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Risk Management Specialist

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What Does it Take to Be a Risk Management Specialist?

Risk Management Specialist Job 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

  • Track, measure, or report on aspects of market risk for traded issues.
  • Analyze new legislation to determine impact on risk exposure.
  • Gather risk-related data from internal or external resources.
  • Develop or implement risk-assessment models or methodologies.
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
  • Document, and ensure communication of, key risks.

Skills Needed to be a Risk Management Specialist

Risk Management Specialists state the following job skills are important in their day-to-day work.

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 Jobs

  • Market Risk Analyst
  • Credit Risk Management Director
  • Risk Management Director
  • Risk Analyst
  • Risk Management Analyst

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.

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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.

How Much Does a Risk Management Specialist Make?

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

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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

Tools & Technologies Used by Risk Management Specialists

Below is a list of the types of tools and technologies that Risk Management Specialists may use on a daily basis:

How to Become a Risk Management Specialist

What education is needed to be a Risk Management Specialist?

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How Long Does it Take to Become a Risk Management Specialist?

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Risk Management Specialists Sector

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Risk Management Specialists work in the following industries:

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Other Jobs You May be Interested In

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

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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