The ABC’s of Insurance Fraud in India
India is one of the biggest markets for insurance companies across the world. However, it also needs to be understood that operating an insurance business in India is not free from risks. This is because insurance companies in India face an abnormally large number of fraud cases. In fact, it is estimated that the Indian […]
What is Agile Methodology and Its Game Changing Promise for the Digital Age
Introduction to the Agile Methodology These days, there’s much buzz around what is known as Agile Method of Working or the Agile Methodology as applied to all types of organizational processes and modes of working. While initially, Agile was introduced for the Software and Technology Development and Release cycles, it has now become a method […]
Adjusting to Changing Organization Culture
The work culture represents the ideologies, principles, policies and beliefs of the organization. The individual’s style of working, his behaviour and ways of interaction also contribute to the culture of the organization. There are several reasons which lead to a change in the organization culture. Change in management, poor financial conditions, revisions in goals and […]
Houses Path Goal Theory
The theory was developed by Robert House and has its roots in the expectancy theory of motivation. The theory is based on the premise that an employee’s perception of expectancies between his effort and performance is greatly affected by a leader’s behavior. The leaders help group members in attaining rewards by clarifying the paths to […]
Basics of Pet Insurance
People in the developed world have an affinity for pets. This is the reason why two-thirds of American households, i.e. around 80 million households have pets. All of us are aware that the costs of healthcare are rising exponentially in America and in other developed countries such as the UK. Similarly, the cost of veterinary […]
Risk management has evolved from being just a discipline to a full-fledged profession that lots of people are choosing these days. Reason, the discipline has become wider and has assumed manifold dimensions making it a crucial function in organizations these days.
No wonder there is an increasing number of universities that offer specialized courses on risk management and the number of people enrolling themselves is increasing far rapidly. There are entry level foundation courses at colleges and courses of higher order to be found in seats of higher learning.
With uncertainty looming large in current world of business globally, risk management profession and professionals have gained weightage. It is an essential suite of defense and an equal source of competitive advantage to corporate.
Risk management professionals generally start with positions that involve broking or underwriting. The job portfolio widens with time as they start looking after risk financing and risk control before finally applying it in the domains of management, accounting, marketing and finance.
Apart from this there are avenues for risk management professionals in the fields of fire, security and health also. Each field requires a specific qualification and there are plenty of institutes offering such courses. But be sure that you opt for an institute of repute after thoroughly assessing the curriculum and ensuring the credibility of the same.
The primary job responsibilities of a risk management professional include assessing and identification of operational risk. This is followed by preparation of strategies for minimizing the risk and mitigating the effect of the risk. He/she works in tandem with business managers on new business plans and takes care of the associated risk.
The role is specialized and requires special attributes like planning, prioritizing and execution skills, and an eye for detail apart from the conventional managerial skills.
Career opportunities in Risk Management: As mentioned earlier as a risk management professional you may start your career as an underwriter working under more experienced risk managers. Remember, experience counts more in this industry than just qualifications!
Banking also offers many lucrative avenues. They need good risk management professionals. Risk is an integral part of all banking activities and therefore the requirement. However risk management positions and profiles are not floated on job portals or advertised like other jobs. The hiring is mostly internal in nature, positions get filled by references. Networking helps a great deal here.
Although risk management finds applications chiefly in the field of finance and banking with Venture capitalists, insurance and banking companies and wealth managers hiring qualified and experienced risk management people. However, Government organizations nowadays also employ risk management professionals in the fields of fire, earthquake and floods.
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