What does a Risk-Manager do?
As a risk manager, you are in charge of determining financial, safety and security risks for a company or organization, and you find ways to reduce those risks through planning and problem-solving. Risk managers are in charge of research activities such as risk assessment for current company affairs or risk evaluation, which evaluates the company's handling of risks in the past. Risk managers must be able to present their findings to their clients in a way that's easy for the company administration to understand and implement. Many risk managers begin their careers as risk assistants or risk analysts and move into manager roles once they have enough experience.
Most risk managers hold bachelor's degrees in business, management or another related field. Graduate degrees look even more impressive on your resum' to potential employers. In-depth knowledge of the company and industry is very important for risk managers, who need to accurately assess risks that may become a reality without intervention by organization management. Risk managers should be able to think outside the box to envision risks that might be otherwise unnoticeable to others.
- Identify financial, safety or security risks that the client company or organization may face
- Prepare action plans to decrease risk factors
- Gather confidential financial information from client such as income, assets and debts
- Manage company insurance policies
- Perform risk evaluation, which assesses the way the company previously handled risks
- Make risk-avoiding adjustments to current methods of operation in order to minimize their future risks
- Prepare a risk-management budget
- Provide training and certification for organization staff so that they can be aware of risks and try to avoid them
- Professional Risk Manager (PRM) certification may be beneficial
- Thorough understanding of the business or organization's goals and values
- Computer, data entry and MS Office skills
- Excellent communication skills, both written and spoken
- Ability to handle private, sensitive, confidential information appropriately
- You pay strong attention to detail and organization
- Strong working knowledge of risk management and previous experience working with risk (i.e. risk assistant or risk analyst)
- Solid research skills using the internet and first-person interviews
- Experience working with insurance policies
Average Base Pay
Risk-Manager Career Path
Learn how to become a Risk-Manager, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
“Good collaborative spirit and balance of financial and technical projects (which was what I was interested in).”
“I got to meet great people and learn from people who have been in the industry for many years.”
“Many different ways at getting the same thing done which is good for innovation but bad for efficiency.”
“Subtle racism in Canada where you have no chance to grow due to your skin color.”
“The Agent I work for is a great guy who tries his best to help us function in our roles.”
“Everyone was willing to work with me as an intern and I felt the work I was doing had an impact.”
“All good and excellent working”
“not very good for career development and low motivation”
Frequently asked questions about the role and responsibilities of risk managers
The typical day of a risk manager involves assessing the potential risks that a company might face including market risk, operational risk, reputational risk, and credit risk. This includes evaluating the likelihood and consequences of the threat. The risk manager also recommends actions that will help control and reduce these potential risks.
Risk management is a good career for highly analytical individuals who enjoy the corporate detective work of assessing complex situations and identifying potential pitfalls. Risk management job satisfaction can be high for detail-oriented individuals looking to fully utilize their skills as they meticulously identify and evaluate weaknesses.
The average salary for risk managers is €81,486. Pay increases with experience and seniority. You may begin with a lower salary as an underwriter or insurance account manager. Senior risk managers for major corporations and C-Suite risk managers employed as Chief Risk Officer (CRO) enjoy some of the highest salaries for this occupation.
Working as a risk manager can be difficult, as it requires a great deal of attention to detail. There are many challenges of being a risk manager for those who are unfamiliar with the industry they're assessing. However, with experience and research, the job typically becomes easier and more lucrative.