Financial ServicesISCO 2412

Corporate risk manager

A corporate risk manager is a person who identifies and assesses the threats and the opportunities facing a company and advises on how to deal with them, drawing up preventive plans to avoid and limit risk and putting contingency plans in place for the events that would threaten the business.

Check yourself in a minute: corporate risk manager

Rate 5 of the 27 essential skills of this occupation (European ESCO data). No account needed.

advise on risk management

forecast organisational risks

comply with legal regulations

estimate impact of risks

define risk policies

About corporate risk manager

Identifying the risk comes first. The manager anticipates organisational risk, works from key risk indicators that show a condition developing rather than an event occurring, and maps the risks across the company.

Deciding what to do with a risk is the technical core. A risk can be avoided, reduced, accepted or transferred, and the manager works from risk management, enterprise risk management, risk transfer and risk financing techniques to choose between those. Buying insurance belongs to this role, and it is a typical case of transfer: the company pays to move a consequence it has decided not to carry itself.

Coordination and reporting complete the role. The manager coordinates the risk management aspects that sit inside each of the organisation's functions and reports risk matters to senior management and to the company board. Corporate social responsibility and the company's own standards shape which risks are treated as acceptable at all.

European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (27)

enterprise risk managemententerprise risk managementA plan-based business strategy that aims to identify, assess, and prepare for any dangers, hazards, and other potentials for disaster, both physical and figurative, that may interfere with an organiza...risk transferrisk transferThe financial techniques aimed at avoiding damaging financially a business and instead, protect it in its operations. It is the operation of transferring liabilities and claims to third parties that h...corporate social responsibilitycorporate social responsibilityThe handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards envir...risk managementrisk managementThe process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the method...risk financing techniquesrisk financing techniquesThe available options for paying off and account for the financial consequences of risks, such as risk retention, risk transfer and other alternative risk financing solutions.quantitative risk analysis techniquesquantitative risk analysis techniquesThe tools and techniques used to quantify the effect of risks on the objectives and targets of an organization and assign them a numerical rating, such as interviews and surveys, probability distribut...risk identificationrisk identificationThe different types of risk and the related classification criteria such as their nature and scope, the activity to which they relate, their causes and consequences and their financing.internal auditinginternal auditingThe practice of observing, testing, and evaluating in a systematic manner the processes of the organisation in order to improve effectivity, reduce risks, and add value to the organisation by installi...qualitative risk analysis techniquesqualitative risk analysis techniquesThe tools and techniques used to estimate probability of risks and assess their impact, such as probability and impact matrices, risk categorisation, SWAT analysis and ICOR analysis.key risk indicatorskey risk indicatorsThe critical predictors of unfavourable events that can adversely impact organizations. They monitor changes in the levels of risk exposure and contribute to the early warning signs that enable organi...corporate sustainabilitycorporate sustainabilityA business practice to conduct long-term sustainable growth by seeking environmental, economic, and social strategies as its three main pillars.types of insurancetypes of insuranceThe various types of risk or loss transfer policies that exist and their characteristics, such as health insurance, car insurance or life insurance.advise on risk managementadvise on risk managementProvide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.forecast organisational risksforecast organisational risksAnalyse the operations and actions of a company in order to assess their repercussions, possible risks for the company, and to develop suitable strategies to address these.comply with legal regulationscomply with legal regulationsEnsure you are properly informed of the legal regulations that govern a specific activity and adhere to its rules, policies and laws.estimate impact of risksestimate impact of risksEstimate the potential losses associated with an identified risk by applying standard risk analysis practices to develop an estimate of probability and impact on the company. Take both financial and n...define risk policiesdefine risk policiesDefine the extent and kinds of risks an organisation is willing to take in pursuing its objectives based on the organisation’s ability to absorb losses and the rate of return it seeks from its operati...address identified risksaddress identified risksImplement a risk treatment plan to address the risks identified during the assessment phase, avoid their occurrence and/or minimise their impact. Evaluate the different options available to reduce the...analyse internal factors of companiesanalyse internal factors of companiesResearch and understand various internal factors that influence the operation of companies such as its culture, strategic foundation, products, prices, and available resources.analyse external factors of companiesanalyse external factors of companiesPerform research and analysis of the external factor pertaining to companies such as consumers, position in the market, competitors, and political situation.assess risk factorsassess risk factorsDetermine the influence of economical, political and cultural risk factors and additional issues.align efforts towards business developmentalign efforts towards business developmentSynchronise the efforts, plans, strategies, and actions carried out in departments of companies towards the growth of business and its turnover. Keep business development as the ultimate outcome of an...liaise with managersliaise with managersLiaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.implement corporate governanceimplement corporate governanceApply a set of principles and mechanisms by which an organisation is managed and directed, set procedures of information, control flow and decision making, distribute rights and responsibilities among...follow company standardsfollow company standardsLead and manage according to the organisation's code of conduct.make strategic business decisionsmake strategic business decisionsAnalyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the o...apply crisis managementapply crisis managementTake control over plans and strategies in critical circumstances showing empathy and understanding to achieve resolution.
