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