Risk Analyst
What's it like to be a Risk Analyst?
Risk Analysts help businesses reduce liabilities and errors that come with decisions made by an organization. They run numbers to help leaders have a better and more detailed view of their financial and operational forecasts. A Risk Analyst will review potential risks while looking at their likelihood and impact. Once complete, they will give a risk rating and provide suggestions on how to manage and reduce those risks. Risk Analysts may work in banks, insurance companies, accounting firms, or investment corporations.
Tasks and duties
- Gathering data from various sources and studying it to assess risks.
- Giving risk ratings to risk factors depending on the likelihood they will occur and their impact.
- Identifying how an organization can reduce and mitigate risks and suggesting action plans to address these risks.
- Writing reports and summaries as needed.
- Creating measures for quality control to prevent events from occurring.
- Tracking investment trends and market analysis.
- Using statistical tools, and quantitative frameworks to determine risk rates.
How to become a Risk Analyst
Risk Analysts usually hold a bachelor degree in finance or business. Risk Analysts have strong attention to detail, along with communication and problem-solving skills.
Complete a bachelor degree in finance, mathematics, or statistics. Accountancy or business majors can also qualify for this position.
Gain relevant experience. Find an internship and apply for entry-level positions to build your resume. While there are positions that require 1-2 years of experience, some employers may require 3-5 years of work in financial services or auditing to qualify for the position.
Consider getting a certification or pursuing further studies. You can enroll in a Master of Finance (MFin) or a Master of Business Administration (MBA). Alternatively, you can work towards becoming a Chartered Financial Analyst (CFA) by completing the three levels of the CFA exam.
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