Enterprise Risk Management (ERM) has steadily progressed from a behind-the-scenes compliance function to a central pillar of strategic decision-making across industries.
With global uncertainty, regulatory scrutiny and cybersecurity threats all on the rise, organisations are investing more in risk leadership than ever before.
But what does a career in enterprise risk actually look like? And how do you move from an entry-level risk analyst role to the coveted Chief Risk Officer (CRO) seat?
In this article, we explore the typical progression path, the skills required at each stage, and how candidates can position themselves for long-term success in the field.
🧩 What Is Enterprise Risk Management?
Enterprise Risk Management is the discipline of identifying, assessing and preparing for risks that could threaten an organisation's capital, operations, reputation or strategy. These risks can be financial, operational, legal, strategic, or even reputational in nature.
Today, CROs are not only managing risk but also advising boards, enabling innovation, and ensuring resilience in fast-changing markets.
📈 Career Progression: From Analyst to CRO
1. Risk Analyst (Entry-Level)
Typical experience: 0–3 years
Core focus: Data analysis, risk reporting, controls testing
Risk analysts provide the foundational support for ERM functions. They focus on collecting data, analysing trends, maintaining risk registers, and preparing reports. This is where you build technical fluency and gain exposure to risk frameworks such as COSO or ISO 31000.
Key skills:
- Quantitative analysis
- Excel / risk systems (e.g. Archer, MetricStream)
- Attention to detail
- Understanding of risk categories and metrics
How to grow: Seek opportunities to work cross-functionally and develop a working knowledge of your organisation's industry-specific risk landscape.
2. Risk Associate / Senior Analyst (Mid-Level)
Typical experience: 3–6 years
Core focus: Risk assessments, stakeholder engagement, policy implementation
At this stage, professionals take on greater ownership of risk assessments and begin to support specific business units. You may contribute to scenario planning, audits, and help refine controls and mitigation strategies.
Key skills:
- Communication and influence
- Regulatory knowledge (FCA, GDPR, SOX, etc.)
- Presentation skills
- Understanding enterprise-wide risk processes
How to grow: Develop subject-matter expertise in a risk domain (e.g., operational risk, cyber risk, financial risk), and begin building internal networks.
3. Risk Manager / Risk Business Partner
Typical experience: 6–10 years
Core focus: Oversight of risk frameworks, policy leadership, line-of-business advisory
Risk Managers are embedded in business functions and play an active role in shaping and monitoring the enterprise risk framework. You’ll be responsible for mentoring junior staff and influencing senior stakeholders.
Key skills:
- Leadership and delegation
- Deep risk framework knowledge
- Strategic thinking
- Stakeholder negotiation
How to grow: Pursue leadership training, join ERM forums, and consider certifications like CRM (Certified Risk Manager) or IRM qualifications.
4. Head of Risk / Director of Risk
Typical experience: 10–15 years
Core focus: Risk governance, board-level reporting, strategy alignment
As a Head or Director of Risk, you set the risk appetite, liaise with regulators, and oversee internal controls and assurance programs. You’ll be closely aligned with internal audit, compliance, and legal.
Key skills:
- Boardroom confidence
- Cross-functional leadership
- Deep business acumen
- Strong regulatory and geopolitical awareness
How to grow: Develop an executive presence, mentor high-potential team members, and contribute to risk thought leadership in your industry.
5. Chief Risk Officer (CRO)
Typical experience: 15+ years
Core focus: Enterprise risk strategy, crisis management, board advisory
The CRO leads the organisation’s risk agenda, ensuring that risk management is aligned with business objectives. In many companies, the CRO is a key member of the C-suite and reports directly to the CEO or board.
Key skills:
- Strategic leadership
- Corporate governance
- Crisis and reputation management
- Influence at board level
To succeed as a CRO: You need more than technical expertise—you must be a communicator, a strategist, and a cultural leader.
🎯 How to Accelerate Your Career in Enterprise Risk
- Stay informed: The risk landscape is constantly evolving. Regularly engage with updates from regulators and industry bodies.
- Build breadth and depth: While you may specialise in a specific risk area, exposure to other domains makes you more valuable at the senior level.
- Network: Connect with peers and mentors through risk forums, LinkedIn, and professional associations like the Institute of Risk Management (IRM).
- Upskill continuously: Courses in data analytics, ESG, AI risk, and leadership can differentiate you from other candidates.
🧭 Final Thoughts
A career in enterprise risk offers a clear, upward path for professionals who combine analytical rigour with strategic insight. In an era where uncertainty is the norm, the demand for strong risk leaders has never been greater.
Whether you’re just starting out or looking to step into a leadership role, now is the time to invest in your risk career.
Looking to build your team (or your career) in enterprise risk?
Contact our Risk expert, Adam Bond, to find out how we can help.