Risk Manager

What is a risk manager?

A risk manager is a professional who helps businesses determine risks, threats and potential hazards that might affect their profitability, safety, security and existence.

What does a risk manager do?

Typically, a risk manager:

• Identifies potential risks to their company or clients
• Deals with insurance related issues and manages insurance budgets
• Creates and implements policies and procedures to address certain risks
• Communicates with other managers, directors, and staff to share and manage risks

What does the day-to-day life of a risk manager look like?

A risk manager normally works from Monday to Friday during office hours, but might also work in evenings and weekends as per requirement. They usually spend their day reviewing reports, conducting internal audits, planning risk management strategies, and discussing these plans with senior management.

Where does a risk manager work?

Risk Managers can find employment in various industries, including financial services companies, consultancy firms, tech and telecommunications companies, and public sector organizations. They might also be self-employed and work as consultants, offering their services to a variety of companies.

What tools/software/hardware does a risk manager use?

A risk manager uses a variety of tools including:

• Risk management software: This may be industry-specific software or more general packages like Excel
• Business intelligence software: To help make sense of data
• Database user interface and query software: For handling and manipulating data

What do I need to become a risk manager?

To become a risk manager, you can follow these steps:

• Education: A bachelor's degree in finance, business or a related field is typically required. Many employers also prefer candidates with a master's degree in business administration (MBA) or finance.
• Certifications: Various professional bodies offer risk management certifications; these can be beneficial and sometimes, employers may require them.

What career paths are available?

As a risk manager, you may explore a variety of opportunities including:

• Senior Risk Manager: Typically involves overseeing other risk management personnel in larger organisations.
• Chief Risk Officer (CRO): You could aim to become the top risk management executive in a company.
• Consultant: After gaining substantial experience, you may choose to start your own risk management consultancy.

What jobs are similar to a risk manager?

Jobs similar to a risk manager include:

• Insurance Manager: Oversee the insurance process within their company; dealing with claims, risk and compliance.
• Compliance Officer: Ensure company policies and procedures comply with regulatory and ethical standards.
• Financial Analyst: Provide guidance on investment decisions based on risk and return analysis.

What made you want to become a risk manager?

How did you get your first risk manager job?

What was the one thing that surprised you the most about being a risk manager?

Are you a risk manager? We want you to share your experiences with those looking to start or change their careers to risk management. If you're interested contact us at mail@calumchilds.com.