Risk managers in high demand but short supply

There is now plenty of demand for risk managers, especially those that can demonstrate strong relationship management skills and technical experience, according to David Carr of risk and insurance recruitment specialist IDEX Consulting. Companies are looking to recruit top quality risk managers because financial directors increasingly feel the need to get to grips with their firm's insurance, but do not understand the product, said Mr Carr. At the same time, the expectations of companies looking to recruit risk managers have increased, he said.hideDuring the workshop, Mr Carr said that demand for risk and insurance professionals, including brokers and insurers, has increased significantly in the past two years. Over the last 12 months alone the number of interviews involving IDEX candidates has more than doubled. "There is a lot of opportunity in the market," he said. Competition is highest for qualified and experienced staff, rather than at the entry level, explained Mr Carr. "There is a dearth of talent, so if you are experienced then you are in a good position," he said. As many as a third of employees in the insurance market say that they have been approached by a prospective employer in the last quarter, according to a survey by IDEX. "There is a small talent pool with demand for quality people," said Mr Carr. However, there has also been a big increase in the calibre and number of graduates entering the insurance market over the past decade, he said. Some 48% of workers in the insurance market now have a degree level qualification or higher, according to an IDEX survey. However, speakers and attendees at the workshop expressed concern about the lack of diversity that a focus on recruiting 'elite' graduates might bring. The risk transfer industry also risks missing out on employing entrepreneurs that do not go to university and would therefore not get picked up by an industry targeting graduates, according to David Ross, Chief Executive of AJ Gallagher International in London. John Ludlow, Risk Manager at Intercontinental Hotels Group, advocates switching careers periodically to gain broader experience and perspective. He also suggested that risk managers 'shape' their own careers. In too many professions-such as law or medicine-people qualify and then just improve until they broaden into management, according to Mr Ludlow. "But the more interesting people have at least two careers-it helps to break your career up. In today's business you need to be more collaborative. Gone are the days of just managing your own part of the business. I spend a lot of my time in cross functional groups and virtual teams that manage a particular issue and then disappear," said Mr Ludlow. He also recommended that risk managers take time to 'step back' and map out their career aspirations. "The way to succeed is to know what your purpose is and if that can be aligned to your company you will enjoy success," he said. Mr Ross' career advice to risk managers was to stand out and show a different perspective. Point out something that others have not seen that adds value to the business, he advised. "Always look to be better. You will never get to the top of the mountain, but you need to keep climbing. Once you realise that you can enjoy the climb," he said.

Risk managers in high demand but short supply

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