Threats and risk factors are quantified and communicated by the use of a risk assessment. Other risks, however, must be eliminated or transferred in the form of insurance. Those risks may just be assumed by the company, or in other words, they just take the risk. Some risks are minimal, either because the consequences are small or the probability of the event is low. This is done by developing strategies to minimize, eliminate, or transfer the risk. In addition to understanding the organization’s risk, a risk manager defines the company’s risk appetite. Here are some examples of relevant experience for a risk manager role: In addition to these general skills, risk managers may also need to have specific skills and experience depending on the industry in which they work.įor example, a risk manager in the financial services industry may need to have experience with financial risk management, such as credit risk, market risk, and operational risk.
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