What They Do:
Loss control specialists plan and direct policies, procedures, or systems to prevent the loss of assets. In addition, they also determine risk exposure or potential liability, and develop risk control measures.

Why It's Important:

Loss control specialists are important because they are the individuals that go in and implement actions or procedures in order to help lower the chance of risk. By lowering the chance of risk, they are sometimes able to get consumers a better price for their premium and they help protect the insurance company from losses that can be avoided or lessened.

Typical Duties:

  • Identify potential for loss and develop strategies to eliminate it.

  • Advise managers on compliance with applicable codes, laws, regulations, or standards.

  • Administer systems and programs to reduce loss, maintain inventory control, or increase safety.

  • Train loss prevention staff, retail managers, or store employees on loss control and prevention measures.

  • Assess security needs across locations to ensure proper deployment of loss prevention resources, such as staff and technology

Important Skills:

  • Communication/Active Listening skills

  • Judgement/Decision-making skills

  • Quality control analysis

  • Persuasion 

  • Complex problem solving 

Salary Range

The median annual wage: $82,952

The lowest 10% ~ $67,105

The highest 10% ~ $100,862

Professional Designations:

ALCM – Associate in Loss Control Management

CRA – Certified Risk Analyst

CSP – Certified Safety Professional

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Career Facts​

Education and Professional Requirements:

  • Entry-level: Bachelor’s degree

  • Advancement: Bachelor’s degree, many years related work experience, advanced degree

 

Possible career path: Loss Control Specialist > Loss Control Manager > Loss Control Executive

Additional Resources

References:

  • IIC Loss Control Specialist Profile

  • OII Loss Prevention Specialist Profile

  • InVEST Loss Control Specialist Profile

  • IMUA Loss Control Overview

Videos:

  • Meet a Loss Control Specialist

  • Inland Marine Underwriters Association Career Path Video