38 Risk Manager Interview Questions (With Sample Answers)
Updated 19 March 2023
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Risk managers lead a risk management team in assessing and evaluating potential threats that may affect an organisation's performance. Many employers prefer hiring risk managers with the necessary skills and ability to appraise risks. Reviewing common interview questions and sample answers can help you prepare for an interview for this role. In this article, we provide a list of general, background and in-depth risk manager interview questions along with additional questions and sample answers to help you prepare for a risk manager interview.
12 General Risk Manager Interview Questions
General risk manager interview questions help interviewers start a conversation and make you feel comfortable. Here is a list of a few general questions that you may expect during a risk manager interview:
Can you tell us a bit about yourself?
Why do you want to work with our company?
Why did you choose risk management as a career?
How do you handle demands and pressure at work?
Where do you see yourself in five years?
How did you hear about this job opportunity?
Tell us about a time when you worked under pressure.
Can you tell us about your last project?
What are your long-term career goals?
How do you handle conflicts in the workplace?
What methods do you use to stay organised?
How do you keep yourself updated with the latest industry trends?
Related: What Does A Risk Manager Do? (How To Become One And Skills)
10 Questions About Experience And Background
Interviewers may ask these questions to learn more about your work experience in risk management or a related field. These questions can be a great tool for hiring managers to understand how well you handled certain situations in the past that may be likely to arise in the new role. Here is a list of some questions about experience and background that may help you prepare for a risk manager interview:
Can you share your biggest achievement as a risk manager?
Tell us about your experience in creating and discussing reports.
Share an example where you identified and analysed risks in your previous job.
What are your methods for keeping yourself updated with the latest industry regulations and standards?
Have you implemented a risk management plan? If so, what were the results?
What are your methods for measuring the effectiveness of a risk management plan?
Describe a time when you made challenging decisions regarding risk management.
Describe a situation from your previous job where you had to meet a short deadline.
What tools were you using in your previous jobs?
Can you describe a risk management plan you made during your last job?
Related: 10 Types Of Risks In Finance And Tips For Mitigating Impact
12 In-Depth Questions
Interviewers often ask in-depth questions to get detailed responses from candidates. It allows them to assess your knowledge about the industry and evaluate if you are a good fit for the role. Here is a list of in-depth questions that you may find helpful:
Can you briefly explain a risk manager's duties?
How do you perform risk identification and mitigation?
What are your strategies for helping your team with developing plans?
What methods do you use to measure the effectiveness of risk management strategies?
How do you communicate with stakeholders about potential risks?
Tell us about the methods you use to identify and assess project risks.
Describe your understanding of risk management.
How do you align your risk management plan with laws and regulations?
Tell us about the kind of employees you would hire for your risk management team.
What strategies would you use to strengthen your relationship with clients?
How do you collect relevant information for your research?
Tell us about your plans for the first month of working here.
Related: How To Answer 'What Is Your Availability To Work?': A Guide
4 Interview Questions With Sample Answers
Here are a few questions, along with sample answers, that you may consider as inspiration to draft your own responses:
1. What are the skills that make you an effective risk manager?
Interviewers may ask this question to learn more about your skills and evaluate if they can help the company deal with risks and threats. Highlight the abilities that can help you to contribute to the organisation. Studying the job description may help you understand the employer's expectations.
Example: "Apart from my critical thinking and leadership talents, my research and risk management abilities help me to thrive at my job. As a risk manager, I always focus on identifying and evaluating potential risks that the organisation may face. My previous working experiences taught me some of the major skills that I use to manage risks and liabilities. In my opinion, when each team member contributes to the goal, it becomes easier for the company to succeed. My leadership qualities aid me in motivating and helping team members to reach their individual goals."
Related: What Is An Audit Risk Model? (With Definition And Example)
2. Tell us about your experience in the field of finance and business
Many risk managers begin their careers in the field of finance and business. This question can help you demonstrate your credentials and accomplishments in this field. You can also share an example from your previous job when you handled any project risks.
Example: "I always liked maths and enjoyed solving puzzles, which is why I later chose to work in the business and finance industry. I learned from working in this field that there are different ways to fix an issue. One of my many achievements is that I helped a client eliminate ₹7,00,000 from his debt over two years. In my opinion, providing something valuable to someone that can transform their lives gives you a feeling of self-confidence in your skills and abilities."
Related: 8 Risk Management Software Programs (With Features And Tips)
3. Tell us about the steps you would take when you make a mistake at work
The role of a risk manager may involve leadership skills, such as accountability. Interviewers may ask this question to learn if you can accept and fix your mistakes and prevent them from happening again. They might also assess your thought process and ability to handle challenging situations in the workplace. When answering this question, consider describing the steps you would take to resolve an issue. You can also present yourself as someone who takes responsibility for your actions.
Example: "When I make a mistake during work, my first instinct is to resolve the issue to maintain the workflow. I always take responsibility for my actions and errors. The next step I take is to evaluate the impact of the mistake on the project and find effective steps to minimise those impacts. I ensure that the actions are suitable until I fully resolve the mistake. Assessing the progress is also very important. If a method works slowly, I try to find an alternative solution that might fix the issue in less time."
Related: How To Answer the Interview Question: ‘What Are Your Career Goals?' (With Examples)
4. Describe the daily responsibilities of a risk manager
Interviewers may ask you this question to understand if you are aware of the duties and obligations of a risk manager. When answering this question, you can mention your previous job responsibilities. You can also highlight your goals, objectives and achievements as a risk manager.
Example: "As a risk manager, my day-to-day work includes taking care of my risk management systems by maintaining their data or input quality. My job also involves analysing potential risks and threats that may happen due to new projects or products. My goal as a risk manager is to save the company's overall profitability from the effects of risks and threats. I use various risk analysis tools to quantify risk."
Related: 50 Risk Analyst Interview Questions (Plus Example Answers)
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