Even after years of service, you still loved your job. That’s why it shocked you when they had to lay off employees, including you! Now, you’re part of almost 13 million Americans who fall into the unemployed or underemployed category.
The good news is that you now have the option to change careers. You’ve wanted to get into risk management for a while now but never had the chance.
Before applying for these risk manager job openings, you’ll want to know what that entails. Keep reading to learn everything you need to know about the risk management position.
Types of Risk Management
Every business carries some kind of risk. But, there are a few different types of risk management every business must do. These are the 4 main risk types you’ll deal with.
- Credit Risk
- Reputation Risk
- Market Risk
- Operational Risk
Together, these aspects form a complete corporate risk profile that the risk manager handles.
What Does a Risk Manager Do?
The main job a risk manager does is get the company’s total risk as small as possible. They can never remove all business risks, but the goal is to get as low as possible.
To do this, most companies use an RMIS (risk management information system) to help identify a company’s risk potential and point out areas that need improvement.
Skills Needed for a Risk Manager Job
Not everyone fits the mold for a risk management position. These are some of the main skills and qualities a good risk manager exemplifies.
- Effective communication skills
- Leadership Skills
- Ability to analyze tons of detailed data
- Ability to identify trends
You will also want to know as much as possible about the genre of business your company does because some risk types vary from company to company.
Do You Need Certifications?
Because this field is so universal, there are a ton of certifications and degrees that would help you in a risk management position. These are some of the most common certifications a company may ask you to have before applying for the job.
- Bachelors degree in business administration/business management (MBA)
- Bachelors degree in finance or economics
- Certificates from The Professional Risk Managers’ International Association (PRMIA)
- Law degree
Make sure you look for these requirements in the job posting so you know if you’re qualified for that particular risk management job or not.
Life Is Full of Risks, Learn to Manage Them Like a Pro
Every business carries some risk. But, you need to risk a little to gain any reward. The important part is managing those risks so you get the most benefit.
Before jumping into interviews, make sure you know all about the position. No one wants to hire an applicant who has no idea what the job entails.
We hope you enjoyed reading this article and that you learned all about having a risk manager job. If you’re looking for more informative articles about business, technology, reviews, and more, check out the rest of our blog today!