What is Risk Management ?
Risk is part of all our lives. As a society, we need to take risks to grow and develop. From energy to infrastructure, supply chains to airport security, hospitals to housing, effectively managed risks help societies achieve. In our fast paced world, the risks we have to manage evolve quickly. We need to make sure we manage risks so that we minimise their threats and maximise their potential.
Risk management involves understanding, analysing and addressing risk to make sure organisations achieve their objectives. So it must be proportionate to the complexity and type of organisation involved. Enterprise risk management (ERM) is an integrated and joined up approach to managing risk across an organisation and its extended networks.
HS2, cyber security, fracking, national security and superfast broadband. They’ve all got one thing in common; someone somewhere has to manage the risks and opportunities they present.
Roles include; cyber and IT risks; infrastructure and transport project management; legal risk; corporate risk and compliance; operational risk management, health and safety and a whole range of roles within financial services.
A career in risk management offers you the chance to become a pivotal player in any organisation. Risk management is a key business discipline. It supports the requirements of corporate governance and adds significant value to any organisation's performance.
Before making major decisions about new projects, mergers & acquisitions and ways to exploit new business opportunities, today's organisations first assess the risks involved and their consequences.
So why should graduates consider a career in risk management?
It is a developing and challenging discipline that has become a key business requirement, good risk management is a core part of the success of any business enterprise, in any sector across the globe.
Is a postgraduate qualification in risk management beneficial?
Risk management is competitive, and the most attractive candidates are qualified. Some universities offer undergraduate degrees in risk management, although more offer postgraduate or Masters’ degrees.
We offer three qualifications and a suite of short courses that encourage those starting out in risk management or those further along in their careers.
•International Certificate in Risk Management
•International Diploma in Risk Management; and
•Certificate in Risk Management (Financial Services)
What skills do graduates need to become successful risk managers and how can they develop these skills?
In addition to the required technical skills, risk managers require communication, relationship, analytical, and management (CRAM) skills – in other words, a high degree of emotional intelligence.
Research demonstrates the ability to show deep understanding – and risk management practitioners do not yet have all the answers, so more research is required
What career options are open to risk management students upon graduation?
The most obvious opportunities are in the finance sector (both insurance and banking), as well as the highly regulated sectors of transportation and energy – also, the public sector and charities, but (in fact) all sectors need risk management and risk managers.
Typical risk management roles include:
- Corporate Risk and Compliance
- Cyber and IT risks
- Health and Safety
- Legal Risk Management
- Operational Risk Management
- Risk in Banking and Financial Services
- Strategic Risk Consultancy
How should graduates go about finding a job in risk management, where can they look etc.?
The usual channels to employment apply, such as LinkedIn, and there are also specialist recruitment agencies, as well as jobs advertised through the Institute of Risk Management.
What advice/tips would you give to graduates hoping to pursue a career in risk management?
Just do it, because risk management is a developing profession that is here to stay, as well as being intellectually challenging and highly relevant to business success in all sectors of industry and commerce across the globe.
Find out more about IRM’s professional risk qualifications here
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