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Job description: Risk Analyst
As a risk analyst, your main role is to advise about risk, based on technical knowledge and good practice. You'll either work for a general insurance company, a broker or a specialist surveyor company.
You'll undertake detailed risk surveys of the property to be insured, and advise clients and insurance underwriters how to reduce the risk. This involves visiting a wide variety of locations and businesses, from retail outlets to large-scale petrochemical plants. You'll then produce detailed reports to inform underwriters about the acceptability of a particular risk.
Typically, your work will involve:
- Collating and assessing risk information on site.
- Using templates to record assessments and collecting photographic evidence.
- Preparing and proofreading detailed reports, either on site, at home or in the office.
- Advising clients on improving the level of risk, or persuading them of the need for risk improvement programmes.
- Allocating quality grades to the client once improvements have been completed.
- Accompanying underwriters on site visits to help with their training and development.
- Liaising with other professionals, e.g. underwriters, brokers, client representatives, inspectors of health and safety and fire officers.
- Keeping up to date with technical aspects affecting risks, e.g. trade processes, legislation, hazardous materials.
Hours and Environment
You'll be expected to work when customers are available, which is usually within normal office hours, but not rigidly nine to five. Part-time work is also available.
You'll spend much of your time on site, travelling and on administrative tasks, either from home or in an office.
Note conditions on-site could be cramped, dusty and dirty, and potentially dangerous and you'll need to wear appropriate safety gear.
Travelling, possibly overseas, is usually part of the job, so you'll need a driving licence. You may also be staying away overnight.
Skills and Interests
To be an effective risk analyst, you'll need:
- The ability to communicate with and develop a rapport with people from a wide variety of backgrounds.
- A diplomatic approach, with the ability to handle occasional conflict situations.
- The ability to inspire confidence in and persuade clients
- The aptitude to investigate and assess technical risks and to retain large amounts of technical knowledge.
- Strong organisational and time management skills.
- The ability to work alone and as part of a team.
- A motivated, results-driven approach.
- The ability to use technical equipment.
- A flexible approach for dealing with changes in working methods and techniques
- Report writing skills.
- IT skills.
Entry
In theory you don't need a degree, but increasingly those entering the profession are graduates. Competition can be fierce.
For general insurance risk surveying, any degree or HND subject is acceptable, although risk management; science, insurance, business studies and engineering will increase your chances. For specialist engineering insurance surveying, you'll need an engineering subject.
Some companies run trainee schemes for new entrants, usually advertised internally, although it's rare for new graduates to gain a trainee position. If you've a risk management degree you may succeed.
Usually, you'll gain experience of other areas of the insurance industry before moving into risk analysis, probably in commercial underwriting. Some companies ask for about five years' underwriting experience. Occasionally, experience with specialist organisations, such as sprinkler systems companies, is acceptable.
Training
As a trainee analyst, you'll be expected to be an Associate with the Chartered Insurance Institute (CII). You can study for this at both Certificate (Cert CII), Diploma (Dip CII) and Advanced Diploma (ACII) level.
It 's becoming increasingly common to study for National Examination Board for Occupational Safety and Health (NEBOSH) qualifications and companies usually require this for their health and safety specialists. The NEBOSH Level 4 Diploma in Occupational Safety and Health and the National Diploma Part 2 in Occupational Safety and Health which follows it can be studied part time, full time, or by block release. Once successful, you can become a corporate member of the Institution of Occupational Safety and Health (IOSH).
You may also take qualifications of the Institute of Risk Management (IRM). The Associate Diploma in Risk Management leads to associate membership of the IRM.
Other training takes place on the job through in-house training programmes, distance learning and some external training. This type of company training is often structured around levels of achievement and may include mentor support.
Opportunities
Your path to the top is clearly defined, from trainee to senior analyst to head of departments or senior management. These roles involve less on-site work and more administrative work, as well as a more strategic and commercial focus.
You may concentrate on leading, motivating and training team members. Keeping up to date with recent technological and legal developments and disseminating these is a key part of this role.
Alternatively, you could specialise in an operational or technical field and deal with larger and more complex cases. Or you could move from more 'straightforward' industries, such as retail, or more hazardous and complex areas, such as chemical or electronics manufacturing.
You could also set up your own consultancy, or become a partner with a specialist firm.
You'll often need to be prepared to move across the UK.
Annual Income
Figures are a guide only.
- Typical starting salaries for trainees range from £18,000 - £21,000.
- Fully competent analysts with two to three years' experience can earn £28,000 - £40,000 with added benefits.
- Senior salaries range from £40,000 - £65,000, or £60,000 - £100,000 in London.
- Other benefits usually include a company car and medical and life insurance.
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