How to Start a Career in Risk Management in the United Kingdom

Do you want to start a career in risk management in the United Kingdom? Do you care about detail and perfection and want to sharpen your skill in that area? Are you looking for a career line that is not just lucrative but in demand?

Then you should be looking forward to starting a career in risk management. If you have no idea what risk management is about, I explained briefly what risk management is and how to effectively mitigate risks in project management in my previous post. You can read it HERE.

I would not be going into the details of risk management in this article. The idea behind this post is to provide requisite knowledge for those who are looking forward to starting a risk management career in the United Kingdom.

Together with explaining how to become a risk manager, I have also discussed what a risk manager job description is, risk manager salary, and how one can start a career in risk management.

To begin with, let me show you some of the skills one must possess before considering being a risk manager.

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How to Become a Risk Manager

The fundamental skill required for starting a career as a risk manager is a meticulous eye for detail. Every risk manager should be able to see through tiny, little pieces of detail and identify lurking possibilities.

As a risk manager, you are tasked with a workload of analysis. You would have to analyze documents, reports, industry developments, etc. with the sole aim of identifying risks that may not be noticed at surface level.

The job involves mathematical, computational, and analytical skills. These are some of the important skills need to become a risk manager.

Attention to detail
Excellent mathematical skills
Adequate communication skills
Ability to work in a corporate, coordinated environment
Strong data analysis and research skills
Time management skills
Self-organization and ability to maintain calmness even under pressure
Witty tenacity and doggedness
Natural interest in the art of risk management

If you have all of these skills then you are sure ready for a risk management career.

Is Risk Management in Demand?

In the corporate world, there is a growing demand for risk management and risk managers.

According to the Bureau of Labor Statistics (BLS), it is expected that risk managers and risk management will grow in demand by up to 16 percent by the year 2028 and this figure puts it as one of the fastest-growing industries in the world.

Next, let’s examine what a risk manager job description is. As we have identified the skills required in becoming a risk manager, what does the job of a risk manager entail?

Risk Manager Job Description

The job of a risk manager involves:

Identifying risks by analyzing documents, reports, and past events
Planning, developing, and creating risk management plans
Ensuring compliance with all forms of legislation
Observing and analyzing market and industry trends
Interacting with other risk managers and team members
Providing counsel as touching risk acceptance, avoidance, and minimization
Giving reports to superior officers and necessary

The job of a risk manager may include more than the areas I have listed above. Nevertheless, any risk manager will be accepted once they are able to do the above and any related job.

In the introduction, I spoke about how lucrative a career in risk management is. You will understand why when you look at what a risk manager salary is.

Risk Manager Salary

The salary of a risk manager is dependent on certain factors such as personal capabilities, records, and experience. On average, the basic salary of a risk manager is around £20,000 which is expected to scale up after five (5) or more to around £30,000 or £40,000.

For risk management team leaders, directors, and executives, salaries could be around £75,000 to £100,000.

Another factor that affects the salary of a risk manager is the industry where he or she works. Certain industries are known to be highly risk-prone, therefore, there is so much risk managers are tasked with on a daily basis.

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How Can One Start a Career in Risk Management in the United Kingdom?

1. Get a degree

Risk management requires a bachelor’s degree before admitting a person. In most cases, companies looking for risk managers lookout for risk managers with an MBA. You will be at an advantaged position when you have an MBA in risk management.

Some companies will admit you into their workforce if all you have is a degree owing to the fact that it is very much possible to grow in knowledge while on the job. Nevertheless, having an MBA gives you added advantage.

2. Get Certifications

Even though this is not always a determining factor to some companies, having relevant certifications will do you good in setting up yourself as a risk manager. You can find thousands of risk management certifications exams and courses online.

3. Gain Experience

Experience as we all know is the best teacher. In risk management, experience gives you an edge. Your portfolio as a risk manager will receive a boost when it contains testaments of your experience in any of accounting, insurance, law, or operational areas in financial services.

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Conclusion

A risk manager is expected to possess skills and abilities to help a company identify, analyze, prioritize, avoid, and manage risks effectively. The lifestyle of risk managers is that on intense analysis, research, predictions, and responsibilities.

While you may be hired full-time, given an office with a team, you can also be hired on a contractual basis having to work in coordinated environments. The rewards are truly enticing if one would be willing to imbibe dedication and zeal to their work.

Remember, you must have an eye for detail together with the other skills I have listed to start a career in risk management in the United Kingdom.

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Brodrick Emmanuel Ebube is the content manager at MyTopInsuranceBlogs.com. He works with other contributors from the ideation of content and down to its execution. He ensures that all articles published on our blog meet international standards, and are well-optimized for search engines. Connect with him on Twitter – @gospelcaster_ng