Risk analysts evaluate data and create projections to protect their employers from economic risks. Different types of risk analyst jobs include financial, insurance, and political risk analysis. These jobs require specific education and skills, such as proficiency in resource management and technological knowledge. Fluency in foreign languages and knowledge of country-specific legal systems and business practices are also advantageous.
Risk analyst jobs are available in all business sectors. These risk managers protect their employers from potentially damaging economic situations by evaluating data and creating risk projections. The different risk analyst jobs include jobs that analyze financial, insurance, or political risks. Within each category are many specific types of risk analyst work, such as credit risk analysts and operational risk analysts.
Financial risk analysts identify risks that threaten the assets of commercial, public or industrial financial institutions. Credit risk analysts manage customer default risk and market risk specialists consider the effect of external forces on stock prices. Operational risk analysts analyze the likelihood of fraud or system failures. Regulatory risk analysts study changes in laws to predict future financial impact.
Financial risk analyst jobs require a minimum of a bachelor’s degree in finance or business. A Master of Business Administration (MBA) is preferred. Financial risk analysts must be proficient in resource management, sound business decisions, conduct research and statistical analysis, and present ideas in a cohesive and coherent manner.
Insurance risk analysts, also known as underwriters, consider the risks of offering insurance and the terms of the policies offered. Property insurance underwriters calculate the risks of a property being destroyed or damaged based on its location and other factors. Health insurers use an applicant’s age, family history and current health status to determine the risk of offering a policy.
These risk analyst jobs require technological knowledge. Most insurance companies use risk management software that changes frequently. Entry-level insurance risk analyst jobs require a college degree in accounting, finance, or business. Some companies may be willing to overlook a candidate’s educational background in favor of work-related experience.
Political risk analysts consider the effects of the political climate on an investor’s or company’s ability to make money. They study a government’s stability, a country’s currency, and even crime levels to make their projections. Clients interested in investing in a company in a specific country can employ political risk analysts for advice on managing potential risks.
Internships at politically risky companies often lead to job opportunities. Political risk analyst jobs typically require at least a bachelor’s degree and sometimes an MBA. Doctorates are often preferred in some political risk analyst specialties. Fluency in at least one foreign language is usually a must. Knowledge of country-specific legal systems and business practices is an advantage.
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