Considering a Career in Risk Management? Here’s Your Complete Guide!

Almost overnight, risk management professions have emerged as one of the most essential jobs all over the world. Wondering why? It’s because of the worldwide pandemic

As a result of the pandemic that the entire world has experienced over the last couple of years, we have observed one thing. Organisations from all around the world have hurried to establish risk committees and promote job growth. Top firms like Deloitte, EY and KPMG are recruiting risk managers in huge numbers. 

These risk committees are concerned with occasions such as preparing for a conflict and dealing with staff working from home, data security, and financial difficulties. The risk managers step in at this point. It’s their moment to shine.

As a result, the pandemic has now brought risk assessment career opportunities back into the limelight, maybe like never before.

Therefore, it’s the best time to talk about risk management careers and the best courses. Let’s get started!

So, What is Risk Management?

Risk management is all about trying to identify, analyse, and react to any risk variables that surround a business. It can almost “predict” future events and even actively influence them.

This means that the business has a great possibility of “foreseeing” what might happen to it financially and taking steps to protect itself from any potential calamities before they materialise.

It could significantly lessen, if not completely remove, any dangers or concerns still threatening a corporation. Additionally, it eliminates their influence on the business by doing this.

You must recognise any potential risk that might have an impact on a firm as a risk analyst. You will also have to measure and evaluate it. You will also need to come up with the right plans of action to reduce or completely eliminate the danger.

Top courses and qualifications in risk management

• Introduction to Risk Management by New York Institute of Finance
• Commercial Banking & Credit Analyst (CBCA) from CFI
• Financial Risk Manager Certification from GARP
• MS in Financial Risk Management
• Professional Risk Manager (PRM)
• Chartered Enterprise Risk Analyst (CERA)

What are the Qualifications Required for a Career in Risk Management?

For people who want to either specialise in risk management or use it in their respective departments, there are a variety of degrees and relevant qualifications accessible.

A bachelor’s degree in risk management, business, finance management, business management, economics, or accounting is preferred. Courses like BBA or BCom in risk management could also help you become a risk manager.

You can earn a high-paying job by earning a FRM, ERM, or MBA in Risk Management as extra degrees.

What are the Careers in Risk Management?

Risk identification, assessment, and evaluation are the responsibilities of risk managers. For example, whether a business deals with card payments or foreign exchange, there will always be financial and market threats. Risk managers assist businesses in reducing or totally avoiding their exposure to certain risks.

Risk Management Analyst

You will have a very vast variety of duties which include evaluating techniques for investment opportunities, insurance, minimising risk, assessing the level of risk on different investment initiatives, and more. The average salary is between INR 5-7 LPA.

Associate in Risk Management

This position, also known as an ARM, enables you to support the company’s risk-decision-making process. You must be knowledgeable about risk management, risk assessment, and risk finance. The average salary is between INR 9-10 LPA.

Risk and Compliance Investigator

Risk and compliance investigators carry out inquiries of outside businesses amid accusations of noncompliance. They assess the overall activities, management plans, and corporate policies.

Risk investigators read the reports written by consultants or employees and determine the organization’s moral standing and legal responsibility. These professionals frequently have to conduct interviews, gather data, look up precedents, and write official reports as part of their regular tasks. The average salary is between INR 8-9 LPA.

Risk Management Consulting Services

As a consultant, you can get the chance to interact directly with clients and use your knowledge of financial risk to provide them advice on various financial choices.

You will have to design strategies for your clients that will reduce their financial risk. You might choose to specialise in casualty, health, life, insurance, real estate, or more in these risk management careers. The average salary is between INR 8.5-10.5 LPA.

Model Risk Specialist

A financial modeller, often known as a model risk specialist, predicts risk in financial settings. They develop financial models for businesses so they can find discounted securities, secure investment plans, and generate profit.

These experts use their good understanding of securities law and tax law to make sure that their models follow regulations. The average salary is between INR 12-13 LPA.

Risk Manager

As a risk manager, you’ll probably work for an organisation or consulting firm. While in this role, you will be required to generate and establish risk models related to operational risks as well as credit, funds, analytical assistance, and communicate them in an efficient manner to your team. The average salary is between INR 10-12 LPA.

What is the Salary?

Risk professionals are paid according to their experience and position. They are well paid due to the crucial nature of the risk managerial position.

Risk managers are paid between INR 10-20 lakhs annually, while salaries for risk analysts can range from INR 51,000-10 lakhs per annum.

Chief Risk Officers (CROs) might earn between INR 14-30 annually, depending on their level of experience and expertise.

Take Guidance From Mentoria!

Want to build a career in risk management? We’re here to provide you with all the help! Kick-start your career discovery journey with Mentoria and discover the right career fit for you. Feel free to call us to speak to our career mentors and choose the right career guidance plan that suits your needs.

Mentoria’s career guidance programme enables you to choose your perfect fit from 3 streams, 850+ courses, and 12,000+ careers, and discover what will bring out the best in you.