The Insurance and Risk Management track is specifically designed to provide Finance students a basic knowledge of the insurance industry and a basic understanding of the current academic and practitioner literature on financial risk management. In the Insurance and Risk Management track, students will explore the various functional areas of insurance company management including investment and financing policies as well pricing and underwriting activities. Students will also become familiar with the range of risks financial institutions, corporations and individuals are facing and learn how to measure and manage these risks. The Insurance and Risk Management track prepares students for careers in the financial services industry (insurance companies, banks, securities firms, and pension funds).
Why Risk Management and Insurance?
The financial crisis of 2008 makes the importance of risk management abundantly clear. Improving risk management suddenly became a top priority of executives, ahead of short- and long-term access to capital, of many of the top corporations. The Risk and Insurance Management Society (RIMS) contends that the crisis resulted from a system-wide failure to embrace appropriate enterprise risk management behaviors, develop and reward internal risk management competencies, and use enterprise risk management to inform management’s decision making both for risk-taking and risk-avoiding decisions. RIMS believes better risk management could have identified and mitigated, it not prevented, the major losses many corporations had. Risk management is now more important than ever and companies world-wide recognize that.
Risk management and insurance is recognized as an important and growing field by all types of corporations, hospitals, and government units. There are numerous different career paths with a degree in RMI. Some of which include: business analyst, business risk consultant, client manager, casualty claims rep, hedge fund trader, cost analyst, underwriter, risk analyst, insurance sales associate, lender associate, and many more!
Skill Sets Acquired
Students who choose a path of risk management and insurance are often rewarded with many new skill sets associated with learning RMI. Some of the skills that students leave the program with are: leadership, critical thinking, analytical skills, sound decision making, ability to forecast and assess risk, strong oral and written communication, problem solving skills, attention to detail, interpersonal and cross cultural skills, effective organizing and planning, computer literacy, and many more!