risk managers. Risk manager: a new and promising profession What is risk management specialty

Risks are an integral part of doing business. In the classical definition entrepreneurial activity one can meet two basic concepts: “the risk that must be taken in the course of its implementation” and “profit as a reward for taking risk”. With the right approach to risk management, a company's profits can increase significantly. Well, risk managers are responsible for implementing the “correct” approach.

Speaking about risk management, it should be noted right away that it is rather function manager than a separate profession. This thesis follows from the definition of the risk structure of any business:

1. Financial risks, due to the implementation of which the organization may not be able to fulfill its financial obligations to counterparties. This type includes:

liquidity risks in terms of the balance of assets and liabilities by terms of being on the balance sheet;
market risks as risks of asset value decrease due to changes in market factors;
credit risks as risks of non-repayment of loan funds, etc.

2. Operational risks arising in business processes that are associated with fraud, various failures in IT support, imperfection personnel policy, violation of safety rules at work, damage to assets, legal incidents and other factors that occur during operating activities organizations.

3. Business risks associated with incorrect management activities:

choosing a development strategy that does not correspond to the goals, mission and vision of the organization;
loss of reputation in the market;
decline market value companies.

4. Other types of risks, depending on the type of activity of the company.

As a rule, the multifaceted “risk management” function is distributed among various departments of the company (legal department, security service, risk management department, etc.). It is coordinated by the head of the organization (this is a strategic issue) or a specially authorized Executive Director whose responsibilities include:

participation in determining the company's development strategy;
search for ways to achieve the most effective risk / return ratio.

Scope of responsibility and job requirements

The position of "risk manager" is more associated with the financial sector (banks, insurance and leasing companies, investment and pension funds etc.). Due to a certain homogeneity of financial products and business processes in financial companies began to single out typical segments of activities related to the management of homogeneous risks. The position of a specialist who is responsible for such a direction is called a "risk manager".

For example, in commercial banks, risk managers are in demand, managing credit, operational and financial risks in various business lines (corporate, small and medium business, retail, investment and others).

How versatile are these professionals? In the market of banking and financial services - quite. Thus, a risk manager who has worked for a long time (more than three years) in a universal commercial bank or an insurance company, in the future, without any special difficulties, he will be able to apply his knowledge and the accumulated tools in any similar institution. But the sectors of the real sector differ much more: a risk manager with experience in agricultural holdings is unlikely to quickly achieve success in metallurgy or oil refining.

As a result, the professionalism of a risk manager is significantly limited by industry specifics - knowledge of products, business processes, and specifics of a particular market. This circumstance largely determines the main job requirements:

Knowledge of business processes and the specifics of the company's activities (or at least knowledge of the business in the part for risk management in which the risk manager is responsible).
Understanding the characteristics of the market in which the company operates, the ability to analyze the situation.
Possession of risk management tools in this market.
Understanding the specifics of risks when concluding contracts and subsequent monitoring of their execution.

The risk manager (or the relevant department) always reports directly to the chairman of the board of directors.

Functional

In principle, a specialist who meets the above requirements can cope with his main functional tasks: to determine an acceptable level of risks at which the company's profitability will be maximum. But, of course, the success of these tasks depends largely on its personal qualities and experience.

For example, if a risk manager is responsible for the full cycle of credit risk management in a commercial bank, then his functionality includes a chain of tasks - from setting up a scoring model* so that the default level of the loan portfolio does not exceed a given threshold - to organizing the collection of problem assets so that when minimal cost on the process itself to achieve the maximum possible amount of collection of problem debts.

The main task in the course of managing operational risks is to maintain a balance between the level of risks and the efficiency of the business process to which they are inherent. For example, by setting excessive protection of communication channels, you can significantly reduce the data transfer rate, which, in turn, will inevitably lead to a decrease in the number of operations performed in the IT complex and, accordingly, a decrease in business profitability.

It should be remembered that the specific functionality of a specialist in this area always depends on the specifics of the business, since this, although important, is still a supporting (guided) process.

Education Requirements

As a rule, a risk management specialist is expected to have applied knowledge in the following areas:

mathematical and statistical analysis;
information systems and technologies;
jurisprudence;
the subject area in which risks are to be managed.

