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.
Related Job Titles
- 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.
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.
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?
What work experience do I need to become a Risk Management Specialist?
Where Risk Management Specialists Work
Below are examples of industries where Risk Management Specialists work:
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
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