What You Need to Know About Risk Management Specialist
Position Description Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.
List of Risk Management Specialist Job Duties
- Develop or implement risk-assessment models or methodologies.
- Evaluate the risks related to green investments, such as renewable energy company stocks.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Devise scenario analyses reflecting possible severe market events.
- Gather risk-related data from internal or external resources.
- Document, and ensure communication of, key risks.
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What a Risk Management Specialist Should Know
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
- Risk Management Analyst
- Operational Risk Management Vice President
- Risk Management and Benefits Vice President
- Risk Management Director
Is There Job Demand for Risk Management Specialists?
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. 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 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.
Average Risk Management Specialists Salary
Risk Management Specialists make between $38,030 and $123,360 a year.
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 |
Tools & Technologies Used by Risk Management Specialists
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
How to Become a Risk Management Specialist
Education needed to be a Risk Management Specialist:
How many years of work experience do I need?
Who Employs Risk Management Specialists?
The table below shows some of the most common industries where those employed in this career field work.
Other Jobs You May be Interested In
Those interested in being a Risk Management Specialist may also be interested in:
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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