Stay ahead in the RMI landscape with expert insights, practical tips, and innovative solutions designed to help you elevate your career and drive organizational success.
Skills Edge Team
The frequency of extreme weather events causing billion-dollar losses has more than tripled in the United States over the past five years, jumping from an average of seven events annually to 23.
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How a Cyber Risk Management Framework Strengthens RMI Operations, From Underwriting to Advisory
By Diane HanlonIn an era of increasingly complex cyber-threats, organizations must be prepared for a wide range of attacks, from ransomware to cryptojacking to targeted data breaches. These risks pose a unique challenge to risk management and insurance companies, where protecting sensitive business and client information is a top priority. That’s why employee preparedness is so important. It’s a key defense not only for an organization, but also for RMI professionals who advise clients on how to manage risks.
Are your employees equipped to guide your organization and clients through the nuances of cyber risk? It’s predicted that the annual global cost of cybercrime will reach $15.63 trillion by 2029, an increase from $8.15 trillion in 2023. So the question isn’t if an organization will face cyber threats, but when. By developing a comprehensive cyber risk management framework, your team can safeguard your organization and become a trusted resource for clients.
To build confidence in handling cyber threats, it’s essential to have a cyber risk management framework in place that guides response efforts and continues to be relevant even as risks change and evolve over time. A cyber risk management framework is a structured approach to identifying, assessing, managing, and mitigating cyber risks. It provides a lasting roadmap to help companies address vulnerabilities, implement proactive safeguards, and effectively respond to incidents.
For RMI professionals, this framework can be a highly valuable tool for advising clients on effectively navigating cyber risk. These threats have grown beyond technical issues to affect the entire organization. From financial losses, to operational disruptions, to reputational damage, the consequences of a cyber-attack can be devastating to the entire organization. That’s why managing cyber risk, risk assessment, and continuous upskilling is crucial for every employee.
Despite the rise of AI and predictive modeling, your employees are the first line of defense against cyber risks. They are the guardians of your organization's data and the trusted advisors to your clients. And the best way to strengthen these crucial defenses is to incorporate robust cyber risk management training into your learning and development programs. This includes ensuring employees are familiar with your cyber risk management framework, can apply it to real-world situations, and can make practical adjustments when needed.
Consider having employees earn their Associate in Cyber Risk Management™ (ACRM™) from The Institutes Designations. This new designation is the first of its kind and is designed to help build lasting cyber resilience. Plus, investing in this specialized upskilling will not only help employees predict and prevent losses, but also grow your organization’s reputation as a leader in cyber security.
When building an effective cyber risk management framework, it’s important to account for the entire insurance value chain and continuously monitor the evolving risk landscape. Make sure your plan covers these five elements:
Risk Identification
Employees need the skills to identify vulnerabilities, both internally and for clients. By spotting risks early, they can help prevent potential issues and keep systems secure.
Integrating Cyber Exposures
Cybersecurity risks should be treated as an integrated part of any risk management strategy. Employees trained in cyber exposures can help clients see where cyber threats fit into the bigger picture.
Filling Coverage Gaps
Traditional insurance policies may fall short of fully covering cyber risks. Employees should be trained to identify these gaps, advise clients on potential vulnerabilities, and recommend better coverage options.
Incident Response
Responding quickly to a cyber-attack can make all the difference. Employees should know how to efficiently guide clients through incident response processes, minimizing damage from breaches.
Regulatory Compliance
Cyber regulations are constantly changing. Employees need to stay up to date on these rules to help clients remain compliant and avoid legal risks while securely managing threats.
Equipping your team with a strong cyber risk management framework is essential to managing cybersecurity risks. Empower your employees to invest in specialized training and upskilling with The Institutes Designations’ new Associate in Cyber Risk Management™ (ACRM™). This designation will help provide them with an adaptable framework to stay ahead of emerging cyber-attacks and better manage risks.
Enable your team to become skilled in cyber resilience strategies with the Associate in Cyber Risk Management™ (ACRM™) designation today!
The Most In-Demand Risk Management and Insurance Skills in 2024
By Diane HanlonThe RMI field is evolving at a rapid pace, which is only accelerated by the rise of AI and machine learning. This means that professionals across all sectors should be continuously honing their skills and keeping up with the latest trends. Whether they want to stay competitive among their peers, provide better customer service, or anything in between, investing in the right risk management and insurance skills can help any professional advance in their field.
Read on to discover more about these top skill areas!
Each year, risk management and insurance professionals from around the world engage with leading education resources from The Institutes Knowledge Group. In the past year alone, our community of learners completed nearly 100,000 courses and earned over 11,000 designations.
We compiled that data into our 2024 Skills Report, which identifies the top designations earned, courses completed, and skills utilized in the past year. The report groups those skills into broader categories to identify trends and patterns and give insights into the state of RMI skills development. Below, we dive into a few of the top skill areas. Be sure to check out the report for the full findings.
Risk assessment is all about identifying, analyzing, and evaluating risk. By determining the likelihood of potential risks, risk factors, and the overarching impact they could have, RMI professionals provide stakeholders with crucial knowledge they rely on to create a plan of action. If the risk assessment is flawed or incomplete, there can be serious consequences for both the insurer and the insured.
Risk analysis, risk management, and risk assessment are all key aspects of this skill area and need to be continuously nurtured. To protect assets and data in an increasingly digital world, skills such as cyber risk management are especially important to stay current on.
We offer a range of formats to sharpen risk assessment skills, including courses from the following Institutes Designations:
And this collection of leading topic courses is a great way to learn new skills within the flow of work, with average course times that range from 1-3 hours.
