Businesses can be risky things. People invest in them without knowing that they’re going to succeed.
If they do succeed, there’s no guarantee that they’ll continue succeeding. It’s pretty much like jumping into the deep end of a pool when you can’t swim.
So how does any business ever work? They figure out a strategy that helps, then they manage their risks. One of the most successful women in risk management is Remeshi Khurana.
Learn a little about her and the general role she plays in the article below.
What is Risk Management?
It’s a security position on the highest scale. It deals with things like fraud, product loss, and reputation management. These are key components of protecting a company’s data collections.
The goal of risk management is to reduce the amount of risk as much as possible, be it from internal problems or outside hackers.
That’s where risk management professionals come in. They’re the ones that have to predict any possible risks or losses and plan for them.
Does this sound like a career you’d be interested in? Read a little more about the details, and meet one of the most impressive risk management officers below.
Risk Management Job Duties
One of the most well-known risk management professionals is Kroll’s Reshmi Khurana. She started working for the company thirteen years ago and worked her way up the corporate ladder.
She started as a small-level director, then moved up to a more global office. Now, she’s the “Managing Director and Head of Southeast Asia, Business Intelligence & Investigations”.
Along with being a mouthful, that’s impressive–seeing as there aren’t that many women in the risk management field. Reshmi is a pioneer for women and brings a unique perspective to the table.
Here’s what her duties looks like in this leadership role:
- Implementing a growth strategy
- Managing production in her region
- Creating market strategies for investigations
- Investigative due diligence
- Building a risk management team
- Advising clients
Her clients include other people in asset management, banks involved with the company, suppliers, and anyone else involved with the company’s product or reputation.
General Job Duties for Women in Risk Management
Remeshi isn’t the norm in her profession, though we can hope she gains more high-level female company. If you’re just starting out in risk management, here’s what your job duties will look like:
- Finding risks
- Labeling and monitoring risks
- Creating a plan of action for this risk
- Reporting each risk and keeping a master risk list
- Creating best and worst case scenario policies for each risk
- Find any risk potential in how the company is run
- Train non-risk professionals in the company to recognize and treat risks
- Staying vigilant as the business grows
- Buying insurance policies
- Advising against risky business moves
- Creating hedge funds and savings
- Creating product reserves
As you can see, it’s a complex role. It’s fast-paced and employees will sometimes have to work around the clock if a big problem arises.
The business world is a dramatic place and bad things happen. If you find you thrive on creating answers to “what ifs” and are very organized, this could be the career for you.
Risk Managment Education
The leader Remeshi Khurana has two degrees. She earned her Master’s in Economics from the London School of Economics and Political Science. That was after she earned her Bachelors of Art, with honors, from the University of Delhi in India.
That’s a lot of education for someone so young, compared to the other company heads.
You don’t have to match her educational pathways if you’re interested in this field. There are online education programs available to you and anyone else who’s interested in risk management.
Check out some highly-ranked programs here.
Necessary Skills and Characteristics
One impressive thing about Ms. Khurana is her dedication to her company. She’s been with Kroll for thirteen years, though she’s switched positions twice. Her promotions are evidence of her work ethic and skill.
But they also come from her commitment and knowledge of the company. For risk management, the more knowledge you have of the company in general, the better.
If you apply for a risk management position but don’t get it, that’s no reason to give up. Take another position and show the employer that you’re not giving up and you’re willing to learn.
Ok, so you have to be committed to the company and stick through it, but what specific skills does a successful risk management professional need?
Good question–get an idea of those below.
Skills for Risk Management
You’ll need to have technical skills in whatever industry you’re in. That means knowing the ins and outs of the product or having a working knowledge of business practices.
Decision making is also important. Think of risk management like driving on a busy street. There are always many things to consider at once that can affect your safety.
But you can’t sit in one place forever. You have to take the risks into consideration and make a decision. You can’t hesitate and change your mind in the middle of a turn (decision).
Other skills include:
- Computer proficiency
- Risk assessment
- Written communication
- Attention to detail
- Report writing
Job Details and Outlook
When it comes to looking at salary, we don’t have the exact numbers that Remshi Khurana makes. But given her experience and her high position, her compensation is above average.
And that’s saying something. Depending on your education level and experience, average salaries have a large range. You could be looking at $70,000 as a low average, to $98,000 on the high end.
Starting salaries are anywhere between 45k and 67k.
If you want to follow in Remeshi’s footsteps, you need to get a relevant education. Then, build up your experience by getting any risk management position you can.
Those positions have a few names, like risk analyst, risk manager, and risk consultant. Work your way up the ladder like Remeshi did and give us more women in risk management to write about.
We can’t wait to see what you do! Have a question this article didn’t answer? Check out our frequently asked questions page here.