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Risk management and insurance, also known as actuarial science, is the area of study and employment that deals with the evaluation of risk in a given situation, typically applied how and for what amount a person may be insured. Individuals in this field will use a variety of models and methods to calculate risk, assigning a monetary value, and assessing whether an object, person, or property is worth being insured.
Education and Schools
Risk management involves a large amount of math as well as an understanding of the insurance field. Education is typically pursued at the bachelor level, either in risk management or a related field, such as statistics, mathematics or other. Individuals will have to pursue certification upon completion through one of two certifying bodies: The Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA), which provide certification based on the type of risk management one wishes to pursue.
A curriculum may include:
- Risk Management Methodologies
- Analyses and Reporting
Schools should be chosen based on the quality of education offered, typically signalled by the business department for a particular institution. Proper research and investigation should reveal whether the program offered is up to date and properly prepares individuals for certification upon completion. Strong math programs, as well as insurance and accounting courses can also be good indicators for the quality of the education offered.
As methods for risk management become more and more reliable, including technology that allows for better analyses and assessment by an individual, the demand for professionals in this field is expected to increase. The largest growth sector for this field is in consulting, which has individuals assessing risk on behalf of clients, such as large businesses, in order to provide accurate and helpful information from which decision may be made. Some areas will experience less growth due to diminishing demand and increased information consolidation.