Risk Manager Life Videos:

Here’s a brief list of what Risk Managers do:

  • Risk Assessment: Identify and evaluate potential risks and threats to the organization, including operational, financial, strategic, and regulatory risks.

  • Risk Mitigation Strategies: Develop and implement strategies to mitigate identified risks, such as risk avoidance, risk reduction, risk transfer (e.g., insurance), or acceptance.

  • Risk Monitoring: Monitor and track identified risks over time, assessing changes in risk exposure and adapting strategies as necessary.

  • Compliance and Regulation: Ensure compliance with regulatory requirements and industry standards related to risk management and governance.

  • Insurance Management: Manage the organization's insurance policies and coverage, ensuring adequate protection against identified risks.

  • Crisis Management: Develop and implement crisis management plans and procedures to respond effectively to unforeseen events or emergencies.

  • Risk Reporting: Prepare and present risk assessment reports, findings, and recommendations to senior management, board members, and stakeholders.

Here’s how YOU can become one:

  1. Educational Background:

  • Obtain a bachelor’s degree: A degree in finance, economics, business administration, accounting, mathematics, or a related field is often required. Coursework should include risk management principles, financial analysis, statistics, and business law.

    2. Advanced Education (Optional but beneficial):

  • Consider pursuing a Master’s in Business Administration (MBA) with a concentration in risk management, finance, or a related field. An advanced degree can provide specialized knowledge and enhance your career prospects.

    3. Certifications:

  • Financial Risk Manager (FRM): Offered by the Global Association of Risk Professionals (GARP), the FRM designation is highly regarded in the risk management field.

  • Professional Risk Manager (PRM): Offered by the Professional Risk Managers' International Association (PRMIA), this certification is also recognized globally.

  • Chartered Financial Analyst (CFA): While primarily focused on investment analysis, the CFA designation can be beneficial in risk management roles, especially in financial institutions.

    This is a very brief and general plan. To know your specific academic path for this career please talk to an advisor at the college or program you plan on attending!