Risk Management is core to most businesses. It involves identifying, assessing and monitoring risks to the day-to-day operations.
Data analysis is the process of inspecting and transforming data with the goal of discovering useful information. I view data analytics as the inspection of different formats of data from many sources to gain value. It is a useful skill to have and has been a running theme throughout my career.
In my previous job as a Test Analyst, I queried data from databases using SQL (Structured Query Language). Then I would write code using Jasmine to run automated test scripts on a website. This was the first time I applied data analytics in a work environment.
In my current role, I focus on enabling informed risk-taking. This is understanding issues, actions and incidents raised across the business. The key skill involved in my role is spotting trends in the risk data using Microsoft Excel. My coding skills have helped me see the logical steps needed to create a pivot table or a detailed report on time. I am able to create clear graphs and tables for various committees for senior management.
There are different careers available in Risk Management. For example, you could become an Actuary, Accountant or take a Technician role. You need both interpersonal and mathematical skills. It is key to understand complex business processes to then be able to articulate complex concepts to your colleagues. Read more on Risk Management careers here >>
The future of Risk Management involves embracing new tools. We must be able to capture emerging risks to the business and the need for quick, corrective action.
To conclude, try to seek out an opportunity to learn a new program or a coding language that you don’t know. YouTube is a great source for new material on tools and if you’re a visual learner like me, you’ll pick up the skills in no time. I’ve learnt that there is a treasure chest of information everywhere. By stepping out of my comfort zone, I am now able to code. If you want to, you will be able to do the same.
This piece was written by Rajvinder Kaur, from ReAssure.