Even though the vast majority of risk managers surveyed indicated satisfaction with their jobs, that doesn't mean they don't have gripes to air.
Indeed, many of the 287 respondents to the "2010 Risk Management Compensation Survey"–conducted by National Underwriter, in partnership with New York-based Logic Associates–took the opportunity to blow off some steam in response to an open-ended question about the status of their jobs and the state of the profession in general.
"All of us risk managers need to gain more confidence in what we do to gain more respect in our field," suggested one respondent. "I could write a book about this!"
"I believe that current circumstances have forced risk managers to get back to the fundamentals and quit wasting resources on esoteric and hobby projects," said another.
Some suggested risk managers are jeopardizing their standing by being too cozy with brokers and insurers, among other service providers.
"As a profession we must change the impression that our predecessors and some current risk managers have left us with, which is that we are too close to the vendor," a respondent observed. "We have to get the vendor/risk manager relationship to a respectable level. Too many people are taking advantage."
Some complained about a lack of recognition, with one going so far as to lament that risk managers are "underpaid and overworked, and our value to the company is minimized," while another concluded that "the risk management professional continues to lag behind in pay based on the importance of the position."
Still another confessed they are "seeking opportunities outside the organization. In my opinion, I'm underpaid versus my peers."
"Our value is still not properly recognized," agreed one respondent, while another said their firm "needs to have a little better understanding of enterprise risk management."
To turn that internal perception around, "risk managers need to strive to show their worth to the organization," warned one respondent.
Others were quite positive, however, about their profiles. "In this difficult economy, I am fortunate to work for an organization that values control of risks," said one. Another added that "the risk management profession is gaining recognition beyond insurance."
Some expressed fear for the future of the profession, in terms of an aging work force.
"I'm concerned that so many risk managers are getting ready to retire in the next 10 years," wrote one respondent. "Who is prepped/ready to take their place?" Another said their staff is "too old. Not too many are entering the field."
A looming shortage of qualified risk managers may be good news in the long term to those already in the profession hoping to move up. But for the short term, some expressed fears about their prospects in a tough economy and job market.
"Many risk managers in this geographic area want to move, but there have been no openings for three years–other than layoffs of other risk managers," reported one respondent.
However, in a survey base where nearly 95 percent said they were at least "satisfied" with their jobs–including 44 percent who are "very satisfied"–it wasn't surprising to find some sky-high about their work.
"This is a great profession–never boring!" raved one respondent, while another boasted that "risk management is the greatest profession in the world."
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