They can't say finance doesn't matter because they are in IT, or vice versa. To identify and estimate risks to a company, risk managers need to understand how the entire business works. Risk managers must invest their time to stay up to date on all changes and understand those updates. If there is one thing the government does well it is regulate. Managers need to know the costs in lost productivity, lost income and financial penalties - the latter of which can be crippling. Financial risk is what will get everyone's attention. Risk managers need to know the average cost of network outages and security breaches. They should be able to build relationships with other departments and superiors. Risk managers need to be able to build relationships - and not just with their immediate subordinates. This goes hand in hand with the previous skill. Risk management may require upsetting the apple cart, and managers need the respect of their team through challenges. Risk managers need good people and leadership skills to inspire and lead staff. People management and leadership skillsĪll the problem-solving skills in the world are useless if managers can't rouse the troops. So they need to like getting their hands dirty. While some risks may require passing the news on to someone above their pay grade, some will fall to the manager to solve. Risk managers also need to be able to solve problems. They also need to spot holes and weaknesses that others may have missed in the systems, infrastructure and other areas. Risk managers need analytical skills to collect data and make important decisions using that data.
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