Risk and insurance affect all aspects of daily life and business. When we drive our cars, we accept the risk of damage to our expensive car and possible injury to ourselves and others. When we operate our business, we face risks to our company’s property, reputation and livelihood.
Risk management and insurance is what allows our lives and economy to run smoothly despite the risks and the reality that occasionally «bad things» will happen. Risk management and insurance is what makes us whole when things go wrong in both our personal and business lives.
A Bachelor Degree in Risk Management and Insurance allows students to participate in a highly rewarding career. The program teaches students how to identify, analyze and manage the financial and operational risks that are inherent in both personal and business environments.
A Free Bachelor Degree in Risk Management and Insurance prepares you to identify and evaluate various sources of risk that affect a global level that need appropriate changes in decisions, which insures and manages risks through a technical expertise perspective.
At the end of a four-year period, young graduates are expected to select and implement solutions to control these risks through insurance and other risk transfer and distribution mechanisms. There are universities and institutions that offer this program free of charge or offer the possibility of a scholarship.
What is and What Does a Bachelor in Risk Management and Insurance Do ?
A Risk and Insurance Graduate is a person in charge of communicating risk and insurance policies and processes for an organization. They provide the practical development of risk models that involve market, credit and operational risk, ensure that controls are operating effectively and provide analytical and research support.
Risk and Insurance Graduates must have excellent quantitative and analytical skills, along with the ability to apply those skills to a variety of business processes.
Duties under a Risk Management and Insurance job description include the following:
- Design and implement an overall risk management process for the organization, including an analysis of the financial impact on the business when risks occur.
- Conduct a risk assessment: analyze current risks and identify potential risks that are affecting the business.
- Conduct a risk assessment: evaluate the company’s previous risk management and compare the potential risks with the criteria established by the company, such as costs and legal requirements.
- Establish the level of risk that the company is willing to assume
- Preparation of insurance budgets and risk management
- Risk reports tailored to the relevant audience (educate the board of directors on the most important risks to the business; ensure that business managers understand the risks that could affect their departments; ensure that people understand their own responsibility for individual risks)
- Explain to stakeholders the external risk of corporate governance
- Create business continuity plans to limit risks
- Implement health and safety measures and take out insurance
- Conduct policy and compliance audits, which will include liaison with internal and external auditors
- Maintain insurance policy and claims records.
- Review important new contracts or internal business proposals.
- Generate risk awareness among staff by providing in-house support and training.
Program, Subjects and Content of the Bachelor Degree in Risk Management and Insurance
These are some of the topics that can be included in the program content of a Bachelor of Arts in Risk and Insurance:
- Principles of Management
- Management accounting
- Marketing Principles
- Management Information System
- Business Statistics
- Organizational Behavior
- Financial Management
- Business law
- Quantitative analysis
- Production and Operations Management
- Business practice in the UAE and GCC
- International Business
- Strategic Management
- Introduction to Insurance and Risk Management
- Insurance law
- Risk analysis and assessment
- Life and Health Insurance
- Personal property liability insurance and risk management
- Insurance operations, regulations and legal accounting
- Risk management and commercial property insurance
- Commercial risk management and insurance
- Alternative risk financing and capital markets
- Risk Management Strategy
How Long Does the Bachelor Degree in Risk Management and Insurance Take ?
A degree in Risk and Insurance has an approximate duration of 4 years.
Where can I Work with the Risk Management and Insurance Career ?
Risk and Insurance professionals usually work in offices around the world. There are numerous opportunities in major cities, as well as in smaller field offices located in more rural towns. Some positions also offer flexible teleworking options.
Insurance is also a global business, which presents the opportunity to work almost anywhere in the world. Some risk and insurance positions require the professional to be «in the field» meeting with clients, examining facilities and managing projects.
Some job titles may be:
- Claims Investigator
- Loss Prevention Field Representative
- Risk Manager / Analyst
- Sales agent / broker
- Underwriter (risk selection)
- Sales Representative
- Customer Service Representative
- Information Technology
- Product development
- Financial Accounting
- Management Executive
Countries and Cities Where You Can Study the Bachelor Degree in Risk Management and Insurance for Free Obtaining a Scholarship
- United States
- United Kingdom
- South Africa
Institutes, Centers and Universities where the Bachelor Degree in Risk Management and Insurance is possibly Taught for Free, through Scholarships
Bachelor of Business Administration – Risk and Insurance Management
- University of South Carolina
- South Carolina, United States.
Bachelor of Science in Mathematics and Finance (Risk Management and Insurance)
- Business School (BUS)
- New South Wales, Australia.
Bachelor of Science in Risk Management
- Caledonian University of Glasgow
- Scotland, United Kingdom.
Degree in Risk Management and Insurance
- University of Calgary
- Calgary, Canada.
Bachelor’s Degree in Risk Management and Insurance
- Universiti Utara Malaysia (UUM)
- Kuala Kedah, Malaysia.
Bachelor of Insurance and Risk Management
- University of Punjab
- Lahore, Pakistan.
Bachelor of Insurance and Risk Management
- University of the Witwatersrand
- Johannesburg, South Africa.
Bachelor Degree in Risk Management and Insurance Reference Prices
The prices of the Risk and Insurance degree can be varied. The prices of these degrees are between $4,500 and $32,150. In some cases it can have a higher cost.
The cost of this degree will vary according to the country where it is taught, the institution or university that teaches the degree, the modality, the duration, and the materials provided during the study, among other factors.
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