• Risk Management Professional

    Risk Management Professionals seek to identify, analyze and document the risks associated with a company’s business operations, as well as monitor the effectiveness of risk management processes and implement needed changes. The risk management department focuses attention on company-wide, operational, compliance, financial, technology and asset-related risks.

     

    Benefits of the CFE Credential

    Fraud risk is a major risk that affects all organizations. The CFE credential provides Risk Management Professionals with the knowledge to detect and deter fraud by identifying unusual trends and fraud indicators in the organization’s processes and operations. Additionally, it ensures Risk Management Professionals have the necessary tools to identify, assess, monitor and control fraud risk. The CFE credential is preferred by many employers, and candidates who have earned it are looked to as leading experts in the field.

    The ACFE’s global salary study found that CFEs earn a 30 percent income premium over their peers without the credential, which demonstrates the value employers place on the credential. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth. The training, fraud resources and continuing education provided by the ACFE will help in any stage of your career path. Refer to the Compensation section below for more information about the compensation ranges for governance, risk and compliance professionals.

    Job Description

    Responsibilities for Risk Management Professionals include:

     

    Establish and monitor key risk indicators, as well as implement corrective action plans to mitigate risks

    Analyze transactions, internal reports and financial information for potential fraud risks

    Maintain reports of significant risks and recommendations

    Create policies, procedures and control assessments in response to identified risks

    Evaluate the effectiveness of the company's internal control framework in addressing risks and accomplishing the company’s goals and objectives

    Provide training and technical support to management and employees regarding risk management strategies and programs

     

    The risk management function of a company can fall under many different titles, some of which include:

     

    Risk Analyst

    Risk Manager

    Risk Management Consultant

    Risk Control Supervisor

    Director of Corporate Risk Management

    Chief Risk Officer

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    Education

    A bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields is usually required. One to two years of related experience is preferred. Professional certifications for Risk Management Professionals include the Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).

    Knowledge, Skills and Abilities

    It is important to plan and conduct an honest self-assessment of your knowledge, skills and abilities. In particular, employers are looking for:

    Knowledge 

    Risk management

    Risk assessment

    Internal controls

    Corporate compliance

    Corporate governance

    Information systems security

     

    Skills 

    Technical

    Decision-making

    Judgment

    Execution

    Computer

     

    Abilities 

    Interpersonal

    Leadership

    Analytical

    Written communication

    Verbal communication

    Ability to problem solve

    Integrity

    Organization

    Attention to detail

    Timeliness

    Adaptability

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    Compensation

    Below are compensation ranges by several different governance, risk and compliance positions taken from the 2013/2014 Compensation Guide for Anti-Fraud Professionals:

     

    Compensation GRC 

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