FinOps Financial Risk Analyst

Last Updated:
September 19, 2023

Job Description Overview

A FinOps Financial Risk Analyst job description entails crucial responsibilities within the Information Technology industry. In this role, the professional is responsible for analyzing and managing the financial risks associated with IT operations. They work diligently to identify potential monetary threats, explore effective solutions, and implement the best strategies to mitigate losses.

A FinOps Financial Risk Analyst closely monitors the organization's financial health and ensures the company follows proper financial and investment protocols. They also conduct regular audits of financial activities and use data-driven methodologies to present accurate risk assessments to management teams. Furthermore, they collaborate with cross-functional teams within the organization to understand the technical aspects of financial management and integrate them into effective risk analysis.

The individual in this position must possess substantial analytical skills, strong attention to detail, and excellent communication abilities. The role requires a solid understanding of the financial market and IT landscape, as well as a hunger for staying up-to-date with the latest trends and technologies within the industry. Overall, a FinOps Financial Risk Analyst plays a significant part in safeguarding the company's finances and ensuring stability and growth in a complex technical environment.

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Job Duties and Responsibilities

  • Monitor and analyze financial data to identify potential risks, such as IT investments that may not bring enough returns, or projects going over budget.
  • Develop and implement risk management strategies to minimize financial losses for the company, especially in areas like cybersecurity as well as software and hardware procurement.
  • Collaborate with other departments, such as IT and finance, to ensure a clear understanding of the financial implications and potential risks of technology projects.
  • Establish and maintain risk analysis models and tools in order to make informed recommendations on budgets, spending, and investment priorities.
  • Regularly review and update financial risk policies and procedures to stay current with industry best practices and changing regulations.
  • Conduct internal audits to assess the effectiveness of financial risk management efforts and recommend improvements where needed.
  • Create detailed reports for management on financial risks, outlining potential impacts, mitigation strategies, and forecasted outcomes for key IT initiatives.
  • Educate and train team members on financial risk analysis techniques and best practices to foster a culture of risk awareness and responsibility.
  • Stay informed of industry trends and latest technologies that may impact the organization's financial health or introduce new risks, such as shifting to cloud-based services or adopting new software platforms.
  • Participate in key decision-making processes, providing financial risk insights and recommendations to help drive informed choices about technology investments and expenditures.

Experience and Education Requirements

To work as a FinOps Financial Risk Analyst in the IT field, you need strong education and experience. Most employers ask for a bachelor's degree in finance, accounting, or a related field. Some prefer a master's degree or higher qualifications like CFA or FRM. You must have knowledge of financial regulations, risk management principles, and financial technology. Practical experience in finance, risk analysis, or IT is essential. Experience with tools like SQL, Tableau, Excel, and programming languages helps. Great communication and problem-solving skills are important. Finally, staying updated with industry trends and developments can boost your chances of getting hired.

Salary Range

The FinOps Financial Risk Analyst salary range typically varies by country and years of experience. In the United States, such professionals can expect an annual salary of around $62,000 to $96,000 based on experience and location. A FinOps Financial Risk Analyst with 1-4 years of experience might expect an average salary of $72,000, while a professional with 5-9 years of experience could earn around $88,000 per year. In the United Kingdom, the salary range is approximately £45,000 to £65,000 depending on factors like experience, job location, and company size.

Sources:

  1. https://www.payscale.com/research/US/Job=Risk_Analyst/Salary
  2. https://www.glassdoor.com/Salaries/financial-risk-analyst-salary-SRCH_KO0,20.htm

Career Outlook

The career outlook for a FinOps Financial Risk Analyst in the Information Technology industry looks bright over the next 5 years. This job is growing as more companies use technology to manage their finances. As a result, they seek skilled analysts to help prevent financial risks.

These analysts play a key role in protecting businesses from issues like cyber attacks and data breaches. As the demand for secure financial operations increases, so does the need for these professionals. The future looks promising for FinOps Financial Risk Analysts as technology and finance continue to evolve together.

Sources:

  1. https://www.businesswire.com/news/home/20210517005183/en/Global-FinOps-Solutions-Forecast-to-2028---Accelerated-Cloud-Adoption-Adding-More-Agility-to-FinOps-Solutions-to-Rectify-Financial-DevOps-Irregularities---ResearchAndMarkets.com
  2. https://www.grandviewresearch.com/press-release/global-finops-solutions-market

Frequently Asked Questions (FAQ)

Q: What does a FinOps Financial Risk Analyst do?

A: They analyze financial data, identify risks, and suggest ways to minimize those risks in IT companies or projects.

Q: What education is needed for this job?

A: A bachelor's degree in finance, accounting, or a related field is usually required, and a master's degree is preferred.

Q: Are any certifications necessary?

A: Certifications like Certified Financial Analyst (CFA) or Certified Risk Manager (CRM) can be helpful for career growth.

Q: What type of companies hire FinOps Financial Risk Analysts?

A: IT companies, software development firms, and businesses in the technology sector hire these analysts to manage financial risks.

Q: What skills are essential for this job?

A: Strong analytical, problem-solving, communication, and decision-making skills are essential for success as a FinOps Financial Risk Analyst.


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