BHU Varanasi
- Fees: ₹ 5514
What is Risk Management
The process of identification, evaluation and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor and control the happening of mishaps is called risk management. It is an important branch as it protects an organisation and saves money.
Risk management provides a safe and secure environment for all the employees and customers of an organisation. The stability of a business is increased, and legal liability is decreased. Establishing context, risk identification, risk analysis, risk assessment and evaluation, risk mitigation, risk monitoring are all steps in risk management. Jobs in risk management involve extensive planning, and the pay is high and incredibly diverse careers are available in risk management.
Banking and insurance, logistics and aviation, infrastructure, space level, public health and construction sectors recruit risk management graduates. Risk management can be pursued in various colleges across India and abroad.
Eligibility Criteria (UG & PG) of Risk Management
Undergraduate Level
Students have to fulfil the following criteria to enrol into undergraduate risk management courses. The criteria may vary from college to college and university to university.
Students must have cleared class 12 with at least 50% marks.
Some of the colleges conduct their examinations for selecting students for undergraduate risk management courses.
Students who qualify the entrance examination are called for an interview and granted admission.
Postgraduate Level
At least 50% of marks in 10 and 12 standards are required.
An Undergraduate Degree in the relevant field from a recognised university with no back-logs.
Clearance of entrance exams such as CAT/MAT/XAT is needed. Direct admissions are available but expensive.
Entrance Exam for Risk Management
Symbiosis Entrance Test (SET)- Symbiosis Entrance Test is conducted by Symbiosis International to grant admission to symbiosis institutes. SET is conducted to offer undergraduate courses in management, law, engineering, economics, and design. Undergraduate risk management courses are offered for those who clear SET. It is conducted online, only multiple-choice questions with no negative marking.
CMAT- Common Management Admission Test is an aptitude test conducted by the National Testing Agency for admission into MBA/PGDM courses across India. CMAT is conducted online for three hours. CMAT is organised once a year in January.
CAT- Common Admission Test is conducted to offer postgraduate courses in various departments. Candidates must hold a bachelor’s degree with 50% marks to appear in CAT. It is conducted in online mode and comprises multiple choice and TITA (Type in the Answer) questions.
GMAT- Graduate Management Admission Test is a computer adaptive organised to assess writing, analytical, quantitative, verbal and reading skills in English for admissions in MBA and other graduate management programs. It is a computer-based adaptive test conducted for 3.5 hours.
GRE- Graduate Record Examination is conducted for students who want admission to MS courses in diverse fields. The exam tests the verbal, reasoning and quantitative ability of the candidate. The duration is 3 hours and 45 minutes and is conducted online and offline.
College Predictors VIEW ALL
Scope of Risk Management in India and Abroad
Candidates with stellar communication skills and ability to handle customers are suitable. Basic knowledge about the industry and specialisation skills in credit appraisal is necessary for students. Aptitude skills are needed for risk management because they are used in managing huge loan files. Understanding of foreign exchange is one of the basic requirements for aspirants.
Businesses and organisations worldwide work towards minimising risks and controlling the negative impacts that arise, though risk management.
From hospitals to the sport, insurance to logistics, and security to lodging successfully manage risks to help the nation grow into a superpower. Risk management transforms the impending risks into business opportunities through planning and implementation of solutions.
The importance of risk is recognised now by all, and risk managers are attaining positions in the senior management level. Risk management courses strengthen your management skills and help you chart ideas to lift the economy. Specific financial planning, financial decision making, budgeting, costing and investment are the basis for finance.
This helps you get jobs in the corporate sector, real estate, investment, banking and all other industrial segments.
