Risk management is an exciting and rewarding career, particularly in the energy industry. Companies depend heavily on their risk management professionals to help them decide what the right course of action is within projects as well as an overall business strategy. But knowing whether risk management is the right path forward for you can be tricky without a strong foundation in this area, to begin with. Luckily, there are many skills that are easily transferable from other roles similar in nature.
Risk Management is all about understanding and mitigating potential risks to project or business strategies. Professionals in this role are expected to lead and provide support to the management of the project through the facilitation of regular risk reviews at the contract and project level. They provide cost and schedule risk modeling, prepare detailed project risk reports as required for the reporting cycle, and are responsible for taking an active role in the continuous improvement of the risk management function. They demonstrate technical risk management acumen – including the building and running of detailed quantitative cost and schedule risk models and the interpretation of analysis results. They ensure that all program team members comply with the risk management plan, procedures, requirements of an assigned scope of work.
Here are the top skills you should have if you’re exploring a career in risk management.
Problem Solving Skills
Risk management is all about strategy. At higher levels, you may be asked to design risk management solutions and processes for an entire organization. It takes both thoroughness and creativity in your approach. This involves solving problems both big and small, but also thinking about all those times when you hit a roadblock, either in your daily life or in your professional life, and finding a solution despite the challenges you were faced with.
The cornerstone of risk management is analyzing risks, calculating their potential effects and balancing them against the company’s overall goals as well as their tolerance for risk (or lack thereof). Examples of such analytical skills can be gathered from a wide variety of professional backgrounds. If you’re a business student, social scientist or statistician, you should have experience analyzing statistical data. But analysis can come from many more experiences than just educational ones. Look to your experiences reviewing evidence to choose and support a conclusion for example. This can come from your professional history or even your home life. Analytics is a key tool that many people use in their day to day lives.
Communication skills are a huge part of risk management because a key need is to make sure everyone needs to understand any significant risks and the company’s risk management strategy. This means communicating with all different audiences, from the board of directors to individual employees. Communication skills are a common skill needed in a wide variety of professions. So when preparing to shift into risk management, make sure to think up good examples of how and when your communications skills have helped you pave the way forward for your team or organization.
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