Build your career as a Risk Manager

What is Risk Management?

Risk management is the process of identifying, analyzing and managing or mitigating the potential risks involved in an organisation and its operation/process.

Who is a Risk Manager?

A Risk Manager is responsible for determining the types of risks that could affect an organisation’s assets, operation, finance, health, legal compliance or reputation. Their duties include reviewing business operational procedures, employee data, external factors like market trends etc. and presenting their findings to upper management, communicating management decisions to personnel, Department Managers or legal staff, oversees the implementation of risk management processes so as to reduce the cost of risk.

Knowledge and Skill Required:

• Knowledge and experience of risk assessment and control
• Familiarity with industry compliance standards and risk and safety regulations
• Computer and research and modelling and statistical skills;
• Project Management skill
• Business analytics skill.
• Planning and organization skill

• Analytical mind with problem-solving aptitude
• Excellent communication and presentation skills
• Communication /Negotiation/Leadership

Expected Employer:

Financial Institutions and Banks, Insurance Company, Manufacturing Units and other Industrial enterprises are the major recruiter for Risk Managers.

There are also Independent Risk Managers who works for or provides consultancy service to one or more insurance companies on fee basis.

Scope

Risk management has rapidly evolved over the last decade and has become an indispensable function in many organisation. With rapid evaluation of the risk domain, comprising more non insurable risks, adopting new approaches has become necessary to be an effective risk manager.

A career in Risk Management is in high demand now, thanks to the problems faced by the various industries due to Covid-19. The demand for qualified risk professionals has increased as more companies seek to shore up their defences against future crises.

Potential career opportunities are like :

• Corporate Risk manager
• Credit risk Analyst
• Financial Risk analyst
• Market risk specialists
• Operational risk analysts
• Regulatory risk analysts
• Risk Manager
• Senior Operational Risk Manager
• CRO – Chief Risk Officer (C-Suites)

Typical Job Profile:

A risk manager typically identifies potential threats and creates, implement and monitors plans to prevent and mitigate problems. Typical job profile includes:

• Determine strategic management approach to risk
• Develop the risk management policy and keep it up-to-date
• Establish the structure for risk management
• Build risk-aware culture within the organisation
• Understand the most significant risks
• Developing risk management controls and contingency plans
• Ensure implementation of risk management controls and recommendations
• Coordinate the risk management activities
• Monitor, review, report and re-establishing risk management process

Expected Salary:

The Risk Management as an independent profession is still evolving in India. The pay scale depends on experience and designation as well as the size of operation of the recruiting organisation. Typically, salaries for risk analysts/managers can range from INR 5 Lakhs to Rs. 40 Lakhs per annum.

A Chief Risk Officer (CRO) position in a big enterprise may even draw beyond Rs. 50 lakhs per annum.

Qualification required:

Unlike some other profession, there is no exclusive statutory educational institutes regulates the profession of Risk Managers. There are however, several degrees and professional qualifications available and offered by professional bodies and institutes as well as universities for individuals who seek to specialize in risk management or wish to apply it in their respective departments.

The top Governance, Risk and Compliance certifications available in India are:

• IIMs – Post Graduate diplomas
• IRM, India : Enterprise Risk Management qualification (ERM)
• MBA/Masters in Risk Management - offered by Global Risk Management Institute, Manipal Academy of Higher Education, etc.
• Postgraduate qualification of the Institute of Insurance and Risk Management, Hyderabad

How to pursue the ERM Course from IRM, India Affiliate

IRM’s Global Level 1 Enterprise Risk Management (ERM) Examination is the first step towards starting a career in ERM with the world's leading professional body. The Level 1 Examination which is a certificate program on risk management can be pursued by students and working professionals alongside their graduation or post-graduation or professional career.

The Level 1 ERM Exam is relevant for aspiring risk leaders, entrepreneurs, family business owners, risk champions, risk consultants, process owners, functional experts, or business heads. Students from any background can pursue the ERM exam considering the wide coverage of risks (i.e. finance, technology, legal, accounting, operations, management studies, and more) and the rising importance of risk intelligence as a an important skill.

