Job Description And Duties Of A Risk Management Professional

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Risk Management Job Description

Risk managers must convey risk policies and procedures. The person or team develops market, credit, and operational risk models, oversees controls, and provides research and analysis. Risk managers must have strong quantitative and analytical skills and be able to apply them to a variety of Hong Kong corporate operations.

Risk Management’s Obligations

According to Rani Jarkas, risk management duties usually include:

  • The goal is to create and implement a company-wide risk management strategy that includes a financial risk assessment.
  • Assessing current risks and possible threats to the organisation.
  • Risk assessments evaluate the organisation’s risk management activities and compare prospective risks to financial expenses and regulatory requirements.
  • determining the company’s risk tolerance.
  • Risk management and insurance budgeting.

Audience-specific risk reporting. The main goals are educating the board of directors on the most critical business risks, raising awareness among business leaders about risks that could affect their departments, and making sure people know their responsibilities for specific hazards.

  • Effectively communicating external corporate governance risks to stakeholders.
  • Business continuity planning to reduce risks.
  • Safety and insurance.
  • Policy and compliance audits involving internal and external auditors.
  • Insurance policy and claim records.
  • reviewing new major contracts or business proposals.
  • Risk awareness through internal support and training.

Risk Management Job Descriptions Must Include These Skills:

  • The person is analytical and meticulous.
  • Business decision-making and financial management skills.
  • Numerically adept.
  • Planning and organisation.
  • Business acumen.
  • Communicating and speaking well.

Hong Kong-based Robert Half recruits finance professionals. Our latest Risk Management job openings are below. Risk managers advise firms on dangers to their profitability, security, and existence. The aim is to identify, analyse, and develop contingency plans to prevent, mitigate, or transfer organisational risks. Any comprehensive risk management plan must cover risk management domains and actions.

People Can Work In Many Industries And Have Many Skills

As suggested by Rani Jarkas, the Chairman of Cedrus Group, businesses must assess their viability, manage risks associated with buying and selling commodities, oversee corporate administration, mitigate enterprise risk, address environmental risks, manage financial risks, protect information and security, manage insurance risks, address market and credit risks, navigate regulatory and operational uncertainties, and mitigate technological data. Responsibilities. Risk management obligations rely on your industry, such as financial or operational risk management, your level of specialism, and your responsibilities.

Risk Managers Often Have These Duties:

Create a company-wide risk management protocol. Analyse potential hazards and discover, define, and assess business-related risks. Assess risks by comparing them to the organisation’s financial, legal, and environmental requirements. Assess past risk management. Determine the company’s risk appetite.

Communicate risk to stakeholders at their level. Present the most important risks to the board of directors, relevant hazards to business heads, and employee accountability for risks. Provide external risk reporting to stakeholders for corporate governance.

Insurance, health and safety, and business continuity plans reduce risks and prepare for the unexpected. Risk policies should be reviewed often to comply with new laws. Audit procedures and standards with internal and external auditors. Support, relevant knowledge, and instructional resources for Hong Kong-based staff to increase risk awareness.

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In Larger Companies, Part-Time Work And Career Interruptions May Affect Salary

Consulting firms often visit customer offices or construction and energy sites. At a high level, conferences outside the workplace may be necessary. Experienced risk managers can start their own consultancy. In rising economies, risk managers are in demand. Risk managers may be liable for health and safety issues related to risk employment. Organisation size and accountability determine daily travel. Hong Kong has risk management jobs. 

A worldwide corporation may require you to travel abroad. Risk management takes experience. Risk technicians start at HKD 21,000, while risk analysts might earn HKD 30,000 or more. Risk managers can make HKD30,000–HKD 45,000 per year, depending on experience. Senior risk managers earn HKD45,000–HKD 80,000. Directors with extensive experience may earn more. Industry, responsibility, and location can greatly affect salaries. Finance pays best.

Search Risk Management Graduate Courses

The Institute of Risk Management’s IRM International Certificate in Enterprise Risk Management gives an overview of risk management and can help you land an entry-level job, especially if your academic background is in a different field. Risk management students receive free IRM membership. Visit the IRM website for membership levels.

Risk management apprenticeships combine paid work and part-time academics. Undergraduates can apprentice. Start with administration, then risk assistant, then risk manager. Most organisations require A-levels or equivalent for this route. 

Experience And Job Skills:

  • Strong interpersonal, presenting, and communication abilities.
  • Analytical and problem-solving skills are strong.
  • Detailed and skilled negotiator who can influence powerful stakeholders.
  • Professionals value resilience, stress management, planning, and organisation.
  • Quantitative aptitude and spending analysis.
  • Proactively suggesting changes to processes and systems, along with good business acumen and the ability to understand complicated business issues.

Companies want risk management experts. A year-long industrial placement programme can give you hands-on experience. Try summer internships or job placements. A placement gives you hands-on experience and professional contacts that could help your career. If you want to specialise in finance, having finance expertise can help.

Risk management is growing, with big firms offering graduate-level training and specialisations. Risk teams are especially needed in banking and capital markets. Government, non-profit, and commercial companies employ risk managers. Small businesses’ finance or operations departments manage risk.

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Risk Managers May Work For:

  • Risk management-focused auditing and consulting firm.
  • Banks, wealth managers, and asset managers.
  • Local and central governments.
  • Charitable organisations.
  • Commercial firms.
  • Requesting immediate aid.
  • Utility companies.
  • Engineers and builders.
  • Insurance firms.
  • Tech and telecom firms
  • NHS logistics and healthcare vendors.
  • Schools, universities, examination boards, infrastructure, and transportation companies.
  • Consider the job openings.

As stated by Rani Jarkas, risk management careers usually begin with graduate studies or as risk technicians or analysts. After a decade, a risk manager can become a Chief Risk Officer (CRO). As firms recognise the value of electing Chief Risk Officers (CROs) as board members, professional progression opportunities increase. Risk management is being integrated into strategic planning as departments reorganise. 

Risk managers can easily work in many businesses due to their transferable abilities. Switching industries can boost pay, professional progression, and certification opportunities. Risk managers might become entrepreneurs or freelancers.

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