Career in risk management

Varun Vohra

Risk is part of all our lives and we need to take risks to grow and develop. Similarly every industry in this fast paced world needs to manage risks effectively to evolve and minimize threats. Risk management involves identifying, analyzing and remediating risks to make sure organizations can work towards their goal seamlessly. Every organization has an enterprise risk management program in some form which is used to manage various technical, business and financial risks across different spheres in an organization. Therefore risk management is an important business area and a career in risk management offers you a unique opportunity to become a key player to manage risks and support corporate governance in an organization. Risk management discipline also includes performing detailed risk analysis to assess the feasibility of new projects, mergers, acquisitions and other business development activities which are key for the growth of any organization and involves visibility at the highest levels.
Risk management is a developing and challenging discipline that has become an attractive career path for professionals globally for any industry. As this area is quite competitive, candidates need to be well-qualified and technically strong. Many global universities offer dedicated undergraduate and graduate degrees with a major in risk management and therefore are a natural choice for employers. Risk management professionals not only need to be strong technically but also need to have communication, analytical and management  skills in order to articulate the findings to the management effectively and propose remediation/action plans as needed, all of which are key to success for a risk management professional. A number of professional certifications like Certified in Risk and Information Systems Control (CRISC), Project Management Institute - Risk Management Professional (PMI-RMP), Certification in Risk Management Assurance (CRMA), Chartered Enterprise Risk Analyst (CERA), Certified Risk Manager (CRM), Financial Risk Manager (FRM), Professional Risk Manager (PRM) are also available in order to add weight to your profile, above and beyond the university degrees. A number of career paths are open to risk management professionals especially in regulated industries like finance, banking, insurance and healthcare but it will be correct to say that all industries need risk management professionals. Typical risk management roles include but are not limited to risk and compliance, audit, legal and compliance, operational risk management, and strategic risk management.
With the changing risk landscape, the demand for risk management professionals is expected to grow significantly in coming years according to industry analysts. If you have the intellectual capability and want to experience different spheres in an organization, this profession is highly relevant for you. This career option can provide you a platform to showcase your talent and get the right visibility to climb up the chain sooner as compared to other disciplines. Hope this article motivates young and experienced minds to pursue an opportunity in this challenging but attractive field.
(The author is an audit and risk subject matter expert based out of US with extensive experience in the area of IT audit and risk advisory specializing in cyber security and emerging technologies, on how to build a career in risk management)

Friday, 28 July, 2017