Course Fees Risk Management
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| UG |
6.45 Lakhs
B.B.A in Risk Management at Manipal Academy of Higher Education, Manipal
|
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Data not available
|
6.75 Lakhs
B.Com(Hons) in Risk Management at Jain Deemed to be University, Bangalore
|
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Data not available
|
| PG |
20.00 K
P.G.D in Risk Management at CMJ University, Shillong
|
5.51 K
MBA in Risk Management at Banaras Hindu University, Varanasi
|
12.70 Lakhs
P.G.D.M in Risk Management at International School of Business and Media, Pune
|
2.10 Lakhs
MBA in Risk Management at School of Insurance Studies, National Law University, Jodhpur
|
| DIPLOMA |
14.90 K
Diploma in Risk Management at Indian School of Business Management and Administration, Chennai
|
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Data not available
|
14.90 K
Diploma in Risk Management at Indian School of Business Management and Administration, Kochi
|
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Data not available
|
Course Subjects
Undergraduate studies in risk management are three-year courses. Syllabus and subjects depend upon the institution and college. Subjects included in the course are mentioned for reference.
Principles of Management
Principles of Accounting
Managerial Statistics
Legal Environment of Business
Research Method
Disaster Management
Salesmanship
Financial Institutions
Indirect Tax
Industrial Relations
Operations Research
Marketing
Business Analytics
Human Resource Management
Postgraduate studies add extra value to the student’s portfolio. Subjects in MBA risk management that last for two years. Subjects included in MBA risk management are,
Liability Insurance
Agricultural Insurance
Marine Insurance
Life Insurance
Fire Insurance
Investment Planning and Management
Marketing of Financial Services
Careers in Risk Management
Risk Management is undeniably a broad field with many career options. To become a risk manager, one needs about 5 years or more work experience. Salary varies depending upon the career and responsibilities.
Financial risk management companies are eagerly looking for financial risk managers. The best way to enter into a good company is to prove that you are capable for the position.
Career depends on how you have graduated, how much work experience is with you, and which branch of risk management you choose. Risk management is one of the most wanted careers on the planet. The minimum requirement for a risk manager is a bachelor’s degree in finance, accounting, or any other field.
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Upcoming trends
Cybersecurity- Cyber attacks can damage a business’ reputation and lead to legal issues, eventually ruining the financial stability. High profile victims of cyber attacks have been witnessed these days. Prevention has to be taken to avoid cyber-attacks. Hence, cybersecurity professionals have sought after.
Artificial Intelligence/Robotic Process Automation- AI is designed to improve the customer experience, for example, chatbots. Robotic process automation is designed to remove the risk of human error through specific rules to complete tasks. Robotic process automation and artificial intelligence take time to be set up, but once RPA is set up, the benefits are more and work becomes efficient.
Cloud Technology and Risks- One of the leading ways to digitisation is called cloud technology. As cloud technology is an emerging trend, the benefits are high, and the risks are so as well. More data is power and keeping it safe in principle. As a risk manager, you need to frequently check and monitor data protection plans and test privacy functions on the cloud.
Job Profiles and Top Recruiters
Job Profiles in Risk Management
Talented risk managers are always in demand, and the risk management sphere has distinguished job profiles for students with specific interests. Job profiles and their description are given for reference,
Job Profile | Description |
Risk Manager | Risk manager provides hands-on development models involving market, credit and operation risk. A risk manager assures controls are operating effectively and provides support through analysis of data. |
Insurance Regulator | Preserves and monitors the financial solvency of insurance companies. |
Consultant | Identifies analyses and monitors risks. Solutions are created by risk management consultants for potential clients. |
Employee Benefits Manager | Benefits are recommended for management by studying employee requirements and trends. Management decisions are supported by employments benefits manager by analysing benefit options and predicting future costs. |
Insurance Representative | Sells insurance policies, calls and meets with clients to grow customer base. Information about clients is gathered by insurance representatives and matches them with the policies they offer. |
Insurance Claim Adjuster | Collects information from various sources and determines insurance liability based on property or personal damage. |
Evaluates and manages on financial risks. Financial costs of risks and uncertainty are analysed by an actuary. |
Top Recruiters in Risk Management
Academic institutions, Insurance companies, research consultancy firms, banking and financing institutions, corporate banking, corporate finance, credit risk management and derivatives structuring are top recruiting areas for risk management.
