What Do Risk Management Specialist Do?
Position Description Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.
Daily Life Of a Risk Management Specialist
- Devise scenario analyses reflecting possible severe market events.
- Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
- Develop contingency plans to deal with emergencies.
- Provide statistical modeling advice to other departments.
- Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
Things a Risk Management Specialist Should Know How to Do
These are the skills Risk Management Specialists say are the most useful in their careers:
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 Management Vice President
- Risk Management Analyst
- Operational Risk Manager
- Market Risk Specialist
Risk Management Specialist Job Outlook
There were about 135,900 jobs for Risk Management Specialist in 2016 (in the United States). 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 typical yearly salary for Risk Management Specialists is somewhere 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|
|District of Columbia||$107,760|
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:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Microsoft Project
- Microsoft Visio
- Microsoft SharePoint
- Structured query language SQL
- The MathWorks MATLAB
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft SQL Server
How to Become a Risk Management Specialist
What education is needed to be a Risk Management Specialist?
How many years of work experience do I need?
Where Risk Management Specialists Are Employed
Risk Management Specialists work in the following industries:
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:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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