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Risk Manager(Banks,Asset Management,Insurance)

11 Dec, 8 tweets, 2 min read

@GARP_Risk

How do I secure a role in FRM - Financial Risk Management at Fis Financial Institutions?
What would be the starting point for a person interested in risk management?
@GARP_Risk @actuarynews

Do a basic undergraduate or preferably a postgraduate degree in Quantitative Finance/ FE Financial Engineering / Risk management or Actuarial Science.
Even a degree in other highly numerate fields such as Data Science and Machine Learning can help you in different areas of FRM.

Some students, who come from other numerate backgrounds, such as Engineering, Physics, Mathematics, Statistics, or even Computing Sciences with a strong background in Technology or Programming/Coding, can also end up doing well in the FRM Profession.

@BIS_org

After you have landed into an FRM job, you may proceed to structure your daily work assignments as per Industry requirements.
At Banks, @BIS_org regulations are followed.
At Insurance Firms, the SCR Guidelines are followed.
At Asset Management Companies they follow GIPS/AIMR

Now, On -Job, the basic things you need to do are as follows =>
1. Do first try to understand the products and services offered by an institution for e.g. an Investment Bank.
2.Learn the basics of all the processes involved in each stage.

3.Try to understand the Transactional Risk at every stage.
4.Understand the risk factors and drivers.
5.Identify and bifurcate risks into Material and Immaterial Categories.
6.Further, classify risk into Financial and Operational Risk Branches.

7. Map all Risk Factors within a given universe of risk.
8.Measure the Consequences of each factor.
9.Aggregate the Consequences.
10.Manage the Risk Factors and severity outcomes.
11.Monitor in Real-Time.
12. Review risk from time to time by testing controls.

Good Luck!

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What are the different ways in which banks can reduce and manage different types of risk?
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By understanding what risk is in terms of its purported definition?
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How do I know if #Actuarial Science is meant for me?
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Is doing a graduate degree in risk management and insurance worth the money? Why?
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Depends!
#riskmanagement is a broad area which can offer various lucrative roles, especially in the financial sector.
They are a lot of risk management degrees available in the market.
Which one would you like to study?
And where it is being offered?

If the degree will focus more on Insurance Underwriting Management and related Risk Financing Courses, I won't advise you to do such a qualification.

The scope of such a degree won't go beyond Life and P&C Insurance Firms.

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4 Dec

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How difficult is to move from wholesale banking credit risk modelling (8 yrs of experience) to operational risk?
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@BIS_org

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Operational risk models generally require a Compound Poisson, Lognormal, Negative Binomial, Binomial, Weibull or any mixture distribution(for e.g. a bi-modal shaped distribution which represents both severity and frequency of internal and external loss data sample sets)

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