Vantage Insurance Brokers
HDFC Standard Life Insurance
Wizkid Consultants and Financial Services
Educational Institutions
ICICI Prudential
SBI Life Insurance
Tata AIF life
Birla Sun Life
Om Kotak Mahindra
ING Vysya Life
Crypsis
Reliance
Bizsol India Forex Services
Average Salary
An early career in risk management with 1-4 years of experience can yield an average of seventy thousand dollars. The salary is about ninety thousand dollars for professionals with 5-9 years of experience. Average salaries for the most desired positions in risk management is given for reference
Job Profile | Average Annual Salary |
Risk Manager | Rs. 7-9 lakh p.a. (Approx.) |
Risk Management Consultant | Rs. 7-10 lakh p.a. (Approx.) |
Insurance Regulator | Rs. 2-6 lakh p.a. (Approx.) |
Actuary | Rs.7-10 lakh p.a. (Approx.) |
Employees Benefits Manager | Rs. 7-9 lakh p.a. (Approx.) |
Insurance Representative | Rs. 1-3 lakh p.a. (Approx.) |
Insurance Claim Adjustor | Rs. 2-4 lakh p.a. (Approx.) |
Required Skillset for Risk Management
Analytical Skills- To manage, assess and predict risks, analytical skills are essential. Analyzing and collection of data are used to make strategic and rough decisions. Going through the data to check whether there are any loopholes and need for further research is done by perfect analysts. The desire to go through lumps of data and get a clear picture needs analytics.
Problem Solving Skills- If potential risks are found, risk managers must be curious enough to look through to gain solutions. They must crave for problems and solve them with real answers and strategic solutions. You must think about all possibilities and come up with solutions and look at the opportunities as well.
Communication- Building relationships between several departments, groups and stakeholders is important to manage risks. The ability to produce risk reports demands communication, attending meetings and work as a team or board.
Working under Pressure- Managing risks can be stressful as it involves huge issues, problems and issues dealing with money. Only passionate people with patience and will to face such issues can survive.
Course Curriculum for Risk Management
Risk management courses impart fine knowledge in essential business disciplines and predicting risks. The course focuses on the insurance industry and keenly based on risk management.
Strategic planning, actuary science and topics that cover the effective management of the insurance industry are included.
Undergraduate courses are for three years, and postgraduate courses are for two years. Skills regarding communication and framing reports are taught.
The course effectively prepares students for the insurance industry with a curriculum of courses dealing with business.
The degree makes students understand the present and future problems in the financial and insurance world. Interested candidates can pursue higher studies in risk management research. Higher studies graduate open ways for much better opportunities.
Aptitudes needed to contend in the worldwide economy are put forth to students. Bottom financial knowledge is acquired by the candidate. Relevant business practices are understood well by the students after completion.
Popular Risk Management Entrance Exams in India
Popular Risk Management Colleges in India VIEW ALL
Manipal Academy of Higher Education (MAHE)
- Fees: ₹ 612000
- Exams: MET
Jain University
- Fees: ₹ 675000
Amity University, Noida
- Fees: ₹ 107000
CMJ University, Shillong
- Fees: ₹ 20000
Frequently Asked Questions (FAQs)
Question: How to become a hospital risk manager?
Answer :
With a basic understanding of what risk management is, one can enter into the healthcare world through practical experience and education. Common educational backgrounds include insurance, clinical/nursing, medical and law.
Question: How to start a career in risk management?
Answer :
The most common way to start a career in risk management is to pursue a bachelor’s degree in finance or finance-related degrees like statistics or risk management. This takes four years to complete.
After successful completion of the degree, students can enter into the industry and start their career in risk management. However, it takes five or more years of work experience to earn the title of risk manager.
Question: What are some best certifications in risk management?
Answer :
Certified in Risk and Information Systems and Control (CRISC), Certified in the Governance of Enterprise IT (CGEIT), Project Management Institute Risk Management Professional (PMI-RMP), Information Technology Infrastructure Library (ITILExpert), and Certification in Risk Management Assurance (CRMA) are few of the best certifications in risk management.
Question: Where can one pursue risk management courses in India?
Answer :
Many universities and colleges offer risk management courses among the top colleges and universities offering risk management are the following.
