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Every business activity entails certain risks. Risk managers are experts when it comes to handling these risks using methods from the areas of project management and information technology. They identify opportunities and risks for their companies and give decision-makers important recommendations for action.
There are numerous entry opportunities for risk managers; their fields of activity vary depending on the areas of risk they are in charge of. Their responsibilities may include the management of risks related to (material) assets, products, employees or corporate finance. Risk managers are needed in all industries and in various departments of companies.
The range of tasks of risk managers covers the identification, analysis and evaluation as well as the monitoring, management and control of all types of risks, e.g. technical, financial, environmental or software risks. They do not only make sure that risk owners understand the existing risks but also evaluate risks and prepare risk (assessment) reports, applying statistical methods for their work. Besides, they implement risk management processes and act as interfaces to other relevant parties, providing them with risk-specific information.
Risk managers must have a great variety of skills. They should have sufficient knowledge of business administration, excellent methodical skills and should be team players. As the exchange with other management levels also belongs to the tasks of risk managers, they need good communication skills as well.
Risk managers have a very demanding job, which is why only few applicants meet the high requirements. Their starting salaries are accordingly good, amounting to between EUR 3,000 and EUR 5,000 per month, depending on industry and region. Candidates holding a master’s degree can generally expect higher starting salaries than their counterparts without a master’s degree. With increasing professional experience, the monthly salary of risk managers may rise to between EUR 5,000 and EUR 7,000.