Interview Guide for

Risk Manager

This comprehensive interview guide for a Risk Manager role provides a structured framework to identify, assess, and select the ideal candidate who can effectively manage risks across your organization. By following this guide, you'll conduct consistent interviews that evaluate both technical expertise and critical behavioral competencies essential for success in risk management.

How to Use This Guide

This interview guide is designed to help you conduct thorough and effective interviews for your Risk Manager position. Here's how to maximize its value:

Customize: Adapt the questions and competencies to match your specific organizational risks and industry requirements
Share: Distribute this guide to all interviewers to ensure consistency across the interview process
Balance: Use both technical and behavioral questions to get a complete picture of candidates
Follow up: Leverage the follow-up questions to dig deeper into candidates' responses and understand their thought processes
Score independently: Have each interviewer complete their evaluation before discussing candidates to avoid groupthink

For more ideas on creating effective interview processes, check out our guide on how to conduct a job interview and the importance of using structured interviews.

Job Description

Risk Manager

About [Company]

[Company] is a [Industry] company located in [Location]. We are committed to [Company Mission/Values] and are dedicated to providing [Products/Services] that meet the highest standards of quality and safety.

The Role

The Risk Manager will play a pivotal role in safeguarding our organization by identifying, assessing, mitigating, and monitoring risks across all operations. This position is critical to our company's success as it helps protect our assets, reputation, and financial stability while enabling sound decision-making throughout the organization.

Key Responsibilities

Build and maintain our enterprise risk management framework
Conduct comprehensive risk assessments including probability and impact analysis
Develop and maintain a risk register documenting identified risks, impacts, and mitigation strategies
Design and implement risk mitigation strategies, policies, and procedures
Work collaboratively with departments to implement risk management controls
Monitor effectiveness of risk mitigation efforts and suggest improvements
Prepare regular risk reports for senior management and Board of Directors
Provide training and guidance to employees on risk management principles
Ensure compliance with relevant regulatory requirements and industry standards
Stay informed about emerging risks and trends in the industry

What We're Looking For

Bachelor's degree in Finance, Business Administration, Risk Management or related field; Master's degree preferred
5+ years of experience in risk management, preferably in the [Industry] industry
Professional certifications such as FRM, CRM, or PRM highly valued
Strong analytical and problem-solving abilities with excellent attention to detail
Outstanding communication skills with ability to translate complex risk concepts
Experience working with senior management and presenting to executive teams
Proactive mindset with ability to anticipate potential issues
Knowledge of risk management frameworks and methodologies
Understanding of relevant regulatory requirements and compliance standards

Why Join [Company]

At [Company], we value innovation, integrity, and excellence in everything we do. Join us and become part of a dynamic team committed to making a difference in the [Industry] industry.

Competitive salary: [Pay Range]
Comprehensive benefits package including health, dental, and vision insurance
Professional development opportunities and tuition reimbursement
Work-life balance with flexible scheduling options
Collaborative and inclusive work environment

Hiring Process

We've designed a streamlined hiring process to help you showcase your skills and experience while giving you insight into our company culture and the role.

Initial Screening: A 30-minute conversation with our recruiter to discuss your background and interest in the position.
Risk Assessment Exercise: A practical exercise where you'll identify and analyze potential risks based on provided scenarios.
Career & Experience Discussion: An in-depth conversation with the hiring manager about your career progression and relevant experience.
Behavioral Competency Interview: A focused discussion on key competencies needed for success in this role.

Ideal Candidate Profile (Internal)

Role Overview

The Risk Manager serves as the organization's primary expert in identifying, assessing, and mitigating risks that could impact business objectives. This role requires a strategic thinker who can anticipate potential threats, develop robust mitigation strategies, and communicate effectively with stakeholders at all levels. The ideal candidate combines analytical rigor with excellent communication skills and can translate complex risk concepts into actionable insights for leadership.

Essential Behavioral Competencies

Risk Analysis & Assessment - Ability to systematically identify potential risks, analyze their likelihood and impact, and prioritize them based on organizational significance. Demonstrates expertise in various risk assessment methodologies and can apply them appropriately to different situations.

Strategic Thinking - Capacity to see the big picture, anticipate emerging risks and trends, and align risk management activities with broader organizational goals. Can evaluate both short-term and long-term implications of risk decisions.

Communication - Exceptional ability to articulate complex risk concepts clearly to diverse audiences, from technical teams to executive leadership. Creates compelling presentations and reports that drive understanding and action.

Problem Solving - Demonstrates creativity and analytical rigor in developing effective risk mitigation strategies. Can evaluate multiple alternatives, weigh trade-offs, and recommend optimal solutions.

Stakeholder Management - Skills in building relationships, influencing decision-makers, and collaborating across functions to implement risk management initiatives. Effectively navigates organizational politics and gains buy-in for risk management priorities.

