Risk Analytics
Malika Davar | Senior Consultant | BFSI AnalyticsWhat is Risk Analytics?
Risk Analytics is a great Career option. Unfortunately, it is very difficult to find information about What Risk Analytics actually is. Most pages on the internet just talk about How to get into Risk Analytics. While anyone can have an opinion on what Risk Analytics entails; only a real professional can really explain it.
Senior Consultant Malika Davar has 5 years & 10 months of professional experience in Risk Analytics. Here is how Senior Consultant Malika Davar detailed Risk Analytics:
Risk analytics (or risk analysis) is the study of the underlying uncertainty of a given course of action. It often works in tandem with forecasting professionals to minimize future negative unforseen effects.
How Senior Consultant Malika Davar got into Risk Analytics?
I pursued a Bachelors degree in Economics from St Stephen's College and a Masters degree in Economics from Delhi School of Economics. Soon after, I joined BFSI Risk Analytics where I have been working for more than 4 years. Currently, I am working there as a Senior Consultant.
Senior Consultant Malika Davar's Talk on Risk Analytics |
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The Journey of a Risk Analyst: Navigating the Complex World of Financial Decision-Making In today’s ever-evolving financial landscape, the role of a risk analyst is more vital than ever. Meet Mallika Dawar, a 27-year-old professional who has successfully navigated her path in the field of risk analytics over the past four and a half years. With a robust academic foundation in economics and a keen interest in data interpretation, Mallika is here to share her insights into this specialized career. In this article, we will delve into what risk analytics entails, the educational background required, the essential skills needed, the positives and challenges of the profession, and a glimpse into a typical day in the life of a risk analyst. What Is Risk Analytics? Risk analytics is a specialized field focused on understanding and evaluating risks associated with financial decisions, particularly within the banking sector. This discipline relies on data to determine how likely it is for adverse events to occur, especially concerning loans and credit. As banks disburse both secured and unsecured loans, risk analytics helps them assess the reliability of borrowers and forecast potential defaults. Given the vast amounts of data generated today, risk analysts employ various statistical tools and methodologies to analyze trends and offer insights, thereby informing strategic decision-making processes essential for enhancing profitability. Education A solid foundation in economics is crucial for anyone aspiring to enter the field of risk analytics. Mallika notes that understanding how economies function, how businesses operate, and the ways banks generate revenue is foundational knowledge essential for interpreting data in this sector. Programs like Economics Honours at prestigious institutions, such as St. Stephen's College, provide students with critical theoretical and practical insights that form the backbone of risk analysis. Complementing an economics background, knowledge of econometrics is vital for professionals in this field. Mallika emphasizes that econometrics combines economic theory with statistics to analyze and forecast financial outcomes based on historical data. Tools like regression analysis—where one can predict future tendencies based on past data—allow analysts to refine their models and make informed recommendations. This scientific approach enables risk analysts to create frameworks that guide banks in their lending decisions. In risk analytics, strong mathematical skills are non-negotiable. Mallika highlights the importance of mental math and number literacy, as professionals frequently handle complex data sets. Being adept at quick calculations not only assists analysts in data interpretation but also ensures accuracy in reporting, which is critical in maintaining the integrity of financial assessments. Knowledge of programming languages forms another cornerstone of risk analytics. According to Mallika, languages such as SAS, R, Python, and Hadoop are essential for data extraction and analysis. As the field increasingly leverages technology for big data analysis, familiarity with these tools empowers risk analysts to process vast amounts of information and uncover valuable insights. Data visualization techniques are fundamental for representing complex information clearly and understandably. Mallika points out that being skilled in data visualization allows analysts to communicate findings to clients and leadership effectively. The ability to convert numerical data into visual formats like charts and graphs is crucial in decision-making processes, as it helps various stakeholders grasp key insights quickly. Skills Being adept at documentation is a vital skill for risk analysts. Mallika mentions that professionals need to navigate through extensive regulatory texts and guidelines to build efficient models. Understanding these documents is not just about compliance; it's about integrating regulatory requirements into analytical frameworks to ensure data-driven decisions align with legal standards. The ability to present findings compellingly is another key skill. Mallika underscores the significance of mastering tools like Microsoft PowerPoint to craft visuals that enhance presentations. Analysts who can effectively convey complex data in an accessible manner are better positioned to persuade clients and stakeholders regarding their insights. Strong communication skills are paramount in the field of risk analytics. Mallika stresses that analysts must interact with various individuals, including clients and team