Duties

The primary duties of a risk management director include the following aspects:

• Undertake effective reviews of asset acquisitions, with the goal of understanding the risks and challenges involved, compile the required data and provide detailed recommendations on a plan of action.
• Collaborate with the legal department to undertake an investigation and possible defence of any claims made against the organisation – this includes compiling and maintaining information that is required by defence attorneys for developing a testimony in litigation cases.
• Alongside senior management, create comprehensive recommendations to assess the steps necessary for bringing an operation under compliance with applicable processes and regulations.
• Perform a thorough research of relevant federal and state regulations for the purpose of reviewing and determining compliance with the organization’s policies and publications.
• Conduct workshops and training events with industry leaders to create risk treatment frameworks and categorize organizational risks for monitoring, based on priority.

Day In The Life

Since risk management involves detailed analysis, your time will largely be occupied by undertaking integrated assessments of organizational risks and imminent threats. To this end, you will go through a wide range of documentation, statistical analysis, overall market trends and take on independent research. You will also monitor the evolution of the organization’s risk management protocols from previous years till date.

Another important facet of working as a risk management director is doing due diligence to the company’s long-term business goals. You will have to gain data on clients and the responsibilities to be fulfilled with regard to the impact of proposed risks.  However, related to this, is having the ability to create strong connections with various clients and their partners – for this, presentations on financial reports and their findings will have to be done for senior staff to remain engaged.

As a risk management director, you will provide well-researched solutions on how to keep insurance and health procedures up-to-date, d suggest and implement are likely to include insurance, health and safety policies, disaster recovery measures and business continuity plans. Once these have been put in place, risk managers will often return to organisations again in the future to conduct additional audits and assessments.

Work Schedule And Typical Hours

As a risk management director, you can enjoy standard business hours from nine to five. However, overtime is not uncommon, with extra hours over late evenings and the weekend on occasion. Work is usually done in an office setting, but you will also go to different locations for face-to-face meetings with clients.

Growth Of The Job

The employment of individuals in senior roles for the finance sector is expected to increase at a steady pace, as per the US Bureau of Labor Statistics, at 7% between 2014 to 2024. You can expect fierce competition as there will be no dearth of candidates who are seeking available vacancies.

Typical Employers

Risk management directors are required by big corporations, community organization and state government agencies to plan ahead for organizational vulnerabilities, and be prepared for emergency situations.