The risk management and insurance (RMI) degree program prepares students to identify, analyze, and manage risks that are inherent in the operation of profit and not-for-profit institutions. Students take courses designed to provide practical knowledge and skill-focused training that meet individual interests and employer needs. Current course offerings align with our faculty research strength and support Wisconsin School of Business initiatives in analytics and navigating uncertainty. We offer both foundational courses, such as Principals of Risk Management, and in-depth courses, such as Risk Financing, Risk Analytics and Behavioral Science, Commercial Insurance Contracts, Insurance Operations, Employee Benefits Management, and Sustainability Risk Management.

Our faculty are thought leaders with a variety of interests, including: risk management, risk evaluation, insurance regulation, insurance company financial operations, enterprise risk management, behavioral economics, and reputation risk. The strength and breadth of our faculty research enhances the student experience by giving students first-hand access to industry experts that match their interests.

Related Organizations

Risk Management and Insurance Society
Co-Curricular Learning Board

Explore Study Abroad

Studying abroad is an excellent way to gain international experience that enhances your business education. Many students also consider a summer program or a short program embedded in a course. Students are encouraged to visit the Study Abroad section to learn more about study abroad opportunities and to meet with their academic advisor to discuss course planning. Students can take a maximum of two courses in their major abroad. Other common course options abroad include core and breadth courses.

Q: How do I declare a major in risk management and insurance (RMI)?

A: Students must be admitted to the Wisconsin School of Business in order to declare a major in RMI. Please visit our Admissions page for more information. Students indicate their intended major when they apply to the business school. If they are admitted, the major(s) indicated will be declared for them. Students may change their major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.

Q: How do I cancel the RMI major?

A: Admitted business students may cancel their declared RMI major by completing a Business Major Declaration Form. Turn completed forms in to the front desk in 3150 Grainger Hall.

Q: What are common parallel plans related to RMI?

A: Common parallel plans that lead to careers related to risk management include economics (College of Letters & Science) and statistics (L&S). Students are encouraged to contact the Cross College Advising Service (http://www.ccas.wisc.edu/) or the appropriate school/college for advising related to these or other majors.

Q: How do I run a DARS report for the RMI major?

A: Please see the Academic Advising page for information on how to run a DARS report.

The following requirements must be met in order to complete a major in Risk Management and Insurance. For detailed course descriptions, please consult the Course Guide.

Please be aware of stated prerequisites for major courses (including business core courses) that need to be completed before taking the course. Specific prerequisites can be found using the Course Guide.

Students must be admitted to the Wisconsin School of Business to complete a major in Risk Management and Insurance.

  • Complete RMI 300 Principles of Risk Management, 3 credits

Complete three of the courses below OR two of the courses below AND one elective course*:

  • RMI 640 Management of the Insurance Enterprise, 3 credits
  • RMI 645 Commercial Insurance Contracts, 3 credits
  • RMI 655 Risk Financing Techniques, 3 credits
  • RMI 660 Risk Analytics and Behavioral Science, 3 credits

NOTE: The following courses taken in spring 2015 or prior will satisfy this requirement:

  • RMI 610 Property Risk Management, 3 credits
  • RMI 615 Liability Risk Management, 3 credits
  • RMI 620 Employee Benefits Management, 3 credits

Elective Course Options:

  • Any 600-level RMI course, including the third course in the above list not taken to fulfill that requirement, 3 credits
  • Any 600-level Actuarial Science course, 3 credits
  • Finance 325 Corporate Finance, 3 credits
  • Finance 330 Derivative Securities, 3 credits

NOTE: The following courses taken in spring 2015 or prior will count as an RMI elective:

  • Act Sci 303 Theory of Interest and Life Insurance, 3 credits
  • MHR 305 Human Resource Management, 3 credits

 


Dan Anderson
Emeritus - Non-teaching
danderson@bus.wisc.edu
BA, MBA, Ph.D.

Carl Barlett
Lecturer
barlett@wisc.edu
MBA, JD

Daniel Bauer
Associate Professor
daniel.bauer@wisc.edu
MS, Ph.D.

Richard Crabb
Lecturer
rcrabb@wisc.edu
BA, MS

Gordon Enderle
Faculty Associate
genderle@wisc.edu
BSE, FSA

Edward Frees
Emeritus - Non-teaching
jfrees@bus.wisc.edu
BS, MS, Ph.D., FSA

Paul Johnson
Lecturer
paul.johnson@wisc.edu
BS, MS, Ph.D.

