Risks are coherent in every activity, and businesses are no exception to this. Economic conditions, government regulations, fiscal policies, value of domestic currency, war, natural calamities, you name it, and all the outside environment influence the business. Of course, non -controllable risks are an exception, however, every business must analyze the controllable risks and try to prevent them as much as possible and develop possible mitigation plans. This is where a risk manager comes into picture. Thus, a risk manager has to not only perform the key role of identifying the potential risks and threats, but develop policies that can guide the management to reduce them or combat them.
If you’re thinking of a career of a Risk Manager, this is how the working hours of a risk manager entails –
A day in the life of a Risk Manager / Risk Analyst (entry level):
- The day starts off with catching up with any news that may affect risk metrics.
- You then work on any pending projects and perform risk analysis.
- A meeting due soon may require a report on gap areas in risk policies that need to be filled.
- You probably need to attend meetings with other divisions to understand their risk issues.
- Daily or weekly risk reports may need to be worked on.
- You may need to chase other teams for some of the documentation and process notes.
- You need to dedicate some time towards learning new resources and skill sets, updating with the latest changes in the economy. A change in the government law may impact the risk factor of any entity. Thus, this task, is an important part of the job profile of a risk analyst.
Salary and perks:
- The starting salary for Risk Management Analysts is around INR 5-7Lakhs/ annum
- Consultancies and MNC Investment Banks often pay higher
- At the senior level, Risk Managers are very handsomely rewarded based on their experience