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Who is a Risk Management Specialist?
Business people need to understand the psychology of risk more than the mathematics of risk ~ Paul Gibbons
We all know about Jio mobile network. It has become India’s most popular network due to its marketing strategy. It recognised itself as the internet provider on the cheapest rates. Since its launch, it provided free internet, free call and messages till the next three months to all its users. There used to be long queues to get a Jio sim card for free. The idea was to fetch customers and eliminate competitors. It still carried a huge risk with itself with the potential market of 2.3 billion smartphone users. There must be a team of risk management specialists who have played a crucial role in making such a great and worthy investment. Now Jio has got recognition all over the world. Amidst lockdown, Mark Zuckerberg spent 43,000 crores on Jio to own its 10 per cent stake.
Individuals who opt for a career as risk management specialists are responsible for the stronghold of business and bringing profits.An operational risk specialist is also known as a financial manager. A risk management specialist is a professional who has gone through a specific training and possesses skills and experience to identify possible risks. Such risks may result into lower cash flow and higher interest rates for business. Risk Management Experts assesses risks and implements plans and strategies to minimise business losses. A risk management specialist is responsible for ensuring lowering loss which results in lowering cost of interest and hence increases the revenue flow for businesses. Here we will discuss about how to become a risk management specialist, types of risk management jobs, healthcare risk manager job description, credit risk manager responsibilities, risk management specialist education, operational risk manager job description.
Risk Management Specialist in a Nutshell
Individuals who opt for a career as a risk management specialist are professionals who are responsible for identifying risks involved in business that may include loss of assets, property, personnel or cash flow. Credit risk manager responsibilities are to identifies business opportunities and eliminates issues related to insurance or safety that may cause property litigation. A risk management specialist is responsible for increasing benefits.
Quick Facts for Risk Management Specialist
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Industry
Finance, Marketing
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Average Salary in India
₹69000
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Suitable for
Male, Female
Individuals can take up a career as risk management specialists, it is not gender-specific. Males, women, and others can choose a career as risk management specialists. The career of a risk management specialist is suitable for everyone regardless of their gender. Whether a person is male, female or belongs to any other gender, he or she can opt for this career. Anyone possessing a passion for the career can touch milestones.
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Any special needs
Yes
Everyone, including those with physical disabilities, is appropriate for individuals who opt for a career as risk management specialists. The career as risk management specialists is well suited to everyone, even those with special needs. The career of a risk management specialist is suitable for candidates with special needs. The career requires reviewing financial reports and conditions. It requires more desk work than fieldwork. There is more mental pressure than physical labour. Candidates who possess proficiency in computer and mathematics skills can opt for this career.
Table of Contents for Risk Management Specialist
What is the role of Risk Management Specialist?
Individuals who opt for a career as risk management specialists are professionals who perform numerous tasks in a certain time. He or she is responsible for minimising possible risks or losses for businesses. Such losses include property, personnel, or cash flow. A risk management specialist identifies the business opportunities. He or she is responsible for identifying and eliminating issues related to insurance or safety that may cause property litigation. A risk management expert’s work responsibilities involve filing workers comp claims, inspecting work conditions, surveying clients, reading code and legal requirements, inspecting for conditions where liabilities could occur. Numerous risk management analysts work in the finance department. They are involved in analysing reports and cash flow information to ensure no fraudulent activities are taking place. Here we will discuss about how to become a risk management specialist, types of risk management jobs, healthcare risk manager job description, credit risk manager responsibilities, risk management specialist education, operational risk manager job description.
Documentation
A risk management specialist is responsible for documenting and ensuring communication key risks. Individuals who opt for a career as risk management specialists prepare financial reports, documents and budgets. A risk management specialist is required to maintain data in information systems or databases. He or she maintains data quality of risk management systems. A risk management specialist is responsible for compiling all the financial data and maintaining input of the risk management system.