The profession of a risk manager is quite new for our country, so the labor market is experiencing a lack of qualified personnel, and educational institutions There are few in Ukraine capable of preparing specialists for work in this area. Today, as far as I know, there is no such area of training / specialization in universities. Until recently, risk managers were:

experienced managers - people from business units who perfectly understand the key aspects of the activity;
graduates of educational institutions of mathematics and technical specialties who, having in their arsenal the apparatus of statistical and mathematical analysis of risk management, literally “on the fly” mastered the specifics of business management.

So far, the main "forge of personnel" for the market remains NTUU "Kyiv Polytechnic Institute", which graduated from approximately 70% of risk managers working in the banking system of Ukraine.

The situation changed in 2010, when the international Global Association of Risk Professionals (GARP) opened its branch in Ukraine. The steering committee of the GARP regional branch included well-known Ukrainian and international bankers. Today GARP offers:

training and advanced training programs from the initial to the highest level of management;
full certification in the field of risk management.

Twice a year, GARP conducts examinations for the FRM (Financial Risk Manager) certification, a globally recognized qualification in the field of risk management.

Attracting certified specialists - members of the Association - allows companies to form modern culture understanding of risk management throughout the organization.

Career

The level of remuneration of the risk manager depends on the position held:

top managers - heads of departments can earn from 5 to 60 thousand dollars per month (decided on an individual basis);
middle managers - 2.5-3 thousand dollars per month.

Many people who have chosen this profession have an analytical mindset, so they are more attracted to a professional career - improving skills within the chosen direction. Of course, in doing so, they gain experience in different companies and sectors. But still, few strive for a vertical career: very rarely they "grow" to top positions and almost never become business leaders.

Of course, among risk managers there are people with a variety of character traits. Of the personal characteristics that help to achieve success in the profession, it can be noted: an analytical mindset and "greed for details" - while keeping the situation as a whole in focus. That is the key to success.

The expediency of introducing a position

The position of a risk manager responsible for ensuring the break-even of the business is introduced at the maturity stage of the company. Introduction to staffing positions with such functionality will be justified if it has already been created, described and “works” business process model. In case of immaturity of business processes or inadequate level corporate governance the risk manager is unlikely to fit best into overall structure. Moreover, its introduction can cause conflicts related to the division of powers and responsibilities: if business processes are not defined, then it is impossible to appoint their owners and fully determine the scope of authority of responsible persons.

It should be noted that even if the company does not have a separate specialist involved in risk management, the risk management process itself is always there. In such cases, it is carried out by various structural units, for example:

security service- in terms of ensuring economic and physical security, countering fraud and external threats.
Legal division- in terms of minimizing legal risks.
Department information security - in terms of ensuring the integrity, confidentiality and availability of information.
Financial department- in terms of financial risk management.
Subdivision internal control - in terms of managing operational risks and the correctness of the work of business processes. And others.

In conclusion, I would like to note that there is no single definition of the profession of "risk manager", with which everyone agrees, yet. Business always involves risks. In fact, profit - the reward for risk management - is the main motivation of the entrepreneur. At the same time, the specifics of risks are always determined by the characteristics of the business.

Recently, management has become increasingly armed information technology which means that many traditional risk management approaches and tools are becoming obsolete. Therefore, it cannot be said with certainty that professional experience a risk manager, valuable today, will be in demand in the future - even in a year. Risk management is a very dynamic process, and only those who constantly develop and keep up with the times succeed in it.
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* Credit scoring- a system for assessing creditworthiness (credit risks) based on numerical statistical methods. First, credit risk assessors develop risk assessment questionnaires. Each item on the questionnaire is worth a certain number of points. The decision to approve or refuse a loan is made depending on the number of points scored.

Article provided to our portal
the editors of the magazine "Human Resources Manager"

Career and Self-development

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M. Rogacheva, Researcher Department of International
Administration of the University of St. Gallen, Switzerland

The article discusses the essence of the concept of risk management. The novelty of the material lies in the fact that in the scientific literature there is no complete information about what the risk manager does and what tasks are included in his responsibilities. The material may be of interest to company executives, personnel departments, as well as those who are going to work in the fieldrisk management.

Despite the fact that the profession of a risk manager is one of the youngest today, it is very popular and highly valued in various areas of modern business. In principle, each of us at some point becomes the risk manager of our own life, evaluating the chances of changing jobs, predicting prospective business negotiations, or even simply planning our working day. Professional risk managers are busy analyzing the situation, assessing various risks and miscalculating possible negative consequences every day during the entire working time. Not only the development, but also the very future of the company largely depends on the work of these risk management specialists.

