After preparing the ranked list of risks, a risk manager then needs to lead the process of planning how to manage them. That could include accepting risks that are deemed reasonable based on an organization’s agreed-upon risk appetite and risk tolerance or adopting strategies to mitigate risks so they pose less of a business threat. In other cases, the organization might transfer risks to a third party or seek to eliminate them through risk avoidance measures.
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Strategic thinking
ByadminNo sports team ever wins by only playing defense — and that applies here, too. If risk managers look at how things affect the business as a whole, they might come up with a better way for their organization to operate. Part of a risk manager’s job is to see the big picture — and…
Relationship-building skills
ByadminThis goes hand in hand with the leadership skills. Risk managers must be able to build relationships — and not just with their immediate subordinates. They should also be able to do so with their superiors, as well as other corporate executives and department heads.
Analytical skills
ByadminRisk managers need analytical skills to collect data, analyze risks and make sound decisions based on the results. They also need to be able to spot holes and weaknesses that others may have missed in IT systems and infrastructure, business processes, financial practices and other areas.
Adaptability
ByadminRisk management requires constant education and keeping up with relevant news, trends and issues. Not so long ago, no one had heard of ransomware. Now, it’s one of the greatest cybersecurity threats that companies face. News sites and industry journals should be regular reading material for risk managers.
People management and leadership skills
ByadminAll the problem-solving skills in the world are useless if managers can’t rouse the troops. Risk managers need good people management and leadership skills to inspire and incentivize staff members. In some cases, risk management might require upsetting the apple cart, and managers need the respect of their team through the inevitable challenges.
Regulatory knowledge
ByadminIf there’s one thing governments do well, it’s regulating things. Regulations are constantly being added and updated. Risk managers must invest some of their time to stay up to date on all the changes and understand new and evolving regulatory requirements.