Role of Risk Manager in Managing Risks

Risk Manager is a person responsible for the implementation of risk management process and for eliminating the risk to maximum extent. The risk manager has a vital role to play in supporting the board or other management, ensuring that there are eyes and ears across the organization and often that there is a lateral risk view taken of  an idea or process. Using their skills of working with and bringing together people at all levels, the risk manager can ensure that the risk of unexpected loss is recognized, measured and managed.
Risk Managers are more than just a safety officer and insurance buyers. Risk managers are the ‘Professional Warriors’ in the area of risk. They bring skills and tools with them that can address the concern in professional and structured way. Ability to work with colleagues’ right across and down the organization in necessary for achievements of objectives set out by risk manager.

The major functions of risk manager include protecting the firm against liquidity, market, credit, operational and legal risks. Protecting the financial industry from systematic risks is also the responsibility of a risk manager. Protecting the customer’s from fraud, forgery etc and protecting firm from adverse reputational risks are some of the major responsibilities of risk manager.

Role of risk manager can be listed in following five points:-

1- Security of all types of physical assets, operations, information, people and fraud.

2- Preventing from Damage to assets including reputation from a variety of causes.

3- Protection of employees and visitors. Compliance with health and safety rules.

4- Management of the risk transfer program and of insurance portfolio

5- Business Continuity Planning is also the responsibility of risk manager.