The role of a Risk Manager is to communicate risk policies and processes f or an organisation. They provide hands-on development of risk models involving market, credit and operational risk, assure controls are operating effectively, and provide research and analytical support. Risk Managers must have excellent quantitative and analytical skills, along with the ability to apply those skills across a variety of business processes.
Risk Management duties and responsibilities of the job
The duties under a Risk Management job description include the following:Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occurPerforming a risk assessment: Analysing current risks and identifying potential risks that are affecting the companyPerforming a risk evaluation: Evaluating the company’s previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirementsEstablishing the level of risk the company are willing to takePreparing risk management and insurance budgetsRisk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)Explaining the external risk posed by corporate governance to stakeholdersCreating business continuity plans to limit risksImplementing health and safety measures, and purchasing insuranceConducting policy and compliance audits, which will include liaising with internal and external auditorsMaintaining records of insurance policies and claimsReviewing any new major contracts or internal business proposalsBuilding risk awareness amongst staff by providing support and training within the company
Risk Management job qualifications and requirements
A degree in the following subjects is not vital but can be included in a job description:Risk ManagementManagement or Business StudiesFinance or EconomicsScienceStatisticsEngineeringLawPostgraduate degrees are not mandatory, but may also be beneficial.If a candidate does not have a degree, a career in risk management is certainly still possible, but would mean working up the career path, likely starting at an administrative level.When compiling a Risk Management job description, it’s important to also display the following skills:Analytical skills and an eye for detailCommercial awarenessNumerical skillsPlanning and organisational skillsAbility to understand broader business issuesCommunication and presentation skills
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