The Essential Competencies of an Effective Risk Officer

skills of.a risk manager

Risk and internal audit expert Norman Marks recently expounded on the idea of what are the attributes of a great risk officer. “While for some situations, especially where a key decision is needed and multiple possibilities (and multiple effects) need to be carefully analyzed, quant methods such as modeling and Monte Carlo simulation are essential. But for many others, I can be quite comfortable with the use of informed and considered judgment. (Note that I emphasize informed and considered.) I especially like cross-functional workshops,” he wrote in a recent blog post.

Marks listed the following as his top wants in competencies of an effective risk officer:

  1. Knowledge of the business
  2. Understanding of the goals and objectives of the organization
  3. Communication and teamwork skills
  4. Empathy
  5. Common sense and judgment
  6. Understanding of performance management

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