Due to the wide range of personal information insurance companies need to collect and maintain—from policy records, to claims details, to credit references—they’re a prime target for cybercriminals. Plus, all that information needs to be processed and analyzed for experts to accurately assess and price risk. So employees not only need to be well-versed in compliance, but also in skills like data analysis and financial statements.
In fact, data science is quickly revolutionizing the RMI field. This is helping insurers move from a “detect and repair” model to a “predict and prevent” one, as individuals and organizations move to more innovative risk management practices. With the ability to access more data than ever from a multitude of sources, insurance companies need to be able to efficiently extract the most valuable insights and apply the proper products, services, and actions to every situation.
Looking for the best way to upskill in data and compliance? We recommend these designations and courses:
For those new to risk management and insurance, the wide range of terminology, laws, and processes can be overwhelming. So it’s no surprise that these green employees are eager to close the gaps in their knowledge and learn as much as they can at the beginning of their RMI career. This may range from the role of insurance in society, to regulations, to insurance and risk management fundamentals.
Organizations can leverage this interest by providing recommended learning pathways that give employees a view of their full education journey. This not only helps increase engagement, but also sets employees up for success and guides them through deeper levels of knowledge acquisition. A few popular designations and courses to grow fundamental insurance skills include:
Strategic leadership is one of the most valuable skills in 2024, but according to the U.S. Bureau of Labor, an estimated half of the current insurance workforce will retire in the next 15 years. There’s a critical need to fill the talent pipeline and start fostering future leaders now. Otherwise, people-centric skills like critical thinking, collaboration, and strategic decision-making may be lost, along with valuable institutional knowledge.
Organizations that want to attract and retain top talent, while protecting their bottom line, should encourage their employees to develop strategic leadership skills. As the leadership standard in risk management and insurance, The Institutes Designations' CPCU® provides employees with practical leadership expertise, credibility, and holistic risk management and insurance skills. There’s no better way to support the talent who will lead the future!
Explore CPCU and everything you need to get started today.
In this rapidly evolving landscape, the benefits of continuous learning and skill development for RMI professionals can’t be overstated. Organizations are looking for employees with knowledge in key skill areas like risk assessment, data & compliance, and strategic leadership, and those who are new to the RMI field can make a big impression by mastering insurance fundamentals early on. And those are just a few of the top skill areas—our full 2024 Skills Report has even more to explore.
Remember: Whether you or your team are looking to enhance existing expertise or gain new skills, The Institutes Knowledge Group is here to help, now and into the future! To connect and learn more, contact Sales@TheInstitutes.org.
The Power of Recognition for Employee Engagement and Performance
By Diane HanlonEmployee recognition is essential for cultivating a positive work environment and a thriving company culture. By regularly acknowledging and rewarding employees for their contributions, your organization can boost employee engagement, performance, and retention.
Recognition can take many forms, from public shoutouts on social media, to financial incentives for hitting professional development milestones, to quarterly awards for high performers. The key is finding what best fits your organization and makes your employees feel valued.
Read on to discover why you should leverage the power of recognition and actionable tips to get you started!
Investing in a culture of recognition is vital for making your employees feel engaged with your organization and its mission. Gallup research shows that 70% of workers today are disengaged, and this number is even higher for employees under 35. And with a potential leadership gap looming in the risk management and insurance (RMI) field, it’s more important than ever to engage your emerging talent.
A recognized employee, on the other hand, is five times as likely to be connected to company culture and four times as likely to be engaged. This engagement leads to enhanced job satisfaction, a greater sense of belonging and loyalty, and an increased motivation to contribute to team goals.
If you’re looking for inspiration to enhance employee recognition efforts in both the short and long term, try implementing these tried-and-true methods.
Provide clear goals for your employees to work towards, and then celebrate them when they achieve important milestones. For example, if you have structured learning pathways, your employees will understand how to progress in their professional development and which credentials are most valued for their career path.
This structured approach also brings equity to career advancement and shows your employees that commitment to development and performance will be recognized and rewarded.
Explore our guide for sample learning pathways covering the entire RMI employee lifecycle: from onboarding, to technical development, to strong leadership.
You should make a commitment to celebrate wins both big and small. When an employee in your organization completes one of The Institutes Designations, for example, do they earn a bonus? Is the credential worked into promotional criteria?
Financial and promotional incentives are powerful motivators, but you can celebrate hard work in other ways too. Try highlighting accomplishments in a company newsletter, all-hands meeting, or social channel. You can use this recognition graphic template to quickly create images that can be shared to enhance your employee recognition program.
And for everyday wins, encourage managers to show appreciation on a more personal level. A quick email or message acknowledging a job well done can make a big difference.
When you develop a culture of recognition, your employees will begin to cheer each other on as well. Encourage team members to share their learning achievements with their managers, peers, and social networks.
You can use this communication template to inspire employees to proudly share their accomplishments. And when they do, be sure to interact with their posts from your organization’s accounts to fuel excitement and motivation!
Recognition is most powerful when it’s delivered close to the achievement. Set reminders or a consistent schedule to recognize and celebrate employees within your organization who achieve a major goal or milestone, like earning a designation.
Remember that if you’re a corporate client of The Institutes Knowledge Group, you have access to detailed reports on exam statistics and designation completers, among others. Explore our Key Person Resources Manual for step-by-step instructions on viewing and exporting reports, reviewing student scores, and more! Then, use this information to recognize your high achievers.
The power of recognition influences every aspect of your organization, from motivating employees to boosting profitability. Start putting these recommendations into action and get more tips and tools by subscribing to our Key People Resources today.
To learn more, contact Sales@TheInstitutes.org.
