23 Risk Manager Interview
Questions & Answers

The Role of a Risk Manager – An Example Risk Manager Job Description

A Risk Manager plays a vital role within larger organizations. They often advise Senior Management Teams on the potential risks to the organization in respect of either safety and security, finance and profitability, assets, and legal or regulatory compliance. Risk Managers are employed depending on the industry the organization is operating within. However, as a general rule there are risk managers for all of the following sectors:

RISK MANAGER ORGANIZATIONAL SECTORS

• Finance and investment banking;
• Credit risk;
• General banking and accounting;
• Business planning and continuity;
• Government organizations such as the Fire Service;
• Cybersecurity;
• Commodity risk (buying and selling assets);
• Environmental risk management;
• Corporate and regulatory governance;
• Security risk management;
• Technology risk;
• Enterprise risk.

TYPICAL DUTIES AND RESPONSIBILITIES OF THE RISK MANAGER

The role of a Risk Manager requires a unique set of skills and qualities and the following list of responsibilities will apply depending on the area of risk management you are working in.

• Assessing, designing, and implementing the risk management model and process for the organization;
• Identify risks and threats to the organization and take steps to minimize these;
• Conducting suitable risk assessments and relaying the findings to all staff;
• Evaluating the risks and threats to the organization and acting accordingly;
• Writing and presenting risk reports for senior managers of the organization and ensuring all information is presented in a clear and easy-to-understand manner;
• Develop corporate governance mechanisms and processes to ensure the organization is compliant;
• Monitor the performance of all departments to ensure they are aware of risk strategies and the importance of them to the organization’s success;
• Conduct health and safety risk assessments in line with the relevant legislation and ensure all staff are aware of these and their importance (Security and Government organizations such as the Fire Service.)
• Offer support, guidance and training to staff based on the strategic risk approach to enable them to conduct their jobs to a competent standard;
• Undertake regular risk audits to ensure organizational compliance is maintained;
• Ensure your own continuous professional development and competence is regularly maintained in respect of risk management within the sector you occupy.

THE SKILLS AND QUALITIES NEEDED TO BE A RISK MANAGER

You need numerous skills and adaptable qualities to be a competent and effective Risk Manager. In no particular order of priority, you need:

• Exceptional communication, interpersonal and presentation skills. (As a Risk Manager you must communicate your ideas and the standards expected across the organization in a clear and concise manner.)
• You must have resilience and confidence to always insist on exacting standards, and you also need a good eye for detail.
• A good Risk Manager will be able to easily influence people and react quickly to situations as and when they occur.
• Risk Managers must be commercially aware, and understand that they need to work alongside the Senior Management Team as opposed to against them.
• A great Risk Manager will take responsibility for his or her own continuous professional development, they will have a good level of technical acumen, be able to write concise risk reports, and have exceptional numerical and analytical skills.
• To be effective in the role of Risk Manager you need exceptional planning and organizing capabilities, be a strong leader, and be able to work both alone and as part of a team as and when required.