A Risk Manager is a professional who is responsible for identifying, assessing, and mitigating potential risks that may impact an organization's operations, finances, reputation, or other areas. They develop strategies to reduce and manage risks associated with various areas such as financial, legal, strategic and security risks and review and respond to regulatory inquiries. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Risk Managers.

Get market insights and compare skills for other jobs here.

Main Responsibilities of Risk Manager

The following list describes the typical responsibilities of a Risk Manager:

Anticipate

Anticipate emerging issues.

Assess

• Assess impact of risk assessments on vendor evaluation and selection.

• Assess the Credit and Fraud risks of a company.

• Assess the results of the tests performed by the Enterprise Independent Testing group.

Assist

• Assist and review third party (i.e. vendors) to identify potential financial crimes risk.

• Assist in formulating and monitoring the budget for the areas included.

• Assist in formulating security architecture recommendations and design security services.

• Assist in identifying and evaluating risk areas across the operational activities.

• Assist in the development of strategic plans.

• Assist in the implementation of Corporate Security Policies, support Event Security as required.

• Assist management in monthly project progress billing, job costing, and revenue forecasting.

• Assist the Head of Risk Management in business development of risk management services.

• Assist the Head of Risk Management in support of bids and proposals.

• Assist with monitoring and reporting on Group Benefits compliance with policies.

• Assist with the development of risk management procedure and functional guides.

Build

• Build and manage Value at Risk models.

• Build effective working relationships across relevant teams in external suppliers.

• Build, promote and sustain a culture of consumer safety and emergency preparedness.

Challenge

Challenge existing processes and procedures in order to continually improve our offering.

Collect

Collect accurate information.

Communicate

• Communicate expected performance to internal and external resources.

• Communicate findings in a customer friendly manner.

• Communicate risk-related information to Traders / Portfolio Managers.

• Communicate with regulators on the IT risk program as required.

Conceive

Conceive and articulate effective and efficient risk mitigation strategies.

Conduct

• Conduct and contribute to annual and targeted risk assessments.

• Conduct operational risk reviews and stress tests relating to the business.

• Conduct safety training for field employees and staffing employees.

• Conduct targeted risk assessments.

Contribute to

• Contribute to risk and / or regulatory projects as required.

• Contribute to the development of the risk team and to a positive working environment.

Cooperate

Cooperate and guide business partners / suppliers on national / international level.

Coordinate

• Coordinate and drive effective management routines related to the above as appropriate.

• Coordinate and manage initiatives and ad-hoc projects.

• Coordinate and monitors the review and sign-off of attestations and reporting.

• Coordinate contract insurance requirements, including coverages and exclusions.

• Coordinate Risk Management activities, serving as a resource person / liaison with key stakeholders.

Create

• Create and maintain the risk management information system and ensure data accuracy.

• Create incentives to encourage responsible customer use of revolving credit allowances.

Demonstrate

Demonstrate firm understanding of the product to end users.

Develop

• Develop and implements an enterprise fraud management and governance methodology.

• Develop and own DPRD's supply chain risk maps.

• Develop, optimize and implement a group-wide 3-year risk management strategy.

• Develop pricing models for electricity and gas retail products.

• Develop risk management approaches / systems for clients, incorporating best practice and procedures.

• Develop risk management plan and register for Projects.

• Develop strategies, management reports and communications for business / groups.

Educate

Educate senior management about fundamental risks of firm's position in commodity markets.

Elevate

Elevate oversight and executive level accountability / engagement of Tax EPO.

Embed

Embed governance frameworks for decision-making and ensure ongoing compliance and efficiency.

Engage

• Engage other risk officers and horizontal function roles to provide oversight of activities.

• Engage with home care related working groups involved in risk management, quality improvement.

Ensure

• Ensure accurate reporting of project and testing health, QA progress and KPIs.

• Ensure alignment between stakeholders.

• Ensure all control assurance activities are completed according to planned schedule.