International Postgraduate diploma in risk management- IIRM, Hyderabad; Aligarh Muslim University, Aligarh, International School of Business and Media, Pune, University of Jammu, and CMJ University, Shillong.
Question: Is risk management a good career?
Answer :
Presently, a career in risk management is a fantastic way to come out of the shell and find ourselves globally.
They also have a considerably good salary if they have correct degrees. Apart from the good salary, bonuses and packages such as flexible spending account, health, dental and vision insurance are available.
Questions related to Risk Management
Showing 27 out of 27 Questions
88 Views
strategic Management or Risk Management... which one is better ???
28th Feb, 2022
Hello aspirant,
Hope you are doing well...!!
Strategic Management is the method involved with defining objectives, methodology, and targets to make an organization or association more aggressive. Commonly, essential administration takes a gander at actually sending staff and assets to accomplish these objectives.
Example of Strategic Management includes procedure incorporating item methodology, advertising system, human asset technique, and monetary system. The utilitarian procedure is worried about fostering an unmistakable capability to give a specialty unit an upper hand.
Risk Management is a cycle that permits individual gamble occasions and generally speaking gamble to be perceived and overseen proactively, upgrading accomplishment by limiting dangers and augmenting amazing open doors and results.
Risk management is the term applied to a consistent and efficient technique for laying out the unique situation, recognizing, investigating, assessing, treating, observing, and conveying changes related to any movement, capacity, or cycle that will empower associations to limit misfortunes and augment potential open doors.
Now, go for that which suits you.
Hope this helps you!
All the best!!
Answer later 36 Views
Risk Management courses online
17th Feb, 2022
Hi,
Hope you are doing great.
Yes, you can do various risk management courses online on the platform of udemy, Coursera, etc. Some of the courses are paid and some of them are free. I am listing down some of the courses of risk management below.
- Hazard Identification and risk assessment and risk control.
- Introduction to Risk management.
- The psychology of risk for traders.
- Risk management 101.
- Risk management techniques for the global risk professionals.
- Risk Management in Banking and Finance.
- Certified Risk Management Professional - CRMP
Hope this helps.
21 Views
free Risk Management courses online
Student Expert
17th Feb, 2022
Dear aspirant,
You can do free Risk Management courses through online mode.
Best online platforms:
- Coursera
- Udemy
- Coursesity
- Alison, etc.
Best Online Risk Management Courses are listed below.
Risk Management in Global Academy
Risk Management in Banking and Finance
Learn Risk Analysis, Evaluation & Assessment - from A to Z
Introduction to Cyber Security and Risk Management
Financial Engineering and Risk Management
Risk Management for Cybersecurity and IT Managers
Introductory Risk Mangement Course
Certified Risk Management Professional - CRMP
I hope this information will help you.
Best of Luck!!
115 Views
is global risk management institute worth it ??
10th Jan, 2021
Hello applicant,
*The Global Risk Management Institute, gurugram is good also in risk management It provides some very good courses , where has the faculty members are high-qualified in respective with there subjects . Students will able to get wide range of internships in the institute which include the companies like: Deloitte, Pepsi, HT Media, etc. visiting the campus. The highest package offered was 9 Lakhs per annum.
Finally i wanna say that If you want to study the i Risk Management courses than go for it .
*Where has the duration of this course is 1 Year and total fees is 8.25 Lakhs
*For more information you can visit our link which is mentioned below:-
https://www.careers360.com/colleges/global-risk-management-institute-gurugram
Hope it helpful
91 Views
pros and cons of global risk management institute.
4th Jan, 2021
Hello Dipankar,
Global Risk Management Institute (GRMI) pioneers in providing education related to Risk Management and ensuring a successful career in Risk Management Market which is growing at a fast rate.
The institute provides opportunities and experiences that build a community, help you grow personally and professionally, and create a place that you can call home. It has excellent infrastructure with all modern facilities.
This institute has amazing library that help students to gain knowledge. Councelling system is also provided at the college to give students a healthy environment.
The faculty of this college is very well trained in teaching all the concepts. Also, it offers decent placements to its students.
Hope it helps.
Good Luck!
