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Career Trends

5 Trending Risk Management Jobs that Are Hiring Now

Tuesday, December 7, 2021

By Liz Alton

Risk management jobs are in high demand, reports Bloomberg, but for risk professionals contemplating their next move, it's important to identify areas of the industry with the greatest opportunity. Here's a look at the risk management fields that are seeking new talent, as well as key steps that risk management professionals should take to land their next role.

Risk Professionals Are On the Move

Nearly one-quarter (24%) of risk professionals surveyed by GARP in its Risk Careers Survey changed roles over the past year. The year ahead could see even more shifts, as 59% of respondents reported that they were looking for new work. Even in an uncertain economy, risk professionals are optimistic about finding new positions, with 69% of respondents saying that they expect opportunities in the field to increase slightly or significantly over the next 18 months.

Risk Management Roles Hiring Now

Within risk management, which types of roles are hiring, and what does the current career landscape look like? Here are five trending jobs that are hiring now.

1. Audit/Compliance Risk Managers

Staying compliant with legislation and corporate policy is an ongoing priority for large organizations. More than half (52%) of the professionals who responded to the survey noted that they've hired or tried to hire for audit and compliance roles over the past year. With regulatory concerns increasing, companies need audit and compliance support throughout their organization, from financial controls to tax compliance.

Opportunities range from internal roles at enterprises to positions at third-party service providers that supplement the risk capabilities of large organizations. Developing your technical risk skills and audit knowledge can increase your chances of finding and succeeding in these roles.

2. Credit Risk Managers

Credit risk is another area that's seeing considerable hiring, with 47% of members indicating that their organizations hired for credit analysts and similar roles over the past 12 months. Among hiring managers that responded to the survey, credit risk management is the top technical skill that will be sought for these roles. Deloitte recently noted that 20% of respondents in their 2021 Global Risk Management survey highlighted credit risk management as the most important risk type over the next two years in connection with liquidity challenges due to COVID-19 and its economic impact.

Roles in credit risk often involve interfacing with an organization's financial team, executives, and other internal stakeholders. Credit analysts provide ongoing analysis of a company's investment portfolio to ensure they are not exceeding the level of risk the company can financially sustain.

3. Operational Risk Managers

Nearly half (47%) of the professionals who provided information to GARP on their departments' hiring activity indicated that they have hired or have open positions in the operational space. Today's increasingly complex regulatory and operating environment creates many potential risks, and as the World Economic Forum notes, companies need to adopt more agile strategies to manage new risks in the post-COVID era.

Operational risk analysts and managers focus on identifying internal issues — from staffing to financial controls — that could expose an organization to risk. For individuals interested in the larger Enterprise Risk Management field, operational risk can be an excellent introduction.

4. Technology and Cybersecurity Risk Managers

In today's digital-first environment, careers in AI/machine learning and cybersecurity risk management are growing. Forty-eight percent of members surveyed by GARP noted their organizations recently hired for AI/machine learning analysts, and 47% had done so for roles in cybersecurity. Often, these roles are intertwined and involve managing several types of data risk, though the number of career paths in this area will likely increase as managing digital risk becomes more important. Just 26% of respondents to the Deloitte Global Risk Management Survey indicated they were extremely or very effective at managing data quality.

Data and computing risk management is essential, especially for organizations moving from a solutions-based approach to a risk-driven one aimed at identifying, preventing, and mitigating the risk of an expensive data breach. Risk professionals who can combine technology skills and technical risk knowledge are in particularly high demand.

5. Climate Risk

Sustainability and climate risk will become increasingly important in this decade, and 14% of hiring managers surveyed by GARP said that they would be looking for these skills for future roles. The GARP Second Annual Global Survey of Climate Risk Management notes that the focus on the potential financial risks from climate change are intensifying. Regulators are increasingly looking to understand financial firms' practices in this area, with some setting formal expectations and establishing stress-testing exercises. Simultaneously, investors are seeking improved climate-related disclosures from firms to help them better understand the nature of these risks and price them accordingly. To meet those needs, effective climate risk management will continue to become a focal point in the years ahead.

This was reinforced by Arthur Yuen, Deputy Chief Executive at the HKMA, in a recent podcast, "Banks really need to enhance [climate risk] capacity building efforts in the next 12 to 18 months before we can proceed with enhancing risk management practices."

Climate risk is most commonly being embedded into established risk areas, and consequently risk practitioners need to understand how climate change will affect the financial risks they are exposed to, and how to measure and manage the associated risks.

How to Land Your Next Risk Role

If you're thinking of making a career shift in the year ahead, there are several actionable steps you can take to increase your chances of landing the right position.

·    Keep learning: Fifty-nine percent of GARP survey respondents spend two to five days a month learning new skills. The respondents pointed to technical risk management skills, leadership skills, and interpersonal skills development as areas of high importance for future career opportunities. Sixty percent of respondents said they were part of an ongoing voluntary or mandatory learning program. Taking time to develop your skills isn't just about setting yourself apart; it's also about keeping up.

·    Get certified: A certification or designation, such as the Financial Risk Manager (FRM), could strengthen your presentation, so consider using it to help direct your learning. More than one-third (38%) of respondents have taken part in certification courses in the last two years. Doing so can help a candidate solidify their knowledge, access the latest thinking and best practices, and show potential employers that they are committed to their field.

·    Focus on the future: While there are many reasons for career changes in risk management, the highest percentage of respondents (55%) identified future career opportunities as the reason why they're switching jobs. The Deloitte Global Risk Management survey found that the number of organizations with Chief Risk Officer positions is increasing. To find the best positions for career advancement, risk professionals should focus on developing a long-term vision and articulating how they intend to grow in their field over time.

Risk management is a fast-growing and essential part of today's business landscape. For professionals hoping to find work in this field, there are myriad opportunities.

Ready to learn more about the top risk management career opportunities? Read the full GARP Risk Careers Survey: Current Trends and Future Insights today.

A risk manager enters an office building.

 




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