Desired Outcomes

Develop and implement a comprehensive enterprise risk management framework within 6 months of joining
Reduce the organization's risk exposure in key areas by 25% within the first year through effective controls and mitigation strategies
Achieve 100% compliance with relevant regulatory requirements and industry standards
Create and maintain a proactive risk culture through training and awareness initiatives, with 90% of employees completing risk awareness training
Establish key risk indicators and reporting mechanisms that enable informed decision-making at all levels of the organization

Ideal Candidate Traits

Experience: Minimum 5 years in enterprise risk management with demonstrable success in implementing risk frameworks
Industry Knowledge: Familiarity with [Industry]-specific risks and regulatory requirements
Technical Expertise: Proficiency in risk assessment methodologies, frameworks (COSO, ISO 31000), and risk management software
Leadership Style: Collaborative yet assertive, able to influence without direct authority
Analytical Mindset: Data-driven approach balanced with practical business judgment
Learning Agility: Demonstrates continuous learning about emerging risks and best practices
Cultural Fit: Aligns with our values of integrity, transparency, and excellence
Certifications: Risk management credentials (FRM, CRM, PRM) strongly preferred

Screening Interview

Directions for the Interviewer

The screening interview is your first opportunity to assess the candidate's qualifications and fit for the Risk Manager role. Your goal is to determine if the candidate meets the basic requirements and shows potential to be successful in the position. Focus on understanding their risk management experience, knowledge of frameworks and methodologies, and communication skills.

This interview should last approximately 30 minutes. Begin by introducing yourself and explaining the interview process. Use the structured questions below, but feel free to explore interesting areas that emerge. Remember to save 5 minutes at the end for the candidate to ask questions.

Evaluate not just what the candidate says, but how they communicate complex risk concepts—this is a critical skill for a Risk Manager who must explain risks to diverse stakeholders.

Directions to Share with Candidate

"Today, we'll discuss your background in risk management, experience with implementing risk frameworks, and your approach to identifying and mitigating risks. I'll be taking notes throughout our conversation. After I ask my questions, you'll have time to ask me questions about the role or our company. This interview will last about 30 minutes."

Interview Questions

Can you walk me through your experience in risk management and how it relates to this role?

Areas to Cover

Types of risk management roles and responsibilities they've held
Industries and organizational sizes they've worked in
Specific risk areas they've focused on (operational, financial, compliance, etc.)
Their understanding of the Risk Manager role at our company
Career progression and growth in risk management responsibilities

Possible Follow-up Questions

What types of risks did you primarily focus on in your previous roles?
How large was the organization where you implemented risk management practices?
What achievements are you most proud of in your risk management career?
How have your responsibilities evolved over time?

Describe a risk management framework you've implemented or worked with. What was your approach and what were the outcomes?

Areas to Cover

Specific framework used (COSO, ISO 31000, etc.)
Their role in implementing or working with the framework
How they adapted the framework to their organization's needs
Challenges faced and how they overcame them
Measurable outcomes and improvements resulting from the implementation

Possible Follow-up Questions

Why did you choose that particular framework?
How did you gain buy-in from stakeholders?
What would you do differently if implementing a framework today?
How did you measure the effectiveness of the framework?

Walk me through your process for identifying, assessing, and mitigating a significant risk.

Areas to Cover

Their systematic approach to risk identification
Methods used for risk assessment and prioritization
How they develop mitigation strategies
How they monitor the effectiveness of controls
Communication with stakeholders throughout the process

Possible Follow-up Questions

How do you determine which risks need immediate attention?
What tools or techniques do you use for risk assessment?
How do you balance risk mitigation with business objectives?
How do you handle resistance to recommended controls?

How do you stay current with emerging risks and regulatory changes in your industry?

Areas to Cover

Professional organizations they belong to
Publications, websites, or resources they follow
Continuing education or professional development activities
How they translate new information into actionable insights
Examples of implementing changes based on emerging risks

Possible Follow-up Questions

Can you give an example of an emerging risk you identified before it impacted your organization?
How do you filter which regulatory changes are most relevant to your organization?
How do you communicate emerging risks to leadership?
What risk management certifications do you hold or are pursuing?

Tell me about a time when you had to present complex risk information to senior executives or board members.

Areas to Cover

The specific risk issue they needed to communicate
How they prepared for the presentation
How they tailored their message for the executive audience
Questions or challenges they received and how they responded
The outcome of the presentation

Possible Follow-up Questions

How did you determine what information to include or exclude?
What visual aids or data presentation techniques did you use?
How did you handle disagreements or pushback?
What would you do differently in your next executive presentation?

What do you consider to be the most challenging aspect of risk management in the [Industry] industry?

Areas to Cover

Their knowledge of industry-specific risks
Understanding of regulatory environment
Awareness of emerging trends in the industry
Creative approaches to industry-specific challenges
Examples from their experience addressing these challenges

Possible Follow-up Questions

How would you approach these challenges differently at our company?
How have you successfully navigated similar challenges in the past?
What resources or support would you need to address these challenges?
How do you balance industry best practices with organization-specific needs?

