Director, Risk Management / Risk Control Salary
Six-figure salaries are the norm for Directors of Risk Management in the United States, with median pay hovering around $112K per year. Total cash compensation to Directors of Risk Management approaches anywhere from $72K on the lower end to $187K on the higher end; in exceptional cases, this can include more than $36K from bonuses and upwards of $33K from profit sharing. Residence and tenure each impact pay for this group, with the former having the largest influence. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Most Directors of Risk Management report high levels of job satisfaction. Women Directors of Risk Management who took the survey just slightly outnumber men. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
|Salary||$71,024 - $158,065|
|Bonus||$3,037 - $35,554|
|Profit Sharing||$1,454 - $33,455|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$71,227 - $183,072|
Job Description for Director, Risk Management / Risk Control
Directors of risk management and risk control are in charge of managing and controlling risk-related elements of their organization. They are responsible for managing liability programs, gathering risk data, and mitigating risks as required. They convey issues and ideas related to risks and risk management to upper management, as well as implement risk policies and programs across their company. Directors of risk management and risk control generally oversee a group of risk professionals and report their progress to the risk management vice president.Read More...
Directors of risk management and risk control provide support for the oversight of the enterprise risk management process. They evaluate internal processes and controls for effectiveness and advise management on opportunