What are some of the top things to consider when choosing a career? Are you looking for a job that is engaging? One that has a high level of benefit to society?
Well, risk management jobs have all of the above. Interested?
Read on to see how risk management careers might be perfect for you!
What Does a Risk Manager Do?
On a day-to-day basis, a career in risk management includes the ability to gather, analyze, and disperse current data and solutions to past, present, and future problems.
Risk managers in various industries design programs to train employees in how to safely handle dangerous chemicals or equipment, research and pursue insurance policies to cover possible loss, and oversee the installation of security systems to protect property.
Risk management comes in varying degrees of specialty.
A large firm may have several risk managers in charge of risk management of various elements of daily work. Smaller firms, on the other hand, may have one risk manager who also handles payroll, benefits, or workers’ comp.
Regardless of specialty or industry, risk management can be broken up into two main subsections: risk control and risk finance.
At its base, a risk manager’s main goal is prevention and protection. This is where risk control comes in.
Risk control focuses on identifying where loss could come from, and minimizing it, or preventing it all together.
Depending on your employer, you may protect people (workers or citizens), land, goods, capital, or data. You might begin your day, for example, by keeping abreast of current events in the news that might affect your company.
The first step in risk control would be in finding possible losses from those current events and applying risk management skills to minimize them. For example, an impending hurricane where your company has a factory would require you to take action in terms of evacuation and insurance claims.
For every action taken to minimize loss, a risk manager must watch the outcome closely. The next step is taking relevant information you learned from your outcomes, and bringing it to your management.
Of course, no one can predict the future, and not all losses can be predicted. This is where risk finance comes in.
Risk finance quantifies and sets aside assets to handle what risk control doesn’t. Risk finance, instead of trying to prevent or minimize loss, aims to prevent or minimize the cost of loss.
For example, a risk finance program may use funds provided by the company, or minimize the funds required by the company through the use of outside firms, such as insurance companies.
Information about estimated earnings, the progress of risk control solutions, and the filing insurance claims for past problems are just a short list of possible responsibilities for the average risk manager.
What Do You Need to Know for Risk Management Careers?
As you’ve read, a risk manager needs to be capable of completing many jobs. What skills can you pursue (or do you already have?) that would prepare you to be one?
Skills Required for Risk Management Jobs
Given the importance of qualitative understanding in risk management, a good depth of mathematical skill is required.
Additionally, success in public speaking and sharing ideas with clarity is important to relating key information to coworkers and executives.
An ideal risk manager is both a critical and a logical thinker, with know-how in team-building and project management.
Options for Education
A bachelor’s degree is typically the minimum needed on a secondary education level. Degrees of choice include those in business, statistics, accounting, economics, and finance.
Sometimes a Master’s degree is preferred or required, but you have many options. Check out cyber-based master’s degrees here.
Additionally, there are several risk management certifications you can get. They are increasing in popularity, but aren’t in the mainstream as a requirement yet. Regardless, they are a good way to jump-start your career in risk management or help get your foot in the door.
Perfecting Your Risk Management Resume
Beyond your degree, experience is an excellent way to improve your risk management resume.
Companies find backgrounds in law, insurance, management, and finance particularly attractive.
Depending on the business sector you’d like to work in, an understanding of the way that market works is key. A risk manager wishing to work for a financial firm, for example, must have experience in and a good grasp on understanding the stock market.
Top Reasons to Enter the Risk Management Career Market
We’ve already mentioned the 7% prospected growth in the risk management industry. What else do you have to look forward to with risk management jobs?
Top Companies Are Hiring at Top Dollar
You’ve heard the phrase, “too big to fail”? These are the companies hiring risk managers.
Big names in insurance, finance (planning and investments), health and safety, banking, engineering, and data collection, as well as on Wall Street, are looking for skilled risk managers.
Outside of the private sector, government agencies and school districts also employ risk managers.
On top of that, the median salary for risk managers is a whopping $83,562. Risk managers can look forward to rewards for their merit, too. Commissions and bonuses will contribute to your check.
The options are plentiful. Here are the top 500 cybersecurity companies hiring right now.
Options for Advancement: Variability in Upward Mobility
Because of the various skills risk managers perfect in their careers, there are many possibilities for advancement.
Risk managers are generally managers at a mid-level, but may jump to director of human resources, department head of finance, or personnel supervisor at their firm.
If risk management is your specialty of choice, you can also become a private consultant. Working independently gives you greater freedom in your schedule and work, and offers generous pay for impressive resumes.
With great pay, many options for work, opportunities for advancement, and a thrilling day-to-day pace, careers in risk management are certainly appealing.
For more information on risk management careers and other jobs in cybersecurity, contact us for more information!