Risk Management is the identification, planning, assessment, prioritization and implementation of risks within the realm of financial services and insurance industry.
What do they do?
Risk Management involves assessing and quantifying business risks and then taking measures to control or prevent them. Usually, Risk Management is part of the compliance function, but it may also be part of specific business units such as securities trading desks or loan origination departments
- Analytical thinker
- Good problem solving skills
- Excellent leadership qualities
- Essential characteristics
- Excellent communication skills
- Good interpersonal skills
- Ability to make effective decisions
How do I get there?
Bachelor’s degree in risk management, finance, or other related field is the minimum qualification for Risk Manager. Many aspiring risk managers complete internships to gain practical experience. Some also gain professional certification through organizations like the Institute of Insurance and Risk Management (IIRM), which was set up jointly by the Insurance Regulatory and Development Authority (IRDA) of India and the State Government of Andhra Pradesh in 2002.
Typical day in the life of a Risk Manager
Pros & Cons about this career
• Requires dedicated self-study • The course is very specialised