As employers in the financial services sector come to better understand the significant risks they face, many of them continue to grow their risk management teams. They’re recruiting high-performing specialists to establish and monitor business risk limits, test data models, liaison with regulatory agencies, and guide business units in evaluating plans and deals in light of the risks involved.
This growth pattern in risk analytics is expected to continue, with a parallel trend in the number of available positions. How can you become a part of it?
The Risk Management Skill Set
As you align yourself for career growth in the risk management arena, keep these attributes in mind.
- Top firms seek candidates with strong finance credentials. While a relevant bachelor’s degree is a must, an even stronger academic status is an MBA with an emphasis on economics, finance or accounting.
- A focus on continuing education. Affiliate with professional groups like FMR, ARM and CPCU to continuously enhance professional growth and knowledge.
- Stock trading and similar market experience is an asset. Individuals who understand trading and how the global financial market operates tend to transition naturally into risk management. They are accustomed to working in a fast-paced, dynamic environment and can quickly understand trades and deals, as well as the motivation behind them.
- Be a forward thinker. The role of the risk manager is based on keeping pace with the volatile nature of financial markets and counseling executive leadership in reaching solutions that satisfy both the investment objectives and the risk parameters of the organization.
- Be a strong communicator. Excellent communication, general business and interpersonal skills are important, as risk managers are called upon to translate complex products, concepts, processes and practices into language understood and appreciated by company leadership.
Other Professional Skills
- Versatility and quick thinking. To succeed in risk management, you need to be a natural multi-tasking expert who can think on your feet and in fact, thrives on juggling a full menu of responsibilities.
- Curiosity. The best of the best have a seemingly endless appetite for knowledge about their business, their industry, and the upcoming trends and development that will drive success.
- Business networking. You stay current by being out there amongst your peers and experts in the financial, risk and insurance climates. It helps to join and actively participate in the local chapter of the Risk Insurance Management Society (RISM).
It’s an impressive skill set and a dynamic, emerging specialty field. If becoming a risk management expert instrumental in leading organizations forward excites you, you may want to work with a career coach or specialized recruitment expert to help define your strategic career path. Contact the team at Select Group, Inc. today.