What is a Risk controller ?

The risk controller is responsible for monitoring and supervising the company's management policy. He/she must develop and implement company policies that take multiple elements into account in order to maintain a stable situation in which the company is able to cope with possible losses. To do this, he uses various methods of risk control, including diversification (of locations, activities, suppliers, products) which gives his function an international dimension.

What is risk control in a company?

Modern companies are faced with a diverse set of obstacles, competitors and potential dangers. Risk control helps companies to limit the loss of assets and revenues. It is a key component of a company's enterprise risk management (ERM) protocol.

Risk control is the set of methods by which companies assess potential losses and take action to reduce or eliminate those threats. It is a technique that uses the results of risk assessments, which involve identifying potential risk factors in a company's operations, such as technical and non-technical aspects of the business, financial policies, and other issues that may affect the company's well-being.

Risk control is based on different techniques:

  • Avoidance is the best method of loss control: for example, replacing a problematic product with another, avoiding unreliable investments, 
  • Loss prevention: through insurance for example, or monitoring.
  • Loss reduction: by installing systems that minimize losses (e.g. fire sprinklers), with guarantees, 
  • Separation: Assets are divided,
  • Diversification: activities are extended to different products or other services whose results or losses can be counterbalanced, investments are diversified.

What are the missions of the risk controller? 

This highly strategic function deals with all the dimensions of the company, as risk can arise from many different causes. The risk controller therefore has many missions which are all linked by his global vision of the company.

Monitoring and compliance with new local and international regulations, verification of compliance with tax rules
Follow-up and implementation of various monitoring means, in order to identify and evaluate the various risks and potential risk factors for the company
Follow-up and periodic review of financial reports in relation to the company's business objectives
Analysis of procedures, recommendations and proposals for improvement
In the financial sector more specifically :

  • Advice to management on fraud prevention, ethics, etc.
  • Analysis of the market, competition and stock market sentiment
  • Optimization of financial strategy
  • Animation and management of a team of accountants and financiers

What is the difference between Risk Management and Risk Control?

Risk management refers to the entire process of identifying, preventing and mitigating risks, while risk control is one of the tools of risk management. Risk management is the process of analyzing and dealing with risks, while risk control is the strategy by which one tries to prevent them.

Skills and qualities of the risk controller 

This position is generally accessible to people from private banks or asset management companies who have already had several years of experience in the financial sector, at least 8 years. In the field of operational risk, internal control, audit or compliance, this may be less.

The skills and qualities required are a good mix of technical and professional skills:

  • Knowledge of national and international law and regulations, 
  • Mastery of financial management and asset management, 
  • Strong analytical and problem solving skills,
  • Communication and interpersonal skills,
  • Strategic thinking,
  • Rigor,
  • Work under pressure,
  • Ability to adapt,
  • Professional English + other languages relevant to the company's activities.

Education and training

To become a Risk Controller, you need to have a degree in law, finance and audit. MSc (Master of Science) Controlling and Risk Management are also offered in 1 year, at Bac+5 level as specializations following a long course in the targeted field of activity.

Possible courses :

  • Universities and academic institutions (IAE, IEP) in law, audit, finance, economics.
  • Master's degrees in finance, business management, auditing, international trade: Master pro in strategic management with a specialization in risk management, in banking, finance, insurance with a specialization in risk management in finance and insurance or in strategic management with a specialization in risk management.
  • Major business school
  • MSC specialized in risk control following a degree from an engineering or business school.

Salary and career opportunities

In France, the average Risk Controller's salary is €65,000 gross per year, ranging from €43,500 for a junior to €125,000. Salaries are usually accompanied by bonuses and incentives, which can sometimes double the fixed salary.

The risk controller has many career paths depending on his or her specialty (business, engineering, medicine), his or her field of interest or the company in which he or she wishes to work: management controller, risk auditor, statutory auditor.

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