Insurance & Risk Management

 Insurance & Risk Management

Insurance & Risk Management

Definition

Risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk.

http://economictimes.indiatimes.com/definition/risk-management

 

Career description

  • Planning, designing and implementing an overall risk management process for the organisation;
  • Risk assessment, which involves analysing risks as well as identifying, describing and estimating the risks affecting the business;
  • Risk evaluation, which involves comparing estimated risks with criteria established by the organisation such as costs, legal requirements and environmental factors, and evaluating the organisation’s previous handling of risks;
  • Establishing and quantifying the organisation’s ‘risk appetite’, i.e. the level of risk they are prepared to accept;
  • Risk reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;
  • Corporate governance involving external risk reporting to stakeholders;

https://www.prospects.ac.uk/job-profiles/risk-manager

Jobs directly related to the degree

  • Quantitative Analyst
  • Risk Analyst
  • Risk Insurance Manager
  • Risk & Compliance Manager
  • Project Manager

Websites

http://www.irmsa.org.za/

 

People/Organisations

Outsurance, Discovery, Momentum, Zurich Insurance Group, Douw Steyn, Willem Roos

Bursaries

MTN Bursaries, INSETA, Nedbank, Standard bank, National Housing Finance Corporation (NHFC) Bursaries, Harmony, ABSA

 

Interesting commercial facts

American citizens in all age groups report the lowest level of savings during any period since 1970.

http://www.bachelorsdegreeonline.com/blog/2011/50-personal-finance-facts-every-new-grad-should-know/

Warren Buffett’s net worth of $63.3 billion is greater than the combined 2013 GDP of Ghana and Cambodia.

http://www.dbfsindia.com/fascinating-facts-about-finance-and-investing

Bill Gates told his Harvard University professors that he would be a millionaire by age 30. He became a billionaire at age 31.

Credit cards were not always made of plastic. There have been credit tokens made from metal coins, metal plates, and celluloid, metal, fiber, and paper cards

http://www.investinganswers.com/education/how-invest/99-surprising-financial-facts-most-investors-dont-know-1163

The world’s first bank was Monte Dei Paschi di Siena, it was founded in 1472 and the headquarters were in Tuscany, Italy. It is still operating today.

Between 2005 and 2015, South Africa’s millionaire population has grown 82% from 25,500 to 46,500 people.

 

 

 

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