from losses.The program includes instruction in casualty insurance and general liability, property insurance, employee benefits, social and health insurance, loss adjustment, underwriting, risk theory, and pension planning. The three career tracks that students can chooseto pursue are life/health insurance, property/liability insurance, or corporate risk management. Courses in the life/health track include medical, dental, prescription drug, life, disability and travel group insurance. Courses in the property/casualty insurance track include business interruption, transportation (i.e. air, automotive, ocean) insurance, or catastrophic (i.e. fire, flood, wind, earthquake, or theft) insurance. Courses in the corporate risk management track include products liability and self-insurance and retention. Other risk management and insurance electives include social insurance, comparative insurance programs, reinsurance, actuarial studies, international studies in insurance, and other related courses. The program also incorporates study of the global environment for insurance, including emerging issues and trends related to international trade and commerce.

Career Opportunities in Risk Management

Because of the diversity of roles and the nature of the job, risk management students come from a variety of backgrounds, such as economics, law, finance and accounting as well as the more traditional arts and sciences. Employment opportunities exist in life and health insurance, property and casualty insurance, and corporate risk management. Specific career opportunities within the insurance industry include underwriters, claims administrators, information systems experts, investment managers, and sales agents. Outside the insurance industry, employee benefit managers, financial planners and risk managers benefit from a degree in risk management. An analyst in client credit management reviews financing proposals, identifies risks, recommends ways of reducing risks and helps in marketing the transaction to both the client and the market. Credit analysts are responsible for conducting detailed risk reviews of the firms credit portfolio in specific locations or industries, assigning credit rankings and identifying key drivers and risks for each client. In credit portfolio solutions, individuals work with marketers, traders and credit executives to facilitate transactions, as well as model and price the counterparty credit risk on derivatives and provide structuring and credit risk mitigation advice. With so much at stake, risk managers tend to enjoy prestige and high salaries.

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