Take a free practice interview

  • Practice answering questions and get real feedback to improve
  • Get job-specific questions at the company you want
  • 95% say this improved their performance

Ace Your Risk Manager Interview: Top Questions and Expert Answers

Learn how to confidently answer the toughest Risk Manager interview questions and impress hiring managers.

Top interview questions to expect


1. Can you describe a challenging risk assessment you conducted and how you overcame the obstacles?
2. How do you prioritize and allocate resources to effectively manage multiple risks simultaneously?
3. Share an instance where you had to make a difficult decision under pressure and how you ensured a positive outcome.
4. Describe a situation where you identified an emerging risk and proactively took steps to mitigate its impact.
5. How do you stay updated on industry trends and regulatory changes relevant to risk management?
6. Give an example of how you effectively communicated risk management strategies to stakeholders and gained their buy-in.
7. Share a scenario where your risk management skills led to a significant improvement in the organization’s overall performance.

Check the latest questions for this role:

Answering interview questions with STAR structure

The STAR framework (Situation, Task, Action, Result) is a structured approach to answering behavioral interview questions. It helps you provide clear, concise, and compelling answers that demonstrate your skills and experiences.

* Situation: Briefly describe the relevant context or challenge you faced.
* Task: Explain the specific task or responsibility you had in that situation.
* Action: Detail the actions you took to address the challenge or complete the task.
* Result: Emphasize the positive outcomes or achievements resulting from your actions.

Sample answers to above interview questions


1. Question: Can you describe a challenging risk assessment you conducted and how you overcame the obstacles?

STAR Answer:

Situation: In my previous role at a consulting firm, I was tasked with assessing the operational risks associated with a client’s supply chain. The challenge was obtaining accurate and comprehensive data from multiple stakeholders across different locations.

Task: To overcome this obstacle, I developed a structured risk assessment framework and conducted in-depth interviews with key personnel from various departments. I also utilized data analysis tools to identify potential vulnerabilities and assess their impact on the client’s operations.

Action: Based on the gathered information, I developed a comprehensive risk assessment report that highlighted the key risks and recommended mitigation strategies. I effectively communicated my findings to the client’s management team and worked closely with them to implement the recommended actions.

Result: The risk assessment report was well-received by the client, and the implemented mitigation strategies significantly reduced their exposure to operational risks. This resulted in improved operational efficiency and reduced the likelihood of disruptions.

2. Question: How do you prioritize and allocate resources to effectively manage multiple risks simultaneously?

STAR Answer:

Situation: In my previous role as a Risk Manager, I was responsible for managing a wide range of risks, including financial, operational, and regulatory risks. The challenge was to effectively allocate limited resources to address these risks.

Task: To prioritize risks, I conducted a comprehensive risk assessment, considering factors such as the likelihood of occurrence, potential impact, and alignment with the organization’s objectives. I also engaged with stakeholders to understand their risk tolerance and appetite.

Action: Based on the risk assessment and stakeholder input, I developed a prioritized risk management plan. I allocated resources to high-priority risks and implemented appropriate mitigation strategies. I also ensured that adequate resources were allocated to monitor and review the effectiveness of the risk management strategies.

Result: The prioritized risk management plan enabled the organization to effectively manage multiple risks simultaneously. The allocation of resources to high-priority risks resulted in reduced exposure to potential losses and improved resilience to adverse events.

3. Question: Share an instance where you had to make a difficult decision under pressure and how you ensured a positive outcome.

STAR Answer:

Situation: During my tenure as a Risk Manager at a financial institution, I faced a difficult decision when a client experienced a sudden financial crisis. The challenge was to decide whether to continue providing credit facilities or to mitigate the bank’s exposure.

Task: To make an informed decision, I promptly assessed the client’s financial position, their industry outlook, and the potential impact on the bank’s portfolio. I also consulted with senior management and legal counsel to understand the implications of each option.

Action: After careful consideration, I decided to restructure the client’s debt and provide additional credit facilities. I also negotiated a revised repayment schedule that aligned with the client’s revised business plan.

Result: The decision to restructure the debt and provide additional credit facilities allowed the client to overcome the financial crisis and continue operations. The bank maintained a positive relationship with the client and successfully recovered the outstanding debt.

