How to Become a Risk Manager in Australia

What does a Risk Manager do?

Risk managers identify, assess, monitor, and advise on the full spectrum of organisational risks — from operational, financial, and strategic risks through to compliance, WHS, and reputational exposures. Day-to-day work includes facilitating risk assessments with business units, maintaining enterprise risk registers, monitoring the effectiveness of risk controls, and preparing risk reports for senior management and boards. In Australia, risk managers are most prevalent in banking, insurance, government, infrastructure, healthcare, and construction — sectors where inadequate risk management attracts regulatory scrutiny and significant financial liability. Growing obligations under APRA CPS 220, ISO 31000, and the WHS Act are expanding the scope and seniority of risk management roles, with clear career progression to Chief Risk Officer level.

Key responsibilities

• Develop and maintain enterprise risk frameworks
• Facilitate risk assessments with business units
• Maintain risk registers and monitor controls
• Report risk status to senior management and boards
• Advise on risk mitigation strategies
• Ensure compliance with regulatory risk requirements

Qualifications for this role

Nationally recognised qualifications most commonly held by Risk Managers in Australia.

Typical career progression

1. 1Analyst → Risk Analyst
2. 2Risk Analyst → Risk Manager
3. 3Risk Manager → Senior Risk Manager
4. 4Senior Risk Manager → Head of Risk / Chief Risk Officer (CRO)

Skills in demand