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Which area of Risk Management is right for you?

Which area of Risk Management is right for you?

The Risk Management profession has grown significantly over the years and is vital to the Financial Services industry. The importance of strong Governance has resulted in specialist disciplines being established.

Different skills are required for each area. So which area are you most suited to?

1) Market Risk / Quantitative Risk / Model Risk

• Strong academics are highly desired. Generally, professionals have Masters Degrees or PhD level academics in a numerate subject (e.g., Maths, Physics)
• The roles involve mathematical calculations, modelling and scenario generation. A high level of technical competency in the likes of Excel, VBA, SAS, SQL is often required

2) Operational Risk / Enterprise Risk

• The ability to think about the big picture, to spot problems, build frameworks and implement controls to prevent risks occurring are core to the discipline
• Operational Risk professionals are required to work with every area of the firm, so require good people skills and the ability to challenge existing processes

3) Credit Risk

• Integral to the Banking sector and the key offering of the Risk function
• Analytical and research skills are required to determine is a loan or trade should be done
• Mathematical / financial statement analysis skills are required in addition to ability to make multi million-pound decisions

4) Treasury / Liquidity Risk
• Generally, suits those from an Accounting / Finance background
• Financial liquidity is crucial to business, risks posed to its core operations must be minimised
• Mathematical and accounting skills are used every day along with relationship management skills with internal departments

5) Technology Risk / IT Risk /Cyber / Information Security

• A highly technical discipline with many sub areas and specialisms
• Professionals will have IT based academia including the likes of Computer Science and professional qualifications such as CRISC
• Skills in SAS, SQL, VBA, Advanced Excel are required
• Awareness of frameworks such as NIST CSF, RMF, ISO, C-SCRM, SOC 1 / SOC 2 etc

The Risk Partners are here to help. Working with us will give you access to a wealth of advice, tips and stories from our Partners. We have trodden the paths before, so do let our experts help you.
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