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Is a Risk Manager a Good Career Choice?

Whether you’re searching for your very first career or you fancy a career change for some variety in life, you might want to consider a career in risk management. If you’re not sure what risk management is about or what a risk manager’s job description is, you’ll find that out and more in this article.

Let’s take a closer look at the career of a risk manager, what you can expect, and reasons why you should choose this career path.

What Is Risk Management and What Does a Risk Manager Do?

All businesses face a variety of risks. It’s just part and parcel of doing business. While not all risks can be averted, many risks that a business could encounter can be avoided through due diligence and applying risk management strategies.

That’s basically what proper risk management is about: recognizing potential risks and having measures in place to prevent them from becoming a reality.

As a risk management professional, your role will be to list potential risks, prioritize them and have strategies in place to make sure those problems don’t occur. Risk management is an ongoing process. Business procedures change, companies expand and update, and new staff members come on board.

As a risk manager, you’ll always be keeping your eyes open for possible issues, as well as liaising with employees, management, and owners regarding risk management strategies and changes to business operations.

How To Become a Qualified Risk Manager

There are numerous options and career choices for risk managers and the type of role you’ll be best suited to will depend on the qualifications and training you have and your field of expertise.

For example, someone who has studied IT and knows all about managing risk in this environment isn’t necessarily going to be suited to a risk management role in a factory or food processing environment.

Ideally, to embark on a career in risk management, you’ll want to get a degree in business administration or management, or possibly even an accounting degree or law degree, depending on which career path you wish to take.

There are also specialized courses in risk management where you can study to become a qualified risk manager in your chosen industry.

Employment Prospects for Professional Risk Managers

While small business operators are not likely to hire the services of a full-time risk manager, larger businesses, companies, and corporations always need risk managers.

Employment prospects for good risk managers are strong and even if you don’t want to work for an employer, you could always start your own risk management business and work on a contract basis for businesses when they need you.

What You Can Expect To Get Paid

In the UK, the starting salary for a qualified risk manager can be anywhere between £30,000 to £45,000, with senior risk managers making upwards of £70,000.

Depending on your field of expertise, the industry in which you work, and your experience and reputation, over time, you can command even more money than that.

Risk management can be a rewarding and lucrative career.

Dedicated Software for Risk Management Professionals

One tool that’s invaluable for all risk managers is risk management software. In a high-tech world that already relies heavily on IT and the internet, it only makes sense for today’s risk managers to have incredible and powerful risk management software at their disposal.

The software makes the role of the risk manager that much easier and far more organized. With the dedicated software, you’ll have your finger on the pulse of the business at all times. The software will even alert you to a potential problem before it occurs.

The Benefits Of Being a Risk Manager

The role of a risk manager is one that comes with a lot of responsibility, but it pays well and will give you immense job satisfaction. Every day will be diverse. You regularly get to interact with everyone involved in the business and you have the power to suggest and implement important changes along the way.

In Conclusion

Starting a career as a risk manager deserves serious consideration and is well worth looking into further. As a risk management professional, you’ll have a career under your belt that will always be in high demand.