What is RMI?

Risk Management and Insurance (RMI) has traditionally focused on strategies that might be adopted by a firm or individual to manage those risks that are insurable. Such strategies encompass the management of property and liability risks as well as financial risks related to mortality and morbidity. During recent years, however, increased volatility of interest rates, foreign exchange rates, and commodity prices have caused firms and individuals to adopt a more holistic, or integrated, view of risk management. Consequently, firms are increasingly pursuing integrated, or enterprise-wide, risk management strategies that seek to determine the full range of operational, strategic, financial, and hazard risks threatening shareholder value. From the capital markets side, the rapid growth of the derivatives and related markets, together with the emergence of financial engineering, have led to an emphasis on risk management as one of the key functions in finance. From the insurance side, insurance policies are being redesigned to bundle protection from a number of insurance risks and even financial risks. Thus, the field of Risk Management and Insurance has evolved to bridge the gap between finance and insurance studies.

Increasingly, companies are turning to colleges and universities for trained risk managers as they recognize the strategic importance of the RMI discipline. As a twelve-hour major, RMI can be  added as a second major, adding specialty focus to a complementary degree. Besides career opportunities with non-financial corporations, students majoring in RMI may find employment in the various financial services industries such as insurance, banking, pensions, and investment management.

For further information about Baylor’s RMI program and curriculum, as well as career opportunities in RMI, send email to rmiatbaylor@gmail.com, or call (254) 710-6207.