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Risk Management Specialist

 

Overview

Risk Management specialists manage risk for producers by identifying, measuring and advising regarding decisions on financial risk for an organization.

 

risk management specialist

 

What responsibilities will I have?

  • Find strategies to reduce price risk on agricultural commodities Use software to create models to look at hedge effectiveness, trends and price sensitivities
  • Look at the impact that pests, disease, ecological factors and other factors could have on crop production
  • Use agricultural data and government agency reports in order to conduct risk assessments for clients or state/federal government to facilitate improved agricultural trade
  • Conduct economic impact studies to look at the long and short term impact on policies being considered
  • Ensure compliance with US Generally Accepted Accounting Principles (GAAP) as set by the US Securities Commission (SEC) when hedging
  • Develop, monitor and communicate risk management measurement procedures
  • Develop weather forecasts and financial forecasts for farmers to aide in decision making
  • Provide hedging strategy recommendations with varying risk tolerances
  • Monitor commodity prices and potential threats to prices
  • Provide daily or weekly credit and risk reports to clients based on their needs
  • Conduct market research on best practices, competitive landscape and new hedging tools

 

What education and training is required?

A bachelor’s degree in agricultural business, accounting, finance or related field is a base requirement.  A master’s degree in business administration, risk management or other related field may be preferred.

 

To pursue a career as an risk management specialist:

The following high school courses are recommended: agriculture education, math, statistics and accounting.

 

Where can I work?

As a risk management specialist you can work for agriculture marketing groups, banks, grain merchandisers or consulting firms. Some in the risk management field are self-employed.

 

Future Job Market / Outlook

The future outlook for a risk management specialist will be excellent over the next five years. 

 

Suggested Professional Organizations and Associations

  • National Grain and Feed Association
  • State Grain Marketing/Merchandising Association
  • The Risk Management Society
  • Public Risk Management Association