A risk manager works throughout the year to improve your risk profile and prepare you with ideal options as you approach renewal time.
Most organizations generally do not consider hiring a full-time risk manager and leave the role to the CFO, General Counsel or the owner. The common practice is to rely on your broker for guidance. Unfortunately, the brokerage arena has changed significantly in favor of a “transactional” approach. Brokers take your Risk Profile (a snapshot in time of your organization) to market for your renewal and offer very little risk management assistance during the year. The heavy lifting is left for you to do yourself. Many businesses choose to hire a risk manager.
Annual salaries for risk management professionals range between $120,000 and $250,000 based on level of experience, area of the country, complexity of risk and Total Cost of Risk (TCOR). Considering office space, benefits, expenses and incidentals, your costs may be as much as an additional $100,000. There is a better way.