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Job Description And Average Salary Of Risk Managers In Nigeria

Job Description And Average Salary Of Risk Managers In Nigeria

Who is a risk manager?

A risk manager is a person who is in charge of managing an organization’s risks and reducing the negative impact of losses on the organization’s goals. Keep reading as we delve more into risk manager jobs in Nigeria. Their job description and average salary. Risk managers have traditionally concentrated on event risks, but some firms have expanded their responsibilities to cover other categories of risk (e.g. operational risks). 

The risk manager’s responsibilities include detecting risks, analyzing risks, selecting the appropriate approaches for treating identified risks, implementing risk management techniques, and evaluating and monitoring the program regularly. This person is also involved in the planning, organizing, leading, and regulating managerial operations of a business that deals with numerous sorts of risks.Another form of a risk manager is someone who oversees the organization’s financial risks. This person is usually a treasury department professional who is responsible for keeping certain key financial measures within acceptable limits. Interest rate risk, for example, is a bank’s most significant financial risk. The risk manager ensures that the bank’s exposure to interest rate volatility is adequately handled by employing various hedging tools and approaches, such as derivatives.

Qualities Of A Good Risk Manager

A good risk manager must have the following qualities as these qualities will help them stand out: Financial acumen, Analytical skills and an eye for detail, Industry and Market knowledge, Ability to endure and work under stress, Technical skills, negotiation skills, and the ability to influence people, Good communication and presentation skills, Holding academic credentials in Finance and Risk, Strategic thinking capability, Endurance to regulation, Networking ability

Brief Of A Risk Manager Job In Nigeria

 Risk Managers are being hired to give organizations advice on a variety of hazards (business, financial, legal, and security.). You’ll analyze potential hazards and devise strategies for avoiding and mitigating difficulties. You should be extremely attentive and analytical in this position. You should also be able to successfully explain and persuasively convey your plans. Employers looking for a risk manager will love to meet you if you have experience in risk assessment and financial analysis. Finally, you will ensure that the company’s reputation and profits are protected via risk management.

Job Description Of A Risk Manager

  • Conduct assessments to define and analyze possible risks
  • Evaluate the gravity of each risk by considering its consequences
  • Audit processes and procedures
  • Develop risk management controls and systems
  • Design processes to eliminate or mitigate potential risks
  • Create contingency plans to manage crises
  • Evaluate existing policies and procedures to find weaknesses
  • Prepare reports and present recommendations
  • Help implement solutions and plans
  • Evaluate employees’ risk awareness and train them when necessary

Requirements And Skills For A Risk Manager Job

  • Proven experience as a Risk Manager
  • Knowledge of risk assessment and control
  • Experience with auditing and reporting procedures
  • Familiarity with industry compliance standards and regulations (e.g. Occupational Safety and Health Act)
  • Strong computer and research skills; knowledge of analysis software is preferred (e.g. Statistical Analysis Software, or SAS)
  • Analytical mind with problem-solving aptitude
  • Excellent communication and presentation skills
  • BSc/BA in Law, Business, Finance, or a related field
  • Professional Risk Manager (PRM) certification is a plus

Average Salary Of Risk Manager Jobs In Nigeria

Based on Salary estimates from 8 people working as risk managers in Lagos, the average monthly salary for a Risk Manager in Nigeria is 474,000 Naira. Mid-level risk managers can earn up to 213,000 Naira while senior-level risk managers earn up to 630,000 Naira monthly.

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