What Is Risk Analysis?

Every decision comes with risks. However, for businesses, government agencies, and other organizations, calculating risks involves more than running through a few what-if scenarios. It involves thorough research and meticulous planning—especially when millions of dollars or public safety is on the line. Risk analysis professionals are experts in helping their colleagues make such high-stakes decisions.

Understanding what risk analysis is can be important for those looking to pursue relevant education and training and become security professionals. 

What Is Risk Analysis?

Risk analysis refers to the investigation, assessment, and mitigation of possible threats. Possible threats can include threats to physical infrastructure, public safety, or information security. In some cases, threats can be intentional attacks. However, effective risk analysis can prepare organizations to respond effectively to potential threats or disasters. Generally, risk assessment involves:

• Assessing current threats and prioritizing them.
• Researching new and emerging risks.
• Making predictions about the damage potential threats can cause.
• Analyzing past breaches, disasters, and attacks.
• Evaluating current security and warning systems. This can include performing security drills and finding exploits in established security protocols.
• Recommending new security procedures and technologies to policymakers.
• Communicating assessment outcomes to one’s own organization or the general public. This can include writing press releases and internal reports, making speeches, and creating visual data models.

After performing a risk assessment, organizations may implement new policies or safeguards. They may also implement systems that help monitor ongoing threats.

Careers in Risk Analysis

Risk analysis is relevant across industries, and there are many different types of professionals who perform these analyses to safeguard organizations from potential harm. They may work in emergency management, cybersecurity, and homeland security, among other areas. The role and sector these professionals work in typically dictates the scope of their duties.

Intelligence Analysts

Intelligence analysts specialize in collecting information about threats to public safety and national security. This includes threats posed by foreign and domestic terrorists, criminal organizations, and adversarial governments.

While intelligence analysts often handle the logistics of preventing and responding to threats, they also typically research social conditions. This means they must often be knowledgeable about foreign and domestic policy, political science, religion, and other factors that often cause friction in the national and international community.

Intelligence analysts can work for local law enforcement agencies, but many work for the FBI, CIA, National Security Agency (NSA), and other members of the U.S. Intelligence Community. Some also work for military intelligence agencies and the U.S. Department of State, which operates the country’s foreign embassies.

Information Security Analyst

Information security analysts help organizations of all kinds secure their IT systems. This often includes performing penetration tests, researching new threats, and educating their coworkers about security best practices.

In some industries, cybersecurity professionals also help their organizations stay compliant with data storage laws. For example, cybersecurity professionals in the healthcare industry must ensure their organizations observe all HIPAA and patient privacy regulations. While this can be vital to helping healthcare organizations avoid fines and data breaches, it’s also important to maintain patient trust.

Emergency and Disaster Risk Manager

Emergency and disaster risk managers typically work for federal government agencies such as the Federal Emergency Management Agency (FEMA), the Environmental Protection Agency (EPA), and their state and local counterparts. These professionals are often responsible for analyzing historical weather data and geographical information to determine the likelihood of natural disasters. They’re also instrumental in helping cities, counties, and states prepare for and respond to large-scale emergencies.

Some disaster risk managers specialize in disasters caused by pollution, chemical spills, and other human-made crises. While some work for government agencies, many work for nonprofit organizations that promote environmental regulations and corporate responsibility.

How To Prepare for a Career in Risk Analysis

There are several steps professionals can take to prepare for a career in risk analysis. They include obtaining the right education and building the relevant skills. 

Step 1: Earn a Bachelor’s Degree

Most positions require at least a bachelor’s degree. Because risk analysis is such a diverse field, future professionals can prepare for their careers by earning degrees in a wide range of fields. This can include anything from accounting to cybersecurity.

However, many students pursue degrees in security studies. Security studies programs typically include classes on broad subjects such as criminal justice and sociology as well as more technical, industry-specific topics like network security, geographic information systems, and disaster planning.

Step 2: Build Relevant Skills

It’s important for professionals who work in risk analysis and management to possess the right soft skills as well as technical competencies. Some of the main skills for risk analysis include: 

• Analysis
• Problem-solving
• Strategic planning
• Adaptability
• Leadership

Step 3: Look for Jobs in Your Field

With a bachelor’s degree, graduates often meet the requirements for jobs in risk analysis. While specific titles vary by industry and employer, these roles typically involve carrying out research and supporting more experienced professionals.

Make a Career in Risk Analysis Your Next Step

After learning what risk analysis is and how it’s used in so many industries, you may find this career path interesting. Through the Online Bachelor of Science in Multidisciplinary Studies: Security Studies degree completion program at East Carolina University®, you can learn those skills on your own schedule.

This 100% online program introduces students to security principles and threat response used in both the private and public sectors. After establishing a firm foundation, students can take their studies in a number of directions. You can combine classes on criminology, foreign policy, network security, cost analysis, disaster management, and more to build a schedule that helps you reach your goals.

While the online format is great for working students, ECU students also get personalized support from the program’s expert faculty and career services staff. To find out if ECU’s Multidisciplinary Studies: Security Studies program is right for you, read about ECU’s credit transfer and admission policies and request more information today.

Recommended Readings

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Intelligence Analyst Career Overview

5 Homeland Security Careers for Recent Graduates

Sources:

American Society for Risk Professionals, “Risk Assessment and Management for Safety Professionals”

The Environmental Protection Agency, “About Risk Assessment”

FBI Jobs, Intelligence Analysts

Office of the Director of National Intelligence, Members of the I.C.

TechTarget, “Top 12 Risk Management Skills and Why You Need Them”

U.S. Department of Homeland Security, Cybersecurity Service