Work Environment
This occupation is typically found in the following Career Sector(s):
Videos & Interviews
Videos on the Web
- Risk Analyst- from: Youtube Search
Working Life
Risk Analysts typically specialise in one of four main risk categories:
- Credit
- Market
- Regulatory or
- Operational
Risk analysts need to keep track of developments in the economy alongside financial assessments, to identify any potential repercussions or implications for their clients. They do this by studying investment approaches or business plans, researching market conditions, and analysing broader investment trends.
Having identified potential risks, the Risk Analyst recommends strategies to avoid or minimise the risk. Though some risk Analysts work as consultants, typical employers are financial institutions. Clients require daily monitoring of risks to their assets, credit and business status as well as long term analysis of potential future risks.
Most commonly reported Work Tasks
- Analyse areas of potential risk to the assets, earning capacity, or success of organisations.
- Analyse new legislation to determine impact on risk exposure.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
- Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
- Consult financial literature to ensure use of the latest models or statistical techniques.
- Contribute to development of risk management systems.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Develop contingency plans to deal with emergencies.
- Develop or implement risk-assessment models or methodologies.
- Devise scenario analyses reflecting possible severe market events.
Further Information
- Financial risk analyst- from: GradIreland
- Risk manager- from: GradIreland
Qualities - Risk Analyst
Risk analysts will generally need excellent math and IT skills, to carry out complex forecasts or assessments.
The job requires an analytical mindset capable of thinking about an issue from multiple angles and requires an expertise in the market or region which the business operates. As anticipating risk requires assessing potential issues the Risk Analyst will need to be proactive.
Risk analysts generally deliver many presentations and draft reports, through which they spread their analysis and conclusions throughout their organisation. This means Risk Analysts will need to excellent writers and speakers, it will also help to be a good team worker and to have the interpersonal skills necessary to convince people to heed your assessments.
Interests - Risk Analyst
This occupation is typically suited for people with the following Career Interests:
Investigative
The Investigative person will usually find a particular area of science to be of interest. They are inclined toward intellectual and analytical activities and enjoy observation and theory. They may prefer thought to action, and enjoy the challenge of solving problems with sophiscticated technology. These types prefer mentally stimulating environments and often pay close attention to developments in their chosen field.
Enterprising
Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.
Administrative
Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.
They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.
Entry / Progression - Risk Analyst
A career as a risk analyst is potentially open to graduates of many degree disciplines, but increasingly, employers are specifying numerate business-related subjects, especially in statistics, business analysis or data analysis.
Postgraduate degrees or short courses, whether in risk analysis specifically or in related fields such as data analysis, strategy, or finance, are important for career development. An MBA can be a development in this career, especially one with a specialisation in a topic such as international business, business analysis, or financial analysis.
Relevant work experience in finance or a related area is valuable, especially as the job will require a knowledge of how the industry works.
Sample Education and Training Pathways
A number of courses are available throughout the country that focus on learning and skills that may be useful for this career. The examples and links below may guide you in your research.
Further Education (FET)
Further Education & Training (FET) Courses are delivered by local ETBs, ranging in duration from several weeks up to 20 months. Courses are designed to meet the labour market needs and often include a large element of work experience.
Example search terms include: business, office admin, supervisory management.
Search for FET Courses
PLC Courses (FET)
PLC courses are full-time courses, one or two years duration, with awards at Level 5 and 6 on the NFQ. They are offered nationally in Schools and Colleges of Further Education.
Example search terms include: business management, banking, financial services, e-business studies with banking and insurance, commerce, law, compliance, data management, accounting.
Search for PLC Courses
Apprenticeships:
Apprenticeships are structured work-based training programs that combine on-the-job training with classroom instruction. They run from 2 – 4 years and are open to individuals of all ages, including school leavers, those seeking a career change, and existing employees who wish to upskill.
Examples: Accounting, Financial services, Insurance.
Search for Apprenticeships
Higher Education CAO (Undergraduate)
Higher Education courses at Levels 6 to 8 on the NFQ, delivered in Universities and Technological Universities & Institutes. Courses run from 2 – 5 years and places are allocated on a points-based system, processed by the Central Application Office.
Example search terms include: business, commerce, economics, maths, statistics, accounts, finance.
Search for CAO Courses
Higher Education (Postgraduate)
Postgraduate courses are courses at Levels 9 and 10 on the NFQ and usually last 1 – 2 years full time, or longer if a PhD or part time. Entrants typically require an undergraduate award (Level 8).
Example search terms include: economic and financial risk analysis, finance, banking and risk management, financial risk management, risk management, risk management and insurance, FinTech.
Search for Postgraduate Courses
Professional Development
Professional development (CPD) courses are specialised training, formal education, or advanced professional learning that improves skills, professional knowledge, competency, and overall effectiveness in the professional world.
- International Financial Services Skillnet Network
- The 30% club: Growth Through Diversity
- Financial Services Union
- Irish Banking & Payment Federation
Check the Useful Contacts tab on this page to see if there are any professional bodies listed who may provide training related to this career.
Pay & Salary - Risk Analyst
Salary Range (thousands per year)* €30k - €80k
Salaries vary based on employer, location, experience, duties, and role.
Data Source(s):
CPL / Morgan McKinley/ Brightwater/ Sigmar/ Lincoln/ Azon/ Osborne
Last Updated: July, 2024
Labour Market Updates - Risk Analyst
Note: The following information relates to occupations that include: Actuaries; economists and statisticians; Business and related research professionals Business; research and administrative professionals n.e.c.
This information has been derived from the Solas National Skills Bulletin (2023).
The strong employment growth for this occupation can be attributed in large part to changes in the LFS methodology in 2017, although employment has increased annually since then, albeit in small numbers.
The public administration and defence sector accounted for the largest share of employment at approximately two-fifths. Employment permits issued in 2022 were primarily in the financial activities and ICT sectors in roles including actuaries, data scientists and risk analysts. The Recruitment Agency Survey cited vacancies for data scientist engineers and actuaries as difficult-tofill. While demand exists for these roles, the numbers involved are likely to be small.
Useful Contacts - Risk Analyst
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Chartered Financial Analysts Society Ireland (CFA)
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Insurance Ireland
- Insurance Centre, 5 Harbourmaster Place, IFSC, Dublin 1, D01 E7E8
- (01) 676 1820
- [email protected]
- Click Here
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LIA
