What is the role of a "risk manager" in a business?

The role of a risk manager in a business is primarily focused on the analysis and management of the potential financial risks that the organization may face. This involves identifying various risks that could impact the business, such as operational, financial, reputational, and strategic risks. Once these risks are identified, the risk manager develops strategies to mitigate or transfer those risks, which may include implementing risk management policies, purchasing insurance, or developing contingency plans.

Risk managers play a crucial part in ensuring that the business can withstand adverse events and continue to operate effectively. Their work helps to protect the organization’s assets and financial stability by proactively addressing potential threats and implementing measures to minimize exposure to risk. This strategic approach is essential for safeguarding the company's future and ensuring long-term success.

In contrast, providing insurance quotes, handling customer service inquiries, and overseeing marketing strategies pertain to specific operational functions within an insurance context or sales environment, rather than the holistic risk assessment and management that a risk manager would focus on.