Works to identify and lessen the effects of threats to the profitability of businesses and organisations.
Risk managers work to identify and lessen threats to the profitability of businesses and organisations. They work in both public and private sectors to produce and implement strategies to avoid future risks and to design contingency plans if things go wrong.
Types of risk are perceivable in various areas within a business. The main types include credit, health and safety, insurance, fraud, market (eg risks arising from interest rate fluctuations), liquidity (eg whether an organisation has sufficient cash flow) and operational (eg risk of processes breaking down). The aim is to ensure that businesses do not exceed financial limits. Risk managers possess in-depth knowledge of industry processes. After gaining experience in a variety of areas, risk managers can provide general advice to clients or else specialise in one or two areas.
Risk management positions are available across a range of employers, from banks and insurance companies to the public sector and property firms. Some industries have in-house functions, while others outsource to consultancies and banks. Risk management functions may be known under different names, such as risk control, and can form part of a bank's treasury services.
Travel: may be necessary for visiting national or international requirements.
Working hours: can vary; could include evenings and weekends.
Location: across the Republic of Ireland and Northern Ireland.
Degree subjects such as law, business, management or economics are often favoured by employers. The common route into the profession is through a graduate scheme, when an individual will receive in-house training in a variety of areas. Graduates will often study for a professional qualification alongside practical training. The Institute of Risk Management offers part time and distance learning risk management qualifications and a specific qualification in financial risk management.