How To Get Ahead In Risk Analytics

Stian Iversen our consultant managing the role
Posting date: 6/26/2019 3:36 PM
In the world of Risk Management, top talent is always in high demand. Despite this, those who specialise in area know that progression can be difficult and, according to our 2019 Salary Survey, is the slowest in the industry. So, how can you differentiate yourself from the competition, and what steps can you take to make yourself the ideal candidate for that promotion or new job you’ve been hunting? 

Whether you are looking to move somewhere new, or trying to climb the ladder in your current company, here are some ways that you can make sure you stand out. 

Stay one step ahead in tech


Traditionally, the Risk Analytics tech stack has comprised of SAS, SQL and VBA. SAS and SQL remain very much present, but we are also seeing a clear increase in the use of Open Source programming languages, such as R and Python. Unsurprisingly, a lot of Risk Modellers and Analysts are now spending their time in developing their skills in these languages. One might argue that if you know one language, there’s not too much work required to upskill in another when you take on a new role, but this isn’t necessarily true. By being proactive and evolving your skillset in your current position, your CV will have a much bigger impact when it lands on a Hiring Manager’s desk. 

Over the past few years, we’ve also seen the arrival of Machine Learning and AI in the world of Risk. Whilst many businesses are still slow to embrace these technologies, do not be surprised to see them make a big impact over the next couple of years. Risk Analytics are catching up to the rest of the industry in regards to technology, and having the knowledge and skillsets required in these areas before they take off will only enhance you profile. 

Business-driven Data 


In the world of Risk Analytics, it is easy to think that if you have the right programming and analytical skills in the right tools, you’ve all got all you need. You might be off to a really good start, but there’s more to it than that. It about having the balance. 

Yes, being data-driven and understanding complex model development is crucial to becoming a good performer in this industry but, what truly separates the good from the great, is business acumen. The ability to understand both what your analytics and models do, and how they impact the overall business is now at the top of most Hiring Manager’s lists. 

A person with good quantitative skills will always see something that can be improved, but they also need to know when to stop and be happy with the result. The key to getting this right lies in their understanding of the business and the ability to answer questions like “If I sit and work on this for 8 more hours, will the real-world difference be worth that amount of time and resource?”. By viewing things through the prism of cost vs reward, and understanding that balance, you can demonstrate that your value to a business goes beyond your analytical skills. 

React, adapt and attract


In this world there are a few things we can take for a certainty; the sky is blue, it will rain on your day off, and there will always be new regulations for financial institutions. Because of the certainty of change, a key thing employers look for in candidates is the ability to react quickly and make changes as soon as they are needed. Fast growing companies such as Klarna, tink and iZettle may seem like fairy-tale success stories, but the real edge they have is their adaptability and agile culture. Whereas some traditional corporations and banks have lengthy and complicated processes required before they adapt to new regulations, these new companies embrace their agility and get things done. 

The ability to be agile and adaptable is, therefore, something that a lot of businesses are starting to realise is key. Therefore, if you’re looking to get ahead, you should try to evolve these qualities in your working ways. If you are looking for something new, look to prove you are driven and do not fear change. If you can demonstrate that you are able to work with a business-oriented mindset and embrace change, you’ll stand out as a key player in your team. 

Specialist vs Generalist 


With the world of Risk Management offering a number of opportunities to become very specialised in very niche areas, it’s worth considering whether this approach is right for you. There are some definite pros, for example, if you are the best developer of PD models for non-retail, you will be highly sought after for roles in this area. Plus, high demand, and a shortage of skillsets means that you will be in a good position to seek a high salary and lots of benefits. However, this does mean that you are likely to only have the opportunity to work in this area for the foreseeable future and, for some, this can become repetitive and not provide enough of a challenge. Additionally, if you were ever were to apply to work in a new area because of this, you would likely find yourself overpriced and needing to take a step down in seniority. 

The alternative, therefore, is to become more of a generalist, with a broader, but less advanced skillset. Think being able to play every instrument, but only knowing one song. There are definitely some clear benefits with this approach, not least the ability to work on a diverse set of projects, gain an excellent understanding of how Risk Management affects a business on every level, and be able to slot into a number of roles easily. You will also gain a better idea of which areas of Risk that you like, and which parts you dislike. Whilst many analysts begin as generalists before looking to specialise when they get promoted, they often find that their knowledge will not be as deep as their specialist counterparts. Therefore, it is likely they will have to take a step-down or make a sideways move before they can achieve that promotion. 

There is no right or wrong when it comes to the specialist vs generalist argument. However, for those looking for faster progression early-on, a generalist approach may be better suited despite the fact that you may need to change approach before reaching the most senior levels. 

Whilst demand will always be high for the best candidates, competition for promotions and senior roles in Risk Analytics remains fierce. Therefore, by proactively thinking about the ways that you work, how effective you are, your business focus, and what your ambitions are, you should be able to get the most out of your career.  

If you’re looking to get ahead in Risk Analytics, we may have a role for you. Take a look at our latest opportunities, or get in touch to see if we can help you take that next step. 

