Advice and Examples: At Standard Bank we expect our team members to have a basic understanding of foundational risk management principles. How have you performed risk mitigation and risk avoidance in your previous roles? For a Standard Bank Interview Question.
At Standard Bank we expect our team members to have a basic understanding of foundational risk management principles. How have you performed risk mitigation and risk avoidance in your previous roles?
How to Answer
The financial field is often posed with significant risks, and financial professionals must always factor potential risks into the equation of any project they work on. To get a better idea of how you will do this if hired at Standard Bank, your interviewer gives you a chance to talk about your knowledge of risk and how you have worked with risk mitigation and avoidance in your previous positions. If new to the financial services field, it is important to show that you know that common risks can be systematic, operational, legal, and credit-related.
1st Answer Example
"As you can see from my resume, my experiences come from the software and manufacturing industries where common risks were associated with systematic and operational faults. Similar to the finance industry, I also have experience in helping mitigate legal risk. In my current role, I mitigate legal risk by working with a team of legal experts to understand the laws and then develop a series of what-if questions to propose potential scenarios. Based on the what-if scenarios, we can implement specific requirements into the project to help minimize potential risk."
2nd Answer Example
"From an early point in my career as an analyst, I learned that a solid analysis process is a key to reducing any risk in a project. Two areas that apply the most are scope creep and impact analysis. To reduce scope creep and avoid any risks associated with it, I ensure that all stakeholders understand the scope of the project from the start and that I check in to validate the requirements as frequently as I can."