Insurance and Risk Management Concentration - Explained
What is an Insurance and Risk Management Major in Business School?
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Table of ContentsWhat is an Insurance and Risk Management Concentration?Common Insurance and Risk Management CoursesInsurance and Risk Management OrganizationsInsurance Industry CertificationsCommon Risk Management Careers
What is an Insurance and Risk Management Concentration?
Risk management is all about identifying, analyzing, assessing, controlling, avoiding, minimizing, or eliminating unacceptable hazards. The specific duties of a risk manager will depend on the types of risks that the company is faced with. In general, the common types of risks that fall under the responsibility of risk managers include:
- Financial risks
- Credit risks/loan defaults
- Liquidity risks
- Safety risks
- Manpower risks
- Operational risks
- Legal risks
- Environmental risks
- Losses on securities
Some individuals work to contain risk within an organization. Insurers seek to assess risk when providing coverage.
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Common Insurance and Risk Management Courses
- Introduction to Risk and Insurance - Basic principles of risk management and insurance. Examination of the role of insurance in the treatment of risk.
- Fundamentals of Insurance Planning - Basic principles of life and health insurance and annuities, policy provisions and innovations, and related financial planning.
- Value Analysis in Insurance and Risk Management - Covers the basics of corporate value analysis as used by insurance institutions and in determining premium and actuarial decisions.
- Insurance Operations - Examination of the composition, financial structure, and operations of the insurance industry. Special consideration is given to consumer problems and solutions.
- Risk Management Theory and Practice - Course integrates Enterprise Risk Management (ERM) processes for handling business risks faced by organizations including property and liability risks, and international loss exposures, with an emphasis on risk identification and analysis with alternative methods of risk control. Course integrates risk financing techniques.
- Legal and Political Aspects of Insurance and Risk Management - Conceptual and institutional foundations underlying the regulation of the insurance industry at the national and international levels, financial oversight of insurers, and the regulation of insurance prices, products, and market conduct.
- Insurance in Estate Planning - Covers various aspects of insurance and its role in estate planning. Particularly, the use of annuities and whole life policies to avoid estate taxes and the probate process.
- Group Benefits - Analyzes group insurance benefits including the governmental environment, contract provisions, marketing, underwriting, rate making, plan design, cost containment and alternative funding methods.
- Property Insurance and Application - Study of business insurance problem evaluation and planning with proposed solutions utilizing comprehensive coverage package programs.
- Corporate Risk Management - Tools and concepts used by corporations in managing all types of risk with a focus on the use of derivatives and insurance. Analysis of when risk reduction is beneficial.
- Casualty Insurance and Application - Examines property and liability loss exposures and their management, with primary emphasis on insurance.
Insurance and Risk Management Organizations
- IRM, Institute of Risk Management - The IRM is the leading professional body for Enterprise Risk Management. We help build excellence in risk management to improve the way organisations work. We provide globally recognised qualifications and training, publish research and thought leadership and set professional standards, which define the knowledge, skills and behaviours today's risk professionals need to meet the demands of an increasingly complex and challenging business environment. IRM members work in many roles, in all industries and across the public, private and not-for-profit sectors around the world. We are independent and not-for-profit.
- PRMIA, Professional Risk Management International Association - Established in 2002 by a volunteer group of risk industry professionals, our mission is to provide an open forum for the development and promotion of the risk profession. To accomplish this mission, the objectives are: To be a leader of industry opinion and a proponent for the risk management profession. Drive the integration of practice and theory and certify the credentials of professional risk managers. Connect practitioners, researchers, students and others interested in the field of risk management. Be global in focus, promoting cross-cultural ethical standards, serving emerging as well as more developed markets. Work with other professional associations in furtherance of our mission
- ASHRM, American Society for Healthcare Risk Management - ASHRM promotes effective and innovative risk management strategies and professional leadership through education, recognition, advocacy, publications, networking and interactions with leading health care organizations and government agencies. ASHRM initiatives focus on developing and implementing safe and effective patient care practices, the preservation of financial resources and the maintenance of safe working environments.
