Insurance Risk Management Training

The road to credentials.

Professionals demonstrate their expertise through academic credentials whether in the form of college degrees or designations. Insurance risk managers validate their commitment by earning certification through recognized industry course study, such as the Risk and Insurance Management Certificate offered by RIMS and the Associate in Risk Management from the AICPCU. Some universities offer courses in risk management up to the doctoral level.

Insurance Risk Management

Risk managers investigate thoroughly.

Insurance risk management involves the process by which management identifies, analyzes, measures, reduces or transfers risk. The insurance risk manager controls the company's fortuitous losses, so this manager provides input to operations, training, worker selection and loss control. The insurance risk manager reviews cash flow and credit matters as well. Any claim or loss bears investigation to find root causes and eliminate or reduce the hazard.

Associate in Risk Management (ARM)

Gain personal pride with a certificate.

The ARM designation requires the candidate to complete three knowledge-based courses: risk assessment, risk control and risk financing. The risk assessment course material concerns the process from risk identification to risk measurement and its effects on the corporate bottom line. Risk control reviews the list of potential losses and determines the management procedure or process needed to reduce the likelihood of loss, or reduce the potential size of the loss. Risk financing create levels of tolerance for risk, such as deductibles or self-insurance, which can fund potential losses.

Risk and Insurance Management Certificate

Workshops promote teamwork.

The RIMS certificate curriculum adds workshops to classroom study. Participants either complete a college-level course in risk management or study two courses offered by RIMS to gain fundamental knowledge. A two-day workshop on enterprise risk management provides the larger view. The RIMS certification requires participation for 10 days in workshops, symposia or courses covering a variety of subjects and specialties. Securing either certificate verifies the candidate's professionalism and commitment to the insurance industry.

University Study

Insurance graduates enjoy favorable employment prospects.

Several leading universities offer undergraduate and graduate-level programs in insurance risk management. For example, Florida State University's program terminates at the doctoral level. Whether pursuing certification or completing a degree at a university, most insurance companies reimburse this type of tuition; however, the candidate uses her own time. The graduate gains resume power and greater mobility within the insurance industry, a consistently good industry with many opportunities.

References

• "Essentials of Risk Management", 3rd Edition. Head and Horn. 1997.
• Why Earn the Associate in Risk Management Designation?
• What is a Risk and Insurance Management (RIMS) Certificate?

Resources

• Saint Joseph's University: Professional Insurance Certification Programs
• The Florida State University: Risk Management/Insurance