How can I get into Enterprise Risk Management (ERM)?

Get CERA qualified

Pass SP9, get the Chartered Enterprise Risk Actuary (CERA) credential and then show it off!  For more information about how to plan your study route if you are a member of the IFoA, then view this page.  If you are a member of another actuarial association, then please visit the CERA Global Association website.

Hone your “softer” skills

These are very important in any actuarial practice area, but being able to demonstrate strong personal and business skills such as communication, adaptability, tenacity and leadership can be particularly useful when making a transition between different areas.  Those who already work in ERM emphasise the importance of being able to understand a full range of business functions and activities, of being able to communicate clearly with and to non-actuaries, and of being willing to both listen and challenge – and to spot when you are not being told the truth or only half of the truth!  In addition, softer skills are valuable during any interview process.  Please visit our Lifelong Learning webpages for further information.  

Read around the subject

There are lots of resource materials available on ERM which will allow you to understand the range of activities which comprise the risk management cycle and to appreciate current issues and developments.  As well as providing the base for your personal development, they can help you to make decisions about which particular risk management area you might wish to focus on, or whether you would prefer a wider ERM role.  Even if you do not wish to take the SPrisk@actuaries.org.uk9 examination, the SP9 reading materials for it are a very good starting point.  Lists of other useful resources can be found on the Global CERA credential website and there is also the list of related IFoA library material available to you.

Attend events

Attendance at ERM-related events will help you to improve your understanding and knowledge of the area and will be something that those who are recruiting for ERM roles will be looking for.  There are many risk management focused events available offered by the profession (including occasional one day ERM seminars), regional actuarial societies, SIAS and other providers.  The profession’s annual Risk & Investment Conference has clear risk management streams, and there are normally many ERM-related talks at the other practice area conferences and at Momentum.  For those who are unable to attend in person, look for the online opportunities such as webinars.  You may also want to look at what is offered by organisations such as IRM and PRMIA.

Network

Take every opportunity to talk to others who work in ERM.  Risk management focussed networking events are organised and held periodically by the IFoA.  Any of the events mentioned above are great opportunities at which to make useful contacts and to learn from others’ experiences

Get involved with the profession

Look out for opportunities to be involved with ERM related activities such as working parties, research groups and education-related roles.  Not only will these look good on your CV, they will provide even more networking opportunities.  Although you may not feel able to provide specialist expertise, a willingness to work hard and to contribute time is often more highly valued than knowing all of the answers.  Find out more about the latest volunteering opportunities.

Sign up to the Risk Management practice area

When you log into our website under “My preferred interests” and then “Practice area community preferences”, make sure that you are subscribed to the ERM option (you can subscribe to as many different practice areas as you like).  This will ensure that you receive regular e-newsletters which highlight relevant news items, events and volunteering opportunities that are specifically tailored to risk management

Get involved at work

Make it known that you are interested in risk management as part of your career progression plan.  Go and talk to the people who already work in risk management within your organisation and/or have conversations with your clients about their own risk management framework (e.g. if you currently work in pensions: how has the employer integrated the pension scheme risks into its overall risk management program?).  Look out for risk management related projects that you could get involved in at work, even if at first it is only on an occasional basis alongside your day-to-day responsibilities.  You could even volunteer to start such a project yourself

Look for every opportunity

As with all personal development, you cannot rely on things just happening for you.  You must be proactive, both in terms of the suggestions made here and in looking out for job opportunities (whether internal or external).