Work Environment
Risk Analysts typically work in the following Career Sectors:
Videos & Interviews
Videos on the Web
- Risk Analyst- from: Youtube Search
The Work
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
- Risk Analyst - from: GradIreland
- Risk Analyst - 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 - 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.
Training & Development
FET Centre Traineeship: Business & Office Admin, Supervisory Management in centres around Ireland NFQ Level 5-6 Search FET Courses
FET PLC Courses: Business Management, Banking & Financial Services, e-Business Studies with Banking and Insurance, Commerce, Law, Compliance & Data Management, and Accounting at NFQ Levels 5-6 Search FET PLC Courses
Apprenticeship: Accounting, Financial services, Insurance Apprenticeships NFQ level 6-8 Search Apprenticeships
Higher Education CAO Entry: Business, Commerce, Economics, Maths & Statistics, Accounts & Finance NFQ Levels 6-8 Search CAO courses
Professional Development
Postgraduate Study Options Economic & Financial Risk Analysis, Finance - Banking & Risk Management, Financial Risk Management, Risk Management, Risk Management & Insurance, FinTech NFQ level 9
International Financial Services Skillnet Network
The 30% club: Growth Through Diversity
Irish Banking & Payment Federation
Last Updated: April, 2023
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
* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.
View Salary information from Indeed.ie
Note: data not aways available
Labour Market Updates - Risk Analyst
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)
- PO Box 11111 Glenageary, Co Dublin.
- 087 6392159
- [email protected]
- Click Here
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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
- LIA House, 183 Kimmage Road West, Dublin 12
- 01 - 456 3890
- [email protected]
- Click Here
