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Salary Of Risk Manager In Nigeria

Salary Of Risk Manager In Nigeria

A risk manager job is one of the most rewarding entry-level jobs in finance. As a risk manager, you can find yourself working with world-class financial institutions. If you are interested in working as a risk manager, this post is for you as we will be talking about the job description and average salary of a risk manager in Nigeria. 

Who Is A Risk Manager?

A risk manager is a professional responsible for managing an organization’s risks and minimizing the adverse impact of losses on the achievement of the organization’s objectives. Risk managers traditionally concentrate on event risks, but some businesses have expanded the scope of the position to cover additional categories of risk (e.g., operational risks). 

The responsibility of the risk manager includes risk identification, risk assessment, risk treatment technique selection, and implementation, as well as ongoing program evaluation and monitoring. In a company that manages many sorts of risks, this person is also involved in the managerial procedures of planning, organizing, leading, and managing such activities.

A risk manager also establishes the company’s risk appetite in addition to knowing the organization’s risk. This is accomplished by creating ways to reduce, get rid of, or transfer the risk. Some dangers are negligible because they have negligible effects or have a low likelihood of happening. The corporation may just take such risks, or in other words, they may decide to do so.

However, other risks need to be reduced or transferred via insurance. A risk assessment is used to quantify and communicate threats and risk factors. Risk management experts utilize risk assessments as a method to evaluate known risk factors and compare them to known probable consequences. A risk assessment is used to create suitable risk-reduction strategies. Risk managers must be prepared to advise firm leadership on a potential course of action when dangers such as severe weather, natural catastrophes, civil unrest, and potential competitor mergers and acquisitions are taken into account. The risk manager may be able to rely on feedback from peers and subordinates in firms with sufficient staff, including:

  • Cyber risk specialists
  • Security director
  • Chief information officer
  • Threat intelligence specialists
  • Chief resilience officer (commonly found in municipalities) 

Risk managers use the findings of financial risk analysts regarding the degree of risk involved when making decisions and developing strategies. Financial risk analysts gather and assess data. Risk managers use a combination of project management and proposal development to create plans to reduce and mitigate undesirable financial consequences.

Financial risk managers may specialize in a variety of risk areas, such as:

  • Credit Risk
  • Transaction Fraud Risk
  • Liquidity Risk
  • Tradeable Risk
  • Interest Rate Risk
  • Market & Price Risk

Risk Manager Job Titles/Designation

Within an organization, a risk manager designation can fall under different job titles which include:

  • Risk Analyst
  • Insurance Analyst
  • Loss Control Representative
  • Risk Consultant
  • Risk Control Consultant
  • Risk Management Consultant
  • Risk Manager
  • Business Risk Manager
  • Corporate Risk Manager

Job Brief Of A Risk Manager

Organizations need risk managers to provide them with guidance on various risks (business, financial, legal, and security.) Potential hazards will be identified, and you’ll take measures to stop and lessen issues. You should be extremely observant and methodical in this position. Additionally, you should be able to persuasively articulate your plans and communicate efficiently. 

We’d like to meet you if you have a background in financial analysis and risk assessment. As a risk manager, you’ll make sure that risk management helps our business maintain its reputation and profits.

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 Needed 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 A Risk Manager In Nigeria

Based on salary estimates of 7 risk managers in Nigeria, the average monthly salary for a Risk Manager in Nigeria is 474,000 Naira. A senior-level risk manager can earn up to 630,000 Naira monthly. 

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