Risk Management Education

Article excerpt

Three representatives from different regions of the world -- Europe, North America and Australia -- held a session on the importance of risk management education. What Tony Bridger, president of RIMS, Francois Settembrino, president of AEAI and Kevin Knight, president of ARIMA, offered in their respective views is that risk managers can help their companies achieve corporate objectives by supporting risk management education. "To meet new corporate expectation levels, risk managers must constantly expand their knowledge base -- education is of paramount importance," said Mr. Bridger. We must expand our education efforts if we are to fulfill our professional obligations in the new and more demanding global marketplace."

In Europe, according to Mr. Settembrino, risk management education has not progressed as swiftly as in other parts of the world. As risk management becomes better known in Europe, educational initiatives have become increasingly popular. To further the trend toward greater education, Mr. Settembrino has organized Group of 22, composed of practitioners and academics who will exchange views on risk management education and reach out to teaching institutions.

In the majority of European countries, the systems of education up until the university level are in the hands of government. "We're beginning to speak about risk management, on the levels of business schools, but especially as a study complementing other studies and specialized areas," said Mr. Settembrino. He named three European institutions that have advanced practice of risk management: the Institute of Risk Management in the United Kingdom; L'Institut du Management des Risques in Bordeaux, France; and the CEGERA in Belgium.

In regard to risk management education in North America, Mr. Bridger noted that there are a total of 70 colleges and universities that offer undergraduate degrees in risk management, 20 of which also offer masters and doctoral programs. The newest university to offer degrees in risk management is the University of Calgary.

Mr. Bridger also cited the numerous educational initiatives offered by RIMS. For one, the Society's affiliate, the Spencer Educational Foundation, provided 10 $10,000 scholarships for college risk management students this past year. And nearly 50 percent of RIMS chapters made risk management scholarship awards to local colleges. Mr. Bridger also pointed out that RIMS has introduced a Student Membership category that allows college-level risk management students to join RIMS at a discounted fee.

Looking to the future, Mr. Bridger predicted that .by pursuing specialized training, risk managers can enhance their stature within their organizations. "We have made progress in expanding the sophistication of risk management techniques, but we must be more than technicians," he said. …