Becoming a Risk and Control Specialist

0 Views      
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
The dictionary meaning of managing risk is the technique or profession of assessing, minimizing, and preventing the accidental loss to business with the use of safety measures and insurance. A career in Risk Management and Controlling has never been so lucrative. The economic meltdown and the cash crunch have put the function of a risk manager and controller in the forefront.

Research shows that most companies across different industries are focusing on minimizing their losses and managing funds in the optimum manner to survive the crisis. Cash is the heart and the bloodline of any business and if managed professionally, is the key to the survival of any organization.

As the world economics grew so did the need to develop international guideline to manage businesses. There were many parameters laid down to measure and differentiate good businesses, following industry guidelines. Companies following good governance policies stood high and qualified as ethical. To achieve this position, the business needed to be transparent and manage risks competently. The risk management function has acquired a more concrete definition.



Also in the wake of corporate financial scandals like Enron, tighter business and accounting laws were laid down, thus highlighting the Controlling function. It was vital to ensure that businesses followed stringent industry laws if they wanted to continue as legitimate entities. The job of a Controlling Specialist is to ensure that the business is abiding by all financial norms and the resources of the companies are appropriately used.

Business faces risks from different areas. But if forecasted in advance and controlled efficiently, it can be minimized or even be prevented. Risk could be in the form of competition, change in government policy, shift in demand, product replacement, fire or natural calamities, or financial meltdown. Many of these risks can be insured thus giving the business a buffer to survive and most of the others can be mitigated with judicious control.

While Risk Management and Controlling can be taken up as a generic career, there are individuals who can specialize in different aspects to work for a specific industry e.g. Medical & Research, IT, and Service.

Risk Management and Control functions involve day-to-day support to different departments to design and control processes and procedures to protect people, property, environment, and company assets. Implement quality systems and loss minimizing plans. Identifying potential liabilities, regulatory compliance concerns, and evolving mitigation strategies are some of the key functions. Support special projects and provide recommendations to provide optimum and effective output.

A risk manager and control professional can work as an Advisor, Analyst, or an external consultant assisting the business and diminishing losses. He could also be a specialist in a particular field advising the management to take the right decision.

An individual must hold a degree and diploma in risk management and have a fair understanding of the finance and economy, geared with computer skills and also a good understanding of the global economy.

A specialized degree in a particular industry or extensive experience in an industry also qualifies an individual as a Risk manager or Controller. A veteran from the Service industry or an experienced Engineer in a production plant qualifies as a Risk Manager and Controller.

The key recipe for success in this field is analytical skill, a deep understanding of the field, patient, excellent communication skills, and effective people skills. A constant thirst to update oneself with global events and technology know how gives one an edge over others.

The Risk management schools include extensive training programs and workshops in its syllabus for the students. Real case studies and hypothetical scenarios are given as solution projects to train them for the future.

Usually the business schools and risk management universities provide ample practical exposure to their student before they step into the real world. However, initially working as an assistant in a risk management project or work in the Accounting and Treasury department give great initial experience.

In this risk prone economic world and its drive to rectify the losses of the world, the need for a risk manager and controller will always be there. The scope and the job options are high for individuals pursuing this career.

The salaries scale begins at $50,000 and the upper limit depends on the experience, the industry one is working for and the profile (consulting or in-housing). The upper limit can go higher than $117,000.

Risk Management and Controlling careers emerge from the very urge of businesses to survive in the long run and continue to make profits. The life of this profession is as long as the life of business and economics itself.
If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.

Popular tags:

 potential  diplomas  salary  resources  functions  procedures  entities  experience  professions  survival


What I liked about the service is that it had such a comprehensive collection of jobs! I was using a number of sites previously and this took up so much time, but in joining EmploymentCrossing, I was able to stop going from site to site and was able to find everything I needed on EmploymentCrossing.
John Elstner - Baltimore, MD
  • All we do is research jobs.
  • Our team of researchers, programmers, and analysts find you jobs from over 1,000 career pages and other sources
  • Our members get more interviews and jobs than people who use "public job boards"
Shoot for the moon. Even if you miss it, you will land among the stars.
LosspreventionCrossing - #1 Job Aggregation and Private Job-Opening Research Service — The Most Quality Jobs Anywhere
LosspreventionCrossing is the first job consolidation service in the employment industry to seek to include every job that exists in the world.
Copyright © 2020 LosspreventionCrossing - All rights reserved. 21
?>