Interview Scorecard

Risk Management Experience

0: Not Enough Information Gathered to Evaluate
1: Limited experience in risk management; lacks experience with enterprise-wide risk programs
2: Has some risk management experience but in a narrow context or as part of another role
3: Solid experience managing risks across multiple domains with demonstrated results
4: Extensive, progressive experience leading comprehensive risk management programs across organizations

Knowledge of Risk Frameworks and Methodologies

0: Not Enough Information Gathered to Evaluate
1: Minimal understanding of formal risk frameworks; mostly relies on intuition
2: Familiar with basic risk management concepts but limited practical application
3: Well-versed in standard frameworks (COSO, ISO 31000) with practical implementation experience
4: Expert knowledge of multiple frameworks with ability to customize and integrate approaches

Communication Skills

0: Not Enough Information Gathered to Evaluate
1: Struggles to explain risk concepts clearly; uses excessive jargon or oversimplifies
2: Can communicate adequately but may not adjust style for different audiences
3: Articulates risk concepts clearly and can tailor communication to different stakeholders
4: Exceptional communicator who can translate complex concepts into compelling messages for any audience

Industry Knowledge

0: Not Enough Information Gathered to Evaluate
1: Limited understanding of the industry and its specific risk landscape
2: Basic familiarity with industry risks but lacks depth in regulatory requirements
3: Solid knowledge of industry-specific risks and relevant regulatory framework
4: Comprehensive understanding of industry dynamics with insights into emerging trends and risks

Goal: Implement Enterprise Risk Management Framework

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; lacks experience implementing comprehensive frameworks
2: May Partially Achieve Goal; has implemented elements but not full frameworks
3: Likely to Achieve Goal; demonstrated success with similar implementation projects
4: Likely to Exceed Goal; has extensive framework implementation experience with exceptional results

Goal: Reduce Organizational Risk Exposure

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; unclear approach to quantifying and reducing risks
2: May Partially Achieve Goal; has some risk reduction experience but limited measurable results
3: Likely to Achieve Goal; systematic approach to risk reduction with proven results
4: Likely to Exceed Goal; innovative strategies for risk reduction with exceptional documented outcomes

Goal: Ensure Regulatory Compliance

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; limited understanding of compliance requirements
2: May Partially Achieve Goal; understands compliance but reactive rather than proactive approach
3: Likely to Achieve Goal; systematic approach to compliance with good results
4: Likely to Exceed Goal; comprehensive compliance strategy with proven record of excellence

Goal: Create Proactive Risk Culture

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; little experience with cultural change management
2: May Partially Achieve Goal; some training experience but limited cultural impact
3: Likely to Achieve Goal; successful experience developing risk awareness programs
4: Likely to Exceed Goal; innovative approaches to embedding risk culture with measurable results

Recommendation

1: Strong No Hire
2: No Hire
3: Hire
4: Strong Hire

Risk Assessment Exercise (Work Sample)

Directions for the Interviewer

This exercise evaluates the candidate's practical skills in risk identification, analysis, and mitigation planning. It tests their methodical approach to risk assessment, analytical capabilities, creativity in developing mitigation strategies, and their ability to communicate complex risk information clearly.

Allow 45-60 minutes for this exercise. Provide the candidate with the scenario materials 30 minutes before the scheduled interview to give them time to review and prepare. During the interview, ask them to present their analysis and recommendations, then follow up with the provided questions.

Pay attention to:

How thoroughly they identify potential risks
The rigor of their risk assessment methodology
The practicality and effectiveness of their proposed mitigations
How clearly they communicate their analysis and recommendations
Their ability to answer questions and defend their approach

Directions to Share with Candidate

"We'd like to understand your approach to risk assessment and mitigation planning. We'll provide you with information about a hypothetical business scenario. Please review this material and:

Identify the key risks the organization faces
Assess these risks by evaluating their potential impact and likelihood
Develop mitigation strategies for the highest priority risks
Prepare to discuss your analysis and recommendations

You'll have 30 minutes to review the materials before our meeting. During our discussion, please walk me through your thought process, analysis, and recommendations. I'll ask follow-up questions to better understand your approach."

Risk Assessment Scenario

Share the following with the candidate 30 minutes before the interview:

Scenario: [Company] Global Expansion Project

[Company] is a mid-sized [Industry] company planning to expand operations into [Emerging Market]. The company plans to:

Establish a new manufacturing facility
Develop a local supply chain
Build a sales and distribution network
Hire approximately 200 local employees

The project timeline is 18 months with a budget of $25 million. The company has limited experience in this market, but sees significant growth potential due to rising local demand and favorable government incentives.

Your task is to conduct a preliminary risk assessment for this expansion project. Consider various risk categories including but not limited to: strategic, operational, financial, compliance, reputational, and geopolitical risks.

Interview Questions

Please walk me through your risk identification process and the key risks you've identified for this expansion project.

Areas to Cover

Their systematic approach to identifying risks
The range of risk categories they considered
Specific risks identified within each relevant category
Their thinking about how risks interconnect
Completeness of their risk identification

Possible Follow-up Questions

How did you ensure you captured all significant risks?
Which risk categories do you believe are most critical for this scenario?
Are there any risks that might seem minor now but could grow in importance?
How would you validate your risk identification with stakeholders?

Explain your risk assessment methodology and how you determined which risks require the most attention.

Areas to Cover

The framework or approach used for risk assessment
Criteria for evaluating impact and likelihood
How they prioritized risks
Use of qualitative vs. quantitative methods
Consideration of both short and long-term perspectives

Possible Follow-up Questions

How did you determine the potential impact of each risk?
What factors influenced your assessment of likelihood?
How did you handle risks with high uncertainty?
How would you adjust your assessment if the timeline or budget changed?

Please share your recommended mitigation strategies for the top three risks you've identified.

