ADD ADVICE TO FAVRisk manager
Risk managers manage any risk that might damage the profitability or even the existence of an organisation (eg risk from currency movements, interest rate fluctuations, online dealing systems, fraud or health and safety risks).
What risk managers do
- identify, assess and mitigate the possibility of things going wrong, and examine premises to evaluate current precautions
- design contingency plans in case things go wrong
- decide whether to avoid the risk, reduce it, retain it or transfer it (often by insuring against it happening).
Key skills
- forward planning
- analytical skills
- ability to work under pressure and deal with responsibility
- numeracy and mathematical ability
- the ability to understand a complex legal and regulatory framework
- the ability to understand complex financial and insurance products.
Training to be a risk manager
Risk management is a specialist occupation, so most people starting this career have experience in another area of finance. The Association of Corporate Treasurers runs qualifications in various aspects of risk management for the finance sector and offers two levels of qualification.
Salaries
These vary between industries, but can be from £35,000 to over £70,000 with experience. Some jobs pay over £100,000.