members. Effective communication fosters collaboration and understanding, allowing analysts to articulate their findings clearly and confidently, thus ensuring that their insights are well-received. With the advent of new technologies and methodologies in analytics, research capabilities are indispensable. Mallika points out that staying informed about evolving techniques from various global markets can enhance an analyst’s effectiveness. It’s essential for risk analysts to continually seek knowledge and refine their approaches to remain competitive in a fast-paced environment. Attention to detail is critical in risk analytics. Mallika emphasizes the necessity of focus and precision, given that even minor errors in data reporting can have significant implications for clients. This skill ensures that analysts can manage extensive datasets while maintaining accuracy, thus safeguarding the financial integrity of their analyses. Logical and analytical thinking forms the core of a risk analyst's skill set. The ability to approach problems systematically and reason through complex scenarios enables analysts to derive insights that are not only accurate but also actionable. Mallika notes that this skill is what truly distinguishes successful analysts in a fast-changing financial landscape. Positives One of the most attractive aspects of a career in risk analytics is its financial potential. Mallika explains that the niche nature of this profession means that skilled professionals can command lucrative salaries. Given the growing demand for risk analysts, this career path often provides financially rewarding opportunities. The versatility of risk analytics presents numerous career opportunities across different industries. Mallika highlights that data is ubiquitous across sectors, meaning that an analytics professional can find roles in various fields, from finance and insurance to healthcare and tech, further broadening their career landscape. While the nature of the job can be demanding, risk analytics does offer a degree of work-life balance. Mallika notes that this profession allows for flexibility, particularly with remote work becoming more prevalent. Managing one's time effectively can lead to a well-rounded personal and professional life, although it may entail late hours occasionally. The global reach of risk analytics can offer exciting travel opportunities. Mallika mentions that her role permits her to work with international clients, which often requires travel, thus expanding her horizons both professionally and personally. Engaging with different cultures and business practices is a unique perk that enriches an analyst's career experience. Challenges Working in an international context presents the challenge of adjusting to different time zones. Mallika shares that her role often has her engaging with clients in North America during evening hours, which can disrupt personal time. This demand requires a level of adaptability that may not suit everyone, but it is an essential aspect of globalized work. The high stakes associated with reporting accurate data necessitate constant alertness. Mallika emphasizes that risk analysts must be vigilant at all times, as inaccuracies can lead to dire consequences for clients. This perpetual need for precision can induce stress but is non-negotiable in maintaining professional credibility. A Day Of A typical day for Mallika as a risk analyst is a blend of client interaction and administrative responsibilities. She starts her day by checking emails and prioritizing tasks, which often extend late into the evenings due to her work with an international client. While her mornings can be relatively quiet, afternoons typically involve client calls and collaborative efforts to ensure that project deadlines are met. The demands of the role require her to be organized and efficient, balancing her workload while providing comprehensive support to both her clients and her team. In closing, the journey of a risk analyst like Mallika Dawar not only highlights the importance of analytical skills and economic knowledge but also showcases the dynamism and opportunities within this field. As risk analytics continues to evolve, its impact on the financial system becomes increasingly profound, making it a rewarding career choice for those driven by data, precision, and the thrill of influencing financial decisions on a global scale. | |
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How to get into
Risk Analytics?
If you are want to get into Risk Analytics, start by investing in a Career Plan.
The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Risk Analytics is merely an infatuation or is it truly something you wish to do for the rest of your life.
Next, your Career Advisor will help you document how you can get into Risk Analytics, what education and skills you need to succeed in Risk Analytics, and what positives and challenges you will face in Risk Analytics.
Finally, you will get a Career Plan stating which Courses, Certifications, Trainings and other Items you need to do in the next 7 years to become world’s best in Risk Analytics.
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LifePage Plan will not stop at saying "to become an Architect study Architecture". It will guide you on which Certifications, Trainings and Other items you need to do along with your Architecture education to become the world's best Architect.
Links for this Talk
LifePage Career Talk on Risk Analytics

[Career]
https://www.lifepage.in/careers/risk-analytics

[Full Talk]
https://lifepage.app.link/20180228-0002

[Trailer]
https://www.youtube.com/watch?v=vburNKDo3HQ
(Risk Analytics, Malika Davar, BFSI Analytics Firm, Analytics, Predicting Risk, Economics, Banking, Mathematics)
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