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RISK MANGEMENT AND INSURANCE
MINOR/CERTIFICATE

Overview

Organizations in today's global economy must learn to function in increasingly complex environments. The survival of a company may depend on how well it manages its property and liability exposures. Organizations of all types recognize the need to have risk management professional in order to prevent, control, and minimize losses from any number of possible events.

What is a Risk Manager?

A risk manager is a loss prevention and insurance specialist typically employed by corporations within and outside of the insurance industry.

A risk manager must have a broad business background with an emphasis in accounting, finance and law, as well as thorough knowledge of all types of insurance. Risk managers may be involved in employee benefits programs, pension plans and workers' compensation; as well as with legal liability for faulty products, fraud or business interruption.

A risk manager is an important member of the management team and in involved in major decision within the organization. Corporate risk managers report directly to a key executive and are typically in line for an executive position.

Employment Opportunities in Risk Management

An increasing number of today's organizations recognize the value of a well-trained risk management department. Those graduating with a background in risk management often find employment in the risk management or employee benefits departments of large businesses or other organizations.

In addition, the insurance industry is always seeking college graduates with a background in risk management and insurance for positions such as risk managers, underwriters, claims adjusters, financial planners, and actuaries.

While entry-level positions in this field typically earn $28,000-$35,000 to start, experienced middle- and upper-level risk managers can expect to earn anywhere from $48,000 - $135,000 annually.

Minor in Risk Management

Individuals who are not currently enrolled at Gannon but who are interested in completing this certificate program should contact Gannon's Center for Adult Learning at 814/871-7474 for more information.

Current students within the School of Business at Gannon may select the minor in Risk Management to compliment their degree. Students interested in this option will work with their advisor to plan their academic schedule to incorporate the minor. Courses will be taken beginning in the sophomore year. (The minor is also available to students in other programs with the approval of their advisor.) Students completing the minor in Risk Management may dramatically increase their marketability upon graduation.

Course Descriptions for the Minor in Risk Management

• Risk Management and Insurance
  An introductory course designed to provide the basic concepts of risk management and insurance. The course will also provide instruction in basic technical knowledge, the skills required for job-related risk management operations, and the conceptual framework of risk management and life, health, property and casualty insurance.
• Commercial Liability
  This course is designed to identify the nature and scope of liability exposures business and industry face in today's world. An analysis will be done of the various methods available to manage a company's risks. The course is also designed to review the coverage elements of an insurance policy, legal liability that may be imposed, and damages that can be assessed. A study in investigative procedures will also be included.
• Workers' Compensation
  The course will provide a comprehensive analysis of the workers' compensation and employer liability requirements faced by business and industry. A study of the systems making the administration of workers' compensation more cost efficient will also be covered.
• Claims Adjusting and Administration
  The course provides a study of the importance of the claims adjusting function and its relation to other company departments, as well as the necessary objectives of a claims department. Also included will be discussions of cost effective claims administration programs, and a study of coverage, liability and damages.
• Management of Health Care
  A comprehensive analysis illustrating the importance of health care programs which encompass both affordability and availability. Contract negotiations and strategies will be covered, as well as a review of specific issues pertaining to provide risk group development.
• Financial Accounting
  An overview of both the demands for and uses of accounting information as it relates to the decision-making process. The course provides a thorough review of the accounting cycle and the operating areas of the balance sheet.