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Risk manager standards

July 18, 2010 - 6:00am


Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173, a “qualified risk manager” must:

Be an employee of, or third-party consultant retained by, the commercial policyholder; provide “skilled services in loss prevention, loss reduction or risk and insurance coverage analysis and purchase of insurance;” and meet one of the following criteria:

  • Hold a bachelor's degree from an accredited college or university in risk management, business administration, economics or “any other field” determined by state regulators “to demonstrate minimum competence in risk management” and have three years' experience in risk financing, claims administration, loss prevention, risk and insurance analysis, or purchasing commercial lines insurance.

  • Meet the bachelor's degree requirement and hold at least one of several professional designations: Chartered Property and Casualty Underwriter, Associate in Risk Management, Certified Risk Manager, RIMS Fellow or “any other designation or license determined” by state insurance regulators “to demonstrate minimum competency in risk management.”

  • Meet the professional designation requirement plus have seven years' experience in the categories mentioned above.

  • Have 10 years' experience in the categories mentioned above.

  • Hold a graduate degree in risk management, business administration, finance, economics or any other field determined by state regulators “to demonstrate minimum competence in risk management.”

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