Risk analysts are an important part of a business because they guide organizations through risks and opportunities that are going to help the business grow. No day is the same as the next when working in this field because of the reactive nature of the job. Although the work of a risk analyst changes from day to day, there are some things that are constant throughout the entire working week of risk analyst jobs.
Risk Analyst will start off their day by checking the headlines and industry news that is relevant to the company. This is something they do so that they remain up to date and ahead of any incidents that might come up. Once they are in the office, it is time to check their email inbox and go through any requests coming from their manager. Checking out the email can sometimes re-shuffle their schedule and what they need to do that day. Risk analysts have to be on top of all requirements and prioritize them properly. Things can come up at any time, making it a good idea to have a fast turnaround and plan change. This makes them flexible.
Something that is constant in their work-life is meeting with the team. These meetings are known as ‘team huddles’ and they are going to come up throughout the day and week. There are some that involve the immediate team, while others will include clients, other members of the business, and the wider risk team. The first one is going to be about giving everyone a chance to understand what their colleagues are working on and if they need any help.
With huddles or meetings becoming the norm for a Risk Analyst, it is important to remain organized and methodical so that everything is handled in time. this is very important because there is a good chance they are going to get unexpected tasks in their inbox at any time. A risk Analyst can also be expected to go to training sessions and conferences. They are not going to happen on a daily basis, it can happen a few times a year.
The meetings can take about an hour. The work is going to begin after the work and it is a lengthy documenting process relating to a given product or particular control. This process can end up taking a lot of your week because you have to send the request forms for documentation, like supporting evidence. You will have to test the operating effectiveness and see if the control does what it was designed to.
You have an hour for your lunch break if you are working from home. If you work from the office, it is a chance to catch up with your workmates. Once you are done with your lunch break, you are going to be back at your desk ready to answer questions from the Risk Manager about your morning work on a given control or model.
Working as a risk analyst means a lot of work involving data. You shouldn’t be surprised to find that a huge part of your day is going to involve going through millions of rows of data, especially if you are working in the financial services sector. You will find yourself analyzing the results of regular stress tests to ascertain the level of risk for your company before you formulate the information into a comprehensive and clear document to present to the senior management and team.
Risk analysts have an unpredictable and full day. The tasks you had planned to do the first thing you get to the office might have to be pushed to the afternoon, which can sometimes force you to leave the office later than planned. It is common to find Risk Analysts burning the midnight oil to meet the deadline and finish up their work. They normally start their work day at about 8 am and depending on how the day goes, they can be done any time between 4-6 pm.
At the end of the week, you should do a quick review of the calendar for the coming week because that is how you are going to get ahead of the game. It is important to know what is coming because you have the chance of getting important materials and paperwork ready. You will be ready and know what your week is going to look like.
