Risk Management Assessments: How They Differ Across Three Different Sorts Of Businesses

Posted on: 3 January 2020

Do you like to crunch numbers and analyze data? Maybe following paths of logical conclusion is fun for you. If any of the above apply, you might find risk management programs and a degree in this field to be your cup o' tea. Just to get an idea of what you would be doing, here are three different sorts of businesses where risk management professionals work and what they do there. 

Risk Management in Department Stores

You might not think that department stores would need risk management, but they most definitely do. Every day, department store managers have to examine the possibility that a display might be damaged or that items might be stolen if they are shelved too close to doors or restrooms. Decisions have to be made in regard to hiring previously convicted felons in different positions within the store and assessing the store for escape routes during abductions or armed robberies of the cashiers. There is no way that department store managers or company CEOs of department stores could do any of this without a risk management professional to help them analyze and assess data and possible outcomes. 

Risk Management in Intelligence Agencies

Think CIA or FBI. These agencies have risk management people working for them around the clock. They have to assess really dangerous situations to see if it is wise to send one person or twenty into another country to conduct an investigation, conduct business to gather intelligence on a foreign target, or analyze risks with a black ops situation where they will not be able to extract an agent whom they are sending into the field. The risks are exceedingly high all the time, but what you would be doing here is providing input on making a mission slightly less dangerous. 

Risk Management for Technological Developments

There are so many risks involved with developing new technology. Decisions, designs, releases, and release dates could all impact the reception of a technology product. It would be your job to figure out what the best courses of action are and judge based on human nature how each decision might play out. For example, you may work for a smartphone company that is trying to decide if they should remove certain features of the newest phone design and replace those features with something else that they think consumers will like. That is a huge risk, and the company will want to know if the risk will pay off. It will be up to you to advise them.