Risks in modern business is a dynamic and constantly evolving process. And only those who can effectively control and manage in a changing business environment can win this race. One of the important competitive advantages of the company in the market is a quick response to all changes, whether they relate to the actions of competitors or lawmaking. government agencies. To prescribe future possible scenarios and determine the boundaries of danger - these are the main functions that are assigned to a qualified risk manager.

In modern practice, the concept of a risk manager, who is credited with the official powers of a financial analyst, is increasingly being replaced. Undoubtedly, the risk manager is engaged in financial analysis, but the analysis itself takes place on a slightly different level. Therefore, it is necessary to clearly distinguish which functions are within the competence of the risk manager, and which are the direct responsibilities of the financial analyst.

The risk manager primarily provides an economic assessment of the risks assumed by the company, dealing with insurance, hedging, reserving and limiting. In other words, he is engaged in risk reduction using modern financial techniques and tools. A person in this position identifies possible weaknesses in the study of business processes and, most importantly, evaluates the cost of operational risks, informing management about the presence of uncovered risks, as well as their cost. Moreover, another important function of the risk manager is to check the availability and implementation of operational risk mitigation procedures, which is one of the main tasks not only of the risk manager, but also of the company.

About the concept of risk management

First of all, risk management is consistent with such concepts as prudence, evaluation, caution and critical analysis in business processes. Thus, a risk manager is a person whose responsibilities include preventing ill-conceived or incorrect business steps, monitoring business processes, especially those related to the financial side of the company, and auditing activities. Risk management is not only a tool for commercial and public organizations, but first of all - a guide for any actions of the organization in the long term or short term. This concept includes the analysis and evaluation of not only strengths, but also weaknesses organizations in terms of participation in various business processes and interaction with all kinds of business activities.

Risk management is a core part strategic management company and represents the process by which the organization systematically analyzes the risks of each type of activity in order to reduce or avoid losses. The task of risk management is to directly identify risks and manage them to maximize the value of the organization. This area of activity is a constant and evolving process, taking into account the experience of the past and present of the organization and reflected in the forecasts for the future. It is necessary to note the role and importance of integrating risk management into the overall culture of the organization. It must be accepted and approved by management, and communicated to every employee of the organization.

Risk management protects the organization and allows it to plan and carry out long-term activities. In doing so, it serves to improve the decision-making process and strategic planning through the formation of awareness of the structure of business processes. Moreover, by helping efficient use capital and resources of the organization, competent risk management reduces the degree of uncertainty of critical aspects of the company's activities, protecting property interests and improving the image. There are many ways to achieve the ultimate goals of risk management. Therefore, it is quite difficult to combine or summarize all its directions in one document. However, one should not forget to be guided by existing risk management standards to improve practices against which companies can measure their own performance.

System creation effective management in modern companies, taking into account the rapidly changing market environment and business relations possible only in the direction of risk management organization. We note the positive fact that in the practical activities of the organization in recent years there has been a desire for risk management. In this regard, it is necessary to emphasize the role of external and internal factors affecting the nature of emerging risks in the company. Among them, defining institutional framework risk management include price volatility, tax omissions, technological innovation and the process of globalization, which has both positive and negative effects. We should not forget about internal factors that also have a significant impact on the organization of risk management in a company, such as risk appetite, liquidity needs or unforeseen costs. Note that the external internal factors in the company are interconnected, and this is explained by the fact that different kinds risks are directly or indirectly related to each other.

Today, the fundamental point in companies is the choice of the very form of organization of risk management. The most preferable now is the creation in the company of a structural unit, department or service directly involved in risk management and risky capital investments. This service is usually supervised by either financial director, or the head of the financial and economic department of the company. Unfortunately, we must note that at the moment in Russia there is still no established demand for risk and risk investment management services, especially from small enterprises. But I don't think it will last long considering current situation market relations and the growing role of business in the modern business environment. Large Russian companies have already realized the importance of risk assessment and carry out various financial transactions today, taking into account the loss of financial risks (price, credit or operational), thereby insuring themselves against possible failures in advance.

