I just got a job at an insurance firm working from home as a Risk Analyst. I worked in insurance before but I never worked as a Risk Analyst before. My previous job was as a Receptionist for an insurance firm. I start Monday and I’m really nervous.
Thank you so much for this video. I just joined a big 4 firm for internship in risk advisory team and I am a little confused with the nature of work as I never really knew anything about this being a fresh grad. So this was very helpful. Iam so grateful. Also, could you tell me what exactly is the sample testing?
Glad it was helpful! Sample testing is basically what you do when it comes to testing the operating effectiveness of a control. You would select from a population of scenarios and that selection you make is sample testing. You will check for control attributes and test the control this way. Hope that makes sense :)
Automation is also an important in Controls Testing. Information on the prior control working procedure is quite necessary. Then it becomes easy to map the control. Really nice. Cheers!!!
It's a very good description of the entire process. I was a grad at KPMG UK in Cyber Security under Tech Risk and left the consulting world last year as a Manager with PwC UK to join a financial service org. aka a Big 4 Bank as an audit manager. Pretty similar stuff. One thing I probably can add is that the amount we charge to the client. For example, 7 hours of my time (1 day, as a manager) would be billed £850, a senior associate/ consultant in the region of £550. This is the consulting rate though, typically in audit, the rate is 20-30% lower. And we are 'officially' allowed to charge 7 hours per day, unlike 8 hours in the US or presumably Australia too.
Hey, I realise this comment is old but maybe you'll see this reply. Isn't cyber security at KPMG UK a whole different grad scheme to Tech Risk? Tech Risk has always been described to me as IT audit, whereas cyber risk consulting in the big 4 grad schemes is different. Would you be able to elaborate how your work in 'cyber security'/tech risk is similiar to audit work? Thanks a lot in advance!
Thanks for reminding me how long I have been working lol. Yes, you're right, since 2014 due to the growing demand for cybersecurity, KPMG UK started to conduct a graduate scheme focussed on Cyber. Previously it was under Tech Risk whereas about 70 grads would make the cut and then rotate around Tech Risk, Cyber, IT Audit, IT Resiliency, and Data. After 3 years they could choose where they want to progress in their career. On the second question, companies face many types of technology risks, such as cyberattacks, service outages, service failure, data integrity, etc. Cyber is one risk under Tech risk but it's not the only one. My work, when I was doing consulting in Cyber was to build and transform security capabilities. E.g. Build a Security Operations Centre, Develop Security Strategy for the next 5 years, Write Security Policy. Right now as a cybersecurity auditor, I assess what other people have done i.e. check for adequacy and effectiveness.
Thanks for your reply and sorry for the reminder haha. That's surprising to me that it used to be all grouped under tech risk, but times change quickly. In terms of the work you mentioned - setting cyber strategy etc, I assume you didn't get involved with too much technical work, or am I assuming wrong haha? Also, if you don't mind me asking, how come you transitioned from cyber to audit?
Thank you a lot as your video is really helpful. I just want to clarify (1) the difference between risk management and risk assurance as second line of defense; (2) based on the video, it seems that the IA and RM perform the same type of work?
Wow! Wonderful video 👍 what is the best piece of career advice you would give someone who will be graduating in the next 4-5 years and is firmly looking to get into the big 4.. Also I must say you're exceptional and a great inspiration for many of us . Stay safe and take care
so sweet - thank you! Just focus on building your personal brand (i.e. getting involved in activities outside of study), as alot of firms like those that have extra curricular activities. Also try to maintain decent study scores if you can - i know i didnt haha but i was also working during my full time uni. See if you can work during this time as well - that would be a massive push for your CV! Good luck!
Fantastic. I am looking at a career change to risk management and consulting. Any take on frequently asked interview questions and scenarios? will appreciate link
Im torn between assurance and risk consulting. I got offered by EY with a position in their assurance team but I also got an offer from KPMG to be a risk consultant and I'm having a hard time debating which one I should accept. They both look and sound good to me as I am an accounting graduate so assurance is enticing as it will allow me to practice my accounting knowledge but then I also like the evolving risk management kind of work.
@@karenpatricia27 I chose risk but I already quit from the firm. Here in my country, we get overworked, a lot of times we work over 12 hours a day and sometimes we were asked to come to work during the weekends. I am now working as an ERP consultant.
