Risk Management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability of unfortunate events. Risk management relates to various sectors of work and business, such as financial markets, project failures, legal liabilities, credit risks, accidents, natural disasters as well as artificial adversaries. The strategies to manage risk includes transferring risk to other parties, avoiding risk, reducing the negative effect of the risk, and accepting some of the results of a particular risk.

Duties of Risk Management

Risk Management has huge roles to play in today’s world in order to maintain stability. One of its primary roles is to provide solutions to all kinds of problems and disputes between different parties. Some of the duties of risk management are:

• It should create value.
• It should be an integral part of any organizational process.
• It should be a part of the decision making.
• It should be systematic and structured.
• It should be transparent and inclusive.
• It should be dynamic and responsive to change.

Risk Management Courses

Risk management courses are generally very unconventional and unorthodox. Such courses do not have any rule book or specific guidelines. These courses are still in the preliminary stages in India. These courses do not have much popularity among the youth of the nation. So, part time risk management courses are much more in demand than full time courses.

The risk management courses are offered at bachelor’s degree, engineering degree, master’s degree, and at doctoral levels. The risk management education also comes in other formats like job training and professional or educational development.

Advantages of Risk Management Courses

Risk management courses are preferred because of the following reasons.

• They consume less time in comparison to the full time courses.
• They provide with real-life like experiences in the classroom.
• They are convenient for the college students and office going people as the classes are held during early morning hours or late in the evening.
• They also provide with internship programs for preparing the students to face the real world.
• The course does not require extensive research work.

The students also do not have to spend too much time doing rigorous study, as these are very objective courses.

Career Opportunities

With the huge growth and all round development of the country in all spheres, the job opportunities in the field of risk management are rapidly expanding. Risk managers are in demand as they have the knowledge of processes, construction of systems and planning of decisions. Risk managers are hired to manage the financial crisis of a business, ups and down of the market, etc. A few job profiles for these candidates are business analyst, senior consultant, risk analyst, manager, consultant, and so on. They are needed in both private and public sectors.