Risk Management Analyst Job Description, Key Duties and Responsibilities
If you are searching for information on the job description of a risk management analyst, including the tasks, duties, and responsibilities of the role, then this post will be helpful to you.
Job seekers needing to know what the requirements for hiring risk management analyst are will also find the information in this article useful. Please, continue reading:
What Does a Risk Management Analyst Do?
Risk management analysts identify, evaluate, and prioritize the risks faced by organizations and apply economic resources to minimize or control the impact of risk for corporations.
They work in various sectors of the economy, including: financial institutions, insurance companies, technology services companies, retail, manufacturing, etc to mitigate the different kinds of risk faced by these institutions.
They work collaboratively with significant others to identify risks impacting an organization’s business and functions, as well as recommend solutions, implement approved programs, and promote loss prevention.
They are responsible for the continuous improvement on the company’s risk management program, and utilizing critical thinking and risk control analysis to manage and mitigate numerous aspects of risk to the organization and its employees, customers, assets, and interests.
Their job description also entails communicating risk policies and processes for an organization and providing hands-on development of risk models involving market, credit, and operational risk.
It also involves coordinating loss control programs between the organization and insurance carriers in support of risk management initiatives; and ensuring that controls are operating effectively; as well as providing research and analytical support.
Risk management analysts serve as the primary liaison between the organization and its third party service providers, including brokers, insurers, and third party administrators (“TPAs”).
Their role requires them to gather, analyze, and provide data for insurance renewal, updating property values by location, issuing certificates of insurance, and processing insurance invoices.
They review insurance policies to ensure accuracy as well as present insurance renewal information and strategies to executive leadership.
They are responsible for developing benchmarks and analyzing company position against benchmarks and best practices, providing recommendations for updates and alterations to the policies, practices, and processes as necessary.
The risk management analyst work description involves providing support for broader risk management services, such as risk consulting to business partners, contract reviews, claims review, and certain budget and financial needs.
To become a risk management analyst requires a post secondary Bachelor’s degree and other role based skill set.
Interested individuals in this career must have excellent analytical and decision making skills; interpersonal, conflict resolution, computer, and great communication and presentation skills.
Risk Management Analyst Job Description Example/Sample/Template
The risk management analyst performs various functions in their quest to reducing the risks that organizations face.
Depending on the organization they work for, they might be working to mitigate financial risks, credit risks, property risks, operational risks, technology related risks, etc.
They perform analysis and modeling with the goal of maximizing profits and asset growth, and minimizing credit and operating losses and other risk exposures to the company.
The major tasks, duties, and responsibilities of the Risk management analyst are listed in the job description example below:
- Perform risk assessment by analyzing current risks and identifying potential risks that affect the organization
- Conduct risk assessment by evaluating the firm’s previous method of handling of risks, and comparing potential risks with the firm’s predetermined criteria such as costs and legal requirements
- Liaise with internal and external auditors in conducting policy and compliance audits
- Review internal business proposals and major contracts
- Provide support and training to staff to build risk awareness amongst staff
- Maintain records of insurance policies and claims
- Review all insurance requirements working closely with the Project Teams
- Negotiate all modifications to Terms and Conditions of Subcontract Insurance Agreement
- Liaise with Corporate Risk Management or Owner and Project Team on OCIP/CCIP projects
- Manage and report all insurance claims/losses to the Third-party Administrator
- Perform audit on contract data to ensure optimal data integrity and financial forecasting accuracy
- Responsible for performing daily maintenance of risk positions and market deal valuations
- Undertake research to be abreast with market changes and regulatory filings
- Responsible for tracking the financial savings/loss of the organization’s project
- Provide quarterly reports with detailed analysis regarding the organization’s Property/Casualty program
- Report any serious accidents that occur at the jobsites to Risk Management
- Organize and participates in Quarterly Claim Reviews
- Collaborate with Safety Director and Safety Committee to address project exposures and loss.
Risk Management Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
If you are seeking the job of a risk management analyst, the company will expect you to meet certain requirements to prove that you will be effective in carrying out the obligations, purpose, and objectives of the risk management analyst role.
Shown below are major requirements which applicants for the risk management analyst position are commonly expected to meet by employers:
- Education/ experience: To work as a risk management analyst requires a Bachelor’s degree in Risk Management, Business, Finance, Statistics, or Engineering, or in other quantitative field. They may also require a minimum of 2-3 years experience in a risk analyst or financial analyst position, depending on the needs of the recruiter
- Commercial awareness: Applicants for the risk management analyst job should possess strong market knowledge and be abreast with market changes, policies, regulations, and regulatory filings in the sector where they work
- Analytical skills: They require strong quantitative, analytical, and conceptual skills to understand and make inferences from broader business issues and review data to identify discrete area and overall program or project risk in terms of schedule, cost, and performance
- Presentation skills: They must be able to present technical/ numerical information in a clear and understandable manner
- Communication skills: They must have a demonstrated ability to speak in front of groups, with the ability to lead meetings and take command of discussions
- Decision making skills: They require the ability to evaluate situations and make clear, well thought out decisions, taking clear and concise actions
- Interpersonal skills: They must possess the ability to work with multiple parties, establish and develop working relationships
- Computer skills: They must possess strong skills in Microsoft Office programs (Word, Excel, Access, and PowerPoint) and ability to work with database systems. It is essential that they are skilled in building spreadsheets to provide monthly/quarterly reports
- Organizational skills: They require the ability to prioritize assignments and effectively handle multiple tasks/ activities on a daily basis.
To hire a risk management analyst, recruiters need to publish the job description for interested individuals to respond to.
Recruiters can adapt the sample job description and information about the duties and responsibilities of a risk management analyst provided in this post in creating a detailed description of the position so that only suitable candidates will apply for the job.
This post is also useful to individuals who are interested in the risk management analyst career to learn about the duties and responsibilities of the position, which will make them better prepared for the job.
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