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Stop hiring battles, Reskill Risk Management Specialists
Stop hiring battles, Reskill Risk Management Specialists
Ganesh Subramaniam

Senior Consultant at Draup

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Stop hiring battles, Reskill Risk Management Specialists

15 Oct 2019

Rapid technological advancement has led to proliferation of complex business procedures, and seamless data transfer introducing risks which can result in large revenue loss for the enterprise. This surged the need for risk managers to safeguard the companies from risks like technological and credit that can cause commercial, reputational and stakeholder loss.

The traditional skills of risk managers are not sufficient to address new age risks like cybersecurity as they lack training in advanced technologies. To address this challenge they are evolving with new age skills like data modelling, advanced analytics and AI/ML. Companies need end to end framework of programs to tackle such risks.

Risk Management workflow transformation

The rapid shift from on-premise and private cloud solutions to the public Cloud has resulted in the significant rise in demand for talents with Cloud experience, that can be summarized as hands-on knowledge with Cloud networking, compute, and software stacks.

 

    • Credit risks are highly destructive for an organization’s profitability that may lead to foreclosures, bankruptcies and other disruptions. Here technology is not a basic requirement but its use like digitalization and open source software for credit risk management increased convenience while simultaneously increasing risks related to credit.
    • Technological risks include the IT risks that lead to malfunctioning or disruption of systems, cybersecurity breaches and the inability to achieve seamless integration & communication between products and platforms. This will lower productivity and lead to loss of business.

Organizations are reskilling in house risk management specialists with new age skills like advanced analytics and automation for building risk models that find complex patterns to make more accurate prediction of default and other risks. AI & ML engineers have improved the speed and quality of information analysis, which has applications in risk identification, risk analysis, underwriting, policy wording, reserving.

 

    • Credit risk managers are skilled in Analytics, Hadoop/Big Data, Data Modelling, and PostgreSQL other than traditional skills that help them oversee credit risks and minimize loss to the organization. Actuaries are reskilling themselves in machine learning and data science to capitalize on the wide array of opportunities in insurance and technology firms.
    • Technological risk managers use tools and techniques like Pentesting for vulnerability scanning and performing security testing. This gives risk managers and insurers the ability to combine their own data with other large data sets to quickly analyze information, find unknown risk correlations, and make better decisions.

Organizations are leveraging various online and offline programs for reskilling in house talent to satiate the rising demand for new age risk management specialists. Udemy’s Deeply Practical Project Management course is designed to help cybersecurity and information technology (IT) managers in efficient decision making. Organizations and individuals are recognising the value of reskilling in risk management and are building training frameworks for career progression in this rapidly advancing digital space.

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