Advisory
A risk management specialist is responsible for recommending ways to control risk or avoid losses. Individuals who opt for a career as a risk management specialist advise others on business and promotional matters. A risk management specialist is responsible for identifying key risks and mitigating factors related to potential investments. It may include asset types and values, legal and ownership structures, professional reputations, customer bases or industry segments.
Analysis
A risk management specialist is responsible for analysing business or financial data. He or she assesses risks and business operations. A risk management specialist develops financial information systems. Individuals who opt for a career as risk management specialists gather risk related data from various internal and external sources. A risk management specialist is responsible for identifying and analysing areas of risk to the assets, earning capacity or success of organisations.
Types of a Risk Management Specialist
Market Risk Specialist: A market risk specialist assesses the risk of external factors which may impact the stock value or the business. Usually, he or she works closely with traders to measure the risk associated with particular trading activities. A market risk specialist provides information on industry dynamics to a client or investor. He or she must possess an overall understanding of the sector in which he or she performs analysis to provide a thorough business assessment.
Credit Risk Specialist: A credit risk specialist evaluates the possibility of not paying for products or services or defaulting on loans to the business by their customers. He or she provides support to organisations in assessing if a loan to a specific individual or entity is a worthwhile investment. Credit risk manager responsibilities are to analyse the performance of loan borrowers, identifies red flags and measures the risk a debtor would default on the loans. He or she is responsible for guidance, training, portfolio management and involvement in assessments associated with credit policies.
Regulatory Risk Analyst: A regulatory risk analyst is responsible for examining the influence new regulations could have on the organisation. He or she is involved in generating routine resource estimates and describing variability, scenario and quality assurance as well as offering independent reports of new regulatory changes. A regulatory risk analyst must possess numeracy skills, comprehensive capital management and regulatory risk experience.
Risk Management Analyst: Career as a risk management analyst involves risk recognition, evaluation, and prioritization accompanied by organized and economical use of resources to reduce, monitor, and regulate the probability or effect of adverse events, or to optimize potential realization.
What is the workplace/work environment of Risk Management Specialist like?
A risk management specialist may work in a variety of business or organisations in the field of finance or banking. He or she works in an office environment. On several occasions, a risk management specialist is required to visit the field. It may include inspecting job sites to identify possible risks. Individuals who opt for a career as a risk management specialist present information in conference rooms. A risk management specialist may be required to travel to meet clients and other stakeholders.
Does Risk Management Specialist require travelling?
Not Likely
A risk management specialist may often be required to travel to meet clients and other stakeholders. Individuals who opt for a career as risk management specialists may also be required to travel for field visits.
Employment Shifts
Full Time
Individuals who opt for a career as a risk management specialist work full-time. Hourly basis, part-time, or on-call employment shift does not exist in this career. On several occasions, work from home may be provided.
Employment Nature
Contractual, Permanent
Individuals who opt for a career as risk management specialists work on both contractual as well as permanent basis. The contractual term entirely depends on the requirements of the organisation. It may be increased depending on the work performance of the risk management specialist.
Work Place
Home Office, Office
Individuals who opt for a career as a risk management specialist work in an office environment.
Presence in Geographical Area
Semi-urban, Urban
Bengaluru, Hyderabad and Pune provide promising opportunities to risk management specialists with alluring salary packages.
Time Pressure
Likely
Individuals who opt for a career as a risk management specialist do not require to work under frequent time pressure to complete tasks. His or her work requires patience to deal with the huge amount of financial data.
Overtime Details
On several occasions, individuals who opt for a career as risk management specialists may be required to work overtime to meet deadlines.
Weekly Hours of Work
Min 40 Hours
The work hours may occasionally increase due to excess work pressure and deadlines. A risk management specialist’s career falls into a certain shift. Individuals who opt for a career as a risk management specialist work from early mornings to late evenings.
How to become a Risk Management Specialist?
Steps to become a Risk Management Specialist
What are the skills and qualities required to become a/an Risk Management Specialist?
When it comes to how to become a risk management specialist, the first thing that they should know about are the skills required to become a risk management specialist. Some of the essential skills we have mentioned below.
