Enterprise Risk Management (ERM) is a crucial function within organizations, responsible for identifying and addressing potential risks at the enterprise level. Here are 15 tips to help you succeed in your ERM interview after passing IRM’s Global ERM Exams:
- Understand the Role and Responsibilities: Before the interview, thoroughly review the job description to understand the role and responsibilities of the ERM position. Be prepared to discuss how your skills and experience align with these requirements.
- Know the Basics: Brush up on the fundamentals of ERM, including risk identification, assessment, mitigation, and monitoring. Understand key concepts like risk appetite, risk tolerance, and risk culture.
- Research the Organization: Know the industry the company operates in, its business model, key risks it faces, and how ERM can support the organization’s strategic goals.
- Demonstrate Your Analytical Skills: ERM requires the ability to analyze complex situations and data to identify potential risks. Be prepared to give examples from your past work experience where you demonstrated these skills.
- Showcase Your Soft Skills: ERM is not only about identifying and mitigating risks, but also about communication, teamwork, and influencing others. Demonstrate these skills with specific examples.
- Review Regulatory Frameworks: Familiarize yourself with relevant regulatory frameworks and standards like ISO 31000 or COSO. Being able to discuss these can demonstrate your commitment to professionalism in ERM.
- Understand the Business Continuity and Disaster Recovery: These are critical components of ERM. Be ready to discuss how you have been involved in planning for or responding to crises.
- Prepare Risk-Related Questions: Show your initiative and engagement by preparing a few thoughtful questions about the organization’s approach to risk management.
- Show Your Strategic Thinking: Enterprise risk managers need to think strategically about risks and how they could impact the organization’s objectives. Give examples of how you have applied strategic thinking in your past roles.
- Explain Your Risk Assessment Process: Be ready to discuss your approach to risk assessment, including how you identify, prioritize, and mitigate risks.
- Use the STAR Method: When answering behavioral questions, use the STAR method (Situation, Task, Action, Result) to structure your responses in a clear, concise manner.
- Highlight Your Experience with Risk Management Tools: If you have experience using specific risk management software or frameworks, make sure to mention this in your interview.
- Stay Current: Be aware of the latest trends and challenges in ERM. This might include new types of risks, emerging best practices, or recent regulatory changes.
- Demonstrate Leadership Qualities: If the role involves managing a team or influencing senior leadership, be sure to highlight your leadership qualities and experience.
- Follow Up After the Interview: Send a thank you note expressing your appreciation for the opportunity. This helps reinforce your interest in the role and leaves a positive impression.
