Organizations that seek to stay in business and remain profitable must have or seek the services of a risk manager. As the name implies, a risk manager drafts risk policies and communicate them to an organization. If you are a risk analyst considering a management position or a risk manager needing a different job, this article covers an aspect of your job that you will find worthy.
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A risk manager manages an organization’s risk, just like the name implies. Your main job will be to draft and communicate risk policies and processes for your employer, which calls for excellent quantitative and analytical skills. Your job will cover market, credit, and operational risks, research, and analytical support. This position calls for someone who can apply analytical and quantitative skills in different business processes.
Roles and Responsibilities
- Designing and implementing an effective risk management process for a given organization
- Analyzing the financial impact of a given risk on the company and responding effectively
- Conducting in-depth risk assessment by analyzing current risks and identifying any existing risks that threaten the profitability of the company
- Drafting near-accurate risk management and insurance budget
- Conducting risk evaluation which involves an analysis of the company’s previous risk handling and comparing potential risks with different criteria such as legal requirements
- Offering training and support within the company for increased staff awareness
- Limiting risks through business continuity plans
- Auditing the risk department on policy and compliance with the help of internal and external auditors.
- Ensuring that stakeholders understand the external risks brought about by corporate governance
- Conclusively performing risk assessment and establishing the risk levels that a company can take without serious repercussions.
- Identifying and implementing excellent health and safety measures as well as purchasing insurance
- Going through significant contracts and business proposals
- Keeping records of different insurance policies and claims
- Risk reporting to different stakeholders. The board of directors may be made to understand the main risks targeting the business, while departmental heads should fully know their departments’ risks. Lastly, the risk manager must ensure that other employees understand how they can account for individual risks.
- Managing staff
- Reviewing and analyzing different data and metrics, including inventory, cash flow, employee activity, and breakages that could negatively affect the business
- Working closely with other departmental heads for risk identification and management
Required Knowledge and Skills
- Excellent management and supervision skills
- Commercial awareness
- Excellent analytical skills
- Attentiveness to details
- Excellent communication skills, both verbally and in writing
- Forecasting skills
- Knowledge of business processes and in-depth understanding of risks
- Planning, coordination, and organizational skills
- Extensive numerical awareness
- Understanding of different risk management software and processes
- Strong leadership skills
- In-depth understanding of risk policies and risk management best practices
- Extensive Mathematical skills
- Ability to think critically
- Excellent observation skills
- Proficiency with Microsoft Office Suite
- Excellent reporting and presentation skills
Education and Experience
- A degree in risk management, finance, economics, statistics, or any other related field
- Extensive experience using risk management software
- Experience in risk analysis
- At least one year of risk-related experience
- Experience in drafting and supervising budgets
Management roles are quite lucrative in the United States and worldwide. Risk managers make six figures salaries. It is estimated that people in this position make close to $109,000 a year while senior managers make up to $130,000 a year. Junior managers earn roughly $96,000, which is still higher than most professions.
Risk Manager CV Example 1
Address: 8300 SAN PEDRO LOS ANGELES CA 900003-4040
Email address: firstname.lastname@example.org
Phone number: 510-267-5635
A highly experienced and professional risk manager with excellent analytical and forecasting skills. A risk expert with proven experience managing and supervising staff in several organizations, both nationally and internationally. A fiery leader with extensive team working experience and a dedication to leaving the workplace better than it was. I can think outside the box and implement the best risk management policies thanks to my in-depth understanding of risk management policies and the associated best practices. I am also adaptable to challenging situations and a changing workplace environment.
01/2019- 06/2022, Risk Manager, Smithson, and Co. Insurance Company
- Reviewed several contracts and business proposals and warned against the extremely risky ones saving the company over $100,000
- Developed and implemented a new and well-designed financial model and revenue forecast for the business in liaison with the finance manager
- Drafted and presented 100 risk management reports and presentations complete with proposed solutions to the top management
- Mentored 30 employees in the risk management department, ensuring that the company had an able and well-trained team.
- Developed and implemented several risk mitigation strategies with the management saving the company $500,000 in losses
- Managed over 30 employees in the risk analysis and management department, ensuring that they were 100% productive
- Motivated employees through a series of intrinsic and extrinsic motivation, boosting productivity by 60%
- Reviewed and improved the company’s risk management policies and procedures, minimizing risks by 90%
- Discovered ten new areas of potential financial risks for the company and analyzed and documented them, saving the company from asset-backed risks, liquidity risks, and foreign exchange risks
- Uncovered fraudulent behavior saving the company from legal suits by reviewing and analyzing metrics and various data, including cash flow and employee activity.
