Helpful Definition for: Risk Consultants
Risk consultants, working either in-house or as outside consultants employed by risk consulting firms, operate in conjunction with an individual company's accounting, auditing and regulatory affairs departments to search out, assess, and then carefully monitor any and all risks implicit in the day-to-day operations of that company, whether they be operational in nature, financial, compliance-sensitive or technology-related. They review a company's internal guidelines and operational procedures with an eye toward making sure all corporate rules are followed and policies upheld, industry standards are met, and governmental regulations are strictly followed. Lower-level risk consultants generally hold four-year degrees in business-related disciplines such as accounting, finance or auditing, while more senior risk consultants often hold MBA or CPA credentials. Risk consultants with the appropriate education and experience may also specialize in various areas of risk management such as quantitative assessment, probability modeling, litigation risk management or risk consulting for the insurance industry.