- PRIMA, Public Risk Managers Association - The Associations mission is to promote effective risk management in the public interest as an essential component of public administration. Headquartered in Alexandria, VA, PRIMA is the largest risk management association dedicated solely to the practice of risk management in the public sector. PRIMAs membership is made up of more than 1200 entities. PRIMAs members coordinate risk management, purchase insurance, manage human resources, administrate safety and environmental programs, manage labor issues, handle parks and recreation programs and much more. They adhere to a strict code of ethics, a standard of professional conduct as it applies to member work-related activities.
- PURMA, Public Utilities Risk Management Association - Founded to provide risk management and insurance services to municipal utilities. As a Member-driven Association, PURMAs vision and objective is to be perceived and utilized by its members as their own in-house risk management resource or department.
- RIMS, Risk & Insurance Management Society Inc. - organization dedicated to promoting the profession of risk management, RIMS, the risk management society, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries.
- URMIA, University Risk Management & Insurance Association - The University Risk Management and Insurance Association (URMIA) is an international non-profit educational association serving colleges and universities. Our core purpose is to promote the advancement and application of effective risk management principles and practices in institutions of higher education. Our membership includes thousands of professionals at more than 600 institutions of higher education and 100 companies supporting those institutions.
- AIRMIC, Association of Insurance & Risk Managers - Airmic is the association for everyone who has a responsibility for risk management and insurance for their organisation. Members include company secretaries, finance directors, internal auditors as well as risk and insurance managers. We support our members in a range of ways: Through training and research, By sharing information, Through our diverse special programme of events, By encouraging best practise, By lobbying on subjects that directly affect risk managers and insurance buyers
- ALARM, Association of Local Authority Risk Managers - We want to: Develop industry leading best practice for those managing risk and insurance. Represent the interests of risk professionals and our members. Promote excellence in risk management across the UK. We practice what we preach, and our leadership team are all highly experienced risk professionals here to help you achieve your goals. We provide a strong voice for our members and considered, practical solutions.
- AGRIP, Association of Government Risk Pools - AGRiP energizes the power of pooling, making member organizations more effective, collaborative, and informed. We do this by: Representing and connecting all pooling organizations, Providing education, resources and best practices, Developing and sharing the best of each member. We share a passion with members to advance pooling as an industry, serving as the go-to resource to find answers and build connections among pooling peers. Connecting member organizations means we bring the brightest minds and ideas together to help us all make pooling successful.
- ARIA, American Risk & Insurance Association - The American Risk and Insurance Association (ARIA) is a community of academics, scholars, professionals and industry veterans committed to advancing the risk management profession through conferences, research, and recognition. ARIA publishes two peer-reviewed journals and hosts an annual conference.
- AICPCU-IIA, American Institute for CPCU and Insurance Institute of America - As the knowledge partner that best provides educational activities related to risk management and property-casualty insurance, The Institutes have been meeting the publics changing insurance needs with customer-driven products and services for more than 100 years. By offering innovative educational, research, networking and career resource solutions, we prepare people to fulfill their professional and ethical responsibilities and empower risk management and insurance professionals to help those in need. We offer a wide variety of risk management and insurance courses, programs and professional development opportunities to fill knowledge gaps at any level and in a variety of functional areas.
- CICA, Captive Insurance Companies Association - CICA brings together the best of the captive industry to provide the foremost education, networking and leadership for captive and risk retention group professionals. Through CICA's personal network focused on the common issues that concern captives and risk retention groups, members are constantly exploring new ways to broaden the use of their captives to increase flexibility in program design, stabilize long-term program costs and increase access to both domestic (U.S.) and offshore reinsurance capacity.
- IRMI, International Risk Management Institute - IRMI helps insurance and risk management professionals do a better job by providing Content, Conferences, Continuing Education, and Certifications.
- NRRA, National Risk Retention Association - The National Risk Retention Association was formed in September 1987 as a 501 (c)(6) non-profit trade association and is the only national association dedicated to the successful development, education and promotion of U.S. domiciled alternatives to traditional liability insurance. NRRA provides a forum where the countrys most knowledgeable individuals in risk retention insurance may exchange valuable and timely information. NRRA has a long history of successful legal and regulatory representation of the interests of risk retention and purchasing group liability insurance programs.
