Though hinged on probabilities, the field of risk management is not a hit or miss thing. It is a very rewarding field that provides numerous career opportunities. Like many other fields of profession, it requires certain sets of skills and trainings in order for you to be hailed as the next risk management star. But if you are really looking for excitement and variety, risk management is a very good career to pursue since it will provide you with numerous opportunities and capacity to take part in various projects.
Risk management encompasses a great variety of subjects from insurance risk, safety course, security management, risk analysis, and even credit risk. All of these are covered with the process of risk management. If you are to summarize what a risk management job does to a project, it constructs a plan (often made by an individual or association) that generates solutions, process, etc. that will help reduce damages to a project or company endeavor.
Here is a short list of the different risk management career options that you can embark on:
- Risk Control Manager (Public or Private). This is the general career that you can pursue in risk management. You basically regulate the operations and work for damage prevention or damage control in the company. This will require you to work full time for a company and monitor risks on a daily basis. On one hand, this is a stable option. But it can get very stale if you don't have other projects on the side. It's also time consuming because you have to dedicate your entire cause to a single company.
- Consultant. Being a consultant is the most financially rewarding since you can embark on this job and be with different companies at the same time. The only catch is that you need to have already sufficiently invested in making a good name so that people will continue to seek your advice. Beginners are not apt for this line of risk management work because companies consult and pay for experience.
- Business Continuity Specialist. The business continuity specialist is hired to assess the status of the business and see how they fare or will fare at par with competitors. It's also like the risk manager, but the business continuity specialist tends to look not just in the internal activities of the company, but also in the risks presented by the outside.
- Insurance Inspector. Another popular career in this industry is the insurance inspector. The insurance inspector assesses the individual situation and presents the most viable options for the person, based on risks to health and life.
- Contractors. Contractors get the necessary people that the company needs to reduce the risks. They serve as middlemen for the process of risk management in different companies. If you have a knack for establishing a wide and reliable network of skilled people, this is your best option.
- Risk Modeler. The risk modeler is a technical job and menial in nature. They make use of mathematical models to assess the situation and present them to the client in a very understandable form.
All these risk management careers require a general set of qualifications: excellent written and oral communication skills, at least an MBA or other equally impressive set of academic qualifications, risk management training courses in reputed business schools and the ability to convince and influence people. In terms of personal characteristics, patience and an ability to maintain your composure under different circumstances will work to your advantage.