Risk managers also need to be able to solve problems. While some risks might require passing the issue on to someone above a risk manager’s pay grade, others often will be left to the risk manager to solve. As a result, they need to like getting their hands dirty from a problem-solving standpoint.
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Is risk management a soft skill?
ByadminRisk management is a complex and comprehensive process. It’s definitely not a soft skill — or, at least, not just one. There are many types of risk, including compliance, security, operational, financial and reputational risks. Risk managers require a combination of both hard and soft skills to successfully address all the various risks. For example, compliance is a…
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.
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.
Business understanding
ByadminTo identify and estimate risks to a company, risk managers need to understand how the business works. They can’t say finance doesn’t matter because they’re in IT, or vice versa. Business understanding is a must — especially if the risk manager aspires to join the C-suite in the future.
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.