- Nonprofit Risk Management Center - The Nonprofit Risk Management Center inspires effective risk management and Risk Champions across the nonprofit sector. We enable nonprofit leaders to identify and manage risks that threaten their missions and operations, while empowering them to leverage opportunities and take bold, mission-advancing risks.
- PERI, Public Entity Risk Institute - The Public Entity Risk Institute (PERI) is an independent thought leader and definitive resources for risk management, serving public entities, small businesses and small nonprofit organizations.
- SRA, Society for Risk Analysis - Risk analysis is broadly defined to include risk assessment, risk characterization, risk communication, risk management, and policy relating to risk. Our interests include risks to human health and the environment, both built and natural. We consider threats from physical, chemical, and biological agents and from a variety of human activities as well as natural events. We analyze risks of concern to individuals, to public- and private-sector organizations, and to society at various geographic scales. Our membership is multidisciplinary and international.
Insurance Industry Certifications
- Associated Risk Management Professional (ARMP) Certified by DRI: For those in any field with under two years of risk management experience, ARMP certification supports proficiency at the entry level with knowledge in risk management. Designed for individuals who have not yet gained advanced experience, their certification shows that they have acquired knowledge. Certification is linked to higher salaries and marketability.
- Certified Business Continuity Professional (CBCP) Certified by DRI: Applicants for CBCP are professionals who have been working as industry leaders in disaster recovery and/or business continuity and want the recognition and marketability that comes with certification. It is the most widely recognized business continuity certification in the world.
- Certified Construction Industry Financial Professional (CCIFP) Certified by ICCIFP: The only certification for construction financial professionals, The CCIFP designation is accredited by the American National Standards Institute (ANSI). The CCIFP provides verification by a third party of ethical financial management, an essential asset in todays complex construction environment.
- Certified in the Governance of Enterprise IT (CGEIT) Certified by ISACA: Considered a prerequisite by many companies and government agencies for employees involved with enterprise IT governance, this certification is for IT professionals who already have deep knowledge of principles and practices. Certificants align IT with business strategies and goals and enhance the value of their organizations through governance and risk-optimization measures.
- Certified Information Systems Auditor (CISA) Certified by ISACA: A recognized certification for information systems audit control throughout the world, the CISA is for experienced security and assurance professionals. Being CISA-certified demonstrates knowledge, skills, and the ability to assess risk, report on compliance, and institute controls within the organization.
- Certified Information Security Manager (CISM) Certified by ISACA: As the need for information security management professionals escalates, the globally-accepted CISM certification is a standard sought by enterprise and government agencies. They increasingly expect IT and information systems professionals to hold CISM certification and favor it because it assures a holistic view of information systems security management and its relationship to the success of the entire enterprise.
- Certified Professional in Healthcare Risk Management (CPHRM) Certified by AHA and ASHRM: The CPHRM is offered to healthcare risk managers by the American Hospital Association with certification services provided by ASHRM. It proves that health care risk managers have the deep, healthcare-specific knowledge and practical skills needed to excel in an increasingly competitive healthcare marketplace.
- Certified Regulatory and Compliance Professional (CRCP) Certified by FINRA Institute at Wharton: Developed by FINRA, the largest independent regulator for all securities firms doing business in the United States, the CRCP program is the premier executive program designed specifically for compliance and securities industry regulatory professionals. The CRCP program provides a unique learning experience for participants. Its intended for compliance professionals, regulatory, legal, and compliance staff, business-line professionals with increasing compliance responsibilities, and state, federal, and international regulators.
- Certified Risk Manager (CRM) Certified by the NAIER: CRM designation demonstrates that professionals are steeped in all areas of managing exposures, risks, and hazards. Individuals in risk management and the related fields of accounting, claims, human resources, finance, insurance, law, and loss-control benefit from the coursework and certification. It provides in-depth knowledge about identifying, analyzing, controlling, financing, and administering operational risks in every sector and circumstance.
