The duties under a Risk Management job description include the following:
- Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occur
- Performing a risk assessment: Analysing current risks and identifying potential risks that are affecting the company
- Performing a risk evaluation: Evaluating the company’s previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirements
- Establishing the level of risk the company are willing to take
- Preparing risk management and insurance budgets
- Risk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)
- Explaining the external risk posed by corporate governance to stakeholders
- Creating business continuity plans to limit risks
- Implementing health and safety measures, and purchasing insurance
- Conducting policy and compliance audits, which will include liaising with internal and external auditors
- Maintaining records of insurance policies and claims
- Reviewing any new major contracts or internal business proposals
- Building risk awareness amongst staff by providing support and training within the company
