Question

XYZ Corporation is experiencing massive grown in the fashion industry. As the corporation grows and expands into new markets, it is exposed to increasing business risks. The company’s hiring manager is looking for candidates to fill a risk manager position to protect the corporate property and minimize loss. In your response, answer/respond to the following:

What characteristics and background would you look for in a risk manager candidate?

What would be deterring?

Explain in detail the job description and what is expected of this individual from XYZ.

Answer 1

1.Following are the characteristics and background that should be looked for in a risk manager candidate-

• Capable of understanding business issues in holistic manner.
• Good knowledge of various types of risks such as business risk,finance risk, operational risk etc
• should monitor,review and try to mitigate the risks wherever possible.
• Should have planning and organizational skills.
• Awareness related with industry in which business is operating.
• Analytical and technical skills

The background should preferably from finance field.The candidate should have completed course/courses in finance such as-

• International certification/diploma in Enterprise Risk Management
• Courses from other institutional bodies like CFA,CII,GARP etc.

2.The risk manager should not be a person who does not analyze the situation properly and instead of mitigating the risk ,become reason of increasing it.The risk manager should be such person who can work better and cope the situations of work pressure.If the risk manager does not cope up with the pressure then it may result into loss to the business eventually.

3.Job description and expectations of the individual from XYZ

• Designing and implementing risk management process in the organization
• Assessment and evaluation of various risks to the organization
• Analyzing the extent of risk which is acceptable from the viewpoint of org.
• Reporting the risks assessed and various risk mitigation techniques related with it to the stakeholders and board of directors.
• Ascertainment with compliance to various standards in org.
• Creation of Business Continuity Plans to reduce risk to the acceptable level.
• For better understanding of various risks among staff of organization providing education and training to them.