Risk Manager: missions, skills, training, salary and career development

Risk management has become an absolute priority for companies in an increasingly volatile financial world. The Risk Manager plays an essential role in identifying, assessing and managing risks, thereby ensuring the security and sustainability of the company's activities.

Description of the Risk Manager's job

The Risk Manager is a key player within the company, responsible for risk management and implementing strategies to minimise the company's risks. Using a risk management framework, he ensures that the company's practices comply with ISO and other applicable standards. It plays a crucial role in the company's infrastructure, guaranteeing stability and risk prevention.

Overseeinginformation systems, the Risk Manager uses reporting tools and dashboards to monitor technological, operational and industrial risks. They work with senior management to develop and implement corporate risk management plans, ensuring a proactive and strategic approach.

What is the role and remit of the Risk Manager?

Risk management and compliance

The Risk Manager supervises all the company's risk management processes. He identifies, assesses and mitigates risks using quantitative and qualitative tools. He is responsible for ensuring that all operations comply with ISO standards and other applicable benchmarks. It implements internal control procedures and ensures information security through regular audits and cyber risk management.

Monitoring risk management performance

The Risk Manager analyses risk management performance, identifies deviations from targets and proposes corrective measures. They draw up dashboards and reporting tools to monitor changes in key performance indicators (KPIs). It provides senior management with precise analyses and recommendations based on analytical data.

Risk management strategy and investments

Working with senior management, the Risk Manager helps to develop the company's risk management strategy. He assesses investment opportunities and takes part in decisions on mergers, acquisitions or disposals, taking into account the risks involved. It carries out market and feasibility studies for each strategic project.

Managing technological risks and cyber security

With the increase in cyber-attacks, securing financial data and implementing robust internal control systems are priorities for the Risk Manager. They use advanced technologies such as machine learning and artificial intelligence to automate risk detection and optimise cyber security processes.

Supervision of operational and HR risks

The Risk Manager manages crisis management and workplace safety services. They ensure that operations comply with security standards and legal regulations. He is also involved in recruitment and training processes to ensure that teams have the necessary risk management skills.

What skills do you need to be a good Risk Manager?

Professional skills:

• Mastery of ISO and other risk managementstandards.
• Expertise in crisis management and management control.
• Skills in risk analysis and dashboard development.
• Knowledge of business, employment and labourlaw.
• Proficiency in management tools (ERP, reporting software, analytical applications).

Personal skills:

• Leadership and management: Ability to lead teams, motivate and coordinate the efforts of different departments.
• Analysis and decision-making: Ability to make informed decisions based on rigorous analysis.
• Communication: Ability to explain complex information clearly and concisely to non-specialist audiences.

What are the current challenges facing Risk Managers?

Digitalisation and digital transformation

The digitalisation of risk management processes is a major challenge for Risk Managers. The implementation of integrated management software (ERP) and the use of artificial intelligence to automate risk management tasks are major challenges.

Financial risk and cyber security management

With cyber attacks on the increase, securing data and implementing robust internal control systems are priorities for risk managers.

Regulatory and tax compliance

Compliance with constantly changing financial and tax regulations requires constant monitoring and adaptation of internal procedures.

How do I become a Risk Manager?

Education and training

To become a Risk Manager, you generally need a 5-year degree in risk management, finance, engineering or auditing. The following courses are particularly popular:

• Business school diploma with a specialisation in risk management or auditing.
• Masters in risk management, management control or finance.
• Specialised diplomas such as the CFA (Chartered Financial Analyst ) or cybersecurity certifications.

EM Normandie offers courses tailored to this profession, in particular the MSc Banking, Finance and FinTech. This course provides the necessary skills in risk analysis, crisis management and mitigation strategies, offering comprehensive preparation for becoming a successful Risk Manager.

Professional experience

Significant experience in positions of responsibility in risk management or management control is essential. Positions such as project manager, auditor or security manager are key steps towards becoming a Risk Manager.

What are the career prospects for a Risk Manager?

• Progression to the position of Managing Director or member of the Executive Committee.
• Opportunities in large groups, SMEs or multinationals.
• Possibility of becoming a risk management consultant or joining a management consulting firm.
• Transition to CRO (Chief Risk Officer) roles in international contexts.
• Management of foreign subsidiaries, involving additional responsibilities and economic challenges.

How much does a Risk Manager earn?

The salary of a Risk Manager varies according to experience, the size of the company and the sector of activity:

• Beginner: Gross monthly salary (approx.): €3,500 - €5,000
• 2-5 years' experience: Gross monthly salary (approx.): €5,000 - €7,500
• 5+ years' experience: Gross monthly salary (approx.): €8,000 and more

In what field does a Risk Manager work?

A variety of employers:

The Risk Manager may work in various types of organisation, including:

• Large companies and multinationals: Large-scale organisations with international operations.
• SMEs and ETIs (intermediate-sized companies): medium-sized to large companies, often local or national.
• Public and parapublic sector: Governmental or semi-governmental institutions.
• Associations and NGOs: non-profit and humanitarian organisations.
• Risk management consultancies: Companies providing specialist risk management advice.

The nature of the work may vary slightly depending on the location and size of the company, with responsibilities ranging from managing tight budgets to coordinating complex risk management strategies involving several departments.

Main areas :

A Risk Manager works in a number of sectors, including:

• Industry and manufacturing: Managing risks in production environments.
• Financial services and banking: Supervising risks in banking institutions.
• Technology and telecommunications: Risk management in high-tech companies.
• Health and pharmaceuticals: Supervising risks in the medical and pharmaceutical sectors.

These varied sectors offer many opportunities for Risk Managers, depending on their skills and professional interests, to specialise in areas such as risk management, strategic planning, cash management or process optimisation.

In summary

The role of Risk Manager is essential to ensuring risk management and overall business performance. As the central pillar of risk management, the Risk Manager plays a crucial role in the strategic direction and stability of the organisation. His or her ability to identify, assess and mitigate risks, supervise crisis management processes and ensure that practices are compliant is essential to guaranteeing the transparency and resilience of the company.