4. Question: Describe a situation where you identified an emerging risk and proactively took steps to mitigate its impact.

STAR Answer:

Situation: In my previous role as a Risk Manager at a technology company, I identified an emerging risk associated with the increasing use of artificial intelligence (AI) systems in the organization’s operations. The challenge was to assess the potential risks and develop strategies to mitigate them.

Task: To address this emerging risk, I conducted a comprehensive analysis of the AI systems, their applications, and potential vulnerabilities. I also reviewed industry best practices and regulatory guidelines related to AI.

Action: Based on the analysis and review, I developed a risk management framework for AI systems. The framework included guidelines for risk assessment, monitoring, and control of AI systems. I also worked with the IT team to implement technical safeguards to minimize the likelihood of AI-related incidents.

Result: The proactive identification and mitigation of AI-related risks ensured the organization’s continued compliance with regulatory requirements and reduced the likelihood of reputational damage or financial losses.

5. Question: How do you stay updated on industry trends and regulatory changes relevant to risk management?

STAR Answer:

Situation: In the field of risk management, staying updated on industry trends and regulatory changes is crucial. The challenge is to identify reliable sources of information and efficiently incorporate them into the organization’s risk management practices.

Task: To stay informed, I regularly review industry publications, attend conferences, and participate in professional networking groups. I also monitor regulatory updates and emerging risks through online resources and alerts.

Action: The gathered information is analyzed and evaluated for its relevance to the organization’s risk profile. I share key insights with stakeholders and incorporate them into the organization’s risk management strategies. I also contribute to the development of industry best practices and thought leadership initiatives.

Result: By staying updated on industry trends and regulatory changes, I ensure that the organization’s risk management practices are aligned with the latest developments. This proactive approach allows the organization to anticipate and mitigate emerging risks effectively.

6. Question: Give an example of how you effectively communicated risk management strategies to stakeholders and gained their buy-in.

STAR Answer:

Situation: In my previous role, I faced the challenge of gaining buy-in from stakeholders for a new risk management initiative. The initiative required a significant investment of resources and could potentially disrupt existing processes.

Task: To ensure stakeholder support, I developed a clear and concise communication plan. I tailored my message to resonate with each stakeholder group, emphasizing the benefits and potential impacts of the initiative. I also conducted workshops and provided detailed information to address any concerns or objections.

Action: Through effective communication and engagement, I gained the buy-in of key stakeholders. They understood the importance of the initiative and its alignment with the organization’s overall objectives. This support facilitated the successful implementation of the risk management initiative.

Result: The effective communication of risk management strategies to stakeholders resulted in increased understanding, collaboration, and support for the initiative. This led to a smoother implementation process and improved risk management outcomes.

7. Question: Share a scenario where your risk management skills led to a significant improvement in the organization’s overall performance.

STAR Answer:

Situation: In my previous role as a Risk Manager, I identified a systemic risk related to the organization’s supply chain. The challenge was to mitigate this risk and improve the overall operational efficiency.

Task: To address the risk, I conducted a thorough analysis of the supply chain, identifying potential vulnerabilities and inefficiencies. I also worked closely with cross-functional teams to develop and implement risk mitigation strategies.

Action: The implemented strategies included diversifying suppliers, improving inventory management, and implementing quality control measures. I also established a risk monitoring system to track and mitigate any emerging risks.

Result: The proactive risk management approach led to a significant improvement in the organization’s supply chain performance. The organization experienced reduced supply chain disruptions, improved product quality, and increased customer satisfaction. Overall, the organization’s operational efficiency and profitability were positively impacted.

Like a phone call interview – with your own AI interview coach.

Enter job title and company

Practice effectively for your dream job.

Get asked job-specific questions

Your AI interview coach will speak and ask you questions.

Speak back and view private feedback

Your coach will listen to you speak and reply with follow-up questions and private feedback.

Interview Feedback

Improve from real feedback

Frustrated by never hearing feedback from your interviews? We get it. Interview Smile is your way to get real feedback on how you did and to help you answer questions better. Come into your next job interview empowered with superhuman interview readiness.

Go from nervous to confident

Practice with your AI coach as much as you want to calm your interview nerves. Hone your pitch and boost your confidence with Interview Smile.

Interview Practice