Top 5 Traits of Successful Risk Professionals
What does it take to be successful working in risk management? Qualifications notwithstanding, there are certain types of people who possess certain types of qualities to make them prime picking for jobs in risk. The question is, do those qualities apply to you? In this article we run through the top 5 traits that employers and hiring managers are looking for when recruiting for risk professionals.
Strategical Thinking
The role of risk has evolved over the years, such that it has been elevated to an intrinsically strategical function, particularly within the financial services industry. Someone with the ability to think outside the box, make accurate forecasts regarding the markets and evaluate potential risks from every angle is what makes a top risk management professional. You have to be able to understand not only from a basic departmental level but also in a broader firm perspective in order to deliver solutions that synchronise with business objectives as well as respecting risk safeguards.
Communication
From thought to expression, effective communication is next in the formula for making a worthy risk officer. A risk professional must be able to convey convoluted financial products and risk management practices and procedures to the rest of the business, most of who are non-technical and thus require a simplified version of events. Simple yet effective. Furthermore, candidates hoping to be successful in risk roles should have the confidence and assertive nature to be able to deliver difficult news to anyone in the business from departmental level to board level executives and everyone else in between. Know when to push back against leadership, know when to use your words to inspire and influence key decision makers, and know when to stand back and listen.
A Human Computer
A successful risk analyst must be both analytically minded and tech savvy to be able to effectively handle the droves of big data flowing through today’s business environment. Understanding how to utilise that technology that encompasses data and predictive analytics to identify key trends and expose risk is key to the risk management function.
Team Player
Being successful working in risk management is dependent on how well you liaise and collaborate with other departments and c-level executives within the organisation. Without the help and information afforded you by those other departments, your assessments and reviews will not be able to be conducted effectively in order to identify risk. For example, in the current regulatory pressure cooker modern business exists in, risk managers are duly reliant on their organisation’s compliance department in order to fully understand the regulations relevant to their firm and industry so that they can make the regulation work for them instead of against them.
The Use of Shmooze
Fundamentally tied in with communicative prowess, schmoozing is just another word for networking. Connecting with fellow risk professionals and other useful individuals via social media like LinkedIn and at opportune business networking events will not only assist you in regulatory management and risk assessment, but it could also help you in accelerating your career in risk if you nurture relationships with the right people.