Risk Manager: Roles, Responsibilities, Salary and more

Introduction

Do you have a keen eye for potential errors, and mistakes that can risk the security, safety and overall achievements of the organisation? You could be the next potential manager who can oversee and manage the organisational risk and minimise the daily impact of losses. This requires polished skills in the administration of business, problem-solving, strategic planning and being the ultimate team player. A Risk Manager can earn an average package of INR 16-17 LPA easily.

If you want to become the next risk manager, and you believe that you fit perfectly into the role then check out this blog. We are going to tell you about the latest job roles and responsibilities, salary packages, and minimum eligibility to become a Risk manager at top recruiting companies. We are going to tell you some of the top tips and tricks recommended by recruiters.

Who is a Risk Manager?

As a risk manager is the one responsible for actively assessing, and mitigating risks, and identifying risks that could impact an organisation’s operations. This role involves implementing risk management strategies, ensuring compliance with relevant regulations, and developing contingency plans to handle potential disruptions.

Moreover, a risk manager would oversee the creation and maintenance of risk profiles, conduct regular risk assessments, and provide training to staff on risk management principles. Furthermore, effective communication with stakeholders is essential to keep them informed about the organisation’s risk exposure and mitigation efforts.

To sum up, a risk manager is responsible for safeguarding the organisation’s assets and ensuring business continuity by proactively managing risks. You would be responsible for multiple tasks, overseeing the achievements, managing the eros and making sure that the organisation proceeds forward.

Let us tell you all the tips and tricks on how to become the next ultimate Risk Manager at the top recruiting organisations.

How to Become a Risk Manager?

1. Get a Bachelor’s Degree: You are required to have at least a bachelor’s degree in a business-related field, such as finance, business administration, or economics.

   Note:You can also complete a master’s degree or MBA to get more chances of selection.

2. Gain Field Experience: You would need at least 2-3 years of experience to be in the field of risk management and then towards 709 years of experience to be a Risk Manager.

3. Choose the Right Certification: You can also do a certification course in order to highlight your skills and increase your chances of becoming a Risk Manager. A certification course adds on the extra stars, such as the Certified Risk Manager (CRM) or the Risk Management Society Certified Risk Management Professional (RIMS-CRMP).

4. Update skills: Make sure that you stay updated on the job market. Keep adding new skills to your resume and keep yourself involved in the latest skill development.

The Roles and Responsibilities of Risk Manager

Roles of a Risk Manager

• You would be responsible for identifying potential risks that could impact the company.

• You would create and implement a custom risk management system tailored to the company’s needs and stakeholder investments.

• You would ensure the company meets all legal and regulatory requirements related to risk management.

• You would mentor and guide senior management and stakeholders on risk management strategies.

Responsibilities of a Risk Manager

• You would be responsible for developing contingency plans to ensure maximum risk control.

• You would need to conduct detailed investigations and assessments to determine solid risk management plans.

• You would prepare reports and documentation about risk management processes and communicate them to stakeholders.

• You would monitor and estimate the effectiveness of existing risk management plans and make necessary changes.

• You would ensure the company meets regulatory risk requirements while implementing the risk management framework.

• You would study market trends and implement learnings into the company’s risk management processes.

Skills of a Risk Manager

To become a good Risk Manager you will need to posses the following skills:

• Analytical skills

• Communication, interpersonal and presentation skills

• An eye for details

• Decision-making and problem-solving skills

• Organisation and planning skills

• Resilience and ability to handle pressure at work

• Technical understanding

• Promptness

• Leadership qualities

• A great team player

• Numerical abilities

• Proactive approach

• Commercial awareness

Salary

A Risk Manager in India can earn different packages, depending on the skills, experience, location and more. The average salary for a Risk Manager in India is INR 13 LPA. The salary range could be estimated to start from INR 8 LPA to INR 20 LPA. Please note that your average income can start from an expected of INR 8 LPA and go to INR 13 LPA.

These salary ranges can vary based on your skills, location, organisation, job roles and experience.

Make sure you decide on a salary range before you apply for the job role so that you do not have to compromise.

Source: Indeed

Top Recruiters

Risk managers are predominantly employed in the puplic sectors, private organisations and charities. Employers of risk management are mainly:

• Banks and wealth management organisations

• Central and local governments

• Auditing and consulting firms

• Commercial businesses

• Engineering companies

• Logistics companies

• Telecommunication and IT companies

• Transport industries

• Hospitals and care providers

• Schools and colleges

Here are some of the top recruiters who are actively hiring for the role of Risk Manager. Make sure you check their website to look for any updates and job vacancies:

Logging Out

The risk Manager is responsible for multiple tasks, from managing safety risk, and security risks to overseeing the policy implementation too. You can become a Risk Manager easily with a bachelor’s and a few years of experience. The job role is a perfect fit for those who have skills in problem-solving, quick decision-making, strategic planning and team coordination. If you are someone who wants to earn an average of INR 8 LPA to INR 13 LPA then this job is the right choice for you. You can update your CV with the latest certifications, skill development workshops and relevant projects in Risk, security and safety management. All the best!

FAQs

Q1. What does a risk manager do?

A Risk Manager minimises any security, safety and achievement breaches. They oversee the overall performance of the organisation, policies and management of a certain consistency in attaining the organisational goals.

Q2. What are the qualifications for a risk manager?

The basic common qualification is passing a bachelor’s in a relevant field such as economics, finance, business management and leadership courses. You can also be the ideal candidate if you have done an MBA with 2-3 years of experience in the field

Q3. Is a risk manager a good job?

A Risk Manager is a good job for anyone who is looking forward to getting a secure job in a top recruiting companies. You can get an average of INR 8 LPA easily if you have the right skills, experience and more.