Regardless of an organization’s type and size, every business is prone to risks. So, understanding how to resolve these risks will help an enterprise thrive in a competitive business landscape. The role of a risk manager is crucial in identifying, measuring, and evaluating these risks. According to RIMS Risk Management Compensation Survey, risk managers witnessed substantial salary increases from 2019 to 2021. On average, US-based risk professionals at all levels and responsibilities reported a 14.4% jump in their base salary in 2021. Are you thinking of becoming a risk manager? Or, have you already started your risk management career and planning for the next step? In this article at RIMS—The Risk Management Society, Lori Widmer explains how risk management professionals must showcase their value to earn better salaries.
How to Level Up Your Risk Management Career
A risk management career allows a professional to significantly impact an organization. The field is fast-evolving, and the work offers a range of benefits. To scale up your career as a risk management professional, here are some important skills you must possess:
Financial Acumen: Having financial acumen is more than just understanding numbers. Risk managers must possess in-depth skills when interpreting financial indicators tied to an organization’s markets, regions, business lines, platforms, and stakeholders.
Eye for Detail: Risk managers must focus on broader aspects of work, such as business objectives and the firm’s top risks. At the same time, they must never lose sight of more minor details that may require them to step in.
Extensive Market Knowledge: Experienced risk professionals must have extensive knowledge of corporate governance, enterprise risk management, market and credit risks, and regulatory risks. Additionally, they must also possess an in-depth understanding of operational and technology risks, business continuity management, and information and security risks.
Technical and Negotiation Skills: As you progress in your risk management career, you must be highly skilled at people management, negotiating, and influencing people towards a set goal.
What Qualifies You for the Role?
Risk Management Professional (RIMS-CRMP) or the Project Management Institute’s PMI Risk Management Professional (PMI-RMP) helps distinguish risk management professionals from their peers. Furthermore, certification programs, workshops, and company training sessions open a wide range of career opportunities for professionals. Experts believe that even experienced risk professionals must look for continuous learning opportunities.
To read the original article, click on https://www.rmmagazine.com/articles/article/2022/10/03/how-do-risk-managers-level-up.
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