Like the sound of risk management? Let us introduce you to the types of roles available in this exciting sector.
Find a career path in risk management that’s just right for you.
Actions have consequences but it’s not always easy to identify the outcome, especially when dealing with external influences. Risk management strives to counter threats that face an organisation, by identifying risks and advising on the best course of action to minimise them.
This process of assessing and mitigating risk is often associated with financial decisions, such as trading and investment. However, as you’ll soon learn, risk managers can operate in a huge number of roles to give their employers and clients the best possible chance of success in a given industry.
The types of roles in Risk Management
Risk management isn’t a one-trick industry. As almost every decision in business brings with it an element of risk, watchful eyes are required to keep a handle over activities in more industries than you might think.
Currency fluctuations, interest rates, late payments and inflation can all impact the position of an organisation, which makes financial risk management one of the most integral roles in this sector.
Countless factors determine the success or failure of a business which makes due diligence vital when setting up and running a business. Enterprise risk managers can advise on risks and suggest precautions.
As we become increasingly reliant on systems, networks and devices, technology risk management has come to the fore, helping organisations minimise the risk of technology reliance.
Risk is inherent when buying and selling goods which makes factoring in threats such as price fluctuations essential, especially when dealing with suppliers for gas, water and electric.
Things can go wrong at any point in the operations of a business. Risk managers in this area can identify possible hiccups before they occur, helping organisations minimise threats to their smooth-running.
Why do the differences matter?
Risk management may boil down to the same principles eventually, but the day-to-day workflow of a financial risk manager will differ immensely from that of someone dealing with operations risk management.
Do you like getting stuck into reams of figures, or do you prefer looking at wider issues such as the compliance risk that failing to meet best practices could bring to an organisation?
Understanding what makes you tick and the career paths available to you will help you find a role that’s spot on for your interests. You won’t become a risk manager immediately – you’ll need the start as a technician or analyst – but it’s a lucrative career ladder to climb.
Five facts you should know about risk management
1. Many universities now offer Risk Management MSc courses to help graduates enhance their skills and knowledge of the sector
2. The finance and risk market is growing at an impressive rate of 7.1%, meaning plenty of opportunities for graduates
3. Professional standards for risk managers are set by the Institute of Risk Management
4. For an entry-level role in risk management, you could expect to earn upwards of £21,000
5. Pay for risk management professionals has increased by 25% from 2012, as demand for fresh talent grows
What next and where to learn more
Like the sound of a career in risk management? For further information about the sector, including the latest industry news, check out the Institute of Risk Management.
A risk-free decision
Hopefully this guide has given you an insight into what risk managers do and it will help you make a bright decision you’ll never look back on.
Looking to get a foot on the risk management ladder with superb graduate schemes and entry-level graduate jobs? Discover the latest insurance and risk management graduate programmes today.