Risk manager profession

A few decades ago, company executives in Russia did not even know about the existence of the risk manager position, since similar functions were carried out mainly by insurance business professionals. And only recently the profession of a risk manager has taken its well-deserved place in the list of the most popular and sought-after professions. Recent studies have shown that today's risk managers are, in fact, not specialists in the field

risk management, as they were trained in general principles management and are not familiar with the specifics of this field of activity. Nevertheless, we can already define the category of people who are rightfully called risk management professionals - these are specialists in identifying, analyzing, controlling and monitoring a certain set of types of risks.

In some situations, each of us can be called a kind of risk manager at some point in time. However, one should not forget that the true position of a risk manager requires special knowledge and competence in the field of credit, price or operational risk management. Therefore, today a number of high and competent requirements are imposed on the above-mentioned profession. We list only some of the main criteria assumed for the position of a highly qualified risk management professional.

This person should not only know, but also be able to apply a wide range of risk management and insurance tools, as well as effectively use the opportunities insurance market to create a system of protection of the organization. He is directly involved in the creation of search-intelligence inside and outside the organization to collect and store information about activities that affect risk management. Moreover, he evaluates the effectiveness of the risk management program in the company and skillfully manages the unit entrusted to him. Achievements in the field of risk management, as well as the effectiveness of the risk management program in the long term, primarily depend on the results of his labor activity.

In practice, there are several reasons for creating a risk manager position in a company. Let's designate some of them. First, it is the centralization and coordination of risk management. Secondly, the introduction of an integrated approach to the risk management process. And finally, improving management's awareness of the risk position or activities of the organization. These are perhaps the most significant factors influencing the decision to establish a new position as a future risk assessor. The most important qualification components for taking the position of a risk manager, in turn, are such qualities as communication skills, the ability to manage, knowledge of accounting and reporting, knowledge of finance, mathematics and statistics, education in the field of

risk management.

Let us note the far from the last role of the leadership, which is responsible for the development overall strategy organization, as well as the appropriate climate and the formation of the basic principles of effective risk management. Thus, the company's management must first of all identify and assess the risks that can lead to negative consequences and determine the likelihood of adverse situations. As a result, the question arises of developing a policy in relation to risks that are unacceptable for the organization, and formulating an action strategy in order to minimize these very negative consequences. Next, it is necessary to evaluate the effectiveness of the chosen policy, as well as the risk management program as a whole. Last but not least in this whole process is the determination of the meaning and effect of decisions made in matters of risk management on long term development companies.

Finally, let's talk about the role of the risk manager itself. First of all, the risk manager, as a highly qualified specialist, is responsible for the daily implementation of the risk management program and increasing the level of awareness of the importance of risk management issues within the organization. He should carry out not only daily monitoring of the state of affairs, but also exchange experience and judgment with other structural units. Moreover, the risk manager is responsible for the appropriate risk identification and analysis process at the earliest stage of a new project, informing higher management. Depending on the size of the organization and the amount of work associated with the assessment of all kinds of risks, the functions of a risk manager can be assigned to one specialist or to a separate unit. It seems that most managers and HR specialists will agree with the opinion that the functions of employees involved in the risk management process should be clearly defined and formulated in order to avoid future mistakes.

In conclusion...

In modern Russian business the organization of risk management in companies eventually comes to the fore. At the same time, it should be noted that today it is becoming a common practice to create special financial services in the structure of an organization to carry out comprehensive work to identify, identify and assess the cost of risks, as well as to further develop specific measures to resolve or reduce the degree of various risks. For the further development of risk management, work on the development of unified methodology risk management or, in other words, a set of ways to organize business processes.

Most major Russian companies and corporations already understand the importance of the role of analysis and assessment of financial risks modern business processes. Nevertheless, the formation and development of risk management in Russian organizations still largely depends on the availability of appropriate conditions for the development and selection of specialized specialists in this field. To our regret, at the moment in Russia there is no well-established system of training and retraining of high-level specialists in financial risk management, since the profession of a risk manager is considered relatively new. Thus, the next question is whether it is necessary to purposefully develop a special program vocational training qualified risk managers responsible modern requirements market economy.

