Risk managers help to assess potential risks and advise on how to avoid or reduce those risks. They can be involved in identifying, evaluating and reporting risks to various parties, including underwriters, loss adjusters and business heads, to ensure they’re aware of risks relevant to their function.
Risk managers ensure that effective frameworks are put in place to deal with risk and ensure compliance with legal requirements.
Degrees in risk management, economics, business, law, insurance or management can be helpful, but no specific degree is required.
It is possible to enter the profession as a trainee risk analyst at a brokerage, but risk management most often attracts mature entrants, as those with commercial and/or insurance sector experience are preferred. Some companies ask for as much as five years of underwriting experience.