Risk Manager Salary

By Henry R. Steele - January 8, 2018
Reading Time: 11 minutes

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.

Job Duties

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.

Education Requirements

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

Minimum Education

Bachelor’s Degree

National Salary

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.

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$25,000

$235,000

Salary Distribution

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.

Alabama Illinois Montana Pennsylvania
Arkansas Indiana North Carolina South Carolina
Arizona Kansas Nebraska Tennessee
California Kentucky New Hampshire Texas
Colorado Louisiana New Jersey Utah
Connecticut Massachusetts New Mexico Virginia
DC Maryland Nevada Vermont
Delaware Maine New York Washington
Florida Michigan Ohio Wisconsin
Georgia Minnesota Oklahoma West Virginia
Idaho Missouri Oregon
Alabama$89,551 Rank: 29th
The average salary ranks 29th among states in the country. There were also job openings from employers like Mission Multiplier Consulting, Regions Bank, Vaco, LLC, and SearchBankingJobs.

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$24,000

$197,000

Salary Distribution
Arkansas$99,642 Rank: 12th
The average salary ranks 12th among states in the country. There were also job openings from employers like City of Fort Smith, NorthWest Arkansas Community College, NBN, Inc., and SearchBankingJobs.

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$29,000

$211,000

Salary Distribution
Arizona$92,592 Rank: 22nd
The average salary ranks 22nd among states in the country. There were also job openings from employers like American Express, Pacific Recruiting, Corporate Job Bank, and cs staffing.

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$26,000

$198,000

Salary Distribution
California$111,888 Rank: 4th
The average salary ranks 4th among states in the country. There were also job openings from employers like Interregional Med-Exec Group, Inc., Special Counsel, Selby Jennings, and AMI Network.

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$29,000

$246,000

Salary Distribution
Colorado$85,020 Rank: 34th
The average salary ranks 34th among states in the country. There were also job openings from employers like Jefferson County Government, Robert Half Management Resources, State of Colorado, and Garfield County HR.

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$21,000

$190,000

Salary Distribution
Connecticut$107,150 Rank: 7th
The average salary ranks 7th among states in the country. There were also job openings from employers like Robert Half Management Resources, Gerbera Technologies LLC, JCJ, LLC, and ACG Resources.

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$29,000

$235,000

Salary Distribution
DC$118,873 Rank: 2nd
The average salary ranks 2nd among states in the country. There were also job openings from employers like CPMC, District of Columbia Public Schools, GQR Global Markets, and Gate Staffing.

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$42,000

$233,000

Salary Distribution
Delaware$92,841 Rank: 21st
The average salary ranks 21st among states in the country. There were also job openings from employers like JPMorgan Chase, Right Recruiting, and Kforce Finance and Accounting.

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$38,000

$170,000

Salary Distribution
Florida$81,496 Rank: 38th
The average salary ranks 38th among states in the country. There were also job openings from employers like Ascendo Resources, Steven Douglas Associates, Stott and May, and TEKsystems.

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$22,000

$177,000

Salary Distribution
Georgia$92,325 Rank: 24th
The average salary ranks 24th among states in the country. There were also job openings from employers like GQR Global Markets, Gilchrist Staffing, Robert Half Finance & Accounting, and The HealthCare Initiative.

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$22,000

$210,000

Salary Distribution
Idaho$92,542 Rank: 23rd
The average salary ranks 23rd among states in the country. There were also job openings from employers like University of Idaho, SearchBankingJobs, Accounting Career Network, and CMC Limited.

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$25,000

$202,000

Salary Distribution
Illinois$103,584 Rank: 9th
The average salary ranks 9th among states in the country. There were also job openings from employers like BeecherMadden, HarrisFields, N.A., CME Group, and HSBC.

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$30,000

$220,000

Salary Distribution
Indiana$97,221 Rank: 15th
The average salary ranks 15th among states in the country. There were also job openings from employers like Clinical Management Consultants, CMC Limited, NextGear Capital, and Accounting Career Network.