Areas to Cover

Specific, actionable mitigation strategies
Alignment between strategies and risk assessment
Consideration of resource constraints
Balance between risk reduction and business objectives
Monitoring mechanisms to ensure effectiveness

Possible Follow-up Questions

How did you decide between risk acceptance, avoidance, transfer, or reduction?
What challenges do you anticipate in implementing these strategies?
How would you gain buy-in from stakeholders for these mitigations?
How would you measure the effectiveness of these strategies?

How would you present this risk assessment to the executive team to gain their support?

Areas to Cover

Key components to include in an executive presentation
How they would structure the information
Visual representations or tools they would use
Anticipated questions and how they would address them
Recommendations for next steps

Possible Follow-up Questions

How would you adjust your presentation for different audiences (e.g., Board vs. operations team)?
What data points would be most compelling to include?
How would you address potential resistance to your recommendations?
What level of detail is appropriate for executive discussions?

Interview Scorecard

Risk Identification Skills

0: Not Enough Information Gathered to Evaluate
1: Identified only obvious risks; narrow focus on limited risk categories
2: Identified standard risks across several categories but missed important considerations
3: Comprehensive identification across relevant risk categories with good attention to detail
4: Exceptional identification showing depth and breadth; uncovered subtle and interconnected risks

Assessment Methodology

0: Not Enough Information Gathered to Evaluate
1: Simplistic or unclear methodology; subjective judgments without supporting rationale
2: Basic methodology with some structure but limited rigor in assessment
3: Well-structured approach with clear criteria for evaluating impact and likelihood
4: Sophisticated methodology demonstrating nuanced understanding of risk assessment principles

Mitigation Strategy Development

0: Not Enough Information Gathered to Evaluate
1: Generic or impractical strategies not tailored to the specific situation
2: Reasonable strategies but lacking depth or consideration of limitations
3: Well-developed, practical strategies with clear alignment to risk assessment
4: Innovative and comprehensive strategies showing exceptional understanding of risk management

Risk Communication Skills

0: Not Enough Information Gathered to Evaluate
1: Struggled to articulate analysis clearly; disorganized presentation
2: Adequate communication but lacked persuasiveness or executive-level focus
3: Clear, structured presentation of findings with appropriate level of detail
4: Compelling communication showing exceptional ability to articulate complex risk concepts

Goal: Implement Enterprise Risk Management Framework

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; approach to risk assessment lacks structure and methodology
2: May Partially Achieve Goal; shows basic understanding of framework components
3: Likely to Achieve Goal; demonstrates methodical approach aligned with established frameworks
4: Likely to Exceed Goal; shows sophisticated understanding of frameworks with innovative application

Goal: Reduce Organizational Risk Exposure

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; mitigation strategies unlikely to effectively reduce risks
2: May Partially Achieve Goal; strategies address some risks but leave significant exposure
3: Likely to Achieve Goal; comprehensive strategies that would effectively reduce key risks
4: Likely to Exceed Goal; exceptional strategies showing potential for superior risk reduction

Goal: Ensure Regulatory Compliance

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; minimal attention to compliance risks
2: May Partially Achieve Goal; identified basic compliance issues but incomplete
3: Likely to Achieve Goal; thorough identification and assessment of compliance risks
4: Likely to Exceed Goal; comprehensive compliance risk management approach

Goal: Create Proactive Risk Culture

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; approach focuses on technical aspects with little attention to culture
2: May Partially Achieve Goal; mentions cultural aspects but lacks concrete implementation ideas
3: Likely to Achieve Goal; includes stakeholder engagement and awareness in assessment approach
4: Likely to Exceed Goal; demonstrates innovative thinking about embedding risk awareness

Recommendation

1: Strong No Hire
2: No Hire
3: Hire
4: Strong Hire

Chronological Interview

Directions for the Interviewer

The Chronological Interview allows you to understand the candidate's career trajectory and professional growth in risk management. Your goal is to assess the depth and breadth of their experience, their evolution as a risk professional, and patterns of achievement across their career.

Plan for 60-75 minutes. Begin by explaining that you'll be walking through their professional history chronologically, focusing on their risk management experience. For each relevant role, use the core questions provided, adapting follow-ups based on the candidate's responses.

Pay special attention to:

The progression of responsibility in their career
How they've applied risk management principles in different contexts
Concrete examples of their impact and achievements
How they've grown and evolved their approach to risk management
Consistency in their narrative and examples

Directions to Share with Candidate

"In this interview, we'll explore your professional history in a chronological format, focusing particularly on your risk management experience. I'd like to understand how your career has developed, the key challenges you've faced, and how your approach to risk management has evolved. We'll start with your earlier relevant roles and move forward to your current position. For each role, I'll ask similar questions to understand the context, your responsibilities, and your achievements."

Interview Questions

To start broadly, can you tell me about how you got into risk management and what attracts you to this field?

Areas to Cover

Their career path into risk management (deliberate or circumstantial)
What motivates them about risk management
Their philosophy or approach to risk management
Long-term career aspirations in the field
How they view the evolution of risk management as a discipline

Possible Follow-up Questions

What aspect of risk management do you find most intellectually stimulating?
How has your perspective on risk management changed over time?
What do you see as the future of risk management in our industry?
What risk management thought leaders or resources have influenced your approach?

Let's start with your role at [Previous Company]. What were your primary risk management responsibilities when you started?

