Tips for Risk Professionals in their 20s
It’s 2018. Risk management in 2018 is knowing that technology, automation and regulation are synonymous with your job in risk. Understanding how these affect an organisation’s risk profile is key in as far as staying one step ahead of the evolving business landscape. Daniel Ostermeyer, Director of Risk Advisory at Deloitte, suggests that young risk professionals should be thinking of how best to future proof. “For example, with the rise of technology, will your role be replaced by a robot?” he says.
As automation increases across all areas of business, Ostermeyer advises that the way to get around this is by demonstrating the right thinking, empathy and focusing on building human relationships. “We will all also need to interact and work with robots more in the future, so technology and data experience will continue to be highly valued.”
Aspiring risk professionals must keep themselves informed of relevant financial market trends and government legislations which may have a bearing on the risk framework of the companies they plan on working for. As data breaches and identity theft continue to gain momentum across all industries, you will need to demonstrate how you will take an active role in setting policy when it comes to data security.
In addition to the tech side of roles in risk management, there is a demand for individuals with excellent problem solving skills. So as someone wanting to gain access to the risk space it would be wise to insert yourself into any and all opportunities where you have to take responsibility, thus handing you problem solving aplenty. Remember, businesses are looking for someone who will apply a creative and thorough approach to their risk management strategy.
If you’ve studied or come from a background in business, social sciences or statistics, that will set you up nicely for a role in risk analysis. Analysis is at the core of risk management, and while analysing numbers is an important element of risk, you can also demonstrate your analysis skills via other examples where you’ve had to present evidence to support a decision or conclusion.
You’ll have heard it said before, but working in risk is about a lot more than just crunching the numbers and setting policy. You have to have an insight into how the business operates in order to identify and estimate risks to the company. Think about factors within the business and those outside of the business that may affect its performance, from customers and competitors to hurdles the company has faced historically and what challenges they may currently be presented with.
Working in risk also means having the communication skills to negotiate with and educate departments at every level across the business. Prepare to have to justify your recommendations, stand your ground and don’t allow yourself to get flustered because though we expect our colleagues to value the importance of being risk aware that is not always the case. Particularly if the policy we’re setting interferes with their own strategy for the business.
Coping well with conflict is a useful skill to highlight when applying for jobs in risk as is your ability to work well under pressure. The ever-changing nature of risk needs individuals who are ready to roll with the unexpected, alter their strategies and react instantaneously for the good of the business.