Essay Sample on A Career Path in Risk Management

Published: 2023-03-21
Essay Sample on A Career Path in Risk Management
Type of paper:  Application letter
Categories:  Profession Professional development Risk management
Pages: 3
Wordcount: 627 words
6 min read

Risk management is an extensive area of study with various career paths. For one to become qualified and an expert in risk management, one needs over five years of experience in the related field including loss control consulting and insurance. In most cases, different firms offer pieces of advice on decisions related to the possible outcomes of investments, relationships, and activities. These firms often engage in the analysis of market trends, conduct due diligence, and develop strategies for various clients. Undertaking careers in risk management requires an understanding of various fields of study. First, there is a need for one to become familiar with project management and the risk associated with it. Also, risk management experts ought to have expertise in risk and insurance analysis. In some cases, risk managers may be generalists who cover different areas; on the other hand, they may become experts who major in a specific area of their profession. In either case, most of their responsibilities and duties are the same. They often implement, develop, and enforce procedures and rules that are meant to mitigate risks. They also tend to set policies concerning the security of data in collaboration with their respective firms.

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A career in risk management is essential for all business managers and those willing to undertake different management roles. I chose the risk management path because it is in line with my aspirations. Also, I developed an interest in it because it entails insurance concepts that are important when it comes to project management. As an individual who had dreams in project management, pursuing a career in risk management was a relevant process, given the skills and approaches that it adds to the already established skills. Risk managers play significant roles in ensuring an organization's fiscal health. Therefore, as an individual aspiring to become a project manager, I believe that having technical skills in risk management is vital in ensuring success while undertaking different projects.

While pursuing a career in risk management, my main goal is to develop a common understanding of different risks across multiple business units and functions so that I may be able to manage various risks cost-effectively in my career path on an enterprise-wide basis. Also, one of my main objectives is to attain a better understanding of risks for competitive advantage. In pursuing a risk management course, I wish to build safeguards against the earning-related surprises and at the same time, improve capabilities to effectively respond to the low probability as well as the critical, catastrophic risks. Through gaining knowledge in the risk management strategies, I intend to achieve cost savings through ensuring better management of both internal and external resources and at the same time, allocate capital more efficiently.

In every financial and project management, there is always the need to apply the risk management strategies to achieve a better outcome. Therefore, apart from enhancing skills, having knowledge and understanding of the risk management strategies can enable a person to develop effective management experiences, a scenario that may lead to the overall positive outcome in every project and the firms. Business risks are intrinsic in different elements. Usually, as enterprises create and execute strategies, they create and increase exposure to uncertainties. Therefore, managers ought to possess risk management skills to enhance operational processes. In every business, the risk management department often ensures that risk management is an essential part of business processes as well as the integral part of decision making. In the store department, there is a planned and systematic approach to the measurement, identification, reporting, control and the review of risks to guide the decision making processes to ensure the best utilization of resources, continuity in the service provision, thereby taking advantage of achievement and opportunities of corporate objectives and priorities.

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