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What Are The Responsibilities of a Risk Manager?

Posted on March 2023

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Risk management is essential in any business landscape, equipping businesses with the tools, guidance, and support that they need to identify and manage potential risks.

The role of a Risk Manager encompasses a wide range of responsibilities, mainly focusing on communicating risk policies and processes within an organization.

Risk Managers advise on any potential risks to the safety, security, profitability, or existence of a company. There are plenty of opportunities to work within different sectors providing risk management support, whether that’s risk management surrounding market credit, operations risk management, or even analytical support.

What are the responsibilities of a risk manager?

If you’re considering embarking on a career in risk management, it’s important to understand what the role entails.

Here are just some of the responsibilities that come hand in hand with a risk management role:

  • Designing and implementing an effective and all-encompassing risk management strategy for the organization

  • Carrying out effective analysis of current risks

  • Performing thorough risk evaluations to establish levels of risk and implementing the right solutions

  • Maintaining records of insurance policies and claims

  • Reviewing any new major contracts

  • Building risk awareness amongst staff

  • Working confidently with risk management and insurance budgets

  • Preparing risk reports based on the needs of the company you’re working with

  • Explaining external and internal risks clearly and concisely

  • Implementing effective health and safety measures in line with business needs

  • Conducting policy and compliance audits.

What skills are required to secure a risk management role?

It is considered favorable to possess the following skills when applying for any risk management role:

  • Problem-solving

  • Analytical skills

  • Sound communication skills

  • Business understanding

  • Negotiation skills

  • Strong numeracy skills

  • The ability to work under pressure

  • And of course, a strong understanding of the theoretical and practical side of risk management.

Qualification requirements

A degree in risk management, management or business studies, science, engineering, or law is not essential but is typically looked upon favorably by employers. If you don’t have a relevant degree, you can still apply for a risk management role, provided you have the necessary skills and experience outlined in the job description.

What is the average salary for risk management?

Risk managers working in the US can earn anything between $100,000 and $1.5 million.

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