Risk Management Specialist Job Description

April 16, 20120 Comments

Risk Management Specialist Job Profile and Description

As an essential part of any business or project, managing risk creates opportunities for the business to cover itself against potential failures, litigations, and other external threats by simply preparing and having the procedural and operational mechanisms in place to mitigate their financial and disruptive impacts. The Risk Management Specialist is trained in actuaries to spot and quantify these risks to the business, allowing the business to make the right decisions in proactively providing for cover.

Risk Management Specialist Duties and Responsibilities

  • Plan, develop and recommend for approval and implementation the risk mitigating programs, policies and procedures to cover the business against the potential and real threats that can cause operational disruption, financial losses and reputation problems.
  • Recommend the minimum threshold of financial losses that the organization can consider as acceptable risks.
  • Consult with the organization’s 3rd party suppliers and business partners to communicate risks associated with certain trading strategies and positions.
  • Identify and recommend insurance policies that are cost-effective in their covers for minimizing exposure of the organization to risks of fire, theft, calamities, labor litigations, etc.
  • Advice organizations in ensuring the all transactions are above board to minimize risk of running afoul with the local laws in overseas transactions.

Risk Management Specialist Skills and Specifications

  • Should have outstanding analytical and computational skills to simulate risk models using computer spreadsheets and application systems.
  • Should have proven multitasking skills and can work under extreme pressure.
  • Should have outstanding communication and interpersonal skills

Risk Management Specialist Education and Qualifications

  • A college degree in finance or actuaries is necessary
  • 2-3 years of experience in a related filed is an added advantage.

Risk Management Specialist Salary

The annual average salary for a risk Management Specialist is $30 per hour or $60,000 per annum. The salary would vary depending on the nature f the business and the extent of its operations, with risk management specialists in high profile business like airlines, car manufacturers and pharmaceuticals companies having the highest.

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