Risk Analytics
Shobit Kumar Singhal | Assistant Manager | BarclaysWhat is Risk Analytics?
Risk Analytics is a great Career option. Understanding Why one wants to choose a Career in Risk Analytics is phenomenally more important than figuring out How to get into Risk Analytics. The most authoritative source of information on Risk Analytics is someone with real experience in it.
Assistant Manager Shobit Kumar Singhal invested 2 years in Risk Analytics. Assistant Manager Shobit Kumar Singhal describes Risk Analytics as:
Risk analysis is the process of identifying and analyzing potential issues that could negatively impact key business initiatives or critical projects in order to help organizations avoid or mitigate those risks.
How Assistant Manager Shobit Kumar Singhal got into Risk Analytics?
After completing my education, I joined Barclays as senior analyst and I am working as an Assistant Manager at Barclays.
Assistant Manager Shobit Kumar Singhal's Talk on Risk Analytics |
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The World of Risk Analytics: Insights from Shobhit's Experience In today’s data-driven landscape, risk analytics emerges as a pivotal field, empowering organizations to make informed decisions while safeguarding their financial health. Shobhit, a dedicated professional in risk analytics currently working as an Assistant Manager at Barclays, shares his journey and insights into this challenging yet rewarding career. By harnessing data to evaluate potential risks and opportunities, Shobhit illustrates not only the importance of risk analytics but also the skills and education that shape success in this dynamic field. What Is Risk Analytics Risk analytics can be understood as the process of using data to identify potential risks associated with specific actions or decisions. It involves analyzing historical data to forecast future risks and create strategies to mitigate them. For instance, in the banking sector, risk analytics assesses the creditworthiness of customers applying for loans, helping banks determine the likelihood of loan defaults. Shobhit explains that understanding the underlying risks allows banks to allocate the necessary capital for potential losses, ensuring their financial stability. Education in Risk Analytics A foundational understanding of economics is essential for anyone looking to excel in risk analytics. Economics provides insights into how markets operate, the behavior of various entities, and the overall economic environment that affects banking decisions. Shobhit emphasizes that this knowledge helps analysts interpret financial data effectively, thereby making more informed predictions. For example, understanding economic indicators allows risk analysts to anticipate shifts that could influence a customer's ability to repay loans. An in-depth knowledge of advanced statistical techniques is critical in risk analytics. While basic statistics focus on means and averages, advanced statistics delves into complex models that uncover deeper insights from data. Shobhit notes that familiarity with these techniques enables analysts to distill large datasets into actionable insights, facilitating informed decision-making. For instance, a proper statistical model can determine the correlation between hours studied by students and their academic performance, allowing analysts to draw reliable conclusions from seemingly chaotic information. The ability to interpret data accurately is a cornerstone of risk analytics. Analysts are often inundated with numbers, and making sense of this data is crucial. Shobhit points out that being adept at data interpretation enables risk analysts to communicate important insights effectively, ensuring stakeholders understand the implications of the data. For example, interpreting loan application statistics correctly can directly influence lending strategies and risk management. Programming languages such as Python and R are indispensable tools for risk analysts, allowing for the execution of complex statistical methods and data transformations. Shobhit illustrates this need with an example: a simple dataset comprising the study hours and scores of 50 students can yield precise insights only when accompanied by robust statistical analysis via programming. Mastery of programming empowers analysts to utilize data effectively, summarizing information and generating insights systematically. Skills Required in Risk Analytics A continuous thirst for knowledge is paramount in the realm of risk analytics. Staying updated on global economic trends and local market occurrences equips analysts to provide timely insights. Shobhit shares that successful analysts often dedicate time to reading various literature and reports, ensuring they remain informed and relevant in their assessments. This skill ensures they can adapt quickly to shifting economic climates. Effective communication is critical for risk analysts, as they must distill complex data into layman's terms for stakeholders. Shobhit recognizes that the ability to convey insights clearly and concisely is vital for the decision-making process. For example, presenting analytical findings to a bank’s loan committee necessitates clarity without overwhelming them with technical jargon, ensuring that everyone understands the implications of the analysis. Accuracy is non-negotiable