Risk Management Specialist

Roles and responsibilities

• Develop, implement, and continuously improve risk management policies and frameworks to align with organizational objectives and regulatory requirements.
• Identify, analyze, and evaluate potential operational, financial, legal, and strategic risks that could impact the organization.
• Conduct regular and comprehensive risk assessments to prioritize and address critical vulnerabilities.
• Develop and execute effective risk mitigation plans and strategies to minimize or eliminate identified risks.
• Establish key risk indicators (KRIs) to monitor emerging risks and trends and prepare detailed risk reports with actionable insights and recommendations for senior leadership.
• Collaborate with internal departments to integrate risk management practices into operational workflows and decision-making processes.
• Ensure adherence to all applicable legal and regulatory requirements related to risk management and compliance, and act as the primary liaison with external auditors and regulatory bodies during audits or reviews.
• Maintain an up-to-date and comprehensive risk register, documenting all risk-related activities, assessments, and outcomes.
• Serve as the primary contact for stakeholders, including internal teams, external auditors, regulators, and consultants, on risk-related matters.
• Provide regular updates to senior leadership on risk management initiatives, key risks, and the effectiveness of mitigation strategies

• Risk Mitigation and Control

• Develop Risk Mitigation Strategies: Design and implement risk mitigation plans to reduce or control the impact of identified risks. This could include process improvements, insurance policies, or the development of contingency plans.
• Control Implementation: Work with various departments to implement risk controls, such as internal policies, procedures, or technology solutions to prevent or minimize risks.
• Risk Transfer: Explore options for transferring risk, such as through insurance, outsourcing, or partnerships with other organizations, in cases where risks cannot be eliminated entirely.
• Compliance: Ensure the organization is in compliance with relevant regulations, standards, and laws that mitigate legal and regulatory risks.

Desired candidate profile

Bachelor’s degree in Risk Management, Business Administration, Finance, or a related field.
3-5 years of experience in risk management, compliance, or related fields.
Proven experience conducting risk assessments and implementing mitigation strategies.
Preferred to have advanced certificates in Risk Management.
Risk Identification and Assessment
Identify Risks: Conduct comprehensive risk assessments to identify potential risks across various departments and functions, including financial, operational, strategic, legal, regulatory, and reputational risks.
Risk Mapping: Develop risk maps or risk matrices to visualize and categorize risks based on their likelihood and potential impact on the organization.
Scenario Analysis: Assess potential risk scenarios, including worst-case scenarios, to better understand the full scope of risks and their potential consequences.
Stakeholder Consultation: Work closely with senior management, department heads, and other key stakeholders to gather insights on potential risks and vulnerabilities.
Risk Evaluation and Prioritization
Quantify Risks: Evaluate and quantify risks in terms of both probability and potential impact on the organization’s operations, financials, and reputation.
Risk Ranking: Prioritize identified risks based on their severity and likelihood, allowing the organization to focus resources on addressing the most critical risks first.
Cost-Benefit Analysis: Assess the potential costs associated with each risk (e.g., financial losses, legal fees, reputational damage) and weigh them against the costs of implementing risk mitigation strategies.