Risk Manager

A risk manager works directly for a company or provides risk consulting to various companies. The risk manager may deal with financial or material risks. The risk manager will carry out audits and spontaneous checks to make sure that various staff members are adhering to safety rules. The risk manager may also recommend changes to safety policies when necessary, as well as training when widespread problems are detected.

The risk manager will also check the facilities to make sure that no hazards are present. If hazards are detected, they decide what sort of changes should be implemented. The risk manager will carry out research and will spend much time on the field to determine what sort of risks are present. What-if scenarios will be created by the risk manager, in order to determine what will happen if certain risks come to realization and what sort of losses will be expected. The risk manager should make sure that the current safety and health policies adhere to local and federal regulations.

The risk manager will work with various managers and other employees to get the goals of the job done, so strong teamwork and interpersonal skills are essential. Reports and research will usually have to be carried out with the use of the computer, so strong proficiency with various computer programs are needed to create reports and databases. A bachelor’s degree relating to risk management is usually needed, and licensing as a risk manager may also be required.

As an experienced Risk Manager in Singapore, some of your main responsibilities are:

• Developing and implementing risk management policies, procedures, and strategies to minimize financial loss and protect the company's reputation.
• Identifying and evaluating potential risks and hazards affecting the company's operations, products, or services, and presenting recommendations to senior management for mitigation.
• Monitoring and analyzing market and economic trends, assessing the potential impact on the company, and advising senior management on appropriate risk management strategies.
• Collaborating with internal departments, such as compliance, legal, IT, and finance, to ensure the company's risk management goals are being met effectively and efficiently.

For a Risk Manager job role, the following qualifications are required:

• In-depth knowledge of risk management principles and practices to identify, assess, and mitigate potential risks within the organization.
• Strong analytical skills to analyze complex data, perform risk assessments, and develop risk management strategies and action plans.
• Excellent communication and interpersonal skills to effectively communicate risk-related information to stakeholders, including senior management and external regulatory bodies.
• Proven experience in developing and implementing risk management policies, frameworks, and procedures to ensure compliance with relevant laws, regulations, and industry best practices.

The role of a Risk Manager is crucial in ensuring effective risk management strategies for businesses. With 6-9 years of experience in Singapore's risk management industry, professionals can explore several alternative roles. Here are following options to consider:

• Compliance Officer: Responsible for ensuring regulatory compliance and developing internal controls to mitigate risks.
• Insurance Underwriter: Assessing insurance applications, analyzing risks, and determining coverage terms and conditions.
• Business Continuity Manager: Creating and implementing plans to ensure business continuity during unforeseen events or disruptions.
• Internal Auditor: Conducting independent reviews of financial and operational processes to identify potential risks and improve internal controls.

The role of a Risk Manager in Singapore is expected to witness strong growth in the market. According to a 10-year analysis, this job role is projected to experience a steady rise in demand. With the increasing complexity of financial markets, there is an expanding need for professionals who can effectively manage risks. The employment opportunities for Risk Managers in the future are expected to be abundant, showing promising growth prospects in Singapore.