Aim higher: a career in risk management at Lloyd's

This section of the LMA website provides useful information for those considering a career in Risk Management within the Lloyd's of London insurance market.

You will find information on the skills required, the different roles and responsibilities, the attractions and challenges of a career in Risk Management and some interesting case studies from people currently working in the field.

What is risk management?

Risk management involves identifying risks and their potential impact and looking at how these might be reduced or controlled. It can result in the identification of new opportunities, allowing the business to remain innovative.

Within the Lloyd’s market, risk management includes helping the managing agent to achieve its business objectives, whilst protecting capital investment. This involves the identification, assessment and quantification of risks and the effectiveness of business processes to manage these risks.

Risk management at Lloyd’s is unique, complex and challenging. So...

What is Lloyd’s?

Lloyd’s is the world’s largest specialist insurance market where insurers - or Managing Agents - operate through ‘syndicates’ to insure risks. The Lloyd’s market offers a unique and unrivalled network of expertise.

Most of the business at Lloyd’s is still conducted face-to-face in the Underwriting Room. Its traditions and sense of community make it an exciting place to work - even if you are not based in the Lloyd’s building itself.

A wide range of risks are insured at Lloyd’s from cargo ships, to property damage arising from natural hazards such as earthquakes. We even insure celebrity body parts! Any time a natural disaster occurs it is likely that a Lloyd's managing agent has insured part of it.

What qualifications will I need?

It is usual for someone working within risk management to have a Bachelor’s degree. Most risk managers within the Lloyd’s market may also hold, or be working towards, a professional qualification from either the Institute of Risk Management or the Chartered Insurance Institute.

The majority of managing agents encourage employees to gain relevant qualifications and many will cover all, or part, of the costs of doing so. A desire to continue learning is seen as a great asset to potential employers.

What skills do I need?

Education aside, it’s the skills that really count. You will need to:

  • have excellent communication skills
  • have strong mathematical skills
  • be confident enough to deal with a wide range of people
  • have an analytical mind
  • be commercially aware to help with decision making
  • have a lot of common sense - this is a necessity!

What types of roles are available?

Roles in the Lloyd’s market vary widely but you are likely to be a generalist covering several areas (often known as ‘enterprise risk management’) or a specialist in a single area, such as underwriting or operational risk.

The different roles available include:

  • Risk Analyst - focusing on risk management information by coordinating risk reviews and assessments within your managing agent
  • Risk Manager - helping staff to understand potential risks and assisting in the development of a control framework to provide assurance to senior management
  • Chief Risk Officer - providing a greater emphasis on ensuring that the appropriate level of capital is considered as part of strategic decision making

What would I be doing on a day-to-day basis?

General duties may include:

  • carrying out research to help identify, assess and evaluate risks
  • writing reports for underwriters
  • staying up to date with legislative requirements
  • advising clients
  • liaising with underwriters and brokers

What’s to like?

Risk management is a crucial function with a great deal of job satisfaction. It is a well respected field which provides access to all areas and levels of the business. The scope of risk management continues to expand and develop, creating an exciting work environment. Additionally, the work can be fast paced and stimulating.

What’s not to like?

Working in such a key area means you may have to make some tough decisions. The work can also be quite demanding, so you will need to prioritise your workload. However, the experience you will gain in your first risk analyst position will serve as an excellent foundation from which these skills can be developed.

Contact us

Gary Budinger
Senior Executive, Finance and Risk

View Profile

Case studies

Find out more about a career in risk management by reading case studies from people working in different roles in the Lloyd's market:

Risk management leaflet

Risk Management at Lloyd's