What is better in a banking career, risk management or internal audit?
@GARP_Risk
@GARP_Risk
Difficult question.
Depends on where you are and what you have studied in the past?
Depends on where you are and what you have studied in the past?
Risk, is an emerging area, within the first world. Just visit the financial careers website to check out the jobs in Citi and elsewhere.
In the 3rd world, it can reduce your job switching opportunities, as companies tend to spend less on back and middle office functions.
Also, there is a general level of distrust in the banking industry in particular, when it comes to risk management.
Also, there is a general level of distrust in the banking industry in particular, when it comes to risk management.
Most of the CCOs and CFOs have been badly exposed by risk professionals, and therefore they tend to bring the Risk Unit under their direct influence.
I wouldn't like to work under any other department or line manager if that compromises my integrity.
I wouldn't like to work under any other department or line manager if that compromises my integrity.
On the contrary, IAD - Internal Audit Department Roles are evergreen positions.
BODs still pay a heck of a lot more attention to the BAC - Board Audit Committee Members!
BODs still pay a heck of a lot more attention to the BAC - Board Audit Committee Members!
The #Auditor always has the last word on risk. This is based on my personal experiences as a #CRO - Chief Risk Officer at banks and funds.
Furthermore, Risk Management roles are well rewarding and are evolving at the cutting edge of technology in the more developed parts of the world.
Most of the Data Science, Machine Learning in Finance and Digital Knowledge-based concepts are now also making their way into the “Risk Finance” domain.
Risk Professions within an FI can have many connotations and job descriptions.
Some of them are elucidated below →
1. #ERM Specific roles (COSO 2017 / ISO31000 revised in 2018 / RMM - RIMS/ Business Model Risk/ Firmwide risk management)
2. #GRC - Governance Risk and Compliance Architecture Design Specific Risk roles
1. #ERM Specific roles (COSO 2017 / ISO31000 revised in 2018 / RMM - RIMS/ Business Model Risk/ Firmwide risk management)
2. #GRC - Governance Risk and Compliance Architecture Design Specific Risk roles
3.#FRM Specific roles (BASEL II for Banks and deposit-taking institutions / SOLVENCY II For insurance firms)
4. #AML / #KYC Specific roles
5.#Regulatory Compliance Specific roles
#ORM - Operational Risk Management Specific roles (GETS Confused with ERM)
4. #AML / #KYC Specific roles
5.#Regulatory Compliance Specific roles
#ORM - Operational Risk Management Specific roles (GETS Confused with ERM)
6.#Quantitative Risk Management Specific roles
7.#Cybersecurity and Technology Risk Specific roles(Although treated as part of ORM - Operational Risk Management).
8.#DRP - Disaster Recovery planning Risk specific roles (Could be part of the IT Department).
7.#Cybersecurity and Technology Risk Specific roles(Although treated as part of ORM - Operational Risk Management).
8.#DRP - Disaster Recovery planning Risk specific roles (Could be part of the IT Department).
9. #BCP - Business Continuity Planning Risk specific roles (Could be part of the IT Department or overseen by the ORM Unit).
And so on etc !!!
And so on etc !!!
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