Risk has always been a part of business. Yet today, with globalization and an increasingly complex regulatory landscape, the stakes are higher than ever. As a result, the risk management job market is growing. Risk managers and compliance experts play a vital role in business success, both by helping to avoid threats and by identifying opportunities.
The COVID-19 pandemic has highlighted the essential role that risk managers play in organizational success. Also, businesses are looking for qualified risk management professionals who can help them navigate this new normal. There has never been a better time to pursue a Master of Legal Studies in Compliance and Risk Management and advance your career as a risk manager.
What Risk Management Directors Do
In the simplest terms, risk managers help businesses mitigate risk. Yet the work is anything but simple. The best risk managers combine industry insight with professional skills and regulatory knowledge to help their organizations survive and thrive. Also, successful risk managers do more than understand policies and regulations; they also extrapolate how business decisions impact risk exposure and create opportunities.
Risk managers may:
- Create emergency response plans
- Maintain relationships with law firms, insurance brokers, and industry influencers
- Communicate with executives and leadership teams about business operations
- Interact with media and employees in high-pressure situations
- Understand the law, including regulations and cases impacting business risk
- Make complex business decisions with due regard for risk and reward
Finding a professional who can do all of this is a tall order for companies. However, the pandemic has shown many businesses that operate without this expertise is a risk not worth taking. Also, businesses are searching for qualified professionals with the right blend of expertise, education, and experience to support their success. With this specialized master’s degree, you demonstrate to employers that hiring or promoting you adds value. Thus, is an investment in continued success.
The Rise of Risk Management
Risk management arose as a profession just after World War II. In the early days, however, risk managers ensured that businesses had the right insurance to protect against losses. Over the next few decades, business evolved, and so did the risks. Soon insurance was not enough. Also, risk managers sought out new ways to protect businesses. Safety programs, legal expertise, and a deep understanding of government regulations became tools for risk management. Thus, professionals in the industry embraced the complex task of balancing ethical considerations, compliance, and finance to optimize opportunity while minimizing risk.
COVID-19 is just the latest in a history of events that have made risk managers more vital to the success of any business. Also, governments and professional organizations continuously publish new regulations for finance and business. Also, the opportunities and challenges of the digital age have led to greater concerns over data privacy. At the same time, the internet has enabled instant sharing of information, with the result that the slightest misstep is quickly known and scrutinized by the public.
In this highly visible and potentially profitable world, businesses recognize the need for risk managers who can guide thoughtful decision making. The job market has been growing for years.
A Growing Demand in the Job Market
The Bureau of Labor Statistics (BLS) does not have a designation for risk managers. Instead, it groups risk managers with financial managers. The BLS expects demand in this field to grow 16 percent by 2028, much faster than other industries. Meanwhile, Recruiter.com has tracked vacancies for risk management specialists and found 29 percent growth since 2004, with an average yearly growth of 4.84 percent.
Where businesses once had one or two risk management professionals on staff, they now have whole teams or departments devoted to risk management. Also, large businesses now have risk management directors who oversee the work of a team of managers and risk management specialists. Earning a Master of Legal Studies in Compliance and Risk Management can help prepare you for a leadership role in this high-demand field.
Why Study Risk Management?
Risk managers do more than ensure compliance; they also foster an ethical business culture, where decisions are guided as much by conscience as by regulations. This grounding in “compliance with a conscience” is what sets Seattle University School of Law’s Master of Legal Studies in Compliance and Risk Management apart from other programs.
In courses taught by lawyers, risk managers, and industry experts, students gain a solid foundation in the understanding of law, compliance, and risk. At the same time, they strengthen essential professional skills like communication, leadership, and ethical decision making.
The online compliance and risk management program at Seattle University School of Law addresses real-world challenges and opportunities. Also, students tackle compliance and risk management scenarios faced by real businesses today. Lastly, by building an understanding of applicable laws, internal process controls, and governmental oversight, students gain the tools to make ethical decisions that minimize risk and maximize opportunity.