Dan Kaiser
Lecturer
daniel.kaiser@wisc.edu
BBA, MS, JD

Christy Kaufman
Lecturer
ckaufman@amfam.com
BBA, MS

Tyler Leverty
Associate Professor
ty.leverty@wisc.edu
BA, Ph.D.

Kay Millonzi
Lecturer
kay.millonzi@wisc.edu
BBA, MS, JD

Anita Mukherjee
Assistant Professor
amukherjee@bus.wisc.edu
BS, BA, MS, Ph.D.

John Mullahy
Professor
Affiliate Faculty
jmullahy@wisc.edu
BA, Ph.D.

Brian Mullen
Lecturer
bjmullen@wisc.edu
BBA

Kirk Peter
Faculty Associate
Lecturer
kpeter@bus.wisc.edu
BS

Margie Rosenberg
Professor
margie.rosenberg@wisc.edu
BS, MS, Ph.D., FSA

Joan Schmit
Professor
Department Chair for Risk and Insurance
joan.schmit@wisc.edu
BBA, MBA, Ph.D.

Peng Shi
Associate Professor
pshi@bus.wisc.edu
BS, MS, Ph.D., ASA

Jim Swanke
Lecturer
jswanke@bus.wisc.edu
BBA, MBA

Justin Sydnor
Associate Professor
jsydnor@bus.wisc.edu
BA, Ph.D.

Yang Wang
Assistant Professor
ywang26@wisc.edu
Ph.D.

Businesses rely on risk professionals to manage risk (financial, credit, legal, insurance, contractual, etc.) within the business and to structure products and operations that mutual benefit the organization and its customers. Risk management is a critical differentiator that allows companies to grow safely.  Risk managers frequently work with all divisions of an organization.

Leadership Development Overview

Rotational programs provide graduates an opportunity to work in several areas of risk and insurance during a relatively short time period.  Each rotation assignment may last a few months to a year and programs are usually a total of two years in length.  Upon completion of the rotation program candidates can pursue the area that interests them most

Possible Job Responsibilities

  • Participate in intensive two-year entry level program spanning three eight-month rotations
  • Experience work in areas including: analytics, modeling, underwriting, workout, portfolio management, or compliance/regulations
  • Combine job assignments and interactive seminars to equip program members with superior functional, analytical, business and leadership skills

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Brokerage Overview

An insurance broker provides a variety of risk management functions for organizations.  Professionals most commonly assistance in acquisition of insurance but also captive management and other alternative financial arrangements, as well as risk management.

Possible Job Responsibilities

  • Evaluate clients' current insurance programs
  • Negotiate client-focused terms and conditions with the underwriters
  • Make sales calls and meet with clients

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Risk Management Overview

Large and/or sufficiently complex organizations will have their own risk management staff to make decisions regarding appropriate risk control/financing.

Possible Job Responsibilities

  • Identify and analyze areas of potential risk to the assets, earning capacity, or success of the organization
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments
  • Conduct statistical analyses to quantify risk, using statistical analysis software and econometric models
  • Document, and ensure communication of, key risks
  • Gather risk-related data from internal or external resources

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Underwriting/Claims Adjusting Overview

Underwriters and claims adjusters typically work for insurance organizations.  Underwriters assess potential policyholders and decide whether or not to accept the client risk.  Claims adjusters evaluate policyholder losses to determine whether or not the losses are covered by the policy and, if so, for what value.

Possible Job Responsibilities

  • Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials
  • Decline excessive risks
  • Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies
  • ;Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property
  • Authorize reinsurance of policy when risk is high
  • Evaluate possibility of losses due to catastrophe or excessive insurance

Essential Skills

  • Critical thinking
  • Communication
  • Analytical
  • Problem-solving
  • Business acumen
  • Leadership
  • Decision-making
  • Ability to work in teams

Meet the academic and career advisors for RMI.

Whitney Baker
Career Advisor
whitney.baker@wisc.edu
Lauren Wypiszynski
Academic Advisor
lauren.wypiszynski@wisc.edu

Please visit the Contact Advisors and Staff page for information on advising and appointments.

Contact wibbaadvising@bus.wisc.edu for questions regarding academic advising.