ARiMI Asian Risk Managment Institute


	RISK ANALYST
	:: Job Description :: Responsibilities :: Entry Requirements :: Personal Qualities Needed :: Further Training :: Opportunities/Career Development
	.................................................................................................... Job Description The Analyst identifies and analyses areas of potential risk which influence the assets, earning capacity, or success of an organisation, whether it be in the industrial, commercial or public sector. The Asian Risk Management Institute (http://www.arimi.org) defines risk analysis as: ‘The application of technical analysis and diverse financial and non-financial instruments to the identification, analysis, control and, typically the reduction, of certain types of risk'. There is a high degree of specialisation within the profession, and risk analysts may work in industries and functions such as sales, origination, trading, marketing, IT, finance, etc.
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	.................................................................................................... Duties Includes Typical work activities very much depend on the nature of the business of the employer, but can include: visiting sites to assess risks; conducting research to identify and assess severity of risk; conducting technical analysis to evaluate risk; making recommendations to reduce/control risk, which may involve an insurance strategy, and which will protect against residual risk; reviewing legal documents; presenting ideas via reports and presentations, outlining findings and making recommendations for improvements; analysing a company's market position and running figures through complex modelling techniques to find 'Value At Risk' (VAR) measurements; carrying out both quantitative and qualitative analysis; studying government legislation, which may affect a company, and advising on compliance; developing contingency plans to deal with emergencies; publishing and updating company documents as to what to do in the event of an emergency.
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	.................................................................................................... Entry Requirements An affinity with numbers is a pre-requisite for a career in risk analysis. Although this area of work is open to all graduates, the following degrees may enhance your chances: finance; mathematics; statistics; accountancy; law; business; economics; civil/structural engineering. Entry without a degree is possible, but very difficult as larger employers prefer graduates. Without a degree, in depth experience in finance or insurance is likely to be required, as are professional qualifications. A professional qualification such as CRM (Certified in Risk Management) or ARM (Associate in Risk Management) may increase prospects of employment.
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	.................................................................................................... Personal Qualities Required The skills needed in this career include: numeracy; analytical skills; research; planning; problem solving; IT competence/computer literacy; negotiation; communication - written and oral; commercial awareness. Risk analysts also need to be able to: work independently; cope with pressure and responsibility; have the ability to relate to a wide range of people; be able to explain complex issues clearly.
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	.................................................................................................... Further Training Training may be on the job, and depends on the nature of the employer. It is also possible to undertake further professional studies with a number of course leading to professional certification of either the: Chartered Insurance Institute (CII); Asian Risk Management Institute (ARiMI) (CRM, Certified in Risk Management, ARM, Associate in Risk Management; Association for Investment Management and Research (AIMR) (The Chartered Financial Analysts Programme); Global Association of Risk Professionals (GARP). The GARP exam, combined with two years' experience, leads to certification as a financial risk manager (FRM).
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	.................................................................................................... Career Opportunities/Development Risk is a growing area of employment with good career prospects and risk analysts can be found working in a wide range of organisations in both the private and public sectors. These could include the risk management departments of: medium to large-sized commercial and industrial organisations; local authorities; educational institutions; manufacturing companies; insurance companies; banks and other financial institutions. Specialist risk consultancies are also on the rise and these offer risk analysts the opportunity to move into the lucrative area of consultancy. Self-employment/freelance work is a viable option on a consultancy basis, although considerable experience and expertise would be required. Progression rates and routes will vary according to the type of employer. In large organisations there may be scope for development internally, eg into management roles. Progression may require moves between organisations. Gaining additional professional qualifications may be necessary for career progression with some employers. Globalization and new corporate governance requirements have given risk analysts a higher profile within organisations.
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