Areas to Cover

The scope and scale of their responsibilities
Types of risks they managed (operational, financial, etc.)
Size of team they worked with or managed
Stakeholders they interfaced with
The state of risk management when they joined

Possible Follow-up Questions

How mature was the risk management function when you joined?
What were the biggest risk challenges facing the organization?
How did the organization view the importance of risk management?
What risk management tools or systems did you use?

What were some of the major risk initiatives you led or contributed to at [Previous Company]?

Areas to Cover

Specific programs or projects they implemented
Their role in these initiatives
Challenges they faced and how they overcame them
Stakeholder management and buy-in strategies
Measurable outcomes and results

Possible Follow-up Questions

What was the catalyst for these initiatives?
How did you gain support from leadership?
How did you measure the success of these initiatives?
What would you do differently if implementing these today?

Tell me about a significant risk event you had to manage at [Previous Company]. How did you approach it?

Areas to Cover

The nature and severity of the risk event
Their process for assessing and responding to the situation
How they communicated with stakeholders
The immediate and long-term outcomes
Lessons learned from the experience

Possible Follow-up Questions

How did you first become aware of this risk?
What was your personal role in the response?
How did this event change the organization's approach to risk?
What preventative measures did you implement afterward?

How did your risk management responsibilities evolve during your time at [Previous Company]?

Areas to Cover

How their role expanded or changed
New risk areas they took on
Progression in leadership or influence
How they drove that evolution
Growth in skills or expertise

Possible Follow-up Questions

What factors led to these changes in your responsibilities?
How did you prepare yourself for these new challenges?
How did the risk management function evolve under your leadership?
What were you most proud of accomplishing?

As you transitioned to [Next Company], how did your approach to risk management change based on your previous experiences?

Areas to Cover

Lessons they carried forward
How they adapted to a new organization or industry
Differences in risk culture and how they navigated them
Initial priorities and how they determined them
How they established credibility in a new environment

Possible Follow-up Questions

What surprised you most about the risk landscape at your new company?
How did you go about assessing the existing risk management capabilities?
What was your strategy for your first 90 days?
How did you build relationships with key stakeholders?

Looking across your career, what would you say is the most significant risk management challenge you've successfully addressed?

Areas to Cover

The nature and complexity of the challenge
Their approach and methodology
Resources and support they leveraged
Obstacles they overcame
Measurable outcomes and organizational impact

Possible Follow-up Questions

Why do you consider this your most significant achievement?
What unique skills or experiences helped you succeed?
How did this challenge shape your approach to risk management?
What lasting impact did this have on the organization?

Which job or project in your career do you think has best prepared you for this Risk Manager role?

Areas to Cover

Similarities between past experience and this role
Relevant skills and knowledge they've developed
How they would apply past learnings to our organization
Self-awareness about strengths they would bring
Areas where they see need for growth or adaptation

Possible Follow-up Questions

What aspects of our role seem most familiar to you?
What elements would be new challenges for you?
How would you adapt your previous experience to our context?
What would be your approach to getting up to speed quickly?

Interview Scorecard

Depth of Risk Management Experience

0: Not Enough Information Gathered to Evaluate
1: Limited depth; mainly theoretical knowledge with minimal practical application
2: Moderate depth in narrow areas; lacks comprehensive risk management experience
3: Solid depth across multiple risk domains with clear progression of responsibilities
4: Exceptional depth with mastery of risk management principles and progressive leadership roles

Breadth of Risk Experience

0: Not Enough Information Gathered to Evaluate
1: Very narrow focus on one type of risk or industry context
2: Some variety but significant gaps in important risk areas
3: Good breadth across multiple risk types with relevant industry experience
4: Comprehensive experience across diverse risk categories, organizations, and contexts

Risk Program Implementation

0: Not Enough Information Gathered to Evaluate
1: Few examples of successfully implemented risk initiatives
2: Has implemented basic programs but with limited organizational impact
3: Demonstrated success implementing comprehensive risk programs with measurable results
4: Exceptional track record of transformative risk program implementation across organizations

Leadership and Influence

0: Not Enough Information Gathered to Evaluate
1: Limited examples of influencing beyond immediate team
2: Some success influencing stakeholders but primarily in favorable conditions
3: Consistent ability to influence diverse stakeholders and drive organizational change
4: Exceptional leadership with demonstrated ability to transform risk culture at organizational level

Goal: Implement Enterprise Risk Management Framework

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; limited examples of framework implementation
2: May Partially Achieve Goal; has implemented elements of frameworks with mixed results
3: Likely to Achieve Goal; successful track record implementing comprehensive frameworks
4: Likely to Exceed Goal; transformative implementations with exceptional outcomes

Goal: Reduce Organizational Risk Exposure

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; few concrete examples of risk reduction achievements
2: May Partially Achieve Goal; some risk reduction successes but limited in scope
3: Likely to Achieve Goal; consistent history of significant risk reduction across roles
4: Likely to Exceed Goal; exceptional risk reduction results with quantifiable impact

Goal: Ensure Regulatory Compliance

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; minimal experience with compliance management
2: May Partially Achieve Goal; basic compliance experience but reactive approach
3: Likely to Achieve Goal; strong compliance management history with proactive methods
4: Likely to Exceed Goal; exemplary compliance record with innovative approaches

Goal: Create Proactive Risk Culture

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; limited evidence of cultural impact in previous roles
2: May Partially Achieve Goal; some cultural initiatives but unclear lasting impact
3: Likely to Achieve Goal; demonstrated success in shifting organizational risk culture
4: Likely to Exceed Goal; transformative cultural change with measurable behavioral shifts

Recommendation

1: Strong No Hire
2: No Hire
3: Hire
4: Strong Hire

Behavioral Competency Interview

Directions for the Interviewer

This interview focuses on assessing the candidate's proficiency in the essential behavioral competencies required for the Risk Manager role. Your goal is to evaluate how the candidate has demonstrated these competencies in past situations, which is a strong predictor of future performance.

