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Risk Management Specialist

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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.

  • 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.

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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.

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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 & 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
  • 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

How to Become a Risk Management Specialist

What education is needed to be a Risk Management Specialist?

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How many years of work experience do I need?

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Where Risk Management Specialists Are Employed

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Risk Management Specialists work in the following industries:

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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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