What Do Risk Management Specialists Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Risk Management Specialist
are Risk Management Specialists happy with their job

Risk Management Specialists

Other names for this job might include Chief Risk Officer, Credit Risk Management Director, Global Risk Management Director, Market Risk Analyst, Market Risk Specialist, Operational Risk Analyst, Risk Analyst, Risk and Insurance Consultant, Risk Management Director, Risk Management Specialist


  • $72480
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Low
    Job growth
OwlGuru Rank

B



Being A Risk Management Specialist: What You Really Do


In this job description guide, you will find out what do Risk Management Specialists do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Risk Management Specialist or not.



Job summary

Risk Management Specialists analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.

We asked Risk Management Specialists how satisfied they are with their job. Here is what they said.

Job satisfaction

70%

How meaningful is this job

47%


70% of them said they were satisfied with their job and 47% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Risk Management Specialists Maintain input or data quality of risk management systems. They Track, measure, or report on aspects of market risk for traded issues.

1 of the main responsibilities as A Risk Management Specialist is to Conduct statistical analyses to quantify risk using statistical analysis software or econometric models.

A typical day for A Risk Management Specialist look like this:

Maintain data in information systems or databases.
Monitor business indicators.
Present business-related information to audiences.
Assess risks to business operations.

We asked some Risk Management Specialists a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?82% said yes
Do you have to use email everyday in this job?100% said yes
How important is it to work in a team in this job?43% said very important
Do you have group discussions everyday in this job?80% said yes
Do you have to meet strict deadlines everyday in this job?31% said yes
Do you talk or work with customers everyday in this job?4% said yes
Do you have to deal with angry customers everyday in this job?2% said yes
Do you have to make decisions everyday in this job?39% said yes



Other responsibilities

Besides the “typical day” things that Risk Management Specialists do, they Consult financial literature to ensure use of the latest models or statistical techniques. They might also Analyze new legislation to determine impact on risk exposure.

On a weekly to monthly basis, Risk Management Specialists Recommend ways to control or reduce risk. and Produce reports or presentations that outline findings, explain risk positions, or recommend changes.

In addition, they Gather risk-related data from internal or external resources.

Although specific duties may vary, many of them Develop or implement risk-assessment models or methodologies.

To some Risk Management Specialists, it is also their responsibility to Document, and ensure communication of, key risks.

A typical week or month for them might include:

Update professional knowledge.
Evaluate applicable laws and regulations to determine impact on organizational activities.
Advise others on business or operational matters.
Present business-related information to audiences.
Gather organizational performance information.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Risk Management Specialist, you can expect to work More than 40 hours per week.

Do Risk Management Specialists work in an office-style work environment?

Everyday
89.13%

Once a week
0%

Once a month
0%

Once a year
2.17%

Never
8.7%

Do Risk Management Specialists work in a warehouse-style work environment?

Everyday
0%

Once a week
0%

Once a month
4.35%

Once a year
23.91%

Never
71.74%

Do Risk Management Specialists work outdoors?

Everyday
0%

Once a week
0%

Once a month
4.44%

Once a year
20%

Never
75.56%



Is this right for me

Best personality for this career

The Organizers and The Persuaders


You can read more about these career personality types here.

You will like this career if you are someone who likes following set procedures and routines. They like working with data and details more than with ideas.

You also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Career type

Business and Finance
Green New & Emerging
Research, Design and Consulting Services
Mathematics
Financial and Investment Planning

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Related to Risk Management Specialists Job Description

Risk Management Specialists job description, what do Risk Management Specialists do, typical day for Risk Management Specialists, what is it like to work as a Risk Management Specialist, how many hours do Risk Management Specialists work, day to day work of a Risk Management Specialist

Additional resources

http://www.garp.org/
http://www.rmahq.org/

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Risk Management Specialists
Written by: Stanley Tan
Risk Management Specialists analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.
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