Plan for 60 minutes. Begin by explaining that you'll be asking about specific past experiences related to risk management. For each question, encourage the candidate to provide detailed examples with context, actions, and results.

Pay special attention to:

The complexity and scale of the situations they describe
Their specific role and contributions in each scenario
The thought process behind their actions
The outcomes and impact of their actions
Lessons learned and how they've applied them since

Remember that this is a structured interview—ask the same core questions of all candidates to ensure fair comparison.

Directions to Share with Candidate

"In this interview, I'll be asking you about specific past experiences related to risk management. For each question, please share detailed examples from your work history. I'm interested in understanding the situation you faced, the actions you took, why you took those actions, and the results you achieved. Feel free to take a moment to think before answering. I may ask follow-up questions to better understand your experiences."

Interview Questions

Tell me about a time when you identified a significant risk that others had overlooked. How did you identify it and what did you do? (Risk Analysis & Assessment)

Areas to Cover

What methods or approaches they used to identify the risk
How they evaluated the significance of the risk
Data or information they gathered to understand the risk
How they communicated the risk to others
Steps taken to address the risk once identified
The outcome and organizational impact

Possible Follow-up Questions

What made this risk particularly difficult to identify?
How did you prioritize this risk against other concerns?
What tools or frameworks did you use in your analysis?
How did you overcome any initial skepticism from others?

Describe a situation where you had to develop a risk mitigation strategy for a complex business initiative. What was your approach? (Strategic Thinking)

Areas to Cover

How they understood the business context and objectives
Their process for assessing risks in relation to strategic goals
How they balanced risk mitigation with business needs
The range of solutions they considered
How they implemented their strategy
The business outcomes and risk impacts

Possible Follow-up Questions

What stakeholders did you involve in developing your strategy?
How did you handle competing priorities in your approach?
What trade-offs did you have to make?
How did you measure the success of your strategy?

Give me an example of when you had to explain a complex risk issue to someone without a risk management background. (Communication)

Areas to Cover

The complexity of the risk issue they needed to communicate
How they assessed the audience's knowledge level and concerns
Their approach to simplifying without oversimplifying
Techniques or tools used to enhance understanding
How they confirmed understanding
The outcome of the communication

Possible Follow-up Questions

What aspects were most challenging to communicate?
How did you adjust your approach based on the audience's reaction?
What visual aids or analogies did you use, if any?
How would you approach this differently today?

Tell me about a time when you faced an unexpected risk event that required immediate response. How did you handle it? (Problem Solving)

Areas to Cover

The nature and urgency of the risk event
Their initial assessment and prioritization process
The options they considered and how they decided on a course of action
Resources they mobilized to address the situation
How they monitored the effectiveness of their response
The resolution and any long-term changes implemented as a result

Possible Follow-up Questions

What was your thought process during the initial assessment?
How did you manage the stress of the situation?
What contingency plans did you have in place?
What lessons did you learn that you've applied since?

Share an experience where you needed to influence senior leadership to invest in risk management initiatives. (Stakeholder Management)

Areas to Cover

The risk management initiative they were advocating for
Their understanding of leadership priorities and concerns
The approach they took to build their business case
How they tailored their message to various stakeholders
Challenges they faced in gaining support
The outcome and implementation of the initiative

Possible Follow-up Questions

How did you identify the key decision-makers and influencers?
What resistance did you encounter and how did you address it?
How did you demonstrate the value proposition of your initiative?
What would you do differently in your next influence attempt?

Interview Scorecard

Risk Analysis & Assessment

0: Not Enough Information Gathered to Evaluate
1: Superficial analysis with limited methodology; relies primarily on intuition
2: Basic analytical approach but lacks rigor or comprehensive perspective
3: Thorough, methodical approach with strong analytical foundation
4: Sophisticated risk analysis demonstrating exceptional insight and technical expertise

Strategic Thinking

0: Not Enough Information Gathered to Evaluate
1: Tactical focus with limited consideration of broader context or long-term implications
2: Shows some strategic awareness but struggles to connect risk to business objectives
3: Clear strategic perspective with good alignment between risk management and business goals
4: Exceptional strategic vision demonstrating innovative approaches to risk in support of business strategy

Communication

0: Not Enough Information Gathered to Evaluate
1: Struggles to explain complex concepts clearly; relies heavily on jargon
2: Adequate communication but lacks flexibility across different audiences
3: Clear, effective communication with ability to adapt to different stakeholders
4: Outstanding communicator who can inspire action through compelling risk narratives

