![]() Local and national regulations apply to nearly every business, and changes to them can impact an organisation in a multitude of ways, including financially, operationally, and strategically. As a risk manager with a legal focus, you predict or find legal vulnerabilities, then create and implement policies, practices, and procedures to avoid or minimise risks associated with litigation. For example, lawsuits from customers and clients, government entities or other competitors may create or heighten risk levels. Legal risk is a constant for any company, business or organisation, regardless of its size. Changes to financial markets, like recessions, world events or elections, can create risks, so you work to mitigate, reduce or avert such financial risks. You monitor investments to ensure they're placed in risk-appropriate ventures that help an organisation earn money rather than lose it. FinancialĪs a financial risk manager, you are responsible for how an organisation manages and accounts for its money through loans, accounts payable, and accounts receivable. With strategic risk management, you research, analyse, and stay up-to-date on world events, history, politics, and other external circumstances to assess if you need to change your business strategy. For example, changes in customer habits, advancements in technology or new business competitors can pose different risks. Here are seven risk management sectors you might encounter in your career as a risk manager: StrategicĬhanges in the marketplace or competitive landscape can create risks for companies and organisations. Risk management covers a variety of categories and your work may depend on the company or organisation you work for. For example, an airline looking to save time and money on its checked bag loading procedures might conduct a risk analysis to ensure the new method is safe and has a low risk of injury for its employees. It can also relate to procedures and policies within a company or organisation. Risk management prioritises the identification and assessment of factors that might increase or contribute to the risks and liabilities of an organisation and its assets, including financial, operational or business intelligence. Risk management is a professional career path focusing on strategy, safeguarding, and compliance. Read more: Management Skills: Definition and Examples What is risk management? In this article, we explore what risk management is and its various types, learn what a risk manager does, and share the skills of a risk manager to help you determine if it's a career path for you. ![]() Knowing more about the role of a risk manager can help you develop professional capabilities to use in nearly every industry. ![]() ![]() Risk management is the concept of developing strategies to prevent and minimise risks in the public or private sector. In business, there may be risks, and learning how to resolve them effectively helps companies thrive and prevent losses. ![]()
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