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.
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Problem-solving skills
ByadminRisk 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.
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…
Ability to plan risk management approaches
ByadminAfter 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…
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.
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.
What is risk management?
ByadminRisk 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…