Optional (20) — show
accounting department processesaccounting department processesThe different processes, duties, jargon, role in an organisation, and other specificities of the accounting department within an organisation such as bookkeeping, invoices, recording, and taxing.financial productsfinancial productsThe different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.insurance lawinsurance lawThe law and legislation concerning the policies of transferring risks or losses from one party, the insured, to another, the insurer, in exchange for a periodic payment. This includes the regulation o...ICT network security risksICT network security risksThe security risk factors, such as hardware and software components, devices, interfaces and policies in ICT networks, risk assessment techniques that can be applied to assess the severity and the con...international financial reporting standardsinternational financial reporting standardsThe set of accounting standards and rules aimed at companies listed in the stock exchange which are required to publish and disclose their financial statements.risk modellingrisk modellingA mathematical representation of a system, commonly incorporating probability distributions and using relevant historical data as well as expert elicitation to understand the probability of a risk eve...Monte Carlo simulationMonte Carlo simulationA mathematical technique used to predict, estimate, and analyse a range of future possible outcomes for an uncertain event. The process is performed through a simulation to estimate a range of values.reinsurancereinsuranceThe practice whereby insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance cl...national generally accepted accounting principlesnational generally accepted accounting principlesThe accounting standard accepted in a region or country specifying the rules and procedures to disclose financial data.compile appraisal reportscompile appraisal reportsCompile full reports of appraisals of properties, businesses, or other goods and services being appraised using all the data gathered during the appraisal and valuation process, such as financial hist...analyse insurance needsanalyse insurance needsGather information about the insurance needs of a client, and give information and advice about all possible insurance options.manage commercial risksmanage commercial risksAnalyse and evaluate commercial risks and develop suitable strategies to resolve these risks.keep updated on the political landscapekeep updated on the political landscapeRead, search, and analyse the political situation of a region as a source of information applicable for different purposes such as information, decision-making, and management, and investments.track key performance indicatorstrack key performance indicatorsIdentify the quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their operational and strategic goals, using preset performance indicators.assess supplier risksassess supplier risksEvaluate supplier performance in order to assess if suppliers follow the agreed contracts, meet the standard requirements and provide the desired quality.assess reliability of dataassess reliability of dataImplement procedures and techniques that could help determine the level of reliability of the information in the sense of reducing risks and increasing infallibility in the decision making.develop company strategiesdevelop company strategiesEnvision, plan, and develop strategies for companies and organisations aimed at achieving different purposes such as establishing new markets, refurbishing the equipment and machinery of a company, im...create risk reportscreate risk reportsGather all the information, analyse the variables and create reports where the detected risks of the company or projects are analysed and possible solutions are suggested as counter actions to the ris...identify if a company is a going concernidentify if a company is a going concernAnalyse financial statements, financial information and the outlook of the company in order to determine the going concern of the company.assess financial viabilityassess financial viabilityRevise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Asse...

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Frequently asked questions

What does a corporate risk manager do?

Corporate risk managers identify and assess potential threats and opportunities to a company, and give advice on how to deal with them. They create preventive plans to avoid and reduce risks, and put plans in place for when the company is threatened. They coordinate risk management aspects across the different functions of an organisation and are responsible for technical activities such as risk assessment, risk mapping and insurance purchase. They report on risk issues to the senior management and the company's board.

What skills does a corporate risk manager need?

A corporate risk manager needs 27 essential skills, including enterprise risk management, risk transfer, corporate social responsibility, risk management, risk financing techniques.

Will AI replace corporate risk manager jobs?

The AI disruption score for corporate risk manager is 38/100 (moderate risk). Skills most exposed to automation: accounting department processes, national generally accepted accounting principles, track key performance indicators. Most resilient: apply crisis management, liaise with managers, make strategic business decisions.

Quick Facts

ISCO GroupBusiness and administration professionals
Essential Skills27

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