Are you someone who enjoys problem solving? Would you like to work limiting the risk to exposure of organizations and individuals? You might want to consider a career in risk management.
A risk manager analyzes and measures a business’s or individual’s exposure to risk and determine ways to limit that risk. The details of his or her job description will vary considerably with the nature of the business and the risks it faces. However, there are common principles, skills and practices that steer the occupation.
There are number of skills required to fulfill the tasks this role entails: excellent communication and presentation skills (oral and written); personal organization and planning; persistence; negotiation and influencing; eye for detail; ability to meet deadlines; good with numbers; proficiency with office and risk management software.
The minimum educational requirement for becoming a risk manager is a bachelor’s degree in finance or accounting, or related majors, such as economics or business. Several colleges and universities now offer a risk management degree specifically designed for entry in the field. Some employers prefer candidates with master’s degrees, particularly in business administration, finance or economics. There are several MBA programs with a concentration on risk management. In addition, risk management graduate certificates are available for various areas of interest, such as healthcare or financial investing. Often, these certificate programs are offered online and are designed for working professionals in the field.
Risk management professionals working in the healthcare field may be required to obtain risk management licensure. Various organizations offer voluntary certification for risk managers.
Risk Manager Programs
- Stanford Center for Professional Development offers the Stanford Strategic Decision and Risk Management Certificate Program which is designed for working professionals in the field of risk management in diverse areas including finance, risk management, planning, engineering, marketing, R&D, design, supply chain, business development and HR. The program equips participants with advanced skills required to execute effective business strategies.
- The Boston University Online Graduate Certificate in Risk Management & Organizational Continuity (RMOC) is designed to equip business managers and public employees with the skills they need in order to devise and implement the best possible response to a wide range of crises. The program’s risk management courses cover preparedness planning; risk assessment and mitigation; interface between private and public response; human, technological and logistical factors of crisis recovery; and, development of a system-wide continuity plan.
- The Governance Risk Compliance Security International (GRCI) offers several certifications for risk managers: the Associate Risk Management Professional (ARMP), the Certified Risk Management Professional (CRMP), the Certified Risk Management Professional Finance (CRMP-F), the Certified Risk Management Professional Information (CRMP-I), the Certified Risk Management Professional Operations (CRMP-O), the Certified Risk Management Professional Environment (CRMP-E), and the Certified Risk Management Expert (CRME).
- The American Society for Healthcare Risk Management offers the Certified Professional in Healthcare Risk Management (CPHRM) certification which is administered by the American Hospital Association. This is the premier certification for risk management in healthcare.
- The Institute of Internal Auditors offers the Certification in Risk Management Assurance (CRMA) for internal auditors and risk management professionals who are responsible for and have experience providing risk assurance, governance processes, quality assurance, or control self-assessment. The CRMA designation is a mark of professional distinction for internal audit practitioners.