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$33,000

$195,000

Salary Distribution
Kansas$84,691 Rank: 35th
The average salary ranks 35th among states in the country. There were also job openings from employers like Accounting Career Network.

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$17,000

$204,000

Salary Distribution
Kentucky$76,746 Rank: 40th
The average salary ranks 40th among states in the country. There were also job openings from employers like University of Kentucky and HRMC.

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$20,000

$168,000

Salary Distribution
Louisiana$72,834 Rank: 43rd
The average salary ranks 43rd among states in the country. There were also job openings from employers like Lammico, StaffPointe, and Harvard Risk Management Corporation.

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$24,000

$147,000

Salary Distribution
Massachusetts$114,852 Rank: 3rd
The average salary ranks 3rd among states in the country. There were also job openings from employers like State Street, Financial Technologies, Pharmaceuticals, and Greater Springfield Area.

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$36,000

$237,000

Salary Distribution
Maryland$98,657 Rank: 14th
The average salary ranks 14th among states in the country. There were also job openings from employers like Intenuity LTD, Clinical Management Consultants, and CMC Limited.

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$25,000

$219,000

Salary Distribution
Maine$103,531 Rank: 10th
The average salary ranks 10th among states in the country. There were also job openings from employers like Abbott Executive Search.

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$30,000

$221,000

Salary Distribution
Michigan$91,124 Rank: 27th
The average salary ranks 27th among states in the country. There were also job openings from employers like V Dart, Inc., Hershey Insurance Group, Kforce Finance and Accounting, and Next Step Systems.

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$19,000

$216,000

Salary Distribution
Minnesota$85,793 Rank: 33rd
The average salary ranks 33rd among states in the country. There were also job openings from employers like U.S. Bank, Wells Fargo, Apex Systems, and IRIS Consulting Corporation.

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$19,000

$199,000

Salary Distribution
Missouri$110,741 Rank: 6th
The average salary ranks 6th among states in the country. There were also job openings from employers like MMS Group, Department of Agriculture, Saeger Search, and i2usystems Inc.

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$27,000

$251,000

Salary Distribution
Montana$99,064 Rank: 13th
The average salary ranks 13th among states in the country. There were also job openings from employers like Missoula County, Risk Management Agency, and CyberCoders.

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$18,000

$247,000

Salary Distribution
North Carolina$93,616 Rank: 20th
The average salary ranks 20th among states in the country. There were also job openings from employers like CMC Limited, Chicago Search, DISYS, and Selby Jennings.

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$25,000

$204,000

Salary Distribution
Nebraska$73,241 Rank: 42nd
The average salary ranks 42nd among states in the country. There were also job openings from employers like The Lewis Group and Crete Carrier Corporation.

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$18,000

$164,000

Salary Distribution
New Hampshire$84,181 Rank: 36th
The average salary ranks 36th among states in the country. There were also job openings from employers like CyberCoders.

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$34,000

$155,000

Salary Distribution
New Jersey$104,602 Rank: 8th
The average salary ranks 8th among states in the country. There were also job openings from employers like Start-up Recruiting Company, Paige Staffing and Placement Services, Nigel Frank International, and Kforce Finance and Accounting.

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$18,000

$264,000

Salary Distribution
New Mexico$91,526 Rank: 26th
The average salary ranks 26th among states in the country. There were also job openings from employers like Aureus Group, Bernalillo County Government, The HealthCare Initiative, and Healthcare, Santa Fe, NM.

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$33,000

$177,000

Salary Distribution
Nevada$77,863 Rank: 39th
The average salary ranks 39th among states in the country. There were also job openings from employers like The HealthCare Initiative, Kore Systems LLC, HGA Resources, LLC, and Las Vegas Valley Water District.

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$20,000

$172,000

Salary Distribution
New York$127,327 Rank: 1st
The average salary ranks 1st among states in the country. There were also job openings from employers like Paige Staffing and Placement Services, JLA Recruiting, Peak Organization, and Selby Jennings.

