Risk managers are responsible for managing the risk to the organisation, its employees, customers, reputation, assets and interests of stakeholders. They may work in a variety of sectors and may specialize in a number of areas including: Enterprise risk; Corporate governance; Regulatory and operational risk; Business continuity; Information and security risk; Technology risk; Market and credit risk. ResponsibilitiesSpecific tasks depend on the industry in which a Risk Manager is working, how specialized his role is and the level at which he is working. However, key activities may include: Planning, designing and implementing an overall risk management process for the organisation;Risk assessment, which involves analyzing risks as well as identifying, describing and estimating the risks affecting the business;Risk evaluation, which involves comparing estimated risks with criteria established by the organisation such as costs, legal requirements and environmental factors, and evaluating the organization’s previous handling of risks;Establishing and quantifying the organization’s ‘risk appetite’, i.e. the level of risk they are prepared to accept;Risk reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;Corporate governance involving external risk reporting to stakeholders;Carrying out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong;Conducting audits of policy and compliance to standards, including liaison with internal and external auditors;Providing support, education and training to staff to build risk awareness within the organisation.Risk, Transfer ; Risk transfers could be risk control measures or risk financing measures. Risk control transfers (i) shift the property or activity itself to someone else, (ii) eliminate or reduce the transferor’s responsibility for losses to the transferee, or (iii) cancel obligations that the transferor has assumed for losses to others. Through risk financing transfers, the transferor seeks external funds that will pay for the losses that do occur. Risk financing transfers could be transfer of risk to the Insurers or non-Insurance transfers. Non Insurance transfers differ from Insurance in that the transferees (i) are not legally Insurers, and (ii) usually do not accept enough, exposure units for their losses to be fairly predictable.