Risk Managers

Aspiring risk managers should have five years of experience in risk management, insurance, or related areas.

Communications skills are important for risk managers. They must regularly interact with other departments, such as accounting, engineering, finance, human resources, environmental, legal, research and development, safety, and security. They must also be able to communicate with outside sources, such as attorneys, brokers, union officials, consultants, and insurance agents.

Risk managers must have analytical and problem-solving skills in order to foresee potential problem situations and recommend appropriate solutions. They must be able to examine and prepare reports on risk costs, loss statistics, cost-versus-benefit data, insurance costs, and depreciation of assets.

Knowledge of insurance fundamentals and risk financing is necessary. Risk managers must have an understanding of loss-control issues such as employee health, worker and product safety, property safeguards, fire prevention, and environmental protection.

Management skills help risk managers set goals, plan strategies, delegate tasks, and measure and forecast results. Computer skills and familiarity with business law are also very helpful.