Risk analysts identify and analyze the areas of potential risk threatening the success of organizations such as investment and commercial banks. They are responsible for predicting change and future trends, as well as forecasting costs.
What is the role of risk analyst?
A risk analyst evaluates financial documents, economic conditions and potential clients to help companies determine the level of risk involved in making a particular business decision. They should be able to use software programs, including Excel, and complete extensive research to evaluate business decisions.
What is a risk and control analyst?
Risk control analysts are responsible for determining an organization’s financial risks pertaining to investments and operational costs. These analysts generally work in indoor office environments, though minimal travel may be required for the job.
What does a risk analyst do on a daily basis?
Risk analysts identify and analyze the areas of potential risk threatening the success of organizations such as investment and commercial banks. They are responsible for predicting change and future trends, as well as forecasting costs.
15 Risk Analyst Jobs In South Africa
Durban
Job Type: Permanent
Posted: 15 Oct 2021
51 Days left
Cape Town
Job Type: Permanent
Posted: 22 Oct 2021
12 Days lef
Cape Town
Job Type: Permanent
Posted: 11 Oct 2021
15 Days left
Cape Town
Job Type: Permanent
Posted: 11 Oct 2021
15 Days left
How to Become A Risk Analyst In South Africa
Risk Analyst Job Duties
Risk analysts usually work for insurance companies or banks. They are responsible for looking over the applications of new clients, requesting for supporting and missing data and information, and liaising with other agencies to collect even more data. This includes credit bureaus. They also verify that any information submitted is correct.
It is very important that risk analysts understand merchants’ and corporate financial data, as well as personal credit reports, as these are used to determine risk. They must also ensure they have good professional relations with company staff and processors. Ultimately, they advise on whether or not the risk associated with a prospective client is acceptable or not.
Other job duties of a risk analyst include:
Reviewing all available data to determine risk and possible outcomes
Transforming and aggregating data from a range of different sources in order to create consistent results
Developing quality control measures, including strategies to properly audit data.
Creating summaries and reports, as well as processes, policies, and procedures for documentation.
Where Risk Analysts Work
According to the S.A. Bureau of Labor Statistics, there were 296,100 financial analysts in 2016, of which risk analysts form part. The largest employers of these professionals were:
Securities, commodity contracts, and other financial investments and related activities: 24%
Professional, scientific, and technical services: 14%
Credit intermediation and related activities: 13%
Management of companies and enterprises: 12%
Insurance carriers and related activities: 7%
How to Become a Risk Analyst
A risk analyst is expected to hold a bachelor’s degree in finance or related field, such as business, as a minimum. However, many also complete further education. Furthermore, work experience and proven success is of key importance.
Risk Analyst Education Requirements
A bachelor’s degree is generally the minimum requirement. While a bachelor’s in finance is recommended, fields such as mathematics, statistics, economics, and accounting are also suitable. Licenses and certifications are also available and sometimes required by employers.
The main licensing body for the securities industry is the Financial Industry Regulatory Authority (FINRA). If they wish to sell financial products, they will need to be licensed. To receive this license, employer sponsorship is required. This means that risks analysts are not expected to be already licensed when they start a job.
Certification is usually recommended depending on the position. The Chartered Financial Analyst (CFA), offered by the CFA Institute, is very popular. To obtain CFA certification, a risk analyst must hold a bachelor’s degree, have four years of relevant professional experience, and pass three different examinations. They can also obtain further certification in specialty fields. Doing so will also greatly improve their advancement prospects.
Risk Analyst Traits & Qualities
The most effective risk analysts have the following traits to some degree or other:
Excellent analytical skills
Great communication skills, both verbal and written, particularly in relation to report writing and holding presentations
Computer skills, focusing also on financial analysis software
Strong decision making skills
Detail oriented
Excellent mathematical skills
Minimum Risk Analyst Education
Bachelor’s Degree
National Risk Analyst Salary
The national average salary estimate for Risk Analyst was R 1241380.59. This number is estimated from over 577,024 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of R 646.52 and monthly of R 103448.38.
Training, Other Qualifications and Advancement
Risk analysts will typically require a strong educational background in finance, an understanding of investment risk systems and portfolio management, and essential business skills, such as communication and organization. In addition, employers seek candidates with solid analytical and mathematical abilities, as well as:
Knowledge of statistics and other analytical tools
The ability to present complex concepts to a wide audience
Problem-solving and project management skills
Excellent attention to detail
The ability to identify opportunities to improve performance and efficiencies in existing systems
How long does it take to become risk analyst In South Africa?
One of the most common ways to become a risk management analyst is to go to college and pursue a bachelor’s degree in finance or a finance-related degree, such as statistics or risk management. This traditional educational route takes about four years to complete.
What degree do you need to become a risk analyst In South Africa?
Although you don’t need a degree to enter the profession, many financial risk analysts are graduates. The following subjects may increase your chances: accountancy. economics.
Are risk analyst in demand in South Africa?
Is there demand for qualified risk managers South Africa? Yes, plenty. A critical concern in developing a basic risk management process involves developing or attracting personnel with the skills necessary to apply risk management tools in meaningful ways.
Is risk analyst a good career In South Africa?
A career in the credit risk analyst role fetches you a salary which ranges between R437679.59 to R 560229.87 Also, seniority of the role is extremely crucial while deciding the salary of the credit risk analyst. This role is extremely important for the investment banks and investment companies.
Can you become a risk analyst without a degree In South Africa?
Although it is possible to get an entry-level job in risk analysis with an associate degree, a bachelor’s degree may give you a competitive advantage over other candidates. Many employers prefer to hire risk analysts who have a bachelor’s degree.
Is risk management a good job In South Africa?
Almost overnight, risk management careers have become one of the most important jobs in the world, and that’s not an understatement or a euphemism on my part. These risk committees are focused on situations such as planning for a crisis and dealing with employees working from home, data security, and financial stress.
What skills does a risk analyst need In South Africa?
Risk analysts will typically require a strong educational background in finance, an understanding of investment risk systems and portfolio management, and essential business skills, such as communication and organization
How much does a credit analyst earn in South Africa?
Credit Analyst Salaries
| Job Title | Salary |
|---|---|
| Investec Credit Analyst salaries – 1 salaries reported | ZAR 310,799/yr |
| Woolworths (South Africa) Credit Analyst salaries – 1 salaries reported | ZAR 353,491/yr |
| Sanlam Credit Analyst salaries – 1 salaries reported | ZAR 953,914/yr |
What is analytics and risk?
Risk analytics helps take the guesswork out of managing risk-related issues by using a range of techniques and technologies to extrapolate insights, calculate likely scenarios, and predict future events.
What is risk analytics in banking?
This analysis is usually done by a Credit Risk Analyst who works for banks or other companies that are involved in the money lending business. Their major responsibility is to evaluate loan applications and determine who is likely to pay their loans back or access whether it’s a good investment or not.