Organising Skills: A risk management specialist is required to manage multiple tasks in a given time. He or she is required to possess strong organisational skills. An operational risk specialist deals with a variety of details, records and documents on every day basis. He or she may often be required to retrieve in a short notice.
Communication skills: A risk management specialist must possess strong communication skills. An operational risk specialist is required to communicate with other professionals. Strong oral and written communication skills are fundamental for speed of production and understanding of the concept.
Problem Solving Ability: A risk management specialist is required to possess problem solving skills. Risk management requires strong business sense. Individuals who opt for a career as risk management specialists are responsible for developing solutions and processes for the whole organisation. A risk management specialist is required to be comprehensive as well as innovative.
Analytical Skills: Risk management requires identification of risks. An operational risk specialist requires to assess future consequences involved in the business and balanced against the actual risk of organisation. He or she evaluates evidence for selecting and supporting a conclusion.
Popular Online Finance Courses and Certifications
Which certifications and internships can be helpful in becoming Risk Management Specialist?
We have provided below the certification courses that aspiring individuals can opt to upgrade their skills and improve their performance in the finance industry.
Internship Availability
Internship plays a crucial role in initial years of career development. Operational risk specialists are required to opt for internships during the semester break of their academic year or after successful completion of academic programme. In the curriculum of several academic programmes, internships are made compulsory for providing practical training to scholars. Internships also increases the chance to get a full-time job role in the same organisation.
A risk management intern gets in-depth understanding of risk management, working across industries and responding to client requests. He or she is required to actively contribute in deals, financial transactions and participate in client credit management.
A risk management intern gets intensive training in banking and markets. He or she gets an opportunity to learn from senior leaders.
Career Path Progression for Risk Management Specialist
Risk Manager: A risk manager is a professional responsible for advising organisations on any potential risks that may affect profitability and existence of the company. He or she is responsible for identifying business related threats and providing an alternative plan in place when things go wrong. He or she determines ways to avoid , reduce or transfer risks.
Actuary: An actuary is a professional responsible for dealing with measurement and management of risk and uncertainty. He or she plays a crucial role in developing insurance policies. An actuary requires asset management, liability management and valuation skills.
Chartered Accountant: A chartered accountant is a professional accountant. He or she is required to audit financial statements, file corporate tax returns and give financial advise. A chartered accountant is involved in either of the specialisations such as taxation, financial accounting and reporting, applied finance and management accounting.
Statistician: A statistician is responsible for designing surveys, experiments and opinion polls to collect data. He or she uses sampling to collect data from several people in a certain group. Career as a statistician determines the size and type of the sample to be surveyed or polled. He or she ensures accurate data is gathered.
Risk Management Specialist Jobs and Salaries
Chartered Accountant
JP Morgan Chase & Co., ICICI Bank Limited, Goldman Sachs Group Inc.
Contractual/Permanent
- Average Salary 66000
- Starting Salary 60000
- Junior Level Salary 60000
- Senior Level Salary 145000
Job Description
A chartered accountant is responsible for handling all financial reports produced by a business. He or she reviews all such reports to tabulate finances of the company. A chartered accountant determines the amount spent on each department of the company. He or she also tabulates the cost of running each department. A chartered accountant helps management in making crucial decisions to improve production and revenue.
Salary Description
The salary of a chartered accountant varies depending on his or her skills. An entry-level chartered accountant could earn more than Rs. 700,000 per annum. A senior-level chartered accountant could earn more than Rs. 1,700,000 per annum.
Risk Manager
JP Morgan Chase & Co., HDFC Bank Ltd., Goldman Sachs Group Inc.
Contractual/Permanent
- Average Salary 87000
- Starting Salary 64000
- Junior Level Salary 64000
- Senior Level Salary 125000
Job Description
A risk manager may work directly with an organisation. He or she may also provide risk consultation to various companies. A risk manager may deal with financial or material risks. He or she carries out audits and spontaneous checks to ensure that no fraudulent activity is taking place. A risk manager recommends change in policies, whenever problems or risks are detected.
