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      Career in Risk Management| Eligibility| Courses | Institutions| Skills Required| Career Opportunities

      What is risk management

      Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

      According to a report by Allied Market Research, the global risk management market size was valued at $6,258.40 million in 2018, and market forecast is projected to reach $18,504.22 million by 2026, growing at a CAGR of 14.6% from 2019 to 2026.

      The report further says –

      Risk management is the procedure of identifying, controlling, and assessing of risks of an organization’s earnings and capital. These risks could stem from a wide variety of sources such as natural disasters, financial uncertainty, accidents, strategic management errors, and legal liabilities. Risk management is the type of software used by organization to efficiently and effectively manage different types of risks. It measures risk processes and helps in providing perceptive action plans for the current industry assessments. This factors provide a significant growth in the global risk management market.

      The risk management market trends include increase in data security breaches in enterprises and surge in stringent government regulatory compliances. In addition, developments in IoT landscape and rise in adoption of risk management in financial institution fuel the growth of the market. However, high cost and complexity in installation and configuration of the software and less security provided by the risk management hampers the growth of the risk management market. Furthermore, rise in demand from developing economies and integration of artificial intelligence in risk management are expected to provide major opportunities for the growth of the risk management market during the forecast period.

      Eligibility for pursuing a career in risk management

      One looking for a career in risk management must have a bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields. Industry experience in the form of internship is preferred by recruiters. One can also do professional certification courses in Risk Management like – Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).

      Job responsibilities

      One looking for a career in risk management must have a bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields. Industry experience in the form of internship is preferred by recruiters. One can also do professional certification courses in Risk Management like – Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).

      • Identify and observe key risk indicators, and put into practice corrective actions to mitigate possible risks
      • Check and analyse organisation’s transactions, internal reports and financial information for potential fraud risks
      • Keep reports of significant risks and recommendations
      • Draft policies, actions and control measures to address identified risks
      • Assess efficiency of organisation’s internal control framework in dealing with risks
      • Train support workforce on risk management strategies and programs

      Job roles

      • Risk Analyst
      • Risk Manager
      • Risk Management Consultant
      • Risk Control Supervisor
      • Director of Corporate Risk Management
      • Chief Risk Officer
      • Back to Top

      Skills and Abilities

      • Risk management
      • Risk assessment
      • Internal controls
      • Corporate compliance
      • Corporate governance
      • Information systems security
      • Analytical and technical skills
      • Problem solving and decision-making skills
      • Judgment and execution skills
      • Computer skills
      • Interpersonal skills
      • Leadership skills
      • Communication skills both written and verbal
      • Organizational skills
      • Attention to detail
      • Punctuality and adaptability

      Compensation

      Compensation for governance, risk and compliance professionals vary among the CFE and non CFE. For CFE the median salary is 95000-135000 USD while for non CFE it is 72000 to 115000 USD. (Source – 2017/2018 Compensation Guide for Anti-Fraud Professionals)

      Risk Management Market Segments include both software and service and by Deployment Mode includes on-premise and cloud. Here are some other important facts about risk management industry –

      Organization Size

      • Large Enterprises
      • Small and Medium Enterprises 

      Industry vertical

      • BFSI
      • IT & Telecom
      • Retail
      • Healthcare
      • Energy & Utilities
      • Manufacturing
      • Government & Defense 
      • Other

      Top companies

      • IBM Corporation
      • Lockpath, Inc.
      • LogicManager, Inc.
      • MetricStream Inc.
      • Qualys, Inc.
      • SAP SE
      • SAS Institute Inc.
      • ServiceNow
      • RSA Security LLC
      • Thomson Reuters

      The ongoing pandemic has caught the world off-guard and has bolstered the significance of having solid risk management plans in place. It has now become important for organisations to have professionals with in-depth insight into the ever-evolving risk management landscape on various levels. Such highly skilled professionals who not only possess abundant knowledge on risk management but are also able to apply it in real-life scenarios will be in demand worldwide. Also, in today’s world, risk management is fundamental and gives businesses the ability to emerge unscathed from any unexpected crisis.

      We spoke with, Sanjay Kaushij, MD – Netrika consulting private ltd. – a global leader in risk mitigation and integrity management services, operating in emerging and frontier markets – to know more about career opportunities in risk management.

      An except of the interaction –

      How do you define Risk management?

      Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. IT security threats and data-related risks, and the risk management strategies to alleviate them, have become a top priority for digitized companies. As a result, a risk management plan increasingly includes companies’ processes for identifying and controlling threats to its digital assets, including proprietary corporate data, a customer’s personally identifiable information (PII) and intellectual property.

      What is the right time for a student who wants a career in the field to start learning Risk Management?

      Risk Management course which are available in market and the one which is offered by us can be ta​ken up by any fresher in a start of his career, graduate or a post graduate candidate can opt for. Fresher can start opting for Diploma and Certification courses in risk, if the one eyeing for this industry.

      What are the courses available on Risk Management?

      Netrika offers “Enterprise Risk Management Course” in association with Manipal Global & RIMS (it’s a perp course from CRMP  : https://www.manipalprolearn.com/management/enterprise-risk-management-0). This course focused on the Risk which can happen in any sector i.e. Digital, Manufacturing, IT or so on. There are many courses available in the Industry which are Industry focused too.

      What are the institutions to study Risk Management? 

      As you are aware that we have launched this ERM Course along with Manipal Global & RIMS. You can visit the website to get more information on Risk Management Society which offer various courses for the Risk Professionals https://www.rims.org/ There are many International as well as Domestic Institutions which offer Risk Management courses.

      Students from which background are most suited to make a career in Risk Management?

      Chartered accountants, company secretaries, Auditors, Actuaries, Compliance officers, IT and Information security professionals, Consultants, Business Analyst, Insurance Brokers. Management students who want to make a career in Risk management, Information security, Data governance, Fraud management, Business continuity, consultant firms, Financial Risk management, Risk analytics

      What skills are required to be a successful Risk Manager? 

      A Risk manager shall be vigilant, analytical, a thinker, imaginative and of course shall be a learner. The way risk regime is rapidly changing, a risk manger shall be able to adapt himself to the changing scenarios, emerging risk and alway be looking towards newer technologies. For which he needs to keep himself updated and keep learning and educating himself. 

      Best places to work as a Risk Manager in India?

      Due to the Pandemic situation, Now a days all the Organisations have started Investing in the risk portfolio and setting up their Risk Department in their Organisations, due to which many opportunities are open in the market. Majorly Big forces are setting up the risk departments as well.

      What are the things required to start a Risk Management business/startup?

      Risk business or any business which need to be started doesn’t require just working capital but innovative idea. For any idea to succeed, it shall be solving a problem. One shall work on to ensure to spend time energy and resources to build processes, SOPs and policies. Risk Buisness is something where you need to keep industry aware of merging risks even before they appear, you need to be always ahead of curve and keep continuously educating yourself. 

      What is the present situation of Risk Management sector in India?

      Every sector has different opinion and outlook towards risk. To understand the complete concept we have to study research work of each sector.

      Author: Baishali Mukherjee

      Profile- An independent writer and journalist for last nine years; presently working with Education World, Entrepreneur India, Scrabbl.com and Stoodnt.com. Worked as the content head for four books and have articles and features published in leading print and digital media spaces.

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