Problem Solving

0: Not Enough Information Gathered to Evaluate
1: Reactive approach with limited analysis of alternatives; band-aid solutions
2: Structured problem-solving but may miss creative solutions or underlying causes
3: Effective problem solver who considers multiple options and addresses root causes
4: Exceptional problem solver with innovative approaches and outstanding results

Stakeholder Management

0: Not Enough Information Gathered to Evaluate
1: Limited success influencing others; struggles to build support for initiatives
2: Can influence when conditions are favorable but less effective with resistance
3: Consistently builds relationships and gains support across different stakeholder groups
4: Masterful stakeholder manager who can transform organizational perspectives on risk

Goal: Implement Enterprise Risk Management Framework

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; examples show limited ability to implement comprehensive frameworks
2: May Partially Achieve Goal; has implemented components but struggled with integration
3: Likely to Achieve Goal; demonstrated successful framework implementation in comparable contexts
4: Likely to Exceed Goal; exceptional implementation history with innovative adaptations

Goal: Reduce Organizational Risk Exposure

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; limited evidence of impact on risk reduction
2: May Partially Achieve Goal; some success reducing specific risks but not comprehensive
3: Likely to Achieve Goal; consistent pattern of significant risk reduction achievements
4: Likely to Exceed Goal; transformative risk reduction with measurable business impact

Goal: Ensure Regulatory Compliance

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; limited compliance management experience or success
2: May Partially Achieve Goal; basic compliance management but reactive approach
3: Likely to Achieve Goal; strong compliance track record with proactive methodology
4: Likely to Exceed Goal; exceptional compliance history with innovative approaches

Goal: Create Proactive Risk Culture

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; few examples of influencing organizational culture
2: May Partially Achieve Goal; some cultural impact but limited in scope or sustainability
3: Likely to Achieve Goal; demonstrated ability to shift attitudes and behaviors around risk
4: Likely to Exceed Goal; exceptional culture change agent with transformative impact

Recommendation

1: Strong No Hire
2: No Hire
3: Hire
4: Strong Hire

Debrief Meeting

Directions for Conducting the Debrief Meeting

The Debrief Meeting is an open discussion for the hiring team members to share the information learned during the candidate interviews. Use the questions below to guide the discussion.

Start the meeting by reviewing the requirements for the Risk Manager role and the key competencies and goals needed to succeed.

The meeting leader should strive to create an environment where it is okay to express opinions about the candidate that differ from the consensus or from leadership's opinions.

Scores and interview notes are important data points but should not be the sole factor in making the final decision.

Any hiring team member should feel free to change their recommendation as they learn new information and reflect on what they've learned.

Questions to Guide the Debrief Meeting

Does anyone have any questions for the other interviewers about the candidate?

Guidance: The meeting facilitator should initially present themselves as neutral and try not to sway the conversation before others have a chance to speak up.

Are there any additional comments about the Candidate?

Guidance: This is an opportunity for all the interviewers to share anything they learned that is important for the other interviewers to know.

How well does the candidate's experience align with the specific risk management needs of our organization?

Guidance: Discuss whether the candidate's background in risk management matches your organization's industry, scale, and specific risk profile. Consider both technical expertise and cultural fit.

Is there anything further we need to investigate before making a decision?

Guidance: Based on this discussion, you may decide to probe further on certain issues with the candidate or explore specific issues in the reference calls.

Has anyone changed their hire/no-hire recommendation?

Guidance: This is an opportunity for the interviewers to change their recommendation from the new information they learned in this meeting.

If the consensus is no hire, should the candidate be considered for other roles? If so, what roles?

Guidance: Discuss whether engaging with the candidate about a different role would be worthwhile.

What are the next steps?

Guidance: If there is no consensus, follow the process for that situation (e.g., it is the hiring manager's decision). Further investigation may be needed before making the decision. If there is a consensus on hiring, reference checks could be the next step.

Reference Checks

Directions for Conducting Reference Checks

Reference checks provide valuable third-party perspectives on the candidate's performance, working style, and impact in previous roles. For a Risk Manager position, references can offer particular insight into the candidate's risk judgment, influencing skills, and implementation success.

Aim to speak with at least 2-3 references who worked closely with the candidate in relevant roles—ideally former managers and stakeholders from different departments who interacted with their risk management work.

Begin each call by introducing yourself and explaining the role the candidate is being considered for. Assure the reference that their feedback will be kept confidential and will be used only as part of the hiring decision process.

Listen not just for what is said, but what is unsaid. Note hesitations, qualifications, or areas where the reference provides minimal detail. Follow up on these areas with additional questions.

These conversations typically take 20-30 minutes. The same questions can be repeated with multiple references to gain different perspectives.

Questions for Reference Checks

In what capacity did you work with [Candidate], and for how long?

Guidance: Establish the context of the relationship, including reporting structure, frequency of interaction, and time period. This helps calibrate the rest of the reference's responses.

What were [Candidate]'s primary responsibilities related to risk management in your organization?

Guidance: Get a clear picture of the scope and scale of the candidate's risk management responsibilities. Listen for alignment with how the candidate described their role and responsibilities.

How would you rate [Candidate]'s technical risk management skills on a scale of 1-10? What are their particular strengths and areas for development?

