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Risk Management Specialist

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All About Risk Management Specialists

Risk Management Specialist Definition 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?

  • Track, measure, or report on aspects of market risk for traded issues.
  • Maintain input or data quality of risk management systems.
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
  • Recommend ways to control or reduce risk.
  • Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
  • Gather risk-related data from internal or external resources.

Risk Management Specialist Needed Skills

When polled, Risk Management Specialists say the following skills are most frequently used in their jobs:

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.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

  • Risk Specialist
  • Risk Management and Benefits Vice President
  • Operational Risk Consultant
  • Operational Risk Management Vice President
  • Risk Management Director

Risk Management Specialist Employment Estimates

In 2016, there was an estimated number of 135,900 jobs in the United States for Risk Management Specialist. New jobs are being produced at a rate of 9.6% which is above the national average. The Bureau of Labor Statistics predicts 13,100 new jobs for Risk Management Specialist by 2026. There will be an estimated 13,100 positions for Risk Management Specialist per year.

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

The states with the most job growth for Risk Management Specialist are Utah, Nevada, and Arizona. Watch out if you plan on working in South Dakota, Maryland, or Alaska. These states have the worst job growth for this type of profession.

Salary for a Risk Management Specialist

The average yearly salary of a Risk Management Specialist ranges between $38,030 and $123,360.

Salary Ranges for Risk Management Specialists

Risk Management Specialists who work in District of Columbia, Virginia, or Illinois, make the highest salaries.

How much do Risk Management Specialists make in different U.S. states?

State Annual Mean Salary
Alabama $75,170
Alaska $68,040
Arizona $82,200
Arkansas $43,580
California $80,720
Colorado $83,800
Connecticut $77,690
Delaware $80,950
District of Columbia $107,760
Florida $67,520
Georgia $85,610
Idaho $56,440
Illinois $93,200
Indiana $66,590
Iowa $69,480
Kansas $55,300
Kentucky $57,030
Louisiana $61,170
Maine $65,430
Maryland $77,440
Massachusetts $88,370
Michigan $69,480
Minnesota $74,190
Mississippi $63,650
Missouri $74,050
Montana $67,820
Nebraska $79,250
Nevada $58,150
New Hampshire $77,670
New Jersey $81,660
New Mexico $61,940
New York $96,480
North Carolina $76,050
North Dakota $77,400
Ohio $78,960
Oklahoma $72,520
Oregon $71,980
Pennsylvania $74,880
Rhode Island $77,610
South Carolina $69,340
South Dakota $53,080
Tennessee $65,200
Texas $70,830
Utah $69,340
Vermont $72,600
Virginia $87,810
Washington $73,790
West Virginia $68,180
Wisconsin $60,120
Wyoming $59,190

What Tools do Risk Management Specialists Use?

Below is a list of the types of tools and technologies that Risk Management Specialists may use on a daily basis:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Web browser software
  • Microsoft Access
  • SAP
  • Microsoft Project
  • Microsoft Visio
  • Microsoft SharePoint
  • Structured query language SQL
  • The MathWorks MATLAB
  • SAS
  • Linux
  • Ruby
  • Microsoft Visual Basic
  • IBM SPSS Statistics
  • UNIX
  • Microsoft SQL Server

Becoming a Risk Management Specialist

What education or degrees do I need to become a Risk Management Specialist?

Risk Management Specialist Degree Level

What work experience do I need to become a Risk Management Specialist?

Risk Management Specialist Work Experience

Where Risk Management Specialists Work

Risk Management Specialist Sectors

Below are examples of industries where Risk Management Specialists work:

Risk Management Specialist Industries

Similar Careers

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

Career changers with experience as a Risk Management Specialist sometimes find work in one of the following fields:

References:

Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic

More about our data sources and methodologies.

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