What Do Risk Management Specialist Do?
Risk Management Specialist Definition 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?
- Devise scenario analyses reflecting possible severe market events.
- Analyze areas of potential risk to the assets, earning capacity, or success of organizations.
- Devise systems or processes to monitor validity of risk assessments.
- Contribute to development of risk management systems.
- Maintain input or data quality of risk management systems.
- Develop or implement risk-assessment models or methodologies.
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What a Risk Management Specialist Should Know
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.
Other Risk Management Specialist Job Titles
- Operational Risk Manager
- Credit Risk Management Director
- Energy Risk Management Analyst
- Market Risk Specialist
- Risk Management Specialist
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. 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.
How Much Does a Risk Management Specialist Make?
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.
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 |
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
Becoming a Risk Management Specialist
Are there Risk Management Specialists education requirements?
What work experience do I need to become a Risk Management Specialist?
Where Risk Management Specialists Are Employed
The table below shows the approximate number of Risk Management Specialists employed by various industries.
Other Jobs You May be Interested In
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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