Risk Management Job Profile And Description

Risk management is a career where a person has the necessary expertise to identify the risks in a particular organisation, company, business or establishment which can cause it lose financially or in terms of productivity, and then make suggestions which will prevent it to do so. There can be many different areas of risk management like financial risk, customer base, ratings risk, funding issues, environmental risk, or handling risk related to any accident, fire hazard, natural disaster or terrorist attack. Whatever is the field, the primary responsibility of the risk manager is to find out areas which are weak and vulnerable and fix them before any loss takes place and in case there is any untoward incident, he uses his knowledge to address those risks so that they can be contained and any future incident can be prevented.

Risk Management Duties And Responsibilities

The duties and responsibilities of a risk manager depend on the field in which he is employed. Here we will discuss some of the fundamental duties:

  • Recognise the risky elements and suggest ways of avoiding them
  • Manage risky assets and plan strategies on how they can be prevented in the future
  • Listen to the client and also make him aware of the various types of risks he faces
  • Be knowledgeable about various laws, codes and risks in his field

Risk Management Skills And Specifications

The skills and specifications that are required of a risk manager include:

  • Good organisational and interpersonal skills
  • Ability to deal with pressure and take quick decisions

Risk Management Education And Qualification

The education and qualification requirements for a risk manager are as follows:

  • Bachelor’s degree in finance, accounting or any other finance subject
  • Informal training or professional courses in other areas that deal with risk management

Risk Management Salary

The average annual salary of a risk manager is around $87,000.