What is the primary responsibility of a risk manager?

The primary responsibility of a risk manager is to mitigate risks and ensure regulatory compliance. This involves identifying potential risks that could negatively impact an organization and implementing strategies to minimize those risks. Risk managers conduct assessments to evaluate the likelihood and potential impact of various risks, whether they be operational, financial, legal, or environmental.

In addition to identifying and addressing risks, risk managers also ensure that the organization complies with the necessary regulations and standards applicable to its industry. This includes staying updated on relevant laws and regulations, conducting audits, and developing policies to adhere to compliance requirements, which is vital in preventing legal issues and maintaining the organization’s reputation.

By focusing on risk mitigation and compliance, risk managers play a crucial role in protecting the organization's assets and enabling it to achieve its objectives safely and effectively. Other responsibilities listed, such as identifying financial profits, marketing insurance policies, or administering employee benefits, while important in their own right, do not primarily align with the core functions of risk management.