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Charting uncertainty: the art of mastering risks

In our ever-changing world, challenges and uncertainties are omnipresent. Risk management, extensively employed across various sectors, is a proactive approach to identify and assess these uncertainties. It involves recognising potential threats, evaluating their consequences, developing appropriate strategies to control, deflect, adapt to, or leverage these risks. The primary goal of risk management is to empower organisations to pursue their visions while minimising unforeseen hindrances and capitalising on emergent opportunities. This ensures the protection of assets, continuity of operations, safeguarding of stakeholder interests, and enrichment of the decision-making framework.

The principles of risk management can be, and are, applied almost everywhere. By embedding risk assessments into decision-making, organisations can enhance the quality of choices, allocate resources efficiently, bolster stakeholder trust, improve operational effectiveness, and uncover hidden opportunities. In today's volatile business landscape, risk management is not a mere luxury but a critical necessity, pivotal to the fiscal stability and sustained expansion of enterprises of all scales. The demand for risk professionals skilled in evaluation, management frameworks, and regulations has escalated significantly and is poised to continue the growth in the AI era.

Why study Risk Management at UNSW Business School?

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Risk management is not just about managing threats but also about harnessing potential opportunities. By studying risk management, one can achieve:

• Informed decision-making: acquire the skills to make decisions that account for potential risks and rewards, enabling more strategic planning and foresight.
• Resource optimisation: learn to prioritise risks and allocate resources efficiently, ensuring that efforts and capital are directed effectively.
• Career advancement: gain specialised knowledge, which is in high demand across various sectors, opening doors to roles in risk analysis, risk control, consultancy, compliance, and more.
• Operational resilience: equip oneself with strategies to ensure organisations or projects can adapt to challenges, recover from disruptions, and continue operations with minimal impact.
• Financial stability: gain insights into financial risks and the means to manage them, ensuring better fiscal decision-making and protection against economic downturns.
• Regulatory compliance: acquire the knowledge to navigate the complex landscape of risk-related regulations, ensuring that organisations remain compliant and avoid penalties.
• Strategic innovation: with a solid understanding of risks, one can pursue new opportunities with confidence, driving growth and innovation without being blindsided by potential pitfalls.
• Personal development: beyond professional contexts, risk management skills can be applied to personal decision-making and life planning, leading to better outcomes and peace of mind.
• Community leadership: act as a valuable resource for communities seeking to understand and adapt to climate risks, guiding them towards a more sustainable future.

In essence, studying risk management equips individuals with a versatile toolkit that's applicable across industries and life situations. 

Your career opportunities

Risk management is a multifaceted discipline, and its principles are applied across various industries, leading to numerous career opportunities. In essence, nearly every professional role requires some grasp of risk management concepts. Here are some potential career paths and roles in risk management:

• Risk Analyst/Consultant
• Enterprise Risk Manager
• Operational Risk Manager
• Credit Risk Manager
• Market Risk Specialist
• Regulatory and Compliance Manager
• Chief Risk Officer (CRO)
• Chief Operation Office (COO)
• Risk Management Auditor
• Insurance Risk Manager
• Health and Safety Manager
• IT Risk Manager/Cybersecurity Risk Manager
• Project Risk Manager
• Environmental Risk Consultant
• Business Continuity Planner
• Supply Chain Risk Analyst
• Climate Risk Expert

More generally, deep knowledge of risk management techniques will enhance nearly every role you might have across a range of institutions - both financial and otherwise.

Gain professional certifications

The Master of Commerce program's Risk Management Specialisation has a collaborated with the esteemed as an academic partner.

The contents in risk courses have been designed to correspond with the learning objectives set for risk management certifications. Some of the widely recognised risk management certifications include:

• Financial Risk Manager (FRM)
• Professional Risk Manager (PRM)
• Certified Regulatory Compliance Manager (CRCM)
• Certificate in Risk Management Assurance (CRMA)
• ISO 31000 Risk Management Certification 

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