Related blog & news

With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

Visit our Blogs & News portal or check out the related posts below.

Hunted’s Ben & Danni On Cybersecurity

Hunted’s Ben & Danni On Cybersecurity

Ben Owen and Danni Brooke are the Co-Directors for the EMEA Practice at Fortalice Solutions, a leading global cyber security and intelligence operations company.  They travel globally to assist clients with their cyber security requirements, bespoke training needs, intelligence and investigations both online and physical and counter fraud training/consultation. They deliver and manage a portfolio of pro-active intelligence solutions to keep people, nations and businesses safe from threats and head up the EMEA operations.  Ben and Danni also feature on the hit Channel 4 show, Hunted and Celebrity Hunted which has been airing for over four years with another series set to be filmed this summer. I caught up with them recently to discuss the latest Fraud, tools and challenges for the Cybersecurity industry. Cybersecurity is an ever-changing landscape. What trends do you anticipate for the next 12 months and beyond? It is always difficult to pin down what the next real trend is going to be in the Cybersecurity space as adversaries are becoming ever more sophisticated.  What was once a very difficult process for skilled individuals is becoming more readily available to novices with advances in software, particularly those shared on the Dark Web. What is an inevitable threat trend in the next 12-months and beyond is the exponential rise in the Internet of Things (IoT).  With a world where everything is hooked up to the web, it is apparent that tech companies selling these devices are under immense pressure to get products to market. The need for speed could mean that some security principles and best practices may be overlooked.   As the UK encountered during the Mirai Botnet attack of 2016, a network of electronic devices acting in concert can cripple the internet or, worst case, become a weapon that could cause actual physical damage as well as cyber damage, power stations, hospital networks to name but a few.   How have Data & Analytics impacted the detection, and prevention, of cyber-crime? A company will have to protect themselves against an enormous amount of cyber threats every second.  A cyber-criminal will only need one successful attempt. Data & Analytics are proving successful in the fight against cyber-crime and their proactive and holistic approach is at keeping people and businesses safe.  Of course, it is Data that is being stolen, but very often Data can come to the rescue.  It helps in a number of ways, e.g. identifying anomalies in employee and contractor computer usage and patterns, detecting irregularities in networks, identifies irregularities in device behaviour (a huge advantage with the rise of the IoT). What one must remember, however, is the people behind the Data.  You can’t simply collect Data and assume you will be able to detect and respond with the right actions.  You need the people with the right analytical skills to sift through the Data, find the right signals and then react to the threat with an appropriate and timely response.   What tools and technologies do you think will become increasingly important in the fraud and cyber-crime landscape? Here at Fortalice we are investing a lot of time into coverage of the Dark Web.  We live in a rapidly changing digital landscape. Criminals, fraudsters, and others are now operating with more sophistication and anonymity. Where do they go to exchange fraudulent details and ideas about current victims? What medium do they use to discuss organisational targets or new ways of defrauding companies? The answer is the Dark Web.  Traditionally, companies fight fraud from the inside out. We want to change this landscape by accessing the entirety of the Dark Web, its pages, shady storefronts, and treasure troves of Data, and drawing on monitoring toolsets to give our clients a 360-degree resource for identifying adversarial communications and movements. It’s all about Internet coverage.  Wherever it is difficult to find – that’s where your threat will be.   A final point to this question is one of sharing tools and techniques.  A collaborative approach is always a good way of making sure the wider audience benefits.  We always work with our clients and offer other services and support outside of our remit to make sure they’re fully protected from a cyber and physical space.   What are the biggest security threats for businesses? Security is fundamentally broken because the design of many security solutions does not design for the human psyche.  Security solutions are bolted on, clunky, and hard to use but because security teams prioritise defending against easier cyber threats, they often don’t focus on the hardware side. The biggest risk to companies and individuals is always defined by the Data that is most important to you or to the business.  For individuals, this might be privacy or identity. For businesses, this could be customer Data, intellectual property, and the company’s money in the bank. The reality is that business executives can’t outspend the (cybersecurity) issue and they must be prepared. Cybersecurity no longer exists in a vacuum and it must be elevated to the conversations held in the boardroom and with senior leadership as well as entire divisions, departments, and organisations. For someone trying to get into security analytics, what skills do you think are key to being successful in the industry? The detail is in the name of the role.  A huge ability to interpret large amounts of technical Data is key to the role, as well as being able to assimilate what it means and how to action it.  Risk management is also key to this role.  Very often you will identify potential risks and you will have to triage those priorities on your own as co-workers won’t have the technical expertise to assist.  You will need to be able to communicate successfully to all levels of a workforce and last but by no means least – a good sense of humour!  When you think you have gotten to understand a new threat or vulnerability a new one will replace it within seconds.  Time to put the kettle on, smile, and get back to work with your analytical prowess.   Within fraud, it's well known that criminals are sharing their approaches, is this mirrored in cyber-security and if so, how is the industry combating this? Criminal collaboration is huge on the web.  First of all, there is no talent shortage for fraud rings or cybercriminals. There are no requirements for fancy university degrees or certifications and the crime ring pays for performance.  They don’t care what you look like, how you dress, or if you clock in during normal work hours. They care about getting the job done - hacking into and stealing information from others. Together they are sadly stronger and more effective.  On Dark Web forums, you will see fraudsters sharing and selling their ‘IP’ knowing that others will also contribute. That way they are all winners.  In the private world ideas equal money. That is of course not a bad thing for business, but it is bad for collaboration. Businesses generally don’t like to share ideas with one another because it has taken them lots of time and expense to get to their product or solution. As cliché as this comment sounds - we have to change this landscape for the greater good.  There are lots of smart government initiatives for national defences in cyber security and fighting high-end cyber-crime but seldom does this have a positive impact locally with smaller businesses.  There is a huge amount of information out there for individuals and advice, but we need to bridge the gap still between criminal collaboration and that of the good guys. If you could change one thing in the industry, what would it be? The mind set of security professionals that humans are the weakest link. We’re not! Humans are at risk because technology is by design, open.  I’d also change the mind set of those not in the Cyber Security industry.  All too often the severity of what is being reported is not taken seriously, nor are budgets set aside for cyber security issues.  That said, it is improving but there is a long way to go.  Ben and Danni spoke to Senior Consultant, Rosalind Madge. Get in touch with Rosalind or take a look at our latest job opportunities here.