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$34,000

$279,000

Salary Distribution
Ohio$86,828 Rank: 31st
The average salary ranks 31st among states in the country. There were also job openings from employers like Huntington Bank, Nationwide Mutual Insurance Company, JPMorgan Chase, and Robert Half Management Resources.

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$21,000

$197,000

Salary Distribution
Oklahoma$75,408 Rank: 41st
The average salary ranks 41st among states in the country. There were also job openings from employers like DirectConnect, University of Oklahoma, Accounting Career Network, and SearchBankingJobs.

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$16,000

$179,000

Salary Distribution
Oregon$90,038 Rank: 28th
The average salary ranks 28th among states in the country. There were also job openings from employers like Asante, Portland Community College, Selby Jennings, and Interregional Med-Exec Group, Inc..

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$23,000

$199,000

Salary Distribution
Pennsylvania$102,540 Rank: 11th
The average salary ranks 11th among states in the country. There were also job openings from employers like Adecco, Kforce Finance and Accounting, Ezra Penland Actuarial Recruitment, and Workbridge Associates.

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$29,000

$221,000

Salary Distribution
South Carolina$93,930 Rank: 18th
The average salary ranks 18th among states in the country. There were also job openings from employers like Medical University of South Carolina, Cube Management, and Healthcare, Columbia, SC.

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$33,000

$185,000

Salary Distribution
Tennessee$96,639 Rank: 16th
The average salary ranks 16th among states in the country. There were also job openings from employers like Robert Half Technology, Technology Resource Group Inc, Countryside Healthcare and Rehab, and Hospital, Jackson, TN.

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$22,000

$224,000

Salary Distribution
Texas$91,702 Rank: 25th
The average salary ranks 25th among states in the country. There were also job openings from employers like Robert Walters Associates Inc, Selby Jennings, All-In Analytics, and NBN, Inc..

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$21,000

$211,000

Salary Distribution
Utah$83,136 Rank: 37th
The average salary ranks 37th among states in the country. There were also job openings from employers like CyberCoders, Intermountain Healthcare, Intermountain Home Care, and Sales Professional Needed (USA.

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$24,000

$177,000

Salary Distribution
Virginia$96,239 Rank: 17th
The average salary ranks 17th among states in the country. There were also job openings from employers like E*TRADE Financial, Richmond Public Schools, Questor Consultants, Inc., and The Bolton Group.

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$26,000

$210,000

Salary Distribution
Vermont$88,599 Rank: 30th
The average salary ranks 30th among states in the country. There were also job openings from employers like Clinical Management Consultants and CMC Limited.

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$35,000

$165,000

Salary Distribution
Washington$93,901 Rank: 19th
The average salary ranks 19th among states in the country. There were also job openings from employers like Beaumont Select, State of Washington, MAMSYS Consulting Services Ltd, and Cloudrayinc.

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$31,000

$189,000

Salary Distribution
Wisconsin$86,398 Rank: 32nd
The average salary ranks 32nd among states in the country. There were also job openings from employers like Cornerstone Financial Recruiting, LLC, Eau Claire Coop Oil Company, University of Wisconsin–Madison, and University of Wisconsin.

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$25,000

$184,000

Salary Distribution
West Virginia$111,267 Rank: 5th
The average salary ranks 5th among states in the country. There were also job openings from employers like SearchBankingJobs and Accounting Career Network.

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$49,000

$197,000

Salary Distribution

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

Learn More

Related Careers

Career Name Average Salary
Henry R. Steele
Henry R. Steele
Managing Editor
Henry is Managing Editor of BusinessStudent.com. He is a seasoned business professional who regularly consults with local business's throughout Southern California. Henry pursued his undergrad in Business and Economics at the University of San Diego and gained valuable life changing experience through a unique internship upon graduation.Follow on Twitter.com

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