WHAT DOES A RISK MANAGEMENT DO?
Published: Nov 25, 2025 - The Risk Management Professional identifies, assesses, and mitigates risks affecting the organization’s performance, operations, or compliance. This role involves implementing risk frameworks, conducting audits, and coordinating with teams to strengthen internal controls. The individual also monitors emerging threats and advises leadership with strategic risk insights.
A Review of Professional Skills and Functions for Risk Management
1. Risk Management Responsibilities
- Risk Strategy: Support the development of strategy, framework, and standards to manage Risk families.
- Regulatory Communication: Support in internal and external communication (including Regulators).
- Content Development: Develop content and controls for Senior Management and Committees.
- Regulatory Collaboration: Collaborate with local teams in responding to local regulatory and external audit requirements.
- Risk Management: Ensure that Risk management incorporates key controls required to ensure effective portfolio risk reporting and monitoring.
- Economic Analysis: Participate in countries’ economic briefings.
- Credit Monitoring: Monitor changes in countries’ ratings and outlook.
- Client Engagement: Participate in calls with customers in the country and liaise with Risk Analysis teams in discussions of credit analysis.
- Credit Expertise: Maintain a high degree of technical and policy understanding with respect to credit risk and products.
2. Risk Management Job Summary
- Liability Inspection: Perform on-site liability hazard inspections, prepare a formal report, and communicate results and recommendations to the client.
- Risk Management: Perform Risk Management functions for GSI clients and prospects, including reviewing carrier recommendations and working with the client for resolution of outstanding recs, conducting on-site inspections and training, setting up safety programs, reviewing contracts and other legal documents, and drafting risk management procedures.
- Loss Control: Coordinate all efforts with the insurance company Loss Control personnel.
- Seminar Participation: Participate in prospect/client seminars on a variety of claims and risk management issues.
- Safety Advisory: Advise clients on the steps necessary to set up formal safety and drug-free programs.
- System Utilization: Effective usage of GSI's Risk Management Center.
- Claims Analysis: Analyze claims data and effectively demonstrate trends in loss metrics.
- Sales Support: Assist Client Advisors in the qualification and sales of new business by actively participating in the sales process from initial meetings through proposal, plan development, and final presentation.
- EMR Analysis: Analyze assigned client Workers' Compensation Experience Modification Rate (EMR) worksheets and prepare reports for presentation at proposal and renewal meetings.
- Report Preparation: Assist the VP Commercial Sales in the preparation of Operational Assessment and Stewardship Reports for prospects and clients.
- Client Presentation: Attend prospect Capabilities Presentations and client renewal presentations to demonstrate GSI services using prepared reports and documented service calendars.
- Training Development: Participate in seminars/webinars and other training for knowledge and skill development.
- Department Representation: Represent the Risk Management department at prospect and client presentations.
3. Risk Management Accountabilities
- Sales Prospecting: Identify and qualify potential sales opportunities.
- Relationship Building: Build and maintain relationships founded on trust with key decision makers or potential influencers, and nurture relationships.
- Client Consultation: Consult with Clients and potential Clients to understand their business needs.
- Industry Knowledge: Have advanced knowledge of the Client’s industry, including terminology, trends, technology, challenges, and government regulations.
- Product Matching: Match optimal insurance products to the Client’s unique business needs.
- Risk Strategy: Identify potential risks and develop a strategy to manage the results/costs to the Client’s business.
- Resource Utilization: Effectively utilize all resources within the department to exceed client expectations.
- Cross Collaboration: Actively collaborate with resources outside the department to maximize sales opportunities.
- Company Representation: Represent the company at trade association meetings, career forums, and industry gatherings.
- Software Proficiency: Work with MS Office products (Excel, Word, Outlook, PowerPoint).
- Pipeline Management: Manage pipeline data and measure performance standards to ensure achievement of sales goals.
4. Risk Management Functions
- Assurance Planning: Establish the annual Prudential Assurance Plan, using a risk-based approach.
- Framework Management: Manage an ongoing connection with the group assurance framework, as well as other risk-type assurance frameworks, including Line 1 control assurance.
- Stakeholder Engagement: Effective scoping and stakeholder engagement for each prudential assurance activity.
- Performance Reporting: Report on the completion of prudential assurance activities compared to the plan and escalate any delays or blockers.
- Governance Oversight: Manage robust governance and visibility of the Prudential Assurance Plan progress and any outcomes from assurance activities.
- Framework Enhancement: Identify and implement ongoing enhancements to the Prudential Assurance Framework.
5. Risk Management Details and Accountabilities
- Claims Reporting: Support reporting of claims involving Auto, Property, and General Liability Insurance.
- System Utilization: Utilize the insurer’s online claims reporting and internal systems.
- Surety Management: Analyze current surety bonds and collaborate with internal and external stakeholders to terminate and update records.
- Policy Auditing: Lead or assist in policy audits.
- Report Preparation: Prepare and distribute reports of current and past claims.
- Property Management: Manage statement of values for property insurance, including soliciting data across departments and systems.
- Risk Financing: Assist in exploring non-standard means of risk-transfer and risk financing.
- Communication Support: Contribute to the execution of maintaining and updating the internal communications with help.
- Vendor Coordination: Interact with brokers and other vendors/consultants on behalf of.
6. Risk Management Additional Details
- Risk Planning: Support the preparation and maintenance of Risk Management plans.
- Safety Studies: Contribute to the development and execution of post-marketing safety studies and/or Risk Evaluation and Mitigation Strategy (REMS), including the associated Elements to Assure Safe Use (ETASU).
- Registry Management: Support preparation and maintenance of Registry activities in close collaboration with various internal and external functional areas and/or partners.
- Cross-Functional Collaboration: Participate in cross-functional teams (e.g., Working Groups, Committees, etc.), involving interactions with staff within and external to PVE, to ensure timely advancement of deliverables and submission to health authorities.
- Label Development: Support development and/or maintenance of core and local labels for products (e.g., CDS, USPI, SmPC, IB, etc).
- Safety Reporting: Contribute to preparing safety assessment reports.
- Regulatory Response: Participate in preparing responses to safety-related requests from health authorities.
- Report Review: Review draft periodic reports (e.g., PSUR/PBRER, PADER, DSUR, etc.).
7. Risk Management General Responsibilities
- Risk Oversight: Act as the second line of defence to monitor, identify, measure, and report all risk-related matters.
- Framework Management: Oversee the implementation and execution of all aspects of the Risk Framework, ensuring process efficiency in line with the risk profile.
- Business Profiling: Develop a deep business risk profile and provide thought leadership and advice to the business on operational risk management.
- Control Environment: Establish a robust control environment, create an operational KRI Matrix along with different stakeholders, and conduct self-risk assessments.
- Incident Management: Provide incident management oversight and support business owners in investigating, managing, and resolving incidents and escalations.
- Project Involvement: Participate in risk-related projects to ensure that business models and supporting systems continually mitigate risk to maintain the protection and integrity of data and resources.
- Policy Development: Create risk-related policy, including but not limited to operational risk policy, market risk policy, liquidity risk policy, crisis risk plan, and risk framework etc.
- Risk Culture: Promote risk culture across the company by organizing training or workshops, etc.