The Institute of Risk Management (IRM) has a presence in India and offers a range of risk management qualifications. The IRM’s qualifications are globally recognized and are designed to help individuals develop their risk management skills and knowledge. The qualifications offered by IRM include:

• Level 1: Enterprise Risk Management (ERM)
• Level 2: IRMCert (choose between ERM or Financial Services Risk Management, Digital Risk Exams)
• Level 3: GradIRM (equivalent to a global masters in risk management)
• Certified Fellowship program for Chief Risk Officers (CROs)

Eligibility for Individual with No experience:

• Education: At least XII grade
• Work Experience: No work experience OR up to maximum 24 months’ experience

Eligibility for Working Professionals:

• Education: At least graduation
• Work Experience: Minimum 24 months’ full time work experience in any field/sector (except risk management)

Examination: Examinations are held in February/May/August/November.

Study Type: Choose between 1) self-study or 2) study with NMIMS-CIS (National Learning Partner)

Course materials

The Level 1 Examination covers the foundational knowledge that organisations expect as well as the critical risk identification and mitigation skills that professionals need to respond to complex uncertain events impacting all departments of an organisation that include marketing, human resources, procurement, supply chain, information technology, cyber security, sales, legal, research & development, environmental, social, governance (ESG) and many more.

The curriculum empowers you with the theory and practice of enterprise risk management in-line with ISO 31000 standards, COSO framework, and industry best applications with a combination of case studies, applied exercises, and current affairs.

Additionally, outsourced services, IT security, supplier assessments, joint ventures and partnerships, alliances, and informal arrangements, together with the speed of change can all present challenges to organisations today. The Level 1 curriculum now also covers the study on the Extended Enterprise. Extended Enterprise looks at how all organisations are affected by the way that others in their value chain and network manage risk and the complexities that can arise from these relationships. It aims to study the complex network of relationships that underpin public and private economic activity in modern economies.

Successful completion of IRM’s Level 1 Examination entitles you to an international certificate, access to IRM's Level 2 Qualification and membership into IRM India alumni community.

• Geopolitical and Country Risks
• Financial and Operational Risks
• Technology and Cyber Risks
• Environmental and Sustainability Risks
• Social and People Risks
• Governance and Compliance Risks
• Other risks like Reputation, Branding, Marketing, Supply Chain
• The education model, is based on a combination of work with its a

How to register for the exam?

1. Step 1 - Go to IAI website and sign-up at Acet_register_form
2. Step 2 - Fill up the online registration form and make the payment online. Before you make the payment, make sure all your details are correct because no subsequent changes would be possible thereafter.
3. Step 3 - On successful completion of payment, you will also receive an e-mail at your registered e-mail address confirming your registration and successful payment. (Inform us immediately, in case, you do not receive it). Kindly take a printout of your ACET online Registration Form.

Entrance Process:

Upon registration and successful payment of fees (self-study or study through NMIMS-CIS), you will get access to the resources mentioned under the 'Study Resources' section.

The study support sessions under the self-study option for Students and Professionals are conducted separately. Candidates opting for study through NMIMS-CIS will get all details pertaining to the training, revision sessions, mock tests, and other resources upon payment of fees to NMIMS-CIS.

Exam Module:

• Online, 1 Hour 30 Minutes
• 25 to 35 questions depending on the score points
• Multiple choice
• Application based questions (including case studies)
• One qualitative essay-based question

Enrolment Process:

• Select your preferred examination month under the Enrolment page
• Complete the registration form including payment of fees and access the following on the registration completion page
• Download the study materials
• Complete the Risk Management Aptitude Test (RMAT)
• Register for the study support sessions applicable for the selected examination
• Candidates will also receive an email with the above instructions after payment of the fees

Cost

Total Fees: INR 29,500 to INR 36,500

For more information please visit: https://www.theirmindia.org/