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reference

Risk is the potential danger of some unfavorable outcome and contains the likelihood and consequences of the occurrence of an unfavorable event. Risk assessment is the process of identifying factors and types of risk, their quantification. It means an estimate of the likelihood that the return on the investment received will differ from the expected one. The risk assessment includes not only unfavorable outcomes (income lower than expected), but also favorable outcomes (income higher than expected). The following types of risk are distinguished: credit, operational, investment, market, legal, insurance, exchange, transport, competitive, risk of loss business reputation and staffing uncertainties.

Useful articles

Description of activity

The activity of a risk assessment manager is work using knowledge in the field of risk management, banking, market valuable papers, accounting, fundamentals of law, international standard, statistics, higher mathematics and mathematical modeling. The activity of a specialist is related to the skills of programming and knowledge of the English language.

Wage

average in Moscow:average for St. Petersburg:

Job responsibilities

The risk assessment manager performs risk analysis for the bank, analysis of bond issuers. Controls the maintenance of limits. Performs coordination of activities structural divisions risk management bank. Ensures compliance with policies, procedures, risk management standards of business units. Develops a decision-making methodology. Calculates the level of default, determines its dynamics and analyzes the causes of changes in the whole loan portfolio and in the context of loan products. Performs risk assessment for new credit products and product groups. Performs analysis of securities and investments in the stock market, anti-crisis management.

Risk managers examine business processes, assess the strengths and weaknesses of the company, analyze the threat of losses and identify sources of danger, and participate in the development of a risk management strategy. The competence of these specialists includes the control of risk indicators, the economic assessment of risks, the development and implementation of measures to prevent or minimize them.

Salary offers for risk managers in Moscow average 65,000 rubles. per month. In St. Petersburg, similar specialists can count on an income of about 50,000 rubles. In Yekaterinburg, risk managers earn an average of 40,000 rubles. monthly, in Nizhny Novgorod - 30,000 rubles. Data for other cities participating in the study are presented below (see tables).

Graduates of financial, economic or mathematical faculties of universities with experience as an analyst or financial manager at least 1 year. Employers require job seekers to know the basics accounting and financial analysis, statistical methods of analysis and forecasting, methods for identifying, assessing and reducing risks. Skills in working with large data arrays are in demand. Applicants also need to be computer proficient (MS Office, SPSS, possibly SAS). Novice risk managers in the capital earn from 35,000 to 40,000 rubles, in the city on the Neva - from 25,000 to 30,000 rubles, in Yekaterinburg - from 20,000 to 25,000 rubles, in Nizhny Novgorod - from 15,000 to 20,000 rubles.

Risk managers with more than 1 year of experience can count on higher income. The main requirements of vacancies relate to the fact that candidates have the skills to analyze the financial and economic activities of the organization. competitive advantage knowledge will serve in employment in English at a conversational or fluent level. Salary offers for such specialists in Moscow reach 55,000 rubles, in the northern capital - 45,000 rubles, in Yekaterinburg - 35,000 rubles, in Nizhny Novgorod - 25,000 rubles.

Risk managers with at least 2 years of work experience with business process analysis skills and experience economic evaluation risks, in Moscow they can claim income up to 85,000 rubles, in St. Petersburg - up to 65,000 rubles, in Yekaterinburg - up to 50,000 rubles, in Nizhny Novgorod - up to 42,000 rubles.

Employers offer maximum earnings to certified specialists with at least 3 years of work experience in risk management. Applicant's experience in the field of strategic forecasting, modeling and effective system risk management. Applicants must also have the skills to successfully implement measures that minimize or eliminate the impact of risks. An additional advantage for experienced risk managers is knowledge of IFRS. The highest salary offers recorded at the moment in the capital are 200,000 rubles, in St. Petersburg - 155,000 rubles, in Yekaterinburg - 125,000 rubles, in Nizhny Novgorod - 90,000 rubles.

According to a labor market survey, among applicants for the position of a risk manager, the majority are young men with higher education. Representatives of the strong half of humanity in this field of activity are 61%. The majority of applicants (53%) are under 30 years old. Higher education 93% of risk managers have. 30% of specialists are fluent in English.

