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Risk Manager

Do you want to become a Risk Manager? Here is some information to help point you in the right direction:

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Risk managers advise and guide commercial businesses and organisations on ways to reduce their exposure to risks or to manage risk more efficiently. The nature of risk can vary widely in each organisation, but is often categorised as something that can result in loss of business or in paying out a sum of money to put things right.

Risk managers may be involved in:

• looking at specific liability issues, seeking safer or alternative ways to work
• investigating the claims history and suggesting extra precautions
• surveying premises, examining the safety precautions being taken against potential fire,  theft and flood incidents
• implementing training and communication programmes to increase awareness of risk across the organisation
• making sure the organisation is complying with industry regulations
• looking for the best insurance to suit the business.

Risk managers usually work 9am to 5pm, Monday to Friday. They are office based, but spend at least 50 per cent of their time visiting clients to make assessments on site. This can involve a lot of travelling around the UK, and possibly abroad.

Salaries range from around £20,000 a year for those staring out, to over £70,000 for a senior risk manager. 

Risk managers should be:

• good communicators
• diplomatic yet persuasive, motivating a broad range of people
• methodical, constantly monitoring data and measuring results
• commercially aware and motivated to improve results.

Insurance companies, brokers and specialist risk management firms, providing consultancy services to a variety of industry sectors, employ risk managers. In-house roles are growing quickly in most commercial and public sectors. There is a shortage of people with a broad knowledge of risk management.

There are no set entry requirements. In practice though, most entrants are graduates. Mature entrants with an understanding of the industry sector, health and safety, compliance and insurance are preferred. Risk managers advising in the aeronautical, engineering and energy sectors usually benefit from having experience and a relevant degree.

Most training takes place on the job. There are a number of professional study options, with opportunities to study part time or by distance learning. Some are internationally recognised.
 
Promotion may be to senior risk manager or head of department, leading a team of people. There may be good opportunities to work abroad.

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