A Career As A Risk Manager

In todays job marketplace a certified Risk Manager has many opportunities available across a growing number of industries. Functional experience and training in the risk management field has become a highlighted skill-set on more and more job postings. While risk assessment skills are also utilized in not-for-profit and charitable organizations, a workplace career in risk administration can also be financially and personally rewarding. Recent studies have estimated that there are approximately 550,000 risk management professionals working in the United States, with a median salary of $91,000.

Typically a professional risk manager has a foundation of business training, however some individuals transition to this career from technical backgrounds such as engineering. This academic exposure is always coupled with an average of five years of industry experience. The task of this risk professional can very much depend on where in the risk administration process the organization is. If the hire is the first step in a changing organizational risk philosophy then the individual can expect to be involved in the ground-floor development of a risk management policy. Once this framework of processes and templates has been created and embedded in the organization, or if a framework was already in place, a risk managers day-to-day functions include;

* Participating in strategy and project discussions with senior management to adequately analyze company decisions from a risk limitation perspective.
* Implementing threat identification, assessment, and prioritization analyses.
* Determining which risks can be eliminated by avoidance or transference to another party.
* Reducing the likeliness and impact of those hazards that can not be avoided or transferred by discovering the root drivers of specific risks and mitigating them.
* Implementing a response action plan to maintain the organizations operational and financial stability in the event of a risk event occurring.
* Acting as a liaison between the organization and attorneys, safety officials, and insurance representatives.
* Depending on the size of the company, the risk professional may be responsible for a team of risk analysts who help recognize threats and quantify their impact.

An individual in this function can expect to report to top management officials at either the vice-president or director level. Therefore the communication skills and polish that are demanded by this level of interaction are important qualifications for a successful risk manager. The ability to recognize, mitigate, and respond to risk events demonstrates an innate understanding of how interdependent components of a business interact to achieve an objective. For an individual to be successful in this function they must be details-oriented and typically possess above-average quantitative skills. These types of analytical skills and judgment ability are an indication of executive-level potential.

If a career as a risk manager is of interest to you and you have the necessary skill-set and academic foundation, here are several other recommendations;

* Take the time and modest expense to go through several risk management training programs and sessions at accredited local or online academic institutions. This training base should include working towards achieving at least one Risk Management Certification that appeal to you and your desired industry. Many organizations offer training and development reimbursement for individuals who are interested in pursuing in attaining skills and knowledge that benefit the company.
* Access and leverage your career network to speak with individuals who are currently working as risk managers to discuss the role and seek their advice on career path and possible placement opportunities.
* Solicit local business with your new risk analysis skill-set; many small to medium sized firms will not recognize the benefits of a risk professional until someone has outlined the benefits to them. You may just well be able to create a job opportunity right on your doorstep.