- Certification in Risk Management Assurance (CRMA) Certified by CRMA: CRMA recognizes experienced individuals who are involved with risk management and assurance, quality assurance, governance, and control self-assessment. CRMAs are trusted advisors to members of audit committees and senior management in large organizations.
- Certified Risk Management Professional (CRMP) Certified by DRI: CRMP is for individuals who have a specific background in the practice of risk management and a minimum of two years in the field. It validates that the professional has the foundation of experience and knowledge needed to implement and manage a business risk management program.
- Certified in Risk and Information Systems Control (CRISC) Certified by ISACA: This certification is for IT professionals who oversee the development, implementation, and maintenance of information systems controls designed to secure systems and manage risk. Increasingly sought after by enterprises, a CRISC holder understands business risk and has the technical skills and knowledge to implement appropriate information systems controls.
- Enterprise Risk Management Certified Professional (ERMCP) Certified by ERMA: ERMCP certification is based on the ISO 31000 Risk Management International Standard and is intended for professionals with extensive risk management experience. Companies throughout the world are in search of practitioners who can apply international standards to comprehensively manage risks at technical, managerial, or strategic levels of the organization.
- Energy Risk Professional (ERP) Certified by GARP: ERP is the only professional energy risk designation. ERPs work with consulting and technology firms with energy-related practices, energy enterprises, financial institutions with direct and indirect investments in energy, and government agencies. The certification process assesses a professionals knowledge of the energy markets and ability to manage the financial and physical risks in the complex energy environment. Coursework provides a comprehensive view of all major energy markets, an understanding of how diverse energy commodities are structured and traded, and the methods to identify, measure, and manage both physical and financial risks.
- Financial Risk Manager (FRM) Certified by GARP: As the financial industry becomes increasingly concerned about managing risk and more competitive, it is important to have knowledge that conforms to international, professional standards. FRM holders are leaders employed by leading financial institutions with titles such as head of operational risk, director of risk management, and chief risk officer.
- GRC Professional Certification (GRCP) Certified by OECG: Governance, risk management, and compliance professionals, or GRCPs, help organizations function more effectively with their knowledge of corporate governance, enterprise risk management, and compliance with related laws and industry regulations. The GRCP credential covers a wide spectrum of industries and practices with a goal of understanding the big picture of GRC disciplines and how to apply technology to all of it.
- ITIL Expert (ITIL) Certified by ITIL/Axelos: ITIL certifications are aligned with the ITIL framework, which describes best practices for designing, implementing, and managing IT service projects. Certifications are known as qualifications in the ITIL realm. An ITIL expert supports an organization by connecting service life-cycle stages and seeing the big picture as the total sum of its parts.
- Operational Risk Manager (ORM) Certified by PRMIA: ORMs have a deep understanding of financial institutions measurement methodologies and operational risk management frameworks. An ORM certification is relevant to all risk-related financial services roles. Knowledge of operational risk management techniques is increasingly important to sales and services staff from both a conduct and process perspective in their dealings with market counterparts and clients.
- PMI Risk Management Professional (PMI-RMP) Certified by PMI: The PMI-RMP endorses a practitioners ability to identify and manage project risks, mitigate threats, and take advantage of opportunities. The certification is for those with advanced knowledge and experience in risk management. Its also beneficial for project managers who need to focus on risk management for large projects, particularly in complex environments.
- Professional Risk Manager (PRM) Certified by PRMIA: The PRM is valuable for professionals who need to have their competence in risk management techniques, theories, tools, and principles recognized. Endorsed by leading enterprises and universities, the certification is designed for risk managers of all types, financial analysts, and CEOs. Current PRM holders are employed by organizations that include major financial institutions, government agencies, and universities.
Common Risk Management Careers
- Risk Analyst
- Insurance Analyst
- Insurance Broker/Agent
- Loss Control Representative
- Risk Consultant
- Risk Control Consultant
- Risk Management Consultant
- Risk Manager
- Business Risk Manager
- Bank Examiner
- Corporate Risk Manager