Risk management managers are in charge of managing a group of analysts to identify and eliminate business risks for their organization. They are responsible for conducting risk assessments and creating business reports for future decision-making tasks. Risk management managers use their expertise and analytical abilities to transform risk analysis into tangible results and/or business recommendations; they convey this complex information to managers in their organization, interpreting data in a reliable and understandable manner. These managers identify possible financial opportunities to solve business obstacles and improve efficiency, as well as assist with the implementation of business strategies and help with planning using previous feedback. They must create strong business relationships with internal departments and ensure process integrity by setting up strict business requirements and eliminating risk as needed.
Additionally, risk management managers execute risk management projects using trending and forecasting data based on prior research and results. They oversee design control experiments as required and conduct database queries, as well as assume a lead role in drafting responses for risk management interactions. The manager may also oversee junior personnel, providing guidance, instruction, and feedback. In all tasks, the risk management manager must follow strict privacy regulations to prevent legal action. They generally report their progress to the risk management director in their organization.
A bachelor's degree in mathematics, risk management, econometrics, or a related field is necessary for this position. Previous experience - especially in a managerial capacity - is required for this job as well. In addition, industry certifications may be preferred. Risk management managers must possess strong communication skills and strong leadership skills to lead a group of risk management professionals and mentor junior staff as needed.
Risk Management Manager Tasks
- Coordinate economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities from risk.
- Identify, assess, and prioritize risks.