Risk Management Salary Guide
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The role of a Risk Manager is to communicate risk policies and processes for an organisation. They provide hands-on development of risk models involving market, credit and operational risk, assure controls are operating effectively, and provide research and analytical support.
Risk Managers must have excellent quantitative and analytical skills, along with the ability to apply those skills across a variety of business processes.
Risk Management duties and responsibilities of the job
The duties under a Risk Management job description include the following:
- Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occur
- Performing a risk assessment: Analysing current risks and identifying potential risks that are affecting the company
- Performing a risk evaluation: Evaluating the company’s previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirements
- Establishing the level of risk the company are willing to take
- Preparing risk management and insurance budgets
- Risk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)
- Explaining the external risk posed by corporate governance to stakeholders
- Creating business continuity plans to limit risks
- Implementing health and safety measures, and purchasing insurance
- Conducting policy and compliance audits, which will include liaising with internal and external auditors
- Maintaining records of insurance policies and claims
- Reviewing any new major contracts or internal business proposals
- Building risk awareness amongst staff by providing support and training within the company
Risk Management job qualifications and requirements
A degree in the following subjects is not vital but can be included in a job description:
- Risk Management
- Management or Business Studies
- Finance or Economics
Postgraduate degrees are not mandatory, but may also be beneficial. If a candidate does not have a degree, a career in risk management is certainly still possible, but would mean working up the career path, likely starting at an administrative level.
When compiling a Risk Management job description, it’s important to also display the following skills:
- Analytical skills and an eye for detail
- Commercial awareness
- Numerical skills
- Planning and organisational skills
- Ability to understand broader business issues
- Communication and presentation skills
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