FinOps Financial Incident Manager

Last Updated:
March 22, 2024

Job Description Overview

A FinOps Financial Incident Manager is a crucial professional in the Information Technology industry whose primary responsibility is to handle financial incidents and related issues to minimize financial loss and ensure business continuity. A FinOps Financial Incident Manager job description typically includes monitoring and analyzing financial operations, identifying potential risks, and coordinating with other teams to resolve incidents promptly.

Their role involves developing and implementing effective incident management policies and procedures, as well as ensuring that all financial incidents are documented and reported to relevant stakeholders. They also collaborate with internal and external partners to ensure efficient communication during incident resolution.

The FinOps Financial Incident Manager is expected to stay updated on the latest industry best practices and regulations to enhance the overall financial incident management process. To excel in this career, the individual should possess strong analytical and problem-solving skills, excellent organizational abilities, and exceptional communication skills.

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Job Duties and Responsibilities

  • Oversee financial incidents: Manage any financial problems that arise within the IT company, such as data breaches, system failures or unexpected costs.

  • Coordinate teams: Work with various teams, like IT, finance, and risk management to resolve financial incidents quickly and efficiently.

  • Assess risks and impacts: Evaluate potential financial risks and the impact they may have on the company's operations.

  • Implement solutions: Develop and implement strategies to address financial incidents and prevent them from happening again.

  • Track and report: Monitor the progress of resolving financial incidents and provide regular updates to stakeholders.

  • Train employees: Educate team members on financial incident management and best practices to minimize risk and improve response times.

  • Keep up-to-date: Stay informed about industry trends, regulatory requirements, and best practices in financial incident management.

  • Evaluate and improve processes: Regularly review incident management procedures to identify areas for improvement and increase efficiency.

  • Collaborate with external partners: Work closely with vendors, partners, and regulators to address financial incidents and maintain positive relationships.

  • Maintain documentation: Keep comprehensive records of financial incidents, resolutions, and lessons learned to help prevent future issues.

Experience and Education Requirements

To work as a FinOps Financial Incident Manager in IT, you usually need a bachelor's degree in finance, accounting, or a related field. Having a background in information technology is a big plus. Typically, employers look for at least 5 years of experience in financial management or analysis. Experience in IT finance or cloud services is beneficial too. Strong communication, problem-solving, and attention to detail are important skills needed for this job. Finally, having professional certifications, like a CPA or CMA, can improve your chances of getting hired.

Salary Range

The FinOps Financial Incident Manager salary range varies in the Information Technology industry based on factors like experience, location, and job responsibilities. In the United States, the average salary for this position falls around $85,000, with experienced professionals earning up to $120,000 annually. In other countries, such as the United Kingdom and Canada, the salary range can be similar or slightly lower. For instance, in the United Kingdom, the average pay is around £58,000 (approx. $80,000), while in Canada, one may expect an annual salary between CAD 60,000 and CAD 100,000 ($47,000 to $79,000).   

Sources:  

  1. https://www.indeed.com/salaries/financial-incident-manager-Salaries  
  2. https://www.payscale.com/research/UK/Job=Incident_Manager/Salary  
  3. https://www.glassdoor.ca/Salaries/financial-incident-response-manager-salary-SRCH_KO0,33.htm

Career Outlook

The job outlook for a FinOps Financial Incident Manager in the Information Technology industry is full of growth for the next 5 years. Companies are moving towards digital financial operations, and they need skilled managers to keep things running smoothly. As the demand for FinOps expertise increases, so will job opportunities in this field. These jobs offer good salaries, with potential for growth as you gain experience. If you're interested in this career, it's a great time to start building your skills and getting ready for an exciting future in the world of FinOps Financial Incident Management.

Sources: 

  1. https://www.finopsfoundation.org/
  2. https://joblift.co.uk/FinOps+Jobs-in-Greater+Manchester

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Incident Manager do?

A: They manage and resolve financial incidents in IT projects, ensuring financial stability and minimizing disruptions to operations.

Q: How do they resolve financial incidents?

A: They identify the issue, create a plan to fix it, coordinate resources, and track progress until the issue is resolved.

Q: Are FinOps Financial Incident Managers accountants?

A: Not necessarily, but they have expertise in financial practices and managing finances in the IT industry.

Q: Do they work with other employees in the company?

A: Yes, they collaborate with different departments to resolve financial incidents.

Q: What skills do they need?

A: Strong analytical, problem-solving, and communication skills, as well as financial management expertise, and experience in IT.


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