Risk Management Professional
Risk management professionals seek to identify, analyze and document the risks associated with a company’s business operations, as well as monitor the effectiveness of risk management processes and implement needed changes. The risk management department focuses attention on companywide, operational, compliance, financial, technology and asset-related risks.
Benefits of the CFE Credential
Fraud risk affects all organizations. The CFE credential provides risk management professionals with the knowledge to detect and deter fraud by identifying unusual trends and fraud indicators in the organization’s processes and operations. Additionally, it ensures risk management professionals have the necessary tools to identify, assess, monitor and control fraud risk. Candidates who have earned their CFE credential are regarded as leading experts in the field, making them more preferential to many employers.The ACFE’s 2024 Compensation Guide for Anti-Fraud Professionals found that CFEs earn a 32% income premium over their peers without the credential, which demonstrates the value employers place on the credential. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth. The training, fraud resources and continuing education provided by the Association of Certified Fraud Examiners (ACFE) will help in any stage of your career path. Refer to the Compensation section below for more information about the compensation ranges for governance, risk and compliance professionals.
Job Description
Responsibilities for risk management professionals include:
- Establish and monitor key risk indicators, as well as implement corrective action plans to mitigate risks.
- Analyze transactions, internal reports and financial information for potential fraud risks.
- Maintain reports of significant risks and recommendations.
- Create policies, procedures and control assessments in response to identified risks.
- Evaluate the effectiveness of the company's internal control framework in addressing risks and accomplishing the company’s goals and objectives.
- Provide training and technical support to management and employees regarding risk management strategies and programs.
The risk management function of a company can be associated with many different titles, some of which include:
- Risk Analyst
- Risk Manager
- Risk Management Consultant
- Risk Control Supervisor
- Director of Corporate Risk Management
- Chief Risk Officer
Education
A bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields is usually required. One to two years of related experience is preferred. Professional certifications for risk management professionals include Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).Knowledge, Skills and Abilities
It is important to plan and conduct an honest self-assessment of your knowledge, skills and abilities. In particular, employers are looking for:
| Knowledge | Skills | Abilities |
|---|---|---|
| Risk management | Technical | Interpersonal |
| Risk assessment | Decision-making | Leadership |
| Internal controls | Judgment | Analytical |
| Corporate compliance | Execution | Written communication |
| Corporate governance | Computer | Verbal communication |
| Information systems security | Ability to problem solve | |
| Integrity | ||
| Organization | ||
| Attention to detail | ||
| Timeliness | ||
| Adaptability |
Compensation
Income level varies depending on education, experience and certifications. Download the 2024 Compensation Guide for Anti-Fraud Professionals, which benchmarks salary and benefits across several categories for Certified Fraud Examiners (CFEs) and other non-certified anti-fraud professionals around the world.