Risk Jobs

Role Overview

In a general sense Risk management is the decision-making process involving considerations of political, social, economic and technological factors with relevant risk assessments relating to a potential hazard so as to develop, analyse and compare regulatory options and to select the optimal regulatory response for safety from that hazard. Essentially risk management is the combination of three steps: risk evaluation; emission and exposure control; risk monitoring.

It is relevant to all organisations whether they are in the public or private sector, or whether they are large or small. It aims to help organisations understand, evaluate and take action on all their risks with a view to increasing the probability of their success and reducing the likelihood of failure.

It gives comfort to stakeholders (shareholders, customers, employees etc.) that the business is being effectively managed and helps the organisation confirm its compliance with corporate governance requirements.

Credit Risk is a subsector of the risk arena and it is an ever growing and evolving field.

A career in credit risk could comprise of various roles within the credit lifecycle. From looking at the risk from a consumer or client on application for a secured or unsecured lending product, the fraud risk of each individual  client or individual, the collections risk and subsequent management information to provide insight and justification for further risk measures and procedures.

Risk is a relatively new science and software and systems are consistently being developed to manage the process of providing consumer and corporate credit.

Qualifications, Skills and Experience

People can come from all walks of life to work within the wider arena of risk, credit risk ideal candidates will have a degree in a numerate or statistical discipline.

For more senior level positions experience of analysing data and predicting potential risks and having the ability to develop strategies and implement change are key skill sets when working within the credit risk field.

IT skills are also a benefit at entry level and skill such as SAS, SPSS, SQL are highly desirable

Candidates also need to be;

Good Communicators
Friendly and Persuasive
Analytical
Patient

Career Progression Path

Credit Risk is a niche field and individuals with credit, risk, analysis and specific IT skills utilized in this field (such as SAS) will mean that individuals quickly become desirable to a wide range of organizations large and small across the globe.

Graduate salaries can start at £18,000 up to £25,000 and individuals can expect to be at senior analyst levels within 2-3 years. After this dependent on your hunger, drive and commitment there is the ability to become a Head of department and ultimately on to a board level position.

Risk management can give you the chance to become a pivotal player in whichever organisation you choose to work for. It is a key discipline in its own right as well as meeting the requirements of corporate governance and best value. Few organisations today would make any major decisions concerning new projects without first assessing the risks involved. 

This information has been provided by FSG Ltd, click on their logo to view all of their jobs.

Useful Risk Links

Institute of Credit Management
Credit Services Association
British Bankers Association