The profession of Risk Manager
The Risk Manager is responsible for identifying, analyzing, and assessing potential risks and dangers that their company or clients may face. They operate on operational, financial, and strategic levels. Depending on the situation, they inform management of the measures to take to mitigate the identified risks.
The Risk Manager also ensures the legal security of their company. They must compare and contact insurance companies to negotiate the best coverage contract possible. Originating from Anglo-Saxon practices, the role of Risk Manager is growing in France, and candidates who understand its challenges are increasingly sought after by companies. Université Paris Dauphine – PSL has developed a Master’s in Control, Audit, and Financial Reporting with a specialization in Internal Audit and Risk Management to prepare students aspiring to become Risk Managers.
Role and responsibilities of the Risk Manager
The role of the Risk Manager is to identify factors that could hinder the growth and success of their company. This cross-functional position requires constant collaboration with the company's internal audit and control department. The Risk Manager can work in various sectors, such as banking, insurance, consulting firms, services, or research offices.
Daily tasks
Throughout their career, the Risk Manager is responsible for various tasks, such as:
- Analyzing, quantifying, and anticipating company risks
- Conducting technical and financial monitoring
- Negotiating with insurance professionals
- Monitoring market trends and regulations
- Developing strategic and financial plans
- Implementing necessary measures
- Communicating information to general or technical management
- Ensuring legal and financial security
Salaries and career progression
Depending on the sector in which they work and the size of the company employing them, a Risk Manager's salary can vary significantly. A beginner can expect a salary ranging from €33,600 to €50,400 gross annually. After several years of experience, a confirmed Risk Manager may earn a much higher salary, ranging from €51,600 to €84,000 gross per year.
Throughout their career, the Risk Manager has opportunities for advancement. They can become a Senior Risk Manager after gaining sufficient experience. With a deep understanding of risk issues in the financial and audit sectors, they may move on to high-responsibility positions such as Credit Director or transition to other roles like HSE Engineer, Quality Auditor, or consulting services.
Required skills
- Strong financial and legal knowledge
- Good command of English
- IT skills
- Strong analytical and summarizing abilities
- Persuasiveness
- Excellent adaptability
- Good stress management
- Communication skills
- Rigor and organization
- Teaching ability
What studies are required to become a Risk Manager ?
To become a Risk Manager, strong skills in finance, economics, and IT are essential for this profession. Therefore, obtaining a BAC + 5 level degree in law, finance, or audit is required. This will allow future Risk Managers to acquire all the technical skills and knowledge necessary for managing risks within a company.
Training to Become a Risk Manager at Université Paris Dauphine – PSL
Université Paris Dauphine-PSL offers a Master’s in Control, Audit, and Financial Reporting to help future graduates develop technical skills in accounting, big data, and the digitalization of the economy. Students aspiring to become Risk Managers will acquire all the necessary knowledge in the fields of management control and auditing.
Future Risk Managers will be fully prepared upon graduation, as reflected in the post-graduation employment rate: 100% of graduates from the Master’s in Control, Audit, and Financial Reporting find a job within an average of 3 months after completing their studies.