Research regions: gg. Moscow, St. Petersburg, Volgograd, Yekaterinburg, Kazan, Nizhny Novgorod, Novosibirsk, Rostov-on-Don, Omsk, Samara, Ufa, Chelyabinsk
Time of the study: January 2012
Unit of measurement: Russian ruble
Object of study: offers of employers and expectations of applicants for the position of "Risk Manager"

Typical functionality:

Participation in the development of a risk management strategy;
- analysis and assessment of the strengths and weaknesses of the organization, analysis of business processes;
- identification of threats of losses and identification of sources of risks;
- economic risk assessment;
- development and implementation of measures to prevent / minimize risks;
- control of risk indicators;
- improvement of business processes to eliminate possible risks;
- reporting.

Position requirements: type of employment - full time.

The level of remuneration of a specialist is determined by the welfare of the company, the list official duties, work experience in the specialty, the level of development of professional skills.

Examination of the data array about wages in the studied regions allows us to distinguish 4 main salary ranges depending on the experience and professional skills of specialists.

Analysis of information on the levels of remuneration of a specialist:
(excluding bonuses, additional benefits and compensations)

Region	Average	Range I No work experience at this position	Range II With minimal work experience at this position	Range III With work experience at this position	Range IV With significant experience at this position
Moscow	65 000	35 000 - 40 000	40 000 - 55 000	55 000 - 85 000	85 000 - 200 000
Saint Petersburg	50 000	25 000 - 30 000	30 000 - 45 000	45 000 - 65 000	65 000 - 155 000
Volgograd	30 000	15 000 - 18 000	18 000 - 25 000	25 000 - 37 000	37 000 - 90 000
Yekaterinburg	40 000	20 000 - 25 000	25 000 - 35 000	35 000 - 50 000	50 000 - 125 000
Kazan	30 000	15 000 - 18 000	18 000 - 25 000	25 000 - 40 000	40 000 - 90 000
Nizhny Novgorod	30 000	15 000 - 20 000	20 000 - 25 000	25 000 - 42 000	42 000 - 90 000
Novosibirsk	35 000	20 000 - 22 000	22 000 - 30 000	30 000 - 50 000	50 000 - 110 000
Omsk	30 000	17 000 - 20 000	20 000 - 27 000	27 000 - 40 000	40 000 - 95 000
Rostov-on-Don	33 000	18 000 - 20 000	20 000 - 25 000	25 000 - 45 000	45 000 - 100 000
Samara	35 000	18 000 - 22 000	22 000 - 28 000	28 000 - 45 000	45 000 - 100 000
Ufa	30 000	15 000 - 18 000	18 000 - 25 000	25 000 - 38 000	38 000 - 90 000
Chelyabinsk	35 000	20 000 - 23 000	23 000 - 30 000	30 000 - 48 000	48 000 - 110 000

Explanations for the table »

Each salary range is characterized by a certain typical set of requirements and wishes for the candidate. Each subsequent salary range includes the requirements formulated for the previous ones.

Salary range	Requirements and wishes for professional skills
I No experience in this position	- Higher education (financial / economic / mathematical) - Confident PC user (MS Office, SPSS, possibly SAS) - Analytical mind - Ability to work with large datasets - Knowledge of statistical methods of analysis and forecasting - Basic knowledge of accounting and financial analysis - Knowledge of methods for identifying, assessing and reducing risks - Knowledge of English at a basic level - At least 1 year experience as a financial manager/analyst
II Minimum experience in this position	- Skills for analyzing the financial and economic activities of the organization - At least 1 year experience as a risk manager Possible Desire: Knowledge of English at a conversational or fluent level
III With experience in this position	- Business process analysis skills - Experience in economic risk assessment - At least 2 years of experience as a risk manager
IV With significant experience in this position	- Availability of professional certificates and attestations - Experience in building models, strategic forecasting - Experience in building an effective risk management system - Experience in implementing measures that minimize / eliminate the impact of risks - 3+ years of experience as a risk manager Possible wish: knowledge of IFRS

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Risk manager

The research center of the recruiting portal in January 2012 studied the offers of employers and the expectations of applicants for the position of "Risk Manager" in 12 cities of Russia.

"Strategic tax planning and risk management" and others.

EY Academy of Business

Two-day training for managers, risk managers, auditors and other professionals working in this field. The curriculum will include theoretical blocks and several practical tasks, the cost of the training is about 40 thousand rubles.

Moscow Business School

The school invites people who have at least 2 years of experience in the field of finance, who graduated from a specialized university. Attending a business school for 26 months will provide useful knowledge and experience necessary for managers and employees of departments specializing in risk management. Lectures are held in the evening.

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