Trade guide
Risk management
The risk manager ensures that the strategic decisions taken do not present any danger to the company. As part of this task, the risk manager must assess the reliability of the products and services provided by the company, depending on the objectives set by management.
The business
What is a risk manager?
Its role
The risk manager is required to work with the managers of the company’s various sectors. They will also be required to work with employees to train them and raise their awareness of risks.
Risk managers can work in a variety of fields, including banking, finance, insurance, commerce and services.
Its field of action
In public companies, they are often required to work closely with the management committee. They will also have to work with research and development teams.
The functions
What does a risk manager do?
The risk manager ‘s role is to design and implement a risk management policy for the company, particularly with regard to financial risks. He or she is also responsible for developing methods and systems for identifying, measuring, analysing and managing risks to the smooth running of the company.
To do this, it has to take many internal and external factors into account. For example, he needs to see the level of knowledge and skill of the employees. Good training and internal and external collaboration are necessary, with the support of management. The risk manager must also be familiar with the laws and regulations governing the company. Finally, he or she must determine the types of insurance needed to cover the risks, depending on the size and structure of the company.
To sum up, the main tasks of a risk manager are :
assess the risks associated with a financial transaction or a customer
acting as the interface with insurance companies
determining the risk management policy
participate as a representative on the company’s audit committee
define action plans and monitor their implementation
Qualifications
The qualities and skills needed to be a good risk manager
The skills of a risk manager are based on their ability to identify and assess risks, implement action plans and resolve problems. It is necessary to have a good knowledge oflegislation and regulations concerning risks in general. A risk manager must also have in-depth knowledge of the products, procedures and processes relating to the specific risks in the field in which he or she operates.
Knowledge of law, taxation, accounting and IT is also necessary. Risk managers must have good communication, analytical and decision-making skills. They need to be service-minded, have good organisational skills and a good knowledge of their sector. Risk managers must also have the ability to work as part of a team and a positive attitude to their work.
The benefits
What are the advantages of being a risk manager?
The job of risk manager is motivating, it is constantly evolving and it is a job with a high level of responsibility. Unfortunately, it’s still not well known among young graduates, so there are a lot of vacancies, especially with new ways of organising work.
Remuneration is therefore very attractive. In addition, risk managers can work in a variety of institutions, such as the chemical industry, the pharmaceutical industry, the audit and consultancy sector, the banking sector and the energy sector.
Remuneration
Risk manager: salary and career development
The remuneration of a risk manager depends on several factors, including the size and sector of activity of the company. The overall remuneration of a risk manager can start at around €32,000 and rise to as much as €52,000. Remuneration varies according to the sector of activity: mining, financial, pharmaceutical and oil and gas companies can pay up to 84,000 euros a year.
Risk managers can progress to positions such as risk manager, quality auditor or environmental health and safety engineer.
Depending on their specialism, they may also choose to work for an independent consultancy ortake over an agency or brokerage firm.
Up to
84 000€
Salary per year
Training courses
How do you become a risk manager?
Our training courses
Risk management has an impact on all business activities. You can choose your path and focus your studies on different sectors:
- finance ;
- accounting ;
- accounting sciences ;
- the economy ;
- the law ;
- management ;
- human and social sciences.
The profession is generally open to graduates with 5 years of higher education after studying in one of our 4 programmes:
Alternation
To gain the experience you need for the job more quickly, INSEEC gives you the opportunity to follow a sandwich course.
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