Risk assessors oversee the possible risks involved in company transactions and decisions. They also work to evaluate how to minimise the potential losses for a company because of new government regulations, policies, political and economic trends and currency fluctuations.
The advice of a risk assessor will determine company decision-making and business transactions. The typical day-to-day activities of a risk assessor include conducting research to evaluate the severity of risk of certain company decisions and policies. This can involve using statistical software. They may also recommend action such as insurance strategies to reduce the risk of company actions. Risk assessors also need to follow and be able to forecast market trends, purchase insurance and study government legislation to see how it will affect a company. They also come up with contingency plans in the event of an emergency.
Risk assessors work a typical 40-hour Monday to Friday week, although overtime is common and isn't compensated. While the job is typically office-based, it can also involve travel to other companies, which might require overnight stays. Freelance work may be available for those who have a large amount of experience and contacts. Most of the jobs in this industry are in large cities around the United States.
Candidates wanting to become risk assessors need at least a bachelor's degree in something related to the profession, such as economics, business or accounting. Some firms also require their staff to have master's degrees in finance or a Master of Business Administration (MBA), especially if they want to progress through the ranks of the company.
According to the Bureau of Labor Statistics, the industry is set to grow by 20 per cent through 2018. This is much faster than the national average for all jobs in the United States. Despite this fast growth, competition may be fierce for jobs in this sector with far more people looking to enter the industry than there are jobs available.
In 2008, financial analyst professionals, including risk assessors, earned an average salary of £47,547, according to the Bureau of Labor Statistics. The highest 10 per cent of financial analysts earned more than £91,695 a year. Risk assessors typically receive regular benefits such as health insurance, retirement plans and paid vacation.