Risk Manager

Risk managers help organisations to identify, analyse, control and monitor the risks that might otherwise prevent them from achieving their objectives. Every organisation faces a different risk profile. For example, financial organisations are largely concerned with financial risks, particularly credit and market risk, while manufacturers are concerned with the risks to do with their supply chain.

Risk managers' duties vary considerably between organisations, but generally include:

• setting the policy and strategy for risk management
• building a risk aware culture within the organisation, including education and training
• conducting detailed risk surveys and investigations
• helping the management team assess their organisation's risks and controls
• preparing continuity plans to be implemented in an emergency.

Risk managers normally work standard hours, Monday to Friday. There are opportunities for part-time and flexible working.

Risk managers are office-based, but may spend time visiting colleagues and clients.

Salaries range from £22,000 to £100,000 a year. Some specialised risk managers in the financial sector may earn up to £300,000.

A risk manager should:

• have a detailed knowledge and understanding of their organisation and the processes involved
• have excellent communication skills in speech and writing
• have good number skills
• enjoy business and finance.

Risk managers tend to be employed in the public sector and in large private organisations throughout the UK. Employers include insurance companies, banks and building societies, local authorities, NHS trusts, engineering and construction firms, police, and fire and rescue services, energy and utilities companies, charities and commercial businesses.

Most risk managers are graduates. Although any degree subject is acceptable, graduates in risk-related subjects may have an advantage in gaining a training post. Some entrants have a postgraduate degree in risk management.

Applicants with GCSEs, A levels and such qualifications as the Higher or Advanced Diploma in business, administration and finance may be able to start work as insurance technicians, claims handlers or risk assistants and work their way up.

Entrants are trained by their employers and work towards professional qualifications, such as those offered by the Institute of Risk Management.

Promotion is possible to chief risk officer and, in some cases, to the company's board.

Some risk managers progress by specialising in a technical field or industry sector, while others change sectors to progress. Self-employment is possible and overseas opportunities may be available.

Further details