• Ensure an effective way in execution of technology risk management activities.

• Ensure appropriate compliance risk oversight of third-parties that create compliance risk.

• Ensure proper job management and cost control by reviewing project financial statements.

• Ensure risk response actions are being developed, executed, updated and completed as planned.

• Ensure risks are well captured by the Bank's risk systems and methodology.

• Ensure that significant risks and issues are appropriately and timely escalated.

• Ensure the probability of default is reduced via debt verification with end debtors.

Escalate

• Escalate to appropriate third party risk management as appropriate.

• Escalate vendor risk issues and compliance problems that have not been adequately addressed.

Establish

Establish local policies and guidelines to meet regulatory requirements.

Estate

Estate Settlement and Wealth Strategies activities.

Evaluate

Evaluate and process complaints, appeals and grievances.

Evangelize

Evangelize Sustainability and Risk initiatives across the Roche Global Procurement community.

Execute

Execute and oversee Company Safety Program to include communication, policy, and training.

Foster

Foster an environment that supports effective teamwork.

Generate

Generate lessons learned reports relating to risks.

Guide

Guide / assist in the identification and classification of issues.

Identify

• Identify emerging issues and tend to inform decision-making.

• Identify aggregate, report and escalate risks, issues and control enhancements.

• Identify and intervene on key control issues and ensure addressed.

• Identify and provide assurance over business risks across multiple process areas.

• Identify business and Project-wide risks and ensure adequate risk communication across the Program.

• Identify, monitor and managing dependencies, and for resolving related issues.

• Identify potential for improvement in all business processes.

• Identify, review and document relevant external loss events.

Implement

• Implement an internal PMO Risk Management Plan, Risk register and associated governance processes.

• Implement quality assurance program to continuously improve eSRG operations.

Influence

• Influence and gain alignment across increasingly senior stakeholders.

• Influence and negotiate to achieve business objectives.

Insure

Insure company standards meet staffing expectations.

Interface with

• Interface with teams beyond risk in a cross-functional manner.

• Interface with legal for customer communications.

Interpret

• Interpret and provide advice on the application of the requirements for the business / group.

• Interpret new regulations and assesses impacts to the governance framework.

Keep abreast of

Keep abreast of latest operational risk management techniques and industry best practices.

Lead

• Lead and manage a highly skilled team responsible for all Operations Risk.

• Lead budget and forecast process & timetables.

• Lead execution of operational programs.

• Lead Governance Risk & Control ("GRC”) system (Resolver) administration and planning activities.

• Lead on designated Compliance related policies / requirements.

• Lead the first line of defense risk management program.

Make

Make recommendations or escalates to the manager, as per guidelines.

Manage

• Manage and assess technology risk.

• Manage and track vendor contracts being aware of particularized clauses in each contract.

• Manage and track WC Loss Run.

• Manage, coach and mentor a remotely based approvals team of 3 which is looking to expand.

• Manage modified duty options to include branch work, non profit, etc.

• Manage Scenario Analysis.

• Manage the analysis of the underwriting information required for subcontractor prequalification.

Model

Model accountability, responsibility, authority and the values of Nucleus to the team.

Monitor

Monitor, and report to management on, the performance of the outsourced AML arrangements.

Oversee

Oversee and complete reporting procedure for risk reviews.

Oversight

Oversight on claims correspondence and relevant documentation, working with claims support.

Participate in

• Participate in Due Diligence review of potential acquisitions.

• Participate in functional initiatives proactively.

Perform

• Perform 2nd line assurance review for risk exception and corrective action plan (CAP).

• Perform annual top-down risk identification and assessment process.

• Perform opportunity / risk and cost-benefit analyses and develops business cases.

• Perform periodic monitoring and controls reviews in order to evaluate business compliance.

• Perform risk analysis for high severity Cyber / Technology incidents.

• Perform risk mapping and risk profiling to determine responses and the cost of taking the risk.

• Perform testing of implemented controls to ensure they are being performed adequately.

