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What are the best career paths for operational risk management in financial services?

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If you are interested in financial management, you might have heard of operational risk management (ORM), a discipline that focuses on identifying, measuring, and controlling the risks of loss or damage arising from inadequate or failed internal processes, systems, people, or external events. ORM is essential for the soundness and resilience of any financial institution, especially in times of uncertainty and volatility. But what are the best career paths for ORM professionals in financial services? In this article, we will explore some of the most common and rewarding roles and sectors for ORM practitioners, as well as the skills and qualifications you need to succeed in them.

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Start as a Risk Analyst:

This entry-level role offers hands-on experience in data collection and risk assessment. It’s perfect for building foundational skills in ORM and understanding the financial industry’s intricacies.### *Advance to Risk Manager:This mid-level position involves leading a team and overseeing the operational risk framework. It requires strategic thinking and leadership, making it ideal for those looking to shape an organization’s risk culture.

本摘要由 AI 和以下专家提供支持

Abdul Aziz Hafiz, MSc, MCIPS Chartered

Manager - Operational Risk at Al Hilal…
Josanne Belfon-Mc Leod

MBA, CAMS, IRMCert., CFCM

1 Risk Analyst

A risk analyst is an entry-level position that involves collecting and analyzing data on various operational risks, such as fraud, cyberattacks, compliance breaches, or operational errors. A risk analyst may work for a specific business unit or function, or for a central risk management department. A risk analyst typically reports to a risk manager or a senior risk analyst, and supports them in developing and implementing risk policies, procedures, and controls. A risk analyst needs to have strong analytical, numerical, and communication skills, as well as a good understanding of the financial industry and its regulations. A bachelor's degree in finance, accounting, economics, or a related field is usually required, along with some relevant certifications, such as the Financial Risk Manager (FRM) or the Professional Risk Manager (PRM).

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Josanne Belfon-Mc Leod

MBA, CAMS, IRMCert., CFCM
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The role of Risk Analyst offers exposure to the field while benefitting from guidance and expertise of the Risk Manager and also the Chief Risk Officer. It's an excellent role to learn the operational level activities that support the organization's Risk function.

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Shiva Ramsingh

Internal Audit Manager & Edtech Leader
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As a Risk Analyst you are exposed to most facets of a financial services business including policies, procedures, strategy, cybsecurity, fraud, governance and even innovation. Depending on the body of experience and knowledge accumulated by the risk professional across the first few years of their career, they can pursue multiple career pathways, including IT risk, fraud analyst and even careers in data analytics.

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Abdul Aziz Hafiz, MSc, MCIPS Chartered

Manager - Operational Risk at Al Hilal Official
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As a risk analyst, your role is to analyze and evaluate potential risks that may affect an organization's operations, finances, and reputation. Your primary responsibilities may include: 1. Identifying and assessing potential risks: You will need to identify possible risks and their potential impact on the organization. This involves analyzing various factors such as market conditions, industry trends, regulatory changes, and internal processes.

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Kishan chandra Patra

MBA , MCOM, Manager- Risk, Annapurna Finance.
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Operational Risk managers have more exposure to real field issues that others don't have. Which helps to address and plan more relevant paths for problem solutions.

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2 Risk Manager

A risk manager is a mid-level position that involves overseeing and managing the operational risk framework and culture of a financial institution or a specific business unit or function. A risk manager may work for a bank, an insurance company, an asset manager, or a consulting firm. A risk manager typically reports to a senior risk manager or a chief risk officer, and leads a team of risk analysts and specialists. A risk manager is responsible for identifying, assessing, and mitigating operational risks, as well as reporting and communicating them to senior management and regulators. A risk manager needs to have excellent leadership, strategic, and problem-solving skills, as well as a deep knowledge of the financial industry and its regulations. A master's degree in finance, accounting, economics, or a related field is usually preferred, along with several years of experience and certifications, such as the Certified in Risk and Information Systems Control (CRISC) or the Certified Information Systems Auditor (CISA).

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Abdul Aziz Hafiz, MSc, MCIPS Chartered

Manager - Operational Risk at Al Hilal Official
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- Assessing and evaluating potential risks that an organization may face - Developing strategies to mitigate and manage risks effectively - Conducting risk assessments and identifying vulnerabilities and weaknesses - Analyzing data and trends to identify potential risks and their impact - Advising and guiding senior management on risk management strategies - Developing and implementing risk management policies and procedures - Reviewing and monitoring the effectiveness of risk management systems

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3 Risk Consultant

A risk consultant is a senior-level position that involves providing expert advice and guidance on operational risk management to external clients, such as financial institutions, regulators, or other organizations. A risk consultant may work for a big four accounting firm, a specialized risk consulting firm, or as an independent contractor. A risk consultant typically reports to a partner or a director, and works on various projects and assignments related to operational risk assessment, measurement, control, reporting, or governance. A risk consultant needs to have outstanding consulting, presentation, and negotiation skills, as well as a broad and deep knowledge of the financial industry and its regulations. A doctoral degree in finance, accounting, economics, or a related field may be required, along with extensive experience and certifications, such as the Certified Risk Professional (CRP) or the Certified Internal Auditor (CIA).

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Abdul Aziz Hafiz, MSc, MCIPS Chartered

Manager - Operational Risk at Al Hilal Official
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- Assessing and evaluating potential risks that an organization may face - Developing strategies to mitigate and manage risks effectively - Conducting risk assessments and identifying vulnerabilities and weaknesses - Analyzing data and trends to identify potential risks and their impact - Advising and guiding senior management on risk management strategies - Developing and implementing risk management policies and procedures - Reviewing and monitoring the effectiveness of risk management systems - Conducting trainings and workshops to raise awareness about risk management

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best career paths for operational risk management in financial services?

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1 Risk Analyst

2 Risk Manager

3 Risk Consultant

4 Here’s what else to consider

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