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.
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.
How much do Financial Specialists make in each U.S. 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?
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
Image Credit: Via Wikimedia Commons
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