What You Need to Know About 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.
What Do Risk Management Specialists Do On a Daily Basis?
- Gather risk-related data from internal or external resources.
- Review or draft risk disclosures for offer documents.
- Analyze new legislation to determine impact on risk exposure.
- Evaluate the risks related to green investments, such as renewable energy company stocks.
- Contribute to development of risk management systems.
- Determine potential liability related to the use of more sustainable methods of product packaging, such as biodegradable food containers.
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Qualities of a Risk Management Specialist
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.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Related Job Titles
- Risk Management Consultant
- Operational Risk Consultant
- Risk Management Analyst
- Loss Control Consultant
- Operational Risk Analyst
Risk Management Specialist Job Outlook
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. The BLS estimates 13,100 yearly job openings in this field.
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.
Below is a list of the median annual salaries for Risk Management Specialists 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?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Risk Management Specialists:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- SAP
- Microsoft Project
- Microsoft SharePoint
- Microsoft Visio
- Structured query language SQL
- The MathWorks MATLAB
- SAS
- Linux
- Ruby
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft SQL Server
- UNIX
Becoming a Risk Management Specialist
What education or degrees do I need to become a Risk Management Specialist?
How many years of work experience do I need?
Where Risk Management Specialists Work
The table below shows some of the most common industries where those employed in this career field 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
More about our data sources and methodologies.
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