in risk analytics, where the margin for error is minimal. As Shobhit describes, attention to detail ensures that every data point is scrutinized and validated to produce reliable outcomes. For instance, making strategic financial decisions based on erroneous data can have catastrophic consequences, making this skill essential for anyone in the field. Analytical thinking forms the backbone of risk analytics. Understanding customer behavior and trends requires logical reasoning to align predictions with real-world scenarios. Shobhit emphasizes that analysts must challenge assumptions and ensure their projections are grounded in sound logic, which often involves cross-checking data against expected outcomes. This logical approach helps in accurately assessing risks and potential rewards, fostering better organizational strategies. Positives of a Career in Risk Analytics One of the most attractive aspects of a career in risk analytics is the financial compensation. Professionals in this field are often well compensated due to the significance of their work in stabilizing and guiding organizational decisions. Shobhit indicates that having a specialized skill set in risk analytics significantly enhances earning potential, making it a lucrative career choice. Job security is another compelling reason to pursue a career in risk analytics. Established institutions, such as Barclays, often provide stable employment due to their long-standing histories and the critical role analytics plays in their operations. Shobhit highlights that banks, having been around for centuries, continue to grow, offering solid job security and numerous career advancement opportunities. Shobhit notes that the structured nature of banking environments fosters a healthy work-life balance, as work is planned well in advance. The organization inherent in such roles allows professionals to better manage their time, ensuring that recreational activities can coexist with professional responsibilities. This holistic approach to work promotes personal well-being alongside professional growth. Challenges in Risk Analytics Working across multiple time zones presents a significant challenge in risk analytics, especially for global banks. Shobhit shares his experience of juggling meetings with clients from various regions, which often occurs outside standard working hours. This aspect of the job necessitates flexibility and adaptability, as professionals must be prepared to accommodate diverse schedules. The fast-paced nature of financial markets requires analysts to engage in continuous learning. Shobhit emphasizes the importance of keeping abreast of global market trends and new methodologies. This ongoing commitment to education can be demanding, but it ensures that analysts remain proficient in their roles and can provide relevant insights. The critical nature of risk analytics means that analysts work under pressure to maintain complete accuracy in their findings. Shobhit articulates the immense responsibility that comes with ensuring precise data representation, noting that even minor discrepancies can lead to significant repercussions. This relentless pursuit of accuracy can be challenging but is vital for the integrity of financial decision-making. A Day in the Life of a Risk Analyst Shobhit’s workday begins with an organized approach, starting with checking emails and outlining his daily tasks. Staying aligned with weekly and monthly plans is critical, as this ensures that ongoing projects meet organizational goals. Throughout his day, Shobhit implements brief breaks, which he finds essential for maintaining focus and accuracy in his analyses. This routine reflects the structured yet dynamic nature of risk analytics and underscores the blend of precision and insight required in the field. In conclusion, a career in risk analytics is both challenging and rewarding, offering opportunities for personal and professional growth in an ever-evolving landscape. As illustrated by Shobhit’s experiences, this field demands a robust educational foundation, a diverse skill set, and a commitment to accuracy and lifelong learning. Embracing these attributes can lead to a fulfilling career that significantly impacts financial and organizational outcomes, paving the way for future innovations in risk management. | |
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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.
LifePage Career Plan
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Your LifePage Career Advisor facilitates your guided introspection so that you systematically explore various Career options to arrive at a well thought out Career choice.
Next: your Advisor helps you figure out how you will get into your chosen Career and how will you develop the skills needed for success in your Chosen Career.
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
Assistant Manager Shobit Kumar Singhal's LifePage:
[LifePage]
https://www.lifepage.in/page/shobitkumarsinghal
LifePage Career Talk on Risk Analytics
[Career]
https://www.lifepage.in/careers/risk-analytics-1
[Full Talk]
https://lifepage.app.link/20190812-0001
[Trailer]
https://www.youtube.com/watch?v=0gwuF8k_rVA
(Risk Analytics, Shobit Singhal, Barclays, Assistant Manager, Analysis, Risk Analysis, Banker, Analytics)
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