With many graduate markets in turmoil, it’s no surprise to find risk management is there to provide some security. Here’s why…
The sector in a nutshell
Dealing with all threatening variables in professional decision-making, risk management is becoming ever more vital to the lifeblood of both private and public sector organisations. Specialised firms advise clients on how to prepare for the future, lending a prescient eye to almost every aspect of day-to-day and investment activities.
Basically, a risk manager will consult with senior business heads on logistical issues, financial opportunities, IT, health and safety, and other potential outcomes that rely on professional or system-based relationships.
As the corporate world has snowballed in complexity, with numerous digital frameworks ranging across continents and cultures, risk management has only gotten more important as an asset to savvy entrepreneurs. Graduates, therefore, are in high demand to ride this current momentum. Discover the different roles in risk management.
What makes the risk management sector unique?
As a complex sector that encompasses many roles and responsibilities, few graduates become risk managers straight away. You’ll probably start off as an associate or analyst, getting a feel for the policy of the firm you’re working for, and how potentialities are measured and qualified.
The thing is, once you get off the ground, you can expect a hefty salary: anywhere between £23,000-£30,000 after a couple of years, with pay cheques reaching up 80k for senior figures. That’s not a bad incentive, eh?
General career opportunities contrast slightly to that of an investment banking analyst, for instance, who has a very linear path ahead of them, and who will always be gathering data to support a final outcome.
As a risk manager, you’ll be engaging with many different people, presenting the findings of your team; you may have a more varied work schedule than that of a pure number cruncher. Also, you’ll be constantly scouring new avenues of risk assessment, liaising with departments to get a good overview of what a company’s putting at stake.
What kind of risks can you deal with?
There’s a long list of potential risks that can derail an organisation out of the blue. Risk managers look at some of the following areas when making a full and balanced assessment:
- Financial markets, and how investments could react to them
- Insurance and liability policy
- Liquidity, or the need to meet cash flow obligations
- Operational procedures that may break down or suffer from poor maintenance
- Credit extensions not being met
- Dangers to a workforce and associated health risks
5 key things to know before applying
- Research the latest compliance and governance legislation, and how it’s adapted over the years to global business developments
- Find a nugget of insight from your past experiences, regarding a time your advice successfully minimised risk to a project. If you have a story to tell, then an employer will look on you fondly.
- Compare graduate offers and their projected career progressions.
- Learn how processes are interrelated, and what specific risks companies try to avoid, to give you a tangible example for interviews.
- Research the firm you’re applying for – have they been in the news recently? What high-profile clients have they worked with?
Where can you go to learn more?
Aside from a career’s fair, the best place to seek support for your risk management aspirations is the IRM, the leading institute for providing education and insight to anyone interested in the sector. They offer training courses, industry events, and thought leadership pieces for your benefit.
Assessing the next step
The beauty about risk management is that practically any graduate can pursue it. Firms are desperate for good communicators, tech heads, data analysts, and people fascinated by the laws of probability. Ensuing decades will see risk management rise to even greater heights, which leaves you plenty of room to forge a brilliant career.
Keep an eye on the Bright Network application deadline page to see a host of graduate programmes for this sector. Applying for these roles doesn’t have to be a risky business, with the right support…