Module 6

• Risk Manager


  Communicates risk policies and processes for an organization, provides hands-on development of risk models, assures controls are operating effectively, and provides research and analytical support
• Risk Manager


  • Held accountable for analyzing, assessing, and handling the risks faced by the organization
  • Assists the organization regarding any sort of risks that might affect the profitability of the organization
  • Develops strategies and processes for managing business risks and ensure successful business continuity
• Risk Manager's tasks


  1. Gather data and carry out investigations to recognize the risks

  2. Analyze key risk indicators (KRI) and conduct what-if-analyses

  3. Implement control systems and action plans for safeguarding the organization's assets and resources

  4. Mitigate risks and potential damage caused
• Duties and responsibilities of a Risk Manager


  • Design and implement an overall risk management process for the organization
  • Perform a risk assessment
  • Perform a risk evaluation
  • Establish the level of risk the company are willing to take
  • Prepare risk management and insurance budgets
  • Provide risk reporting tailored to the relevant audience
  • Explain the external risk posed by corporate governance to stakeholders
  • Create business continuity plans
  • Implement health and safety measures, and purchase insurance
  • Conduct policy and compliance audits
  • Maintain records of insurance policies and claims
  • Review any new major contracts or internal business proposals
  • Build risk awareness amongst staff by providing support and training
  • Provide a methodology to identify and analyze the financial impact of loss
  • Examine the use of realistic and cost-effective opportunities to balance retention programs with commercial insurance
  • Prepare risk management and insurance budgets and allocate claim costs and premiums
  • Provide for the establishment and maintenance of records
  • Assist in the review of major contracts, proposed facilities, and/or new program activities
  • Maintain control over the claims process
  • Identify and analyze various risks
  • Develop risk management controls and contingency plans
  • Communicate recommendations to management
  • Conduct assessments to define and analyze possible risks
  • Evaluate the gravity of each risk by considering its consequences
  • Audit processes and procedures
  • Develop risk management controls and systems
  • Design processes to eliminate or mitigate potential risks
  • Create contingency plans to manage crises
  • Evaluate existing policies and procedures to find weaknesses
  • Prepare reports and present recommendations
  • Help implement solutions and plans
  • Evaluate employees' risk awareness and train them when necessary
• Job qualifications and requirements for a Risk Manager


  • Degree in Risk Management, Management or Business Studies, Finance or Economics, Science, Statistics, Engineering, or Law
  • Postgraduate degrees are not mandatory, but may also be beneficial
  • If no degree, can work up the career path starting at an administrative level
• Skills required for a Risk Manager

  • Analytical skills and an eye for detail
  • Commercial awareness
  • Numerical skills
  • Planning and organizational skills
  • Ability to understand broader business issues
  • Communication and presentation skills
• Specific skills needed to become a Risk Manager

  • Knowledge of risk assessment models
  • Awareness of statistical tools and auditing and reporting procedures
  • Ability to execute office automation tools and risk monitoring and testing procedures
  • Attention to minute details
  • Exceptional verbal and communication skills
  • Time management and organizational skills
  • Negotiation and diplomacy skills
  • Proven experience as a Risk Manager
  • Knowledge of risk assessment and control
  • Experience with auditing and reporting procedures
  • Familiarity with industry compliance standards and regulations
  • Strong computer and research skills; knowledge of analysis software is preferred
  • Analytical mind with problem-solving aptitude
  • Excellent communication and presentation skills
  • BSc/BA in Law, Business, Finance or a related field
  • Professional Risk Manager (PRM) certification is a plus