Risk Manager Skills: Definition and Examples

By Indeed Editorial Team

Published 20 June 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Risk managers are responsible for identifying and mitigating potential risks that their organisation might face. To perform this role, one needs to possess specific skills and qualifications. Understanding what these skills are can help you decide if this is the career for you. In this article, we discuss what risk managers do and the skills they need to succeed in this role.

Related: A Guide to the Risk Management Framework (With Examples)

What skills do risk managers need?

Risk managers are responsible for conducting risk analysis and communicating their findings with their colleagues, supervisors, board of directors and shareholders. Risk managers usually have a background in financial management.

Here are some examples of essential skills that risk managers need to have:

Strategy planning

Besides foreseeing risks, risk managers must also devise strategies for risk mitigation. For example, a risk manager who foresees a potential public relations crisis may work with the internal communications team to develop a press release in advance.

Read more: A Complete Guide to the Risk Management Process (With Steps)

Knowledge of relevant financial regulations

Risk managers need to have an understanding of financial regulations in their industry as well. If legislative changes occur, it is the risk manager's job to figure out how it affects his/her company so that preparations and adjustments can be made.

Related: What Is the Role of a Risk Manager? (With Duties and Skills)

Familiarity with finance

Financial risks are the bread and butter of a risk manager's job, so having a background in financial management comes in handy in this position.

Related: What Is Loss Aversion? (Plus How to Avoid It in 5 Steps)

Data analysis

Risk managers often have to go through a large amount of data to predict and calculate potential risks that their company may face.

How to highlight your skills as a risk manager

Here are some ways you can highlight your skills in the job application process:

Include them in your resume and cover letter

Consider listing out relevant skills you have in a separate 'skills' segment in your resume. You can further elaborate on these skills and how you use them in your cover letter.

Consider adding these keywords to your resume and cover letter:

  • risk analysis

  • risk management

  • risk analysis software

  • analytical skills

  • interpersonal skills

  • communication skills

  • problem-solving

  • time management

  • financial experience

  • accounting experience

  • financial software

  • regulatory and legislative understanding

Related: 14 of the Highest-Paying Finance Jobs (With Duties)

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