Risk Management Analyst Salary
Job Description for Risk Management Analyst
Depending on the field and employer, a risk management analyst may have a variety of responsibilities. Generally speaking, this employee is a person who studies the ways large companies avoid financial risks and potential pitfalls, and makes suggestions to improve these systems and maintain their efficiency.Read More...
Almost all large corporations have risk-management teams. A risk management analyst at a non-financial company will focus mainly on assessing how well the company's insurance works and how related costs can be contained. Typically, this involves examining liability insurance as it relates to customers and auditing the ways that customer claims are collected and filed. The analyst examines these processes and looks for trends in how claims may be paid by the liability insurers for the company, and works to determine if procedures can be adjusted to reduce settlements and payouts that affect premiums paid. Additionally, the analyst constantly examines the marketplace for the most cost-effective insurance solutions possible for his/her employer.
Risk management analysts also perform similar duties related to employee claims regarding injury, wrongful terminations, and other areas that may lead to insurance claims or litigation. This analyst is less interested in specific case strategies and more interested in overall procedures, reporting methods, and claims processes. He/she also makes recommendations to help ensure the best practices which reduce overall costs for the employer.
In financial institutions, risk management analysts may have an entirely different set of responsibilities. Banks and investment groups typically use these analysts to assess investment strategies and financial products to determine worst-case scenarios and financial exposure for the company. These analysts will generate reports to balance against expected return on investment reports from financial product and investment teams. They also make recommendations regarding the expected risks and dangers that specific strategies or products may bring to the institution.
Most risk management analysts have at least a four-year degree from a college or university. Most also specialize in business and finance, while some may find it useful to continue into studying business or insurance and liability law. Generally, these analysts work regular business hours in an office environment.
Risk Management Analyst Tasks
- Assist in preventing, identifying, analyzing, handling, tracking, reducing and controlling risks to customer or company.
- Monitor for fraud, accounts that are nearing their credit limit, and past due accounts.
- Maintain and implement the risk management plan.
- Analyze portfolio trends, score cut offs, loss trends, and portfolio dynamics.
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