Risk occurs every hour of every day within an organisation and can be one of the main obstacles to a business achieving their goals. A career in risk compliance can be incredibly rewarding should you seek a promotion path to senior roles. You can upskill to a supervisor position from an administration role, a junior risk management position or another role in risk compliance.
Here we discuss the skills and attributes needed to enter the next chapter of your career in risk compliance and ensure that you can be a valuable part of any successful organisation. Discover the essential components of risk compliance and how to upskill yourself to gain the promotion you’re seeking as a risk manager or supervisor.
What is risk compliance?
Risk compliance officers ensure that an organisation is running within the rules and regulations set to them by external bodies. It’s ensuring paperwork is filled out, document archiving is taken care of and meeting any other regulations that bind the company.
Daily, compliance officers minimise the risk for their organisation by researching, monitoring and maintaining regulations at the required standard. Compliance is different in every industry, but developing the skills of research, organisation, and communication will build a foundation that can assist in your transition from officer to manager.
The specific tasks that fall under risk compliance include maintaining incident management programs, completing operational risk reports, conducting internal audit reports and ensuring information privacy measures are in place to keep documents secure.
How to take the next step and be promoted to a risk manager
Risk Management is different from compliance in that it is more predictive. Compliance officers focus on ticking the boxes and keeping the company on the straight and narrow. Risk managers must predict and identify the risks, and organisation is likely to encounter and form plans and strategy to overcome risk.
Risk managers are a more qualified position. Diplomas in areas such as quality auditing and logistics are necessary tools in upskilling to the standards of a risk manager. A relevant diploma will build your knowledge of industry skills and set you apart from others competing for a risk management job.
A high level of initiative is required for risk managers and supervisors. They are tasked with seeking out unknown risks and putting in place strategies to circumnavigate them. Exemplary communication skills are necessary to educate employees across the entire organisation of their occupational risks, along with putting in place strategies to overcome and prevent these risks.
General risk manager skills fall into four key areas, outlined below:
Maintaining insurance and finance records for policies and claims
This is an area that is strengthened by your history in risk compliance, where securely keeping important documents is a crucial role.
Educate members of the organisation on risk
From board members to new employees, an entire business must be risk-conscious, so building relationships and communicating with people on all levels of authority is a vital skill for risk managers.
Supply sections of the organisation with in-depth analysis
This can be in the form of reports or advise on risk policies and models regarding operational risk, marketing strategies, and external risks to the business.
Evaluate, research and then recommend a strategy
Communicate suitable strategies on how businesses can overcome risk as well as recommending the amount of risk a company should be willing to take—also creating continuity plans to limit risk and Implementing health and safety methods.
Build the leadership skills necessary for a senior risk manager role
If you’re competent in identifying, predicting and remaining compliant with risk, then continuing to develop confidence in your leadership abilities is a wise place to start. A Diploma of Leadership and Management (BSB50420) will teach you how to get the most out of people through effective leadership.
A Leadership and Management Diploma will help you develop your emotional intelligence, foster positive workplace relationships and communicate with influence. You will learn successful strategies for performance management and optimisation, supporting recruitment, delivering financial plans and effectively implementing change management processes. All this will build the foundational leadership skills you’ll need to occupy a senior role in risk management.
How to be a risk manager
There are strong similarities between the daily duties of a risk compliance officer and a risk manager. The transition from risk compliance officer to management is a sensible pathway to progress into the phase of your career. When it comes to seeking out a promotion, upskilling your education is a sensible place to start.
A diploma course that can be completed in your own time, with a generous 24-month enrolment is an easy and efficient way of ensuring you’re armed with all the skills needed to be promoted and succeed as a risk manager.