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Home > Blogs > Road to being a Successful Risk Manager
Risk is an inherent characteristic of human activities. Organisations are not out of the risk purview. Unexpected COVID-19 pandemic outbreak boldened the risks, that bolster the role of risk managers.
Investopedia defines risk management as a process of assessing, managing and mitigating losses. These risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters, explains TechTarget. Simply put, a risk manager’s role is detecting, identifying and resolving a potential threat or risk (internal/external).
According to a report by Allied Market Research, the global risk management market size was valued at $6,258.40 million in 2018, and market forecast is projected to reach $18,504.22 million by 2026, growing at a CAGR of 14.6% from 2019 to 2026. Hence, the demand for risk managers is going to be manifold.
Becoming a risk manager
First thing first, as a risk manager you are expected to deal with various functions in the company as the risk may vary time-to-time. Hence, the companies look for different technical and non-technical traits among the risk managers.
On the front of eligibility, a risk manager should complete at least a bachelor’s degree in risk management, finance, statistics, computer applications and related subjects. A certificate provided by various institutions and agencies such as RIMS-Certified Risk Management Professional, Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC) will give you an edge.
Industry experience or internship at a top organisation will be a value addition for your resume.
Job responsibilities vary time-to-time, companies to companies and role-to-role. A host of job roles include risk analyst, risk manager, risk management consultant, risk control supervisor, director of corporate risk management and chief risk officer. Even though general responsibilities are listed below:
- Finding risk areas and implement them in the company to resolve the risks
- Checking and analysing the organisation’s transactions, internal reports and financial information for potential risks
- Keeping reports of significant risks and best practices
- Drafting policies, actions and control measures to address identified risks
- Assessing the readiness of the internal control framework of the organisation in dealing with risks
- Training support workforce on risk management strategies and programs
To perform these responsibilities, you need to have competencies ranging from risk assessment, internal control, corporate governance, IT security and soft skills such as communication, problem solving, leadership, interpersonal, organisational and many other transactional skills.
Salary and career growth
According to Compensation Guide for Anti-Fraud Professionals, the salary of risk managers who holds CFE is 95000-135000 USD while for non-CFE it is 72000 to 115000 USD. In India, the salary of a freshly graduated risk manager is 5-7 lakhs per annum and experienced professionals can earn anything between 13-17 lakhs per year. As per indeed.com, the average salary is 9,45,778.
Since it is a hot job, the career prospects are high for risk management professionals. They can step up the career ladder in a few years and earn a lucrative payout.
The demand for risk managers has seen a momentum after the COVID-19 outbreak as many organisations grappled under serious financial and organisational risks to run their operations by complying the health safety guidelines. However, skilled risk managers are less to fill the demand.
Manipal-RIMS Certified Risk Management Professional (CRMP) Prep course offers intensive training for working professionals and freshers to excel in the risk management profession.
The next batch commences January 2021. Enrol now!
Shikha Tomar, Head- Strategic Partnerships
Home > Blogs > Enterprise Risk Management is fast emerging as a ‘Hot-Skill’
The last decade has seen large established organizations face a multitude of shifts that were not anticipated and provisioned for. The pace of change in technology, the emergence of new business models, risks to information security, emergence of new compliance and regulatory frameworks posed new challenges that threatened the success of organizations’ strategic goals. Disruptive innovation and ‘Uberization’ of business is one such phenomenon that has transformed the business landscape to put business plans of large organizations at RISK.
The need to identify risks, classify them, build risk mitigation strategies, execute these strategies and continuously monitor them has become key priorities for organizations. Risk management has now become a priority for most business leaders and is an agenda in modern board room discussions.
Emergence of COVID-19 exposed businesses to new set of challenges and RISKS. The instant stagnation of demand, disruption in supply chain and shift of workplace from large offices to highly distributed homes of employees has caught organizations – large and small – off guard. COVID-19 and its impact on business has fast tracked the adoption of Enterprise Risk Management in organizations and building capability in this domain is a key priority of CEO’s.
Organizations, that had managed risk by assigning the responsibility to an individual will have to consider hiring a Chief Risk Officer and a team of risk managers who can monitor risk in specialised functions – Finance, Operations, Information Technology, Marketing, GRC. The challenge for organizations in developing an Enterprise Risk Management function is the availability of trained and certified talent.
Manipal Global Education Services and RIMS join forces to enhance risk management learning opportunities
With the objective of filling the gap in available talent, Manipal Global Education Services and RIMS, the risk management society®, have entered into an agreement to strengthen risk management education opportunities in India. The collaboration offers the only accredited risk management certification in the world, RIMS-Certified Risk Management Professional (CRMP) certification courses and resources, to practising risk professionals, business leaders, and students who want to pursue risk management as a career.
Developed by leaders in the risk management profession, the courses aim to strengthen professionals’ ability to analyse business models, organisational design risk strategies, implement risk processes, develop organisational risk competency, and support decision making more effectively. The risk management courses will not only assist learners in gaining valuable RIMS-CRMP certifications, but also aid them in comprehending how to build a framework for overseeing risk in an organisation. Post completion of the program, they will be able to create a resilient business model and design a risk strategy for businesses seamlessly. The program will also provide a platform to the learners for opportunities to build a strong network by interacting with risk management professionals globally.
Who can attend the course?
The risk management program can be attended by practising risk professionals looking to upskill and certify themselves, chartered accountants, company secretaries, auditors, actuaries, compliance officers, IT and information security professionals, insurance brokers, business analysts, risk engineers/surveyors, analytics’ professionals, departmental risk officers, risk champions, risk SPOCs, and management students who want to make a career in risk management.
Key Aspects of the Course?
· Affiliated with the only ANSI-certified risk management program - CRMP
· Global curriculum - Curriculum designed by global experts from RIMS
· Experienced faculty - Delivered by experienced practising RIMS-CRMP certified professionals
· Practice-based learning - Learn using case studies designed for India
· Flexible learning options - Online Self-paced or instructor led
· Build a strong network by engaging with Risk Management professionals from across the globe.
84% of organizations surveyed (RIMS Research) felt that there will be a shortage of certified risk managers. The opportunity is fast emerging in the ERM space and early teams in organizations will go on to head the Risk Management function – one that will be critical function that will support decision making across levels in organizations.
The Time for Enterprise Risk Management is NOW!
Enrolments are open and limited seats are available. Click here for details on how to enrol.