Salary Description
The salary varies depending on skills and experience of the risk manager. An entry-level manager could earn more than Rs. 700,000 per annum. A senior-level risk manager could earn more than Rs. 1,500,000 per annum.
Statistician
JP Morgan Chase & Co., ICICI Bank Limited, HDFC Bank Ltd.
Contractual/Permanent
- Average Salary 42000
- Starting Salary 35000
- Junior Level Salary 35000
- Senior Level Salary 92000
Job Description
A statistician is a professional involved in the field of either theoretical statistics or applied statistics. He or she analyses a variety of data to supplement knowledge of professionals or businesses in the private or public sector. A statistician is responsible for producing reliable data using various methods such as managing and executing surveys. He or she reviews pre-existing records and interviews people to ensure accurate data is obtained.
Salary Description
The salary of a statistician varies depending on his or her skills and experience. An entry-level statistician could earn more than Rs. 400,000 per annum. A senior-level statistician could earn more than Rs. 1,100,000 per annum.
Actuary
ICICI Bank Limited, HDFC Bank Ltd., JP Morgan Chase & Co.
- Average Salary 81000
- Starting Salary 66000
- Junior Level Salary 66000
- Senior Level Salary 244000
Job Description
An actuary is a professional who plays a crucial role in developing insurance policies. He or she utilises his or her statistical skills to examine huge amounts of data. An actuary is responsible for managing skills in the delicate balance between issuing policy and exposure to financial risk for the company.
Salary Description
The salary varies depending on skills and experience of actuaries. An entry-level actuary could earn more than Rs. 700,000 per annum. A senior-level actuary could earn more than Rs. 2,900,000 per annum.
What is the job outlook for Risk Management Specialist?
The risk management career is one of the alluring careers. The salary offered to risk management specialists is higher as compared to other professions. There are many types of risk management jobs in India.
Individuals who opt for a career as a risk management specialist can find opportunities in national and international firms. Candidates with transferable skills and experience find numerous opportunities. Risk management specialists may find opportunities in the banking, insurance and finance sectors. He or she is expected to forecast the financial risks and determine the return on investment of banks, commercial organisations and businesses.
The salary varies depending on the skills and experience of candidates. An entry-level risk management specialist could earn more than Rs. 25,000 per month. While an entry-level statistician could earn more than Rs. 42,000 per month.
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Frequently Asked Questions for Risk Management Specialist
Que. What is the average fee of the B.Sc. Statistics programme?
Ans.The fee varies depending on the institute. The government colleges charge an economical fee while private colleges charge a hefty fee. The average fee of the B.Sc. (Bachelor of Statistics) programme ranges Rs. 20,000 to Rs. 150,000.
Que. What is the average starting salary offered to graduates of M.Stats. Programme from Indian Statistical Institute?
Ans.The salary varies depending on skills and experience of candidates. Employers prefer to hire candidates with prior work experience. Thus, candidates who have already opted for internships pose a higher chance of getting a full-time job role. The average salary offered to M.Stats. graduates of Indian Statistical Institute ranges Rs. 1,500,000 to Rs. 1,700,000 per annum.
Que. What is the average salary of a risk management analyst?
Ans.The salary varies depending on skills and experience of a risk management analyst. There are numerous other factors that affect salary such as size of the organisation and area where it is located. The average salary of a risk management analyst is Rs. 7,000,000 per annum.
Que. Which Indian state provides higher salary packages to risk managers as compared to other states of India?
Ans.In Bengaluru, employers offer 56 per cent more than the national average salary of risk managers, according to payscale.
Que. What are the other diploma and certification programmes that one could opt to establish a career as a risk management specialist?
Ans.There are numerous colleges and institutes that provide certification and diploma programmes. We have mentioned below major specialisations in which one could opt for a certification to establish a career as a risk management specialist.
Banking and Finance
Statistics
Risk Management
Marketing
Economics
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