Risk Management
Sub-disciplines
Risk Management studies all strategies and procedures to monitor incidents that are likely to adversely impact a busines' revenue and value. It entails a complex system of processes, procedures, and employees in a company to define, determine, and restrict or select risks. Risk Managers have the knowledge and skills to evaluate risks, strategize and implement plans, and minimise a company's loss.
It is a program designed to teach students how to estimate the severity of significant unexpected incidents in the workplace. Furthermore, it provides students with appropriate strategies for developing quality risk management models in an unpredictable business environment by bringing together the practical and theoretical application of risk management ideas and techniques.
It also teaches students skills such as problem-solving, analytical, communication, negotiation and diplomacy, and numeracy, all of which will help them understand the operational and financial risks that institutions face in their daily operations. Many schools and colleges offer Risk Management degrees, diplomas, and certificates whereas some provide it as a combination with other academic disciplines.
Study Levels
Those seeking a profession in Risk Management must have advanced education and related experience. Risk Management programs are offered by professional bodies and institutes. Most of these programs and qualifications can be pursued at both undergraduate and post-graduate levels.
Some of the study levels are:
Bachelor of Arts (BA) in Finance
Bachelor of Science (B.Sc.) in Risk Management
Bachelor of Science (B.Sc.) in Risk and Security Management
Bachelor of Science (B.Sc.) in Fire Safety
Bachelor Degree in Risk and Crisis Communication
Bachelor of Business Administration (BBA)
Graduate Certificate (GradDip) in Risk Management
Master Degree in Finance, Insurance, and Risk Management
Master of Science (M.Sc.) in Risk, Crisis and Resilience Management
Master of Science (M.Sc.) in Risk, Disaster and Resilience
Master of Business Administration (MBA) in Risk Management
Master of Research (MRes)
Postgraduate Diploma / Certificate (PGDip / PDCert) in Risk Management
Specialisations
To gain a comprehensively integrated knowledge of the subject area of study, most universities allow students to specialise in areas that complement their chosen career path by integrating Risk Management with relevant disciplines.
Students can choose to specialize in areas like:
Compliance Risk Management
Cyber Security and Risk Management
Employee Risk Management
Enterprise Risk Management
Environmental Risk Management
Financial Risk Management
Investment Risk Management
Operational Risk management
Political Risk Management
Society Risk Management
Disaster Management
Liability Insurance
Life/Risk Insurance
Strategic Risk Management
Employability
The future possibilities are exceptionally promising for Risk Management graduates, as almost all businesses and institutes have now totally fathomed the prerequisite for executing and investing resources into business risk management practices to safeguard their organisations.
Graduates may look for work in banks and financial associations, worldwide and neighbourhood government, charities, business associations, energy and utility associations, planning and advancement associations, protection offices, informational foundations, and health service trusts.
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- A college or university degree alongside experience can help launch your risk management careers as a:
Chief Risk Officer
Loss Control Specialist
Performance and Risk Manager
Risk Advisor
Risk Analyst
Risk Management Adviser
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- Risk Manager
Risk Specialist
Risk Surveyor
Insurance Analyst
Business Risk Manager
Safety Consultant
These roles and experiences can be moved across a scope of areas offering opportunities to acquire more significant compensations, better possibilities, and sponsorship of additional capabilities.