Risk Advisory as a Career
Description of the Job
Risk Advisory is a service that is provided by professional service networks to assist clients to identify risk exposure, manage business risk, embedding robust Governance, risk management and Compliance requirements across clients processes and technologies. They can assist in integrating culture, processes and systems of a business to minimize risk. They provide support and guidance for organizations to help make decisions, support business objectives and to prevent loss, damage or harm to the business from cyber risk, operational risk, regulatory risk, reputation risk and forensic risk.
Fast Facts
- Number of hours per week40-50 hours normally, 55-60 during busy season
- Average starting pay$65k - $70k Nationally
- Amount of travel requiredFrequent travel (25-80%), depends on client
Roles & Responsibilities
- Meeting with clients in various sector to understand their requirements and help them address burning issues in their business
- Developing plans for new engagements and considering innovative strategies to suit our client’s requirements
- Participating in the delivery of information technology audit and / or risk assurance services Workshops and brainstorming to identify innovative ways to solve our client’s issues
- Assisting clients (often at client site) to identify internal controls and / or risks and provide recommendations or improvements
- Assisting with the investigation of financial crime incidents, including allegations of fraud, bribery, corruption and unethical conduct
- Using industry leading tools to present large datasets in visual dashboards and graphs
- Quantifying loss that has been suffered by clients as a result of an incident or a contractual dispute
- Drafting reports to clients and attending presentations to brief clients on our insights and recommendations
Skills Needed
- Strong interpersonal skills: Need to be able to manage and build relationships between several different departments to look at and manage risk, as well as external groups such as stakeholders.
- Analytical skills: Need to be able to analyze the data provided to assess and predict future risk.
- Communication: Risk Advisory staff frequently talk with clients and get the necessary information
- Curiosity: A passion for learning about emerging technologies and new methods of commercial practice
- Flexible: Versatile thinker with the ability to adapt to new sectors and industries
Steps to Enter The Field
- To become a risk consultant, you need a bachelor’s degree in business administration, finance, accounting, or a related field
- An MBA or advanced degree can be helpful to get the role or to receive promotions, but they aren’t required
- Additional qualifications include job experience in an industry that assesses or manages risk, such as auditing or regulatory compliance
- Getting a CPA can be helpful to advance in the career field, but they are not necessary like they are in audit or tax.
Landscape of the Field & Companies in the Field
- Most, if not all, accounting firms have risk advisory practices. There are different words for them at each firm. Here are the 3 levels of accounting firms:
- Big 4: The 4 biggest accounting firms in the world. It includes Deloitte, PwC, EY, and KPMG. The workload is generally the highest at these firms, but most people in business will recognize these firms. The Big 4 mostly provides their services to large clients.
- Other national accounting firms: these include large, national firms that are not the Big 4. The work is largely the same between all firms, but the Big 4 are much larger an have more name recognition. These include Grant Thornton, BDO, RSM, Baker Tilly, Crowe, Moss Adams, and more.
- Regional / local firms: these are much smaller firms that generally have 1 or a few offices in a specific region. Generally regional firms generally focus more on private clients (companies that aren’t on the stock exchange), so there is less regulation. This may allow one to utilize a larger depth of her accounting knowledge because of the wider focus of the work.
External Resources to Learn More & Develop Skills
- Best CPA Prep Courses: Investopedia provides the best 5 CPA Prep courses (best overall, best artificial intelligence tools, best value, best price)
- Here are the Big 4’s descriptions of what risk consulting means to the firm and why it is important: KPMG, EY, PwC, Deloitte
- Some helpful blogs to learn more about risk advisory and stay up to date on trends include Risk Management Monitor, Risk.net, Risk Management Guru, Paladin Risk Management
Related Careers
- Audit, Tax, financial analysts, cost analysts, budget analysts, personal financial advisors
Informational Interviews
Amrit Bajwa
Company Name: EY
Title: Senior Business Consultant
Years of Experience: 4
Biography
Amrit Bajwa is a Senior Business Consultant at EY. She graduated from Santa Clara University with a degree in Accounting, and is currently pursuing her Master's degree in Supply Chain Management from the University of Southern California. Amrit was previously a Technology Risk Consultant before being promoted to a Senior Business Consultant.