Financial institutions have access to enormous quantities of data but need powerful methods for extracting and analyzing quantitative information, particularly about volatility and risks.
Financial risk management uses sophisticated probablity and statistical methods to identify, manage and mitigate risk. If fact, because risk management is focused on volatily and tail risks, quantitative risk management is ALL about probability and statisitics - all the stuff you learn in the Financial Statistics and Risk Management program (FSRM). This contrasts with derivative pricing, for example, where mathematical partial differentail equation and advanced stochastic process modeling dominate.
In addition, the FSRM provides excellent preparation for the FRM (Finanical Risk Manager) certificate as it covers much of the required content allowing the FRM examinations to be taken either simulataneously or subsequently.
Risk Management is also in very high demand since the financial crisis. Banks and other financial institutions are having to make risk management a central focus of their operations because of the beefing up of international and national regulations since 2008. Accordingly, these institutions are increasing their employment of skilled quantitive risk managers to satisfy their internal and external compliance requirements. Regulators also have to augment their ranks of quantitative risk managers.
If you are considering a graduate degree in risk management, they you owe it to yourself to take a hard look at the FSRM degree. START HERE!