- Recommended and implemented several risk management solutions such as security policies, recovery measures, and a business continuity plan
- Established new policies and procedures aimed at identifying and managing or preventing risks in different services and departments of the company
- Collaborated and worked closely with ten departmental managers for risk mitigation, saving the company over $700,000 arising from loss of business
- Identified and implemented a new filing system that ensured 100% accuracy in storing different insurance policies records
3/2015- 11/2018, Assistant Risk Manager, Berkeley Accounting Solutions, California
- Ensured that all the risk management policies and strategies in the organization complied with different industry and domestic regulations, saving the company from lawsuits
- Monitored facilities and processes, ensuring that they adhered to OSHA Guidelines. Adequately prepared the company for OSHA audits and investigations
- Directly managed ten employees, motivating and guiding them to ensure 100% productivity
- Regularly performed thorough risk assessments in liaison with different business leads to identify potential business risks and address them
- Implemented a regular testing program of global policies, systems, controls, and procedures, ensuring that risk priorities were effectively addressed.
- Offered assistance in the risk management department, working closely with the risk manager for maximum results
- Reviewed hundreds of risk policies and procedures under the direction of the risk manager and made recommendations.
- Assisted in managing 30 staff members, keeping the department productive at all times.
09/ 2013- 01/ 2015, Risk Analyst, The People’s Bank, Beverly Hills, US
- Thoroughly analyzed and determined risks helping clients and investors make proper financial decisions, hence increasing customer satisfaction by 30%
- Accurately predicted business trends and developed suitable strategies that improved the bank’s profitability by 30% from sound investments
- Drafted and implement several risk reduction solutions saving the company $1,000,000 from risk occurrences
- Created and maintained professional relationships with clients, creating a loyal customer base for the company
- Identified and implemented several systems and processes that improved data gathering and storage for future analyses
- Collaborated with 20 team members in the risk department to conduct in-depth risk analysis and result presentation.
- Successfully collected data from different sources for regular comprehensive risk assessments that helped the bank and clients make sound investments.
- Successfully drafted and presented 500 report analysis reports and summaries to the risk manager and top management for better risk handling.
- 08/2020-07/2021, Masters in Business Administration, University of Birmingham, UK
- 05/2009- 07/ 2012, Bachelor of Commerce, Finance, University of California Berkeley
- First Calls Honours
- 02/2005- 03/2009 Gems Senior School
- Microsoft Office Suite
- Synergi Life
- Wipe Drive
- Active Risk Manager
- Excellent leadership skills
- Ability to work under pressure
- Excellent communication skills
- Creative thinking ability
- Multitasking skills
- Excellent analytical skills
- Excellent problem-solving skills
10/2017- Financial Risk Manager Certification, GARP
Risk Manager CV Example 2
Address: 3052 AVALON, LOS ANGELES, CA 90003-4952 USA
Email address: email@example.com
Phone number: 406-888-6510
An enthusiastic and highly motivated professional with an in-depth understanding of risks and risk management best practices. An excellent team worker who can thrive well in different settings and is highly adaptable to a changing environment. Can work well under pressure and solve different challenges thanks to my creativity and ability to think fast. A manager with strong leadership skills honed by years of management experience for staff management and supervision. I can use different risk management software to identify and avert risks.
02/2019- 05/2022- Risk Manager, Brook House Insurance Companies Limited, USA
- Implemented a 99. 9% effective system for identifying and analyzing the financial impact of loss to different sectors such as the organization, employees, environment, and the general public
- Implemented a new system for 100% accuracy in the maintenance of records such as claims and insurance policies
- Prepared and monitored risk management and insurance budgets, ensuring that the risk department did not exceed 98% of the budgets
- Limited risks by 70% by creating business continuity plans
- Implemented health and safety measures saving the company from financial losses occasioned by accidents
- Regularly conducted policy and compliance audit in liaison with internal and external auditors ensuring that the company was operating at its peak.
- Independently conducted risk assessment for the entire organization by analyzing current risks and identifying potential risks that posed a danger to the company.
- Successfully established an accurate risk level that the company could take, saving it from a total loss of $3 000 000 has the management decided to invest in some risky ventures
- Managed 60 staff in the risk department, working closely with them for risk identification and mitigation
- Trained 25 staff members to build risk awareness amongst them and ensure that the company had a knowledgeable and trained workforce.
