Product Risk Manager at The Concept Group

Summary and Scope

The Product Risk Manager proactively identifies, assesses, and manages risks related to the company’s products and services. This role involves guiding risk assessment in both new and existing products, working closely with product owners to integrate risk management into the product lifecycle, and ensuring regulatory compliance. The manager develops and implements risk mitigation plans, advises senior management, and monitors market trends to enhance the company's risk framework. The goal is to deliver optimal products while effectively managing risks.

Duties and Responsibilities

1. Risk Assessment Criteria (RAC) Development; Develop and maintain comprehensive risk assessment criteria (RAC) for all products and services. Ensure that RACs are aligned with industry best practices and regulatory requirements. Regularly review and update RACs to reflect changes in the market, technology, and regulatory landscape.
2. Risk Detection and Assessment; Proactively identify and assess risks associated with current and new products. Conduct thorough risk analyses, including financial, operational, and reputational risks. Utilize risk assessment tools and methodologies to evaluate the potential impact and likelihood of identified risks.
3. Collaboration with Product Teams; Work collaboratively with product owners and development teams to integrate risk management processes into the product lifecycle. Provide expert advice on risk mitigation strategies and ensure that risk considerations are incorporated into product design and development. Facilitate risk workshops and training sessions for product teams to enhance their understanding of risk management practices.
4. Risk Mitigation and Management; Develop and implement risk mitigation plans for identified risks. Monitor the effectiveness of risk mitigation strategies and make adjustments as necessary. Maintain a risk register and track the status of risk mitigation efforts.
5. Advisory and Reporting; Advise senior management on product-related risks and recommend appropriate actions. Prepare detailed risk reports and presentations for executive and board-level discussions. Ensure transparent communication of risk issues and their potential impact on the business.
6. Compliance and Regulatory Oversight; Ensure that all product risk management activities comply with relevant laws, regulations, and industry standards. Liaise with regulatory bodies and auditors as required to address risk-related queries and ensure compliance.
7. Continuous Improvement; Stay updated on industry trends, emerging risks, and best practices in risk management. Promote a culture of continuous improvement in risk management processes and practices within the organization. Lead initiatives to enhance the company’s overall risk management framework.

Requirements

1. Bachelor’s degree in Risk Management, Business Administration, Finance, or a related field.
2. Professional certifications such as Certified Risk Manager (CRM), Certified Risk Professional (CRP), or similar are highly desirable.
3. Minimum of 6 years of experience in risk management, preferably within a product-focused environment.
4. Strong knowledge of risk assessment methodologies, tools, and regulatory requirements.
5. Excellent analytical and problem-solving skills.
6. Demonstrated ability to work collaboratively with cross-functional teams.
7. Strong communication and presentation skills.
8. Ability to manage multiple projects and prioritize tasks effectively.