@@alcalc7428 wow yea I’ve heard of the overworked hours in the firms but it’s good that you worked for EY in the risk position I think is a good career too , congrats on your new role!
@@karenpatricia27 yes it is a good and valuable experience but the Brand name and this valuable experience is what they use as excuse to overwork you af. I am already suffering from a bad mental health issue and I couldn’t risk it deteriorating even further by getting burned out from overwork so I quit.
thanks for sharing this. Grad roles opened up here in NZ for 2022 and this area I am looking into, as well as deal advisory. I did finance and economics major at Auckland Uni
Hi Sanjna, I wanted to send you other potential topics for videos: 1. What is the best Risk Management certification for manager vs consultants i.e. CRISC, CISSA, CRCM etc.. 2. Operational Risk vs Compliance Management vs Auditing 3. Explain RCSA (Risk Control Self Assessment) process and steps. 4. Creating controls in Detail 5. Testing methodologies and sampling Thank you
Hey Sanjna! I really like your work related videos. Ik it's weird to ask this but could you make a video (or just comment)talking about how (if any) different the real world corporate work is compared to what is taught in uni
Hi Sanjna, quick questions, do you use Excel heavily in your role? Or are there any other software you use in your role? Does your role use numbers/calculations?
Hey there, I wouldn't say its heavily. It is very minimal the usage and even then it is at a very basic level. You can try and learn the v-lookups etc to help sort data and matching etc. but I wouldn't stress too much about it. There are internal audit specific software programs, however they were specific to KPMG. Also not many numbers/calculations, as it is not an audit role :) Hope that helps!
Hi, Sanjna. Thanks for amazing video it did help me a lot. It would sound massive but I have a question that what attracted you to engage in risk consulting at very first? Or I would say what did you learn from the work? What kind of traits do you think that fit the work? I am currently looking for a job in risk field, and preparing an interview for it. I think a strong motivation is needed but except my favorite course during uni is risk mng, wlb is good, I cant think of very convincing reasons. I am sure I am really into it, but I want to hear more about practical reasons. Could you kindly help with it? Thanks in advance! Sorry, besides, do you think the work of risk management in bank (middle-office) and risk consulting would vary a lot?
There is college in India gurgaon GRMI (global risk management institute) it provides Post graduation in risk management and it's total fees is 12 lakh and average placement is 9 lpa and they say as per there placement scenario 85% are working in big 4 companies and i have asked few students from thier institute i got positive response only Can you please suggest this
Hey thank you so much for such an informative video just wanted to know what type of qualifications do you need to enter such risk advisory or consulting do you think CISA is a good certification to enter IT assurance field or do we need to add something with it.
Hey Sanjna, is Risk Consulting, especially governance, risk & controls advisory a lot of admin work as a grad or do you get thrown to the deep end straight up and get a lot of meaningful, interesting work & learn a lot within your first 12-18 months? Do u regret starting at the big 4 or one of the best things that happened to your career?? Also how were your hours like?
Hey Varun - I think starting off at the big 4 was one the best decisions of my life as I learnt so many technical skills which I could take on with me throughout my career. With any job there is admin stuff, but i felt I had a good balance of day-to-day work and admin tasks as well. Each firm might be different though.
Hey there.. I just stumbled on your channel from Namibia. I am about to embark on my postgraduate diploma in risk management next year am currently unemployed my undergrad is in Business Managment and a have Certificate in Accounting and Auditing.. I want to have the exposure of this program but I have no clue where to start or to place my foot in the right door What advice would you give a person like me so that I can climb this ladder in this career
Hey Sanjana , I wanted to know which role has more career growth and opportunities- (Oracle functional financial Consultant AP, AR, GL etc) Vs Oracle Risk Consultant and is one more coveted over the other.
Hi Sanjna thank you for explaining your day to day responsibilities. Could you suggest the best certification you believe that could help a business graduate get into risk management?
Well, tbh there is no "best certification" for risk management. When i was a graduate, there were people from all different fields (engineering, science, psychology etc.) but i suggest doing something within the commerce/business/economics field just to get a better understanding of the corporate world. Although it is not necessary - hope that helps!
