Risk management is a growing industry with increasing opportunities for graduates who have the skills and abilities to make important business decisions. Risk managers advise organisations on any potential risks to the profitability or existence of the company.
Roles and responsibilities
What does an Risk Manager do?
Risk Manager may perform the following tasks:
- planning, designing and implementing an overall risk management process for the organisation
- risk assessment, which involves analysing risks as well as identifying, describing and estimating the risks affecting the business
- risk evaluation, which involves comparing estimated risks with criteria established by the organisation such as costs, legal requirements and environmental factors, and evaluating the organisation's previous handling of risks
- establishing and quantifying the organisation's 'risk appetite', i.e. the level of risk they are prepared to accept
- risk reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks
- corporate governance involving external risk reporting to stakeholders
- carrying out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong
- conducting audits of policy and compliance to standards, including liaison with internal and external auditors
- providing support, education and training to staff to build risk awareness within the organisation.
What personal requirements will you need?
- technical acumen
- problem-solving and decision-making abilities
- analytical skills and a good eye for detail
- the ability to cope under pressure
- planning and organisation skills
- negotiation skills and the ability to influence people
- good communication and presentation skills
- commercial awareness
- numerical skills and the ability to evaluate costs
- the ability to understand broad business issues.
The University of Western Australia