Prepare

• Prepare and submit reports to the CRO, senior management and regulatory bodies as needed.

• Prepare ERM reports for various IGT Committees & Senior Management.

• Prepare requested materials, coordinate and attend meetings with internal and external auditors.

• Prepare risk assessments, reports, and risk-related presentations.

Provide

• Provide consultative support to various field offices and business units.

• Provide guidance for management of other risk and regulatory governance programs and processes.

• Provide input into the planning and implementation of operational programs.

• Provide insight on proposal and client rough order of magnitude implementation estimates.

• Provide IT risk management consulting to the business, technical and operations groups.

• Provide market risk oversight, monitoring, and reporting for a designated portfolio.

• Provide oversight, driving, facilitation and guidance on Technology Risk.

• Provide oversight, monitoring and reporting on operational risks for a designated portfolio.

• Provide periodic forecasts of labor requirements.

• Provide proactive Risk Management support to Project leadership teams and project teams.

• Provide regular updates to management on the efficacy of the fraud & risk management program.

• Provide risk management training when required.

• Provide risk-related reporting to senior management.

• Provide schedule uncertainty and risk analyses using statistical techniques.

• Provide specialized consulting, analytical and technical support.

• Provide support & address internal inquiries.

• Provide technical support and knowledge support to the risk management platform (ARM) users.

Pursue

Pursue satisfactory outcomes regarding property insurance claims.

Recommend

• Recommend appropriate risk limits and ensure processes are in place to monitor against limits.

• Recommend changes based on Risk Assessment and Workshop outcomes.

• Recommend corrective actions to resolve non-compliant deals.

Report

Report operational risk issues and decisions to senior management on regular basis.

Review

• Review and approval of product development documents.

• Review and approve new accounts and account updates as well as related supervisory reports.

• Review and respond to regulatory inquiries.

• Review model calibration, improvement ideas, alternative measures of risk.

Select

Select and manage insurers and SDI programs.

Set

Set organizational risk tolerance thresholds in accordance with management's risk appetite.

Share

Share best practices to improve processes and gain efficiencies.

Solve

Solve unique and ambiguous problems with broad impact.

Support

• Support country inclusion in process.

• Support departmental goals and objectives on various projects.

• Support of Privileged Access systems and management.

• Support Principals during strategy sessions, field surveys and audits, and report writing.

• Support regulatory and executive leadership interface.

• Support speed, simplicity, agility in decision making and action.

• Support the broader Regulatory and Risk Governance team with supervisory exams as needed.

• Support the development, deployment, and execution of the third party risk management framework.

• Support weekly / monthly reporting associated with governance committees.

Track

Track metrics to demonstrate a cultural acceptance of risk management throughout the region.

Unblock

Unblock issues and hurdles and raises awareness.

Use

• Use Loss Run to manage costs and track claim activity.

• Use sophisticated analytical thought to exercise judgement and identify solutions.

Validate

Validate information that is distributed to the regulators.

Work with

• Work closely with Sales to ensure appropriate risk appetite and deal handling.

• Work collaboratively with senior divisional leaders to manage risk management activities.

• Work with finance to determine and optimize capital costs.

• Work within the Governance and Operational Risk framework to ensure compliance at all times.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Risk Manager:

1. Risk Management

2. Finance

3. MS Excel

4. Business

5. Project Management

6. Management

7. MS Powerpoint

8. MS Word

9. Audit

10. Compliance

11. Economics

12. Operational Risk

13. Accounting

14. Insurance

15. CPA

Most In-demand Soft Skills

The following list describes the most required soft skills of a Risk Manager:

1. Written and oral communication skills

2. Analytical ability

3. Problem-solving attitude

4. Interpersonal skills

5. Attention to detail

6. Organizational capacity

7. Collaborative

8. Leadership

9. Team player

10. Presentation

11. Self-motivated

12. Exercises judgment

13. Negotiation

14. Work independently with little direction

15. Flexible

16. Self-starter