- Worked closely with stakeholders, ensuring that they understood all the external risks brought about by corporate governance.
- Consistently educated the executive management on the serious risks to the company, improving collaboration for risk mitigation by 90%
- Ensured that everyone understood their risk accountability, improving risk mitigation by 50%
- Ensured that every business head understood the risks capable of affecting their departments, fostering collaboration in risk prevention and management.
- Evaluated and made corrections on how the company handled previous risks
O9/2015- 12/2018 – Risk Manager, Baltimore, and Jayden Risk Solutions, Baltimore, Maryland
- Assessed how the company handled risks previously and implemented new measures and processes, improving overall risk management by 30%
- Minimized future risks by 50% through a series of risk-avoiding adjustments to the organization’s operation methods
- Carefully and skillfully trained the organization’s staff to increase risk awareness, which improved risk avoidance by 20%
- Prepared and monitored risk-management budgets, ensuring that the department rightly used the allocated funds for 100% risk mitigation
- Prepared effective action plans, decreasing risk factors by 35%
- Managed 17 staff members in the risk department, supervising them and offering help where necessary for improved risk reduction and mitigation
10/ 2012- 07/2015- Assistant Risk Manager, Bethwell Springs Banking Solutions, Ohio
- Liaised with the risk manager and top management to successfully review the company’s loss control manuals and occupational safety controls leading to a 10% yearly loss reduction
- Conducted intensive risk assessment in collaboration with different departmental members, identifying and estimating different business risks.
- Determined and implemented a cost-effective means of improving the loss protection systems of rented facilities saving the company $100,000
- Ensured that there was a continuous quality improvement of workers’ compensation claims.
- Ensured that facility processes comply with OSHA guidelines through inspections and strategic imperatives oversight.
- 08/2018-12/ 2019, Masters of Science in Corporate Financial Management, Harvard School of Business
- 05/2009- 07/ 2012, Bachelor’s Degree in Economics, Harvard School of Business
- 01/2005- 05/2009, Graduated Senior School, Pride International Academy, California
- Microsoft Office
- CURA, A1 Tracker
- Synergi Life, Qualys
- Excellent communication skills
- Organizational Skills
- Multitasking ability
- Ability to work under pressure
- Excellent management and supervisory skills
- Team working skills
12/2013 Certified Public Accountant (CPA)
Risk Manager Resume Frequently Asked Questions (FAQs)
1. Are There Any Physical Requirements for a Risk Manager Position?
Risk managers spend most of their time behind their desks, assessing risks, making calls, and catering to different business requirements. Therefore, they don’t need many physical requirements compared to roles such as site management. Regardless, one must still be able to lift at least 15 pounds at a time. Given the nature of this job, it is also necessary to be prepared to sit at a desk and work on a computer for a prolonged period.
2. Can I Be a Risk Manager Without the Listed Educational Requirements?
Although, you can still navigate your way into risk management without a Bachelor’s degree. However, remember that you must work up the career path to make that possible. You must start at an administrative level and work your way up. I’ll also need a level of experience in risk handling, which this job is all about. All in all, it is possible, even though it will take some time. Alternatively, you can register for a Bachelor’s in risk management or related fields such as statistics to speed up the process.
3. Must I Have a Postgraduate Degree to get a Risk Management Position?
No. You don’t need a Postgraduate Degree to be a risk manager. You are okay provided you have a degree in risk management, finance or economics, statistics, business studies, or a field relevant to risk management. However, even though Postgraduate degrees are not essential, they are highly beneficial and may favor you when the hiring manager eliminates candidates. So, get a Masters in Finance, Economics, or whichever field you pursued in your undergrad.
4. What Skills Must I Include in My Resume
Given the importance of risk management to organizations, you must have certain skills and include them in your CV or resume. Ensure that you list excellent numerical and analytical skills that come in handy in this role, communication and presentation skills, great organizational skills, attentiveness to details, ability to digest different business issues, and planning skills.
5. How Can I Make My Resume More Readable?
Your resume should be organized and well-written for easier readability. Therefore, make sure you use the right indention and fonts and break it down into clear and well-written sections. Do not also forget to proofread it after writing and correct any mistakes that may be costly.
6. Must I Only Include Risk Management-Related Experience in My Resume?
Unfortunately, yes. Your resume should only have risk-related experience since that matters when applying for a risk management job. It will also ensure that your resume is not too wordy, which may be detrimental.