Transcript Document

Forging a Risk Management Career
Path: How Industry Leaders Are
Developed
Recording of this session via any media type is strictly prohibited.
Page 1
• Mark Millard
Senior Manager, Ernst & Young, LLP
• Richard Meyers
CEO, Richard Meyers & Associates, Inc.
• James Hills
Risk Finance and Insurance Analyst
Wilbur-Ellis Company
Recording of this session via any media type is strictly prohibited.
Page 2
What to Expect
• Review of the historical risk manager’s role
• Risk manager’s career growth and
development (basic to advanced)
• Overview of technical and intangible tools
that make a good risk manager great
• An appreciation of risk and change as positive
tools for competitive advantage
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Page 3
Progression of risk management role
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Historical/traditional
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RM as insurance buyer (financial scope: reduce premium)
Progressive
o
Elements of risk financing and loss control (financial scope: use of
risk financing and loss control to lower the total cost of risk)
Strategic
o
Business risk manager – Managing, measuring, advising on insurable
and non-insurable risk (financial scope – prudent risk taking –
maximizing profit and minimizing losses with good claims and loss
control oversight)
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Page 4
Communication – listen and learn
• Learn the language and the terms
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Insurance
Legal / contractual
Financial / investment
Insurance ratings
• What are the key stakeholders at your company
telling you about their view on exposures? How
are you responding?
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Page 5
Communication – speak and lead
• Do you take advantage of opportunities to speak at
internal and external presentations?
• Do you present an overview of your insured and
self-insured programs to senior leadership and the
Board of Directors
• Are you the dominant speaker at insurance
program renewal or marketing meetings on your
risk profile? Could you do it yourself without a
broker?
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Page 6
Skillsets – growing into the role
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Build on what you know
Solid risk identification and mitigation skills
Insurance program management
Claims management
Vendor management
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Page 7
Skillsets – growing out of the role
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Board presentations
Merger and acquisition involvement
Risk audits / enterprise risk management
Risk committee
Alternative risk transfer techniques
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Risk financing tools
Contractual risk transfer
Loss control
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Page 8
Education
• Is a CPCU worth the effort
• Is a JD or MBA worth the cost
• Specialized certification programs for focused areas
(healthcare, construction, claims, captive
management, etc.)
• Professional development courses (RIMS, AMA,
ABA, ICCE)
• Stay educated and connected (conferences,
advisory boards, etc.)
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Page 9
Career or stepping stone
• Grow inside the function
• Is their room to grow within the function?
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Management of insurance team
Officer of the company
Opportunity to assume other functions (safety,
environmental, benefits)?
• Is their room to grow out of the function
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CRO, COO, CGC, Treasurer, CFO
Operations
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Page 10
RIMS Growth Model
Professional growth model (RIMS)
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A matrix of necessary communication, business and
strategic management skills reflecting various career
stages
Information at:
http://www.rims.org/resources/QualityProgram/Docum
ents/RM_professional_growth_model_brochure.pdf
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Page 11
Top ten tips
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Create annual achievable
stretch goals
Build on those goals
annually
Add a challenge that
overlaps business and
other uses
Take advantage of
speaking opportunities
Embrace technology
• Promote yourself creatively
• Share successes
• Update your resume
periodically
• Create a benchmarking
group with peer companies
• Get involved with
networking opportunities
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Page 12
Additional considerations
• Be transparent and proactive with communication
• Establish a risk committee
• Create a blindside list, rank items by probability and
dollar impact. Establish appropriate mitigation
plans
• Create a risk management intranet site
• Develop a process and control framework and
document appropriately
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Page 13
Final thoughts
• Career development strategies are as important as
business strategies
• Be creative and proactive
• Look for growth opportunities and demonstrate
capabilities for advancement
• Keep continuing education as a high priority
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Page 14
Questions?
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