If you’re looking to hire a risk management professional full time, to have someone on board to manage the company’s risks, what should you be looking for? What are the essential attributes of a quality risk manager?
Read on to find out.
Experience and Qualifications
The first thing you will want to know is just how much experience does the individual have in the risk management field and what sort of qualifications or training have they acquired. Have they been employed as a risk manager before, or is this their first full time gig in the field?
You want to know that you’re hiring someone who knows their stuff, someone who can come on board and own the risk management process immediately.
Risk management software for professionals is another consideration. Has the person used risk management software before and understands how it works and what it can do? If they have experience with risk management software, this will be a huge benefit to the company.
Good Problem Solving Skills
As a good deal of the risk management process can be about solving (and preventing) problems, good problem solving skills are a must-have attribute for successful risk managers. Coupled with problem solving skills is the ability to be able to think quickly and come up with satisfactory solutions whenever a potential risk or issue is detected. These skills help the risk manager to save the company from experiencing major headaches.
Risk Managers Need To Be Analytical Thinkers
There can be a lot of data, strategies and facts to analyse on a regular basis for a risk manager. Therefore, risk managers need to be natural analytical thinkers and be detail-oriented. In order to make logical sense of all the data presented to the risk manager, an analytical mind is required, along with the ability to focus and concentrate without being distracted.
Contingency Planning Abilities
While one of the primary processes of good risk management is to recognise potential risks and put measures in place to stop them from eventuating, not all risks can be predicted ahead of time and problems do sometimes occur.
In scenarios like these, the risk manager needs to be able to formulate a contingency plan to offset the risk and do so in a very quick time. The idea is to ensure that business continuity remains and to minimise the impact of the problem as much as possible.
Be a Leader
Risk managers often have to lead. They are in charge of everything related to risk management and this means liaising with and instructing employees and business owners on what needs to be accomplished. After all, risk management is a combined team effort with the risk manager in charge.
It becomes a balancing act between gaining respect from everyone in the company while at the same time forging friendly relationships and being accessible. Relationship building skills are also something a good risk manager will possess, as positive relationships are essential to the success of the risk management role.
A Solid Understanding Of Business Finances
One of the more crucial risks businesses can face is that of financial risk and it’s important for a risk manager to have a firm grasp of business finances and how everything ties together in the company. Risk managers are not accountants but a good grasp of business finance is vital if the risk manager is going to be able to create strategies that protect the company’s bottom line and assets. The bottom line is all-important and its health is often in the hands of the risk manager and their team.
The Ability To Think and Work Under Pressure
There are times when there can be a lot of pressure placed on the shoulders of the risk manager. If a problem does rear its ugly head, all eyes will be on the risk manager to solve it ASAP. Handling pressure also means being able to negotiate questions from employers, managers and staff when coming up with a solution to resolve an issue.
It takes a certain kind of individual to be successful in a professional risk management role and the traits and attributes highlighted in this article are essential to the job.