29 November 2021
As goes the popular saying “No risks no gains”; a business must take risks to be in the race. Typically, an organization entrusts its unit leaders to manage and mitigate risks of their respective departments for example the CTO manage the risks related to IT and infrastructure, the CFO is responsible for resolving the financial risks while the CMO takes care of the risks related to sales, marketing, and customer care. However, this typical method of organizational risk management has certain limitations like:
These are some of the prominent demerits of traditional Enterprise Risk Management (ERM). To provide a holistic overview of managing the risks in an organization, a comprehensive formal course is essential.
A postgraduate diploma in ERM trains students in understanding all the aspects of organization-level risks. The entire course of PGDM in Enterprise Risk Management sets on the following rudiments:
Since enterprise risk management is all about recognizing any business threats and mitigation them, therefore one has to understand the risks that are pertaining in a specific industry of a designated demographic. Hence the role of a risk manager can either be at the org level or can be department specific. Here are some roles that are suitable for pass outs of PGDM in Enterprise Risk Management:
Enterprise Risk Manager – Responsible for maintaining streamlined operation across an organization, however, this role is not specific to a fixed business unit, because it being holistic.
Financial Risk Manager - This role is responsible for minimizing the financial risks of an organization. The role's area of operation includes Market risk, credit risk. Financial Risk Management (FRM) is emerging as a booming trade and massive career opportunities are expected in this sector in India.
Operational Risk Manager - It is the responsibility of the operational risk manager to avert or resolve any loss incurred due to the implementation of any faulty operational procedure. Managing risks of the Human resource department or the generic infrastructure of the organization is also a duty of the Operational Risk Manager.
Supply Chain Risk Manager - A streamlined supply chain is vital for the smooth operation of an organization, hence the role of a supply chain manager is to identify risks, measure their intensity and resolve any risk the supply chain is at. A supply chain risk manager additionally must supervise functions related to finance, HR, and the brand name of the organization.
Digital Risk Manager - With the global digitization boom, new risks have originated in regards to technology across the organization. The digital risk can arise in any segment of the business from finance to operation to supply chain. A Digital Risk Manager is responsible for mitigating any risks associated with technology, data privacy, or IT infrastructure, or for that matter any other department, that has been negatively impacted due to any digital threats.
We have described only a few of the probable job roles, however, the market is full of opportunities for Enterprise risk management. Some emerging roles are of
Professionals in risk management emerge from different backgrounds and industries. With high exposure from this program and depending on your score, you can land yourself a great job with great money. Even more, individuals can hop between international and national firms and lands by acquiring transferrable skills with experience in a risk management career.
The profession of Enterprise Risk Management is not industry-specific; you can work for any sector you feel. This job provides you tremendous exposure and accompanied by your academic qualification of PGDM in Enterprise risk management, you can be sure to land up in a great job role with a good salary!