Hi Beth, I definitely had no extreme hours working in the Risk consulting/internal audit division at KPMG. This division definitely has more of a work life balance as compared to External Audit. I suggest reaching out to people from LinkedIn to really get a good idea :)
@@successbysanjna I hope I do to your video gave me an insight I’m disappointed that KPMG didn’t fall through thier promise with you as you seem very dedicated to the role and your experience with them speaks volume they have lost a star in my option it’s thier loss not yours tbh my role is qa risk and controls for management services I’m guessing it’s the same role you did
Did you get to travel a lot as a risk consultant? And were the clients domestic or international? Also was the travel mostly domestic or international? Also love your videos, it would be great if you could answer since i am joining the same role 😅
Thanks! Risk consulting is essentially a job that will have CRO prospects if you pursue it all the way through, whereas external audit will be more like CFO :) Please email me if you have any further questions! :)
It was a nice video, but can you please clarify once that whether is there any difference in work of internal auditor and risk advisor ? If yes then what is it ?
Thank you! Sometimes those words can be used interchangeably, however an internal is someone who reviews the processes and risks of a firm and provides solutions/recommendations (usually 2nd/3rd line risk), whereas a risk adviser might be someone who advises the company and would be 1st line risk :)
@@successbysanjna so can you please tell me the scope of those fields in future or job opportunities in corporates in same field.....as you have great experience. Thanking you in advance for all your replies and support 👍
Yes....I am pursuing a CA Articleship from an Indian Top 20 CA Firm....in Internal Audit department.... actually at that time I was looking for such Articleship program in any one of these departments.....so i asked that question to you....but still I want answer to that question...😊
Would you say once you go into risk consultant path, it’s difficult to manoeuvre to other career pathways? I heard the exit opportunities may not be that good?
It depends what you want to do afterwards. Why would the exit opportunities be limited, when you want to stick to risk? Unless offcourse you want to change career paths completely.
Hey would be massive help if you could answer this, I’m about to graduate from uni, got 2 grad offers, one from a big 4 accounting firm in governance and risk, & one from a big 4 bank in consumer banking, the salary difference is around 10k including super, bank paying more but not overly worried about that, what would you recommend as the offer to take provided I have equal passion for both roles, where will I have more learning & exit opportunities & better work life balance & social life, tbh I’ve heard that big 4 internal audit has pre decent good work life balance too so I’m just unsure whether I should begin my career with a big 4 risk consulting role or instead take a grad role at a big 4 bank?
Hey there! That's pretty cool to hear you've cool both offers! I would suggest working at the Big 4 accounting firm first, given you are fresh out of uni, this would be perfect in terms of opportunities down the track. You also get to learn more at a faster pace than compared to the banks. You can always transfer later and work for banks once you decide you've had enough with the big 4 culture :) Good luck with it!
hey Sanjna! one of the big 4 is coming to our college for undergrad, non tech students for the role of Risk Analyst and GRC. Could you tell me what all I can highlight to be selected? I had science with computer till 12th grade.
Hi, how is risk analysis different from risk consultancy and will a job as a fresher in risk advisory at deloitte help me in the future if I want to get into consultancy? Thanks
It is very similar. Some divisions just like to add fancy names. I would suggest having a read of the job description to see what you're applying for, just to be safe.
Thank you for sharing which is very beneficial. Just wondering do you provide career training for people who wants to step into risk consultant area? I am currently with KPMG but want to move into real risk consultant career, not sure you can provide some training to help secure a risk consultant job?
Do you think that it is possible to have a career in Risk Advisory without taking the business exam? (Especially at a B4 in Germany) I study business informatics and I'm not really interested in doing such exams after the education, but of course in doing career there:) Greetings from Germany!
Hi there! Thanks for the question :) I definitely think there is a chance to get into risk advisory without even a degree haha. It is one of those professions which UNI can't get you prepared for. I'm not sure about the process in Germany thought, in Australia it is pretty easy to get through. I suggest talking to someone who works where you want to work :)
@@successbysanjna thx for ur response, meanwhile I've talked to someone who is responsible there. He answered the same, that u already did. For me personally it's a new "adventure" being in a B4, but in difference to Australia, the "Examen" is an extra graduation for people who want to do the annual accounts. And I'm pretty sure that this is not my case :D And I want to add that it is the hardest graduation that u can make in Germany if u want to study sth. with economics.. So now I'm reassured that u don't need to go this way if u want to have a career there. Do u work as a consultant or sth like that? Greetings
What and where did you pursue your education from and we would greatly appreciate if you could make a video for the young folks who are willing to pursue their career in big 4 or the bulge bracket banks.
