job postings risk analyst in canada

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risk analyst Jobs

all about risk management analysts

Companies are increasingly taking a proactive approach to how they do business, and risk identification and mitigation plays a big part of it. Risk management analysts work with companies of all sizes, and their primary role is to determine the level of risk for business strategies, helping companies make more informed and educated decisions about where to invest and the direction the company should take going forward.

what risk management analyst jobs entails

Working in physical or virtual offices, risk analysts do most of their work on a computer, as they apply mathematical models to risk. Some people with this title might perform tasks such as approving retail credit by applying approved criteria, while others may perform advanced statistical analyses to calculate risk. For some positions, overtime and travel might be required. Depending on the company for which you work, you may report to a risk management manager or director of risk management.

average risk management analyst salaries

Risk analysts make about $60,000 annually, on average, with positions starting at just over $40,000 for those new to this career. You can expect to make up to $90,000 per year. Bonuses, profit sharing and other benefits may also be part of your compensation package. Professionals with SAS skills, in particular, can command a higher salary.

your day to day tasks

Working with internal and external data, risk analysts assess the level of risk the company would assume by taking different actions and communicate their findings to other business units or management. You may also work closely with internal or external auditors. Some of your day-to-day tasks may include the following:

  • making recommendations to reduce risk or costs associated with risk
  • working with various internal departments to assess risk
  • performing research and analysis
  • developing contingency plans
  • analyzing market trends to identify potential risk factors
  • conducting statistical analysis to identify risks within your industry
  • advising management on risk factors that could impact the company strategic direction

where you can work

Risk management analysts are require in all industries, however, they are most commonly found in finance, business, sales, banking and insurance. Companies across Canada are in need of risk analysts, and there is an increasing need for professionals with these credentials in the technology sector.

what you bring to the table

All risk analysts must be able to work independently, yet communicate their findings to a less technical business audience. They must have great analytical skills, as their recommendations will influence important company decisions. Some of the required skills companies seek in risk management analysts:

  • SAS experience
  • risk control and risk management
  • financial analysis
  • strong business acumen
  • the ability to forecast and identify emerging trends
  • analytical and statistical analysis skills
  • data modelling and mathematics

training and certifications

Candidates are required to have a minimum of a bachelor's degree in Mathematics, Economics, Statistics, Finance, or other quantitative fields. A master's or Ph.D. degree is necessary for some positions in risk management. Most jobs require several years of experience in risk management and financial derivatives. Entry level jobs prefer some office or data processing experience.

Certification as a Chartered Financial Analyst (CFA), Financial Risk Analyst (FRM), or Enterprise Resource Manager (ERM) would be an asset in advanced positions, although expertise and credentials in math, statistics, and computer programming are skills many employers prefer for top positions. Bilingualism opens the door for more opportunities.

where your career is headed

Risk analysts can move into positions in financial management or corporate management. Some professionals also work as independent third party consultants or specialize in risk management within a specific industry. Some common job titles risk analysts seek in the future include senior risk analyst, director of risk management, and risk control manager.

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