Facing the worst and most prolonged economic downturn since The Great Depression, employers in nearly all industries and of virtually every size are tightening their belts, and risk management departments are not being spared. But there are steps risk managers can take to save their jobs–or improve the odds of landing on their feet if they are laid off–the head of the profession's top placement service contends.

"There is no way to sugar-coat our current situation. This is the worst job market that I've ever seen in my 40 years as a risk management placement specialist," according to Bill Perry, president of Logic Associates in New York.

Risk managers cannot complain they weren't warned. Indeed, a year ago, Mr. Perry peered into his crystal ball for his annual "state of the profession" interview with National Underwriter, and concluded that "risk managers cannot afford to become complacent," even after his annual compensation survey showed respondents enjoying the biggest average salary boost in three years–rising 6.6 percent to $187, 215.