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Risk Management Specialist

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Life As a Risk Management Specialist

Occupation 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

  • Consult financial literature to ensure use of the latest models or statistical techniques.
  • Devise systems or processes to monitor validity of risk assessments.
  • Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments.
  • Determine potential environmental impacts of new products or processes on long-term growth and profitability.
  • Evaluate the risks related to green investments, such as renewable energy company stocks.

Skills Needed to be a Risk Management Specialist

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.

Types of Risk Management Specialist

  • Risk Management Specialist
  • Global Risk Management Director
  • Risk Management Consultant
  • Risk Analyst
  • Operational Risk Analyst

Is There Job Demand for Risk Management Specialists?

In the United States, there were 135,900 jobs for Risk Management Specialist in 2016. 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.

Forecasted Number of Jobs for Risk Management Specialists in U.S.

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

The salary for Risk Management Specialists ranges between about $38,030 and $123,360 a year.

Salary Ranges for Risk Management Specialists

Risk Management Specialists who work in District of Columbia, Virginia, or Illinois, make the highest salaries.

How much do Risk Management Specialists make in each U.S. state?

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 & Technology 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

Education needed to be a Risk Management Specialist:

Risk Management Specialist Degree Level

How many years of work experience do I need?

Risk Management Specialist Work Experience

Where Risk Management Specialists Are Employed

Risk Management Specialist Sectors

The table below shows the approximate number of Risk Management Specialists employed by various industries.

Risk Management Specialist Industries

Similar Careers

Those interested in being a Risk Management Specialist may also be interested in:

Are you already one of the many Risk Management Specialist in the United States? If you’re thinking about changing careers, these fields are worth exploring:

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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