Although risk managers in 2007 enjoyed the biggest average salary boost in the past three years, they need to brace themselves for the inevitable fallout from a struggling economy and should not depend on the softening commercial insurance market to establish their reputations and preserve their departments, the head of the profession's top placement service warns.
Indeed, although the soft market might provide a welcome, though temporary cushion against the impact of an economy increasingly in distress, over the long run risk managers must prove their worth beyond the benefit of temporarily falling insurance premiums, according to Bill Perry, president of New York-based Logic Associates.
“Risk managers cannot afford to become complacent,” he told National Underwriter. “This is no time for them to rest on their laurels. With the economy in a rut, everyone's job is on the line and everyone's department is on the spot, including the risk manager's.”
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