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Risk Management Specialists

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What Do Risk Management Specialists Do?

Risk Management Specialist Job Description Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.

Life as a Risk Management Specialist: What Do They Do?

  • Devise scenario analyses reflecting possible severe market events.
  • Gather risk-related data from internal or external resources.
  • Contribute to development of risk management systems.
  • Determine potential environmental impacts of new products or processes on long-term growth and profitability.
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
  • Review or draft risk disclosures for offer documents.

Risk Management Specialist Skills

Below is a list of the skills most Risk Management Specialists say are important on the job.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking: Talking to others to convey information effectively.

Systems Analysis: Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.

Types of Risk Management Specialist Jobs

  • Risk Management Manager
  • Risk Manager
  • Risk Management and Benefits Vice President
  • Credit Risk Management Director
  • Risk Management Consultant

Risk Management Specialist Job Outlook

In the United States, there were 135,900 jobs for Financial Specialists in 2016.

New jobs are being produced at a rate of 9.6% which is lower than average. The Bureau of Labor Statistics predicts 13,100 new jobs for Risk Management Specialists by 2026. Due to new job openings and attrition, there will be an average of 13,100 job openings in this field each year.

Forecasted Number of Jobs for Risk Management Specialists in U.S.

The states with the most job growth for Financial Specialists are Texas, California, and Florida.

Watch out if you plan on working in South Dakota, Wyoming, or Maine. These states have the worst job growth for this type of profession.

Salary for Risk Management Specialists

The average yearly salary of a Risk Management Specialist ranges between $38,030 and $123,360. The median salary for this occupation is $70,280.

Salary Ranges for Risk Management Specialists

How much do Financial Specialists make in each U.S. state?

Annual Mean Salary by State
State Annual Mean Salary

District of Columbia

$107,760

New York

$96,480

Illinois

$93,200

Massachusetts

$88,370

Virginia

$87,810

Georgia

$85,610

Colorado

$83,800

Arizona

$82,200

New Jersey

$81,660

Delaware

$80,950

California

$80,720

Nebraska

$79,250

Ohio

$78,960

Connecticut

$77,690

New Hampshire

$77,670

Rhode Island

$77,610

Maryland

$77,440

North Dakota

$77,400

North Carolina

$76,050

Alabama

$75,170

Pennsylvania

$74,880

Minnesota

$74,190

Missouri

$74,050

Washington

$73,790

Vermont

$72,600

Oklahoma

$72,520

Oregon

$71,980

Texas

$70,830

Iowa

$69,480

Michigan

$69,480

Utah

$69,340

South Carolina

$69,340

West Virginia

$68,180

Alaska

$68,040

Montana

$67,820

Florida

$67,520

Indiana

$66,590

Maine

$65,430

Tennessee

$65,200

Mississippi

$63,650

New Mexico

$61,940

Louisiana

$61,170

Wisconsin

$60,120

Wyoming

$59,190

Nevada

$58,150

Kentucky

$57,030

Idaho

$56,440

Kansas

$55,300

South Dakota

$53,080

Arkansas

$43,580

What Tools & Technology do Risk Management Specialists Use?

Although they’re not necessarily needed for all jobs, the following technologies are used by many Risk Management Specialists:

  • SAS
  • SAP
  • Practical extraction and reporting language Perl
  • Microsoft Office
  • Tableau
  • Ruby
  • Apache Pig
  • Microsoft Word
  • UNIX
  • Microsoft Visio

Who Employs Risk Management Specialists?

Risk Management Specialist Sectors

Other Jobs You May be Interested In

Those thinking about becoming Risk Management Specialists might also be interested in the following careers:

  • Statisticians

Those who work as Risk Management Specialists sometimes switch careers to one of these choices:

  • Economists

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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