What Does a Risk Manager Do?
Risk Managers typically work for corporations across industries to ensure they make smart business decisions to promote their company’s longevity. They work closely with risk management personnel and company Executives to identify risks and develop strategies to prevent potentially harmful activities or practices. Their job is to uphold their employer’s success by thinking about how current company practices could affect their employer in the future. They may also be responsible for investigating instances of fraud or unethical work practices to determine whether their employer needs to take immediate action.
Risk Manager Skills and Qualifications
Risk Managers must have specific skills to work at their jobs. Some Risk Managers have certifications in the financial or accounting industries:
- Financial knowledge: A Risk Manager is someone who should have a financial background with working with assets, markets, resources and funding.
- Computer skills: Risk Managers should be able to work with financial databases.
- Communication skills: Risk Managers need to talk with stakeholders about risks and how to stop risks.
- Detail-oriented: A Risk Manager should be meticulous about keeping records and recording risk data.
- Analytical skills: A risk assessment manager should have skills involving data use, statistics and math to be able to manage data and financial information.
- Enterprise resource planning: Risk Managers should be able to use the resources at their disposal wisely and frugally.
Risk Manager Salary Expectations
The average salary for a Risk Manager in the United States is $92,292 per year. This is the average, but compensation varies depending on bonus packages. The salary estimates are based on salaries submitted anonymously to Indeed by Risk Manager employees, users, as well as being collected from job advertisements on Indeed.
Risk Manager Education and Training Requirements
Risk Manager education and training requirements usually require a Bachelor’s degree, with a master’s preferred for most positions. The degree fields should be finance, business administration, accounting or another business major. Special fields may require further certification such as in the healthcare field. There are other certifications available for Risk Managers to pursue their education and career paths.
Risk Manager Experience Requirements
Because a Risk Manager works with finances, it is useful for Risk Managers to have experience in business or finance before they become Risk Managers. Experience in business or finance can help a Risk Manager understand the needs of any business client. A Risk Manager should have more than five years of risk assessment and abatement experience in the business administration, finance or accounting fields. It is useful if a Risk Manager has project management and supervisory experience during a Risk Manager career to know how to work with people and manage risk assessment teams for risk assessment and abatement.
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