Risk analysts work primarily for banks or insurance companies and their tasks include carefully verifying potential clients' application information, following up on missing documentation and data with applicants or potential clients, and obtaining data from various agencies, such as credit bureaus, to verify data and information submitted by applicants. They must also be able to interpret corporate or merchants' financial statements and/or personal credit reports and maintain good relationships with processors and other staff within the company.
Risk analysts should be able to use software and computer applications, including Microsoft Office programs (Word, Excel, PowerPoint, Outlook) and be able to multitask on a regular basis. A bachelor's degree in a relevant field is often required for this position, and some employers also require relevant work experience. Strong communication skills are important for risk analysts, and they should also be detail-oriented and able to work well under pressure. Flexibility may also be necessary in order to meet deadlines. Some may be required to attend additional training, workshops, or conferences or read relevant professional journals, while others may need to travel to meet clients.
Risk Analyst Tasks
Audit data and establish quality control measures.
Create reports and summaries, and document processes and procedures.
Analyze data to calculate risks and outcomes.
Aggregate and transform data from multiple sources to produce consistent results.