Ability to plan risk management approaches

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.

Risk 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.

If 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.

No 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…

Risk management is the process of identifying, assessing and managing potential issues that could have a negative impact on an organization’s business operations and financial performance. It involves being mindful of potential risks and what could go wrong — both the expected and the unexpected. Risk managers must be aware of all forms of risk…

Risk managers need to know the potential cost of network outages and security breaches, as well as the likely financial impact of other business risks. Ultimately, financial risk will get everyone’s attention in the C-suite and individual departments. The costs of lost productivity, lost income and financial penalties can be crippling to a business if…