The following article discusses the career path of Risk Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Risk Managers.
Risk managers ensure they can understand and mitigate risks. They deal with material and financial risks. They carry out spontaneous checks and planned audits to ensure that all safety rules are being adhered to. They also make recommendations for changes to the existing safety procedures to make them more fit for purpose, while also training others on how to deal with problems.
They are also responsible for looking over facilities to ensure that there are no hazards. If they spot any, they decided on the changes that should be put in place to make the area safe again. They conduct research much of the time, while being in the field in an effort to identify risks. They create “what if” scenarios and make sure that plans are in place to address those scenarios should they occur. They also discuss the losses that could be expected if the “what if” scenarios were to happen. Finally, they ensure that there are stringent health and safety policies in places, and that these are compliant with local, state, and federal rules and regulations.
Other job duties of a risk manager are:
- To create, put into place, manage, and oversee the risk management plan
- To troubleshoot and investigate company-wide and individual issues
- To review the safety policies that are in place, updating them where necessary so they are compliant with legislation
- To coordinate all activities relating to risk management in order to isolate and/or prevent liabilities
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 580,400 financial managers in 2016. The largest employers of these professionals were:
- Finance and insurance: 29%
- Professional, scientific, and technical services: 12%
- Management of companies and enterprises: 11%
- Government: 7%
- Manufacturing: 7%
How to Become
Risk managers have to work together with other employees across the board to ensure that all goals are met. This means that they need to have strong leadership and interpersonal skills. They must also be good researchers and excellent report writers, for most of which they will use computers. Computer literacy is also important, therefore. Usually, a risk manager will have a bachelor’s degree in risk management, as this covers all of those elements. They may also be licensed.
A risk manager will be expected to have a bachelor’s degree in risk management as a minimum. More and more organizations now expect a master’s degree as well. The most acceptable master’s degree is the MBA in Risk Management, although those in MBA in economics, MBA in accounting, or MBA in finance are also acceptable. These graduate degrees demonstrate that an individual has the necessary analytical skills and understanding of software and financial analysis.
In some organizations, a risk manager has to be certified or licensed. Different certifications exist, including the Operational Risk Manager, Risk Manager Certification, and the International Certificate in Enterprise Risk Management. Certifications are offered through organizations such as The International Risk Management Organization and the Professional Risk Managers International Association (PRMIA).
Traits & Qualities
The most effective risk managers have the following traits to some degree or other:
- Strong analytical skills
- Excellent communication skills, both verbal and written, with a particular focus on report writing
- Detail oriented
- Great mathematical skills
- Very organized
- Strong team workers
The national average salary estimate for Risk Manager was $103,743. This number is estimated from over 1,628,524 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $54.03 and monthly of $8,645.
- Most Reported
Salary by State
The following section lists Risk Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, New York had the largest quoted salary of $127,327 while Louisiana had the smallest quoted salary of $72,834.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Risk Manager. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|Start-up Recruiting Company||New Jersey||$300,000|
|GQR Global Markets||DC||$270,000|
|Selby Jennings||North Carolina||$212,260|
|Paige Staffing and Placement Services||New York||$200,000|
|JLA Recruiting||New York||$199,254|
|Robert Walters Associates Inc||Texas||$198,456|
|Kforce Finance and Accounting||Pennsylvania||$196,561|
|Nigel Frank International||New Jersey||$193,417|
|Hospital, Jackson, TN||Tennessee||$178,899|
|Ninjob | Employment Marketing||Missouri||$175,000|
|Workbridge Associates||New Jersey||$172,664|
|Peak Organization||New York||$166,500|
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