How Big Data Is Impacting Logistics

How Big Data is Impacting Logistics

As Big Data can reveal patterns, trends and associations relating to human behaviour and interactions, it’s no surprise that Data & Analytics are changing the way that the supply chain sector operates today.  From informing and predicting buying trends to streamlining order processing and logistics, technological innovations are impacting the industry, boosting efficiency and improving supply chain management.  Analysing behavioural patterns Using pattern recognition systems, Artificial Intelligence is able to analyse Big Data. During this process, Artificial Intelligence defines and identifies external influences which may affect the process of operations (such as customer purchasing choices) using Machine Learning algorithms. From the Data collected, Artificial Intelligence is able to determine information or characteristics which can inform us of repetitive behaviour or predict statistically probable actions.  Consequently, organisation and planning can be undertaken with ease to improve the efficiency of the supply chain. For example, ordering a calculated amount of stock in preparation for a busy season can be made using much more accurate predictions - contributing to less over-stocking and potentially more profit. As a result, analysing behavioural patterns facilitates better management and administration, with a knock-on effect for improving processes.  Streamlining operations  Using image recognition technology, Artificial Intelligence enables quicker processes that are ideally suited for warehouses and stock control applications. Additionally, transcribing voice to text applications mean stock can be identified and processed quickly to reach its destination, reducing the human resource time required and minimising human error.  Artificial intelligence has also changed the way we use our inventory systems. Using natural language interaction, enterprises have the capability to generate reports on sales, meaning businesses can quickly identify stock concerns and replenish accordingly. Intelligence can even communicate these reports, so Data reliably reaches the next person in the supply chain, expanding capabilities for efficient operations to a level that humans physically cannot attain. It’s no surprise that when it comes to warehousing and packaging operations Artificial Intelligence can revolutionise the efficiency of current systems. With image recognition now capable of detecting which brands and logos are visible on cardboard boxes of all sizes, monitoring shelf space is now possible on a real-time basis. In turn, Artificial Intelligence is able to offer short term insights that would have previously been restricted to broad annual time frames for consumers and management alike.  Forecasting  Many companies manually undertake forecasting predictions using excel spreadsheets that are then subject to communication and data from other departments. Using this method, there’s ample room for human error as forecasting cannot be uniform across all regions in national or global companies. This can create impactful mistakes which have the potential to make predictions increasingly inaccurate.  Using intelligent stock management systems, Machine Learning algorithms can predict when stock replenishment will be required in warehouse environments. When combined with trend prediction technology, warehouses will effectively be capable enough to almost run themselves  negating the risk of human error and wasted time. Automating the forecasting process decreases cycle time, while providing early warning signals for unexpected issues, leaving businesses better prepared for most eventualities that may not have been spotted by the human eye.  Big Data is continuing to transform the world of logistics, and utilising it in the best way possible is essential to meeting customer demands and exercising agile supply chain management.  If you’re interested in utilising Artificial Intelligence and Machine Learning to help improve processes, Harnham may be able to help. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.  Author Bio: Alex Jones is a content creator for Kendon Packaging. Now one of Britain's leading packaging companies, Kendon Packaging has been supporting businesses nationwide since the 1930s.

RELATED Jobs

Salary

£70000 - £75000 per annum

Location

City of London, London

Description

Are you an insight manager with a technical strength of using SQL with a passion for telling a story with data? You will work for a leading med-tech company

Salary

£32000 - £38000 per annum

Location

Hertfordshire

Description

Are you a junior analyst looking for your next role within data and analytics? This is an exciting opportunity to work for a leading online retailer

Salary

£55000 - £60000 per annum

Location

City of London, London

Description

Are you an insight analyst with a technical strength of using SQL and Python with a passion for telling a story with data?

recently viewed jobs