Risks accompany us everywhere we go. But most of us are comfortable with taking chances with everyday things. However, most of us are not comfortable with taking large chances that promise huge rewards or huge failures. That's why risk management is such a vital component of the business community. With any given venture, it is possible to lessen the potential of failure and heighten your chances of success.
What is risk management?
In order for companies to grow, they must take certain risks. They must tread into unfamiliar waters and try untested avenues. Risk management is the science of identifying potential problems, analyzing possible risks, and determining what steps one can take in order to reduce those risks or mitigate their potentially harmful effects. It's a very precise process that does not allow a lot of room for error. Companies want to experiment, but they must do so wisely. This is where you come in. You help organizations test different scenarios, try new designs, and explore uncharted area, with as little risk as possible. As you can imagine, this requires pretty extensive business knowledge in addition to familiarity with whatever industry you are in.
Risk management training is essential
Unless you have formal training in risk management, you are essentially a risk yourself. Employers will not want to hire you unless you can demonstrate sufficient proficiency in this area. That's why earning a risk management degree is essential for this career. Most business schools offer risk management courses, but increasingly regular colleges and online schools are offering courses as well. Thus, there are many opportunities for you to secure the education you need in this career.
Publish date: February 10, 2011