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How to become a Risk Manager

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Risk Manager courses

Career progression and salary expectations for a Risk Manager

Risk Analyst

| Up to £25,000

This entry-level role involves gathering and analysing data to identify potential risks, preparing reports, and assisting in the development of risk management strategies. It's a foundational position that provides critical insights and supports senior risk management staff.

Risk Manager

| Up to £50,000

As a Risk Manager, you take on more responsibility by developing and implementing risk management policies, conducting comprehensive risk assessments, and ensuring compliance with regulations. This role requires strong analytical and communication skills to manage and mitigate risks effectively.

Senior Risk Manager

| Up to £80,000

In this advanced role, you lead a team of risk professionals, oversee complex risk management projects, and provide strategic guidance to the organisation. This position involves high-level decision-making, developing enterprise-wide risk strategies, and ensuring the organisation is resilient against potential threats.

The role of a Risk Manager

What does a Risk Manager do?

Not one to play with fire? Play it safe instead...

A Risk Manager is responsible for identifying, assessing, and mitigating risks that could negatively impact an organisation’s operations, reputation, and financial health.

By conducting thorough risk assessments, analysing potential threats, and determining their likelihood and impact, Risk Managers work to develop comprehensive risk management plans that address and mitigate financial, operational, and strategic risks.

Risk Managers also continuously monitor and review the effectiveness of their risk management plans, whilst ensuring that all departments within the organisation are aligned.

Key tasks and responsibilities for a Risk Manager include:

Identifying potential risks and vulnerabilities within the organisation
Conducting risk assessments and analysing the impact of identified risks
Collaborating with various departments to ensure alignment on risk management
Staying updated on risk management practices, regulations, and industry standards
Ensuring compliance with legal and regulatory requirements
Training and educating employees on risk awareness and management policies
Preparing reports and presenting findings to senior management
Advising on risk-related issues and recommending improvements
Implementing risk management software and tools
Coordinating risk management activities across different projects and initiatives

Is a career as a Risk Manager right for me?

Firstly, you’ll need strong analytical skills and a keen attention to detail in order to identify, assess, and analyse potential risks effectively.

Good problem-solving abilities will help you to develop strategies that mitigate these risks, and communication skills are crucial for explaining complex risk concepts to stakeholders and ensuring that risk management policies are understood and followed across the organisation.

Other key skills for a Risk Manager include:

Leadership skills
Project management skills
Technical proficiency
Negotiation skills
Adaptability
Regulatory knowledge
Strategic thinking
Decision-making skills
Ethical judgement

What's it like to be a Risk Manager?

"It's a bit like being the organisation's safety net. You have to stay one step ahead, think on your feet, and be ready to handle anything that comes your way. It's challenging, but knowing you're helping to protect the company makes it all worthwhile."

Get qualified as a Risk Manager

To become a Risk Manager, you typically need a bachelor's degree in finance, business, or a related field, and pursuing advanced qualifications such as a Master's degree in risk management or a related discipline could also help set you apart. Additionally, professional certifications, such as the Chartered Enterprise Risk Analyst (CERA) or qualifications from the Institute of Risk Management (IRM), will help you enhance your credentials.

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