Risk Management

Ready for risk? If your Service career has involved identifying threats, assessing vulnerabilities and planning how to reduce or respond to them, you may already have many of the core skills needed for a career in risk management. In civilian organisations, the job is about understanding uncertainty, protecting people and assets, and helping businesses make better decisions in a fast-changing world.

What is risk management?

Risk management is about understanding uncertainty, assessing threats and opportunities, and helping organisations make better decisions. In practice, it means identifying what could affect objectives, judging how serious those risks are, and putting proportionate controls in place to reduce harm, protect assets and improve resilience.

Because risk exists in every sector, risk management careers are highly varied. Roles can be found in insurance, business continuity, health and safety, governance, engineering, finance, infrastructure and consultancy. Much of the work is office based, but depending on the sector it can also involve site visits, client meetings and travel.

Risk management strategies and processes

Most risk management processes follow the same broad pattern. First, risks are identified by looking at what could affect an organisation’s objectives. They are then analysed and assessed to understand their likelihood, impact and priority. From there, organisations decide how to respond — for example by reducing the risk, transferring it, accepting it or putting contingency plans in place.

Risk management does not stop once controls are chosen. Risks and controls need to be monitored, reviewed and reported on so that the organisation can respond to change and keep its risk picture up to date. In practice, risk management works best when it is treated as an ongoing, joined-up process rather than a one-off exercise.

Transferable skills

Many service leavers already have the core skills needed for risk management, even if they have not used that label before. Military experience often involves identifying threats, assessing vulnerabilities, planning responses, making decisions under pressure and reviewing what worked — all central parts of risk work in civilian organisations.

That means ex-Forces personnel can be well suited to careers in enterprise risk, operational risk, business continuity, resilience, governance and compliance. The profession also values wider transferable strengths such as communication, problem-solving, adaptability, time management and organisational skills, all of which are commonly developed through Service life.

How do I qualify for a career in risk management?

One of the main professional routes into risk management is through the Institute of Risk Management (IRM), which offers internationally recognised qualifications designed to build both broad knowledge and practical skills. IRM says its qualifications can be studied from anywhere in the world through supported distance learning, including self-directed study and online coaching.

For many people, the starting point is the International Certificate in Enterprise Risk Management, which can be taken as a stand-alone qualification or as the first part of the International Diploma in Enterprise Risk Management. IRM also offers a wider range of specialist and advanced qualifications, so the best step is to check the IRM qualifications pages directly for the latest course options, entry requirements, duration and costs.

Other qualifications

NEBOSH

NEBOSH also offers risk-related qualifications. The one-day NEBOSH HSE Award in Managing Risks and Risk Assessment at Work is an introductory course developed with the HSE and focused on practical workplace risk management. For a broader view of organisational risk, the NEBOSH IIRSM Certificate in Managing Risk is designed to help learners identify, evaluate and manage risk across different sectors and job types.

Other professional bodies also offer risk-focused qualifications in specialist areas. The Chartered Insurance Institute (CII) offers risk management units such as Introduction to Risk Management and Fundamentals of Risk Management, which are relevant for insurance and wider commercial risk careers. In financial risk, GARP offers the well-known FRM certification, while CFA Institute qualifications can also be relevant for those moving into investment and financial risk roles.

Higher-level study

Risk management is open to people from a wide range of degree backgrounds, but subjects such as engineering, finance, economics, law, business, science and statistics can be especially relevant. If your degree is in another area, professional qualifications such as the IRM’s International Certificate in Enterprise Risk Management can still provide a strong route into the profession.

For those looking to go further, postgraduate study and advanced professional qualifications can help build specialist knowledge and support career progression. The IRM continues to offer higher-level qualifications, including its International Diploma in Enterprise Risk Management, while universities also offer postgraduate courses in areas such as risk management, financial risk and risk, crisis and resilience management. Continuing professional development is also important, and IRM membership can help with training, networking and career development.

Use your ELC

Under the ELC scheme, a wide range of learning can be taken, provided it is offered by an approved provider listed on the ELCAS website and is at level 3 or above. For full details of how to make the most of your ELC, refer to the in-depth features elsewhere on the Quest website

Finding employment

Risk management careers are available across a wide range of sectors, including banking, insurance, energy, infrastructure, engineering, construction, healthcare, charities, local government and consultancy. Because the profession is so transferable, experienced risk professionals can often move between sectors or specialise in areas such as enterprise risk, operational risk, resilience, governance or insurance.

For those starting out, entry is possible through graduate schemes, professional qualifications, sector-specific roles or more junior support positions that build into risk work over time. Experience from your Service career can be especially valuable if it relates to the sector you want to enter, and in some parts of the profession — particularly insurance and risk consultancy — apprenticeships and progression routes also exist. With experience, there can also be opportunities for consultancy, self-employment and international work.

RISK MANAGEMENT APPRENTICESHIPS
There’s a wide range of apprenticeships available in this sector, starting at level 3; some are an element of a course of study while others are on-the-job within businesses. Type ‘risk management apprenticeships’ into your favourite search engine to see what’s on offer.

The IRM also now offers Modern Apprenticeships in Risk and Compliance, having being granted supporting training provider status (to deliver the professional qualification element of the Apprenticeship) by the Register of Apprenticeship Training Providers (RoATP). Click here to find out more.