Risk Management is a relative new field of study. Risk Management is primarily concerned with identification and assessment of risk factors concerning the organization and then suggested ways to minimize them.
This profession is suitable for those who understand which factors are responsible for the success of an organization and how one can minimize the factors which adversely affect the business of an organization.
Risk Managers are basically those who have degree in finance, insurance or actuarial science or who have risk management degrees.The risk managers are expected to come with strategies which include transferring risk to another party, avoiding the risk, minimizing affects of the risk. Risk manager should:
1. Be an integral part of organizational processes
2. understand the organization structure
3. participate in decision making
4. should have all the relevant information
According to a survey, the average salary for risk managers was $ 90,970.
Risk mangers perform very vital duties so their job can’t be time bound all the time. The might have to work more than 40 hour in week. At time of financial insecurity and uncertainty, risk personals have to guide the economy of an organization or a country.
However, this job is a bug responsibility and gives a lot of satisfaction to a person who likes to take responsibility and do proper and efficient work. These positions are highly respected, and the work is stimulating and challenging.
Risk managers can work on a specific area or can work on different areas of risk management. In the financial services, the risk managers have to analyze and quantify the risks involved in the business, with respect to the input and output and have to then take steps to minimize them. A risk management certification is required and helps great deal to advance in this field, experience in law, accounting, finance also play a very important role in the career of risk manager.
With experience a risk manager is able to deal with a given problem at hand in a much more powerful and effective way. A career in risk management is a very fruitful one , good and intelligent risk managers contribute a lot in the growth and development of an organization and of a country.