Enumerate the major roles and responsibilities of RISK MANAGERS in the

company. In what way are their duties significant to the overall success of the
organization?

ROLES AND RESPONSIBILITIES OF RISK MANAGERS IN THE

COMPANY:
 Use the strategy document, financial model, business plan or the
budgeting model to determine key assumptions made by the
management.
 Perform a classic risk assessment to determine whether all significant
risks were captured in the management assumptions analysis
 Review existing management and financial reports, industry research,
auditors' reports, insurance and third party inspections, as well as
interviews with key employees
 managers should work with the process owners, internal auditors and
utilize internal and external information sources to determine the
ranges of possible values and their likely distribution shape
 Designing and implementing an overall risk management process for
the organization, which includes an analysis of the financial impact on
the company when risks occur
 Performing a risk evaluation: Evaluating the company’s previous
handling of risks, and comparing potential risks with criteria set out by
the company such as costs and legal requirements
 Establishing the level of risk the company are willing to take
 Preparing risk management and insurance budgets
 Risk reporting tailored to the relevant audience. (Educating the board
of directors about the most significant risks to the business; ensuring
business heads understand the risks that might affect their
departments; ensuring individuals understand their own accountability
for individual risks)
  Explaining the external risk posed by corporate governance to
stakeholders
 Creating business continuity plans to limit risks

Risk management is an important part of the management strategies of

all entrepreneurs. Without a risk manager in an organization, it might be
unlikely for an organization to identify risks that might affect the business in
the future. They set up procedures to avoid the risk, minimize its impact, or
at the very least help cope with its impact. The ability to manage risk will
help companies act more confidently on future business decisions. Their
knowledge of the risks they are facing will give them various options on how
to deal with potential problems. When an organization sets targets without
taking the risks into consideration, odds are they will lose momentum if any
of those risks affect the business. Risk management jobs are very rewarding,
primarily because a risk professional plays a crucial function in an
organization. They are also rewarded well in financial terms. However, the
job can also be challenging especially when there are turbulent risk factors
that affect the firm. Nevertheless, the risk manager is currently one of the
well-respected positions in firms and companies.