Benefits of choosing a career in risk management

July 4, 2018

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Even if you don’t feel like living in a “risk society, all kinds of risk await us at every step. The higher the stakes, the greater the risks, so it’s no wonder that risk management — the process of identifying, assessing and controlling risks taken by an institution — has flourished in the financial sector. In this blog we’ll pinpoint the main benefits of a risk management career in finance.

Boosting crucial skills

Working in risk management lets you boost crucial skills for any finance job (i.e. analysis, communication, decision making etc.). After all, dealing with risk is to some extent part of the daily routine of every financial professional regardless of their role. In addition, managing risks always means assuming responsibility, so a job in risk can be great training for an executive position.

Feeling esteemed and well-rewarded

A Risk Manager is a well-paid and respected position. Effectively dealing with risks means minimizing losses, so being part of a risk management team means having no doubts as to whether your work is of use to the company. Many people with highly routine jobs in finance can lack a sense of being relevant and important. This won’t be the case if you’re a risk manager!

New challenges in the digital era

Digitization has certainly brought changes and new opportunities to the job profile of a risk manager, but don’t worry that the tasks and duties themselves will be wholly taken over by AI. While routine tasks will probably become automated, risk executives will still have to focus on more strategic and high-value decisions.

Benefiting from a dynamic environment

A job in risk management means a role in a dynamic work environment that never gets boring. General risks can indeed be broken down into several basic categories (loan defaults, losses on securities, counter-party operations etc.). But particular risks you’ll be dealing with will constantly vary as they depend on patterns of diverse factors that constantly shift according to time and place.

Moderate entry requirements

More good news: in most cases you don’t need highly-demanding training to get started. An MBA, preferably accompanied by risk management certification, is the basic requirement. Overall experience in finance and knowledge of financial markets are highly welcome, as well as digital skills and familiarity with risk management methods and mathematical models.

The job does of course have its fair share of stress and you must count on extended hours and being on call during periods of turbulence. But it is a job in finance after all, and that’s the nature of the industry.

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