Risk manager
What does a risk manager do?
A risk manager helps an organisation understand what could go wrong and what to do about it. They identify risks across finance, operations, technology, safety, compliance and reputation, assess how likely and serious each one is, and work with managers to put controls in place. They keep the risk register up to date, test whether controls are working, report to executives and boards, and help plan how the organisation would respond to and recover from a major incident.
Risk managers work in banks, insurers and superannuation funds, government agencies and councils, mining, energy and construction companies, hospitals and universities, and consulting firms that advise on risk. Some specialise in one area such as credit, operational, cyber or enterprise risk, while others oversee risk across the whole organisation. The work is office based, with regular meetings across teams.
Is a career in risk management right for me?
Other skills and attributes needed for this role include:
An ability to analyse and interpret information.
Clear written and verbal communication skills, supported by strong interpersonal skills.
A sound awareness and understanding of industry and trends.
The capacity to lead through effective decision-making, accountability, and support for others.
Effective time-management and prioritisation skills.
Problem-solving and decision-making
The ability to identify issues, evaluate options, and make informed decisions.
How to become a risk manager
Most risk managers hold a bachelor degree in business, finance, accounting or a related field. Many begin their careers in areas such as audit, compliance, finance or business analysis before moving into risk management roles. As you progress, postgraduate study or professional qualifications in risk management can help deepen your expertise and support advancement into senior positions.
Every journey to study is individual, and risk managers come from several backgrounds. Here is one path to becoming a risk manager:
- Complete a bachelor degree in business, finance, accounting or a related field.
- Start in an audit, compliance, finance, insurance or analyst role to learn how organisations manage risk.
- Build your knowledge of risk frameworks, regulation and the industry you work in.
- Move into a risk analyst or adviser role, then take on responsibility for a team or area of risk.
- Consider postgraduate study or a professional risk management qualification as you progress.
Professional memberships and certification
There is no licence required to work as a risk manager. Employers typically look for relevant experience, industry knowledge and an understanding of risk management frameworks such as ISO 31000. Professional bodies such as the Risk Management Institute of Australasia (RMIA) offer membership and certification, and some risk managers also hold professional finance or accounting credentials.
How long does it take to become a risk manager?
The time it takes to become a risk manager depends on your study and career pathway. A bachelor's degree in business, finance, accounting or a related field typically takes three years of full-time study, or the part-time equivalent. UniSQ's Bachelor of Business takes three years of full-time study, or the part-time equivalent, and can help you build a foundation in areas such as business operations, governance and decision-making. If you want to develop specialist knowledge in technology and cyber risk, the Master of Information Systems takes two years of full-time study and offers a Managing Cyber Risk specialisation.
Most risk managers build experience in roles such as business analysis, audit, compliance or finance before moving into risk management positions. As you gain experience and industry knowledge, you may progress to managing risk for a team, business unit or entire organisation.
Start your journey with UniSQ
Develop the business, analytical and strategic thinking skills that support careers in risk management with a UniSQ degree.
Responsibilities and work settings
Identifying and assessing financial, operational, compliance and reputational risks.
Maintaining the risk register and tracking the actions that reduce each risk.
Testing controls and reviewing incidents to find out what went wrong.
Preparing risk reports for executives, committees and boards.
Developing business continuity and crisis response plans.
Accounting, consulting and professional services firms
Banks and financial institutions
Construction and infrastructure companies
Cybersecurity firms and security operations centres
Government agencies, departments and councils
Mining and resources companies
Public hospitals and health services
Universities and higher education providers
Risk manager FAQs
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