Guidance: Probe for specific examples that illustrate their technical capabilities. Ask about their mastery of frameworks, assessment methodologies, and analytical abilities.

Can you describe a significant risk management initiative that [Candidate] led or contributed to? What was their approach and what were the outcomes?

Guidance: Listen for details about the candidate's ability to implement risk management programs, overcome obstacles, and deliver measurable results. Ask follow-up questions about stakeholder engagement and change management aspects.

How effective was [Candidate] at communicating risk concepts to different audiences, particularly senior leadership?

Guidance: Communication is critical for a Risk Manager. Ask for examples of how they presented complex risk information to executives, technical teams, and other stakeholders.

How would you describe [Candidate]'s approach to balancing risk management with business objectives?

Guidance: This question helps assess the candidate's strategic thinking and business acumen. Look for indications that they understand risk management as an enabler rather than just a control function.

If you had the appropriate role available, on a scale of 1-10, how likely would you be to hire [Candidate] again? Why?

Guidance: This question often elicits the most honest overall assessment. If the rating is below an 8, probe for specific reasons.

Reference Check Scorecard

Risk Management Expertise

0: Not Enough Information Gathered to Evaluate
1: Limited technical expertise; significant gaps in knowledge or application
2: Basic competence but lacks depth in important areas
3: Strong technical skills with good application across multiple risk domains
4: Exceptional expertise with mastery of risk management principles and innovative application

Implementation Effectiveness

0: Not Enough Information Gathered to Evaluate
1: Limited success implementing risk initiatives; struggles with execution
2: Some successful implementations but with significant assistance or in ideal conditions
3: Consistent track record of effective implementation across various situations
4: Outstanding implementation capabilities with transformative results

Leadership and Influence

0: Not Enough Information Gathered to Evaluate
1: Limited influence beyond immediate team; struggles to gain support
2: Can influence in favorable conditions but less effective with resistance
3: Strong influencer who consistently builds support across different stakeholder groups
4: Exceptional ability to influence at all levels and drive organizational change

Business Acumen

0: Not Enough Information Gathered to Evaluate
1: Limited understanding of business context; risk management in isolation
2: Basic business awareness but sometimes misaligned with strategic priorities
3: Good business acumen with consistent alignment between risk and business objectives
4: Exceptional strategic perspective that enhances business value through risk management

Goal: Implement Enterprise Risk Management Framework

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; reference indicates limited success with framework implementation
2: May Partially Achieve Goal; mixed feedback on implementation capabilities
3: Likely to Achieve Goal; references confirm successful implementation experience
4: Likely to Exceed Goal; references describe exceptional framework implementation results

Goal: Reduce Organizational Risk Exposure

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; references provide limited evidence of risk reduction impact
2: May Partially Achieve Goal; some success but not comprehensive
3: Likely to Achieve Goal; consistent feedback about significant risk reduction achievements
4: Likely to Exceed Goal; references describe transformative risk reduction with measurable impact

Goal: Ensure Regulatory Compliance

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; references indicate compliance challenges or gaps
2: May Partially Achieve Goal; basic compliance management but reactive approach
3: Likely to Achieve Goal; strong compliance track record confirmed by references
4: Likely to Exceed Goal; references describe exemplary compliance leadership

Goal: Create Proactive Risk Culture

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Achieve Goal; references indicate limited cultural impact
2: May Partially Achieve Goal; some cultural influence but limited in scope
3: Likely to Achieve Goal; references confirm ability to shift attitudes and behaviors
4: Likely to Exceed Goal; references describe transformative cultural impact

Frequently Asked Questions

What are the most critical competencies to look for in a Risk Manager?

The most critical competencies include risk analysis and assessment, strategic thinking, communication, problem-solving, and stakeholder management. The ideal candidate should demonstrate strong analytical abilities paired with excellent communication skills to translate complex risk concepts for diverse audiences. Look for evidence of their ability to balance risk management with business objectives.

How much industry-specific experience should a Risk Manager have?

While industry knowledge is valuable, the depth needed depends on your specific risk profile. Generally, a candidate with strong risk management fundamentals can adapt to a new industry within 3-6 months. Focus more on their experience with similar types of risks (operational, financial, compliance) rather than specific industry background, especially if their learning agility is high. For more on evaluating potential versus experience, see our article on hiring for potential.

How should we evaluate technical risk management expertise versus leadership skills?

Both are important but their relative importance depends on the role's seniority and scope. For a Risk Manager who will build or transform a function, leadership and influence skills are critically important. The work sample exercise should give you insight into technical capabilities, while behavioral questions help assess leadership. Pay particular attention to how candidates have influenced without authority, as this is crucial for effective risk management.

What's the best way to assess a candidate's ability to balance risk mitigation with business objectives?

Look for evidence that the candidate understands risk management as an enabler of business success rather than just a control function. During the behavioral interview, listen for examples of how they've aligned risk management activities with strategic goals and made thoughtful trade-offs. References can also provide valuable perspective on how the candidate navigated this balance in previous roles.

How can we determine if a candidate will be effective at creating a risk-aware culture?

Focus on the candidate's communication style, influencing skills, and past experience with cultural change. Ask for specific examples of how they've raised risk awareness in previous organizations and what measurable changes in behavior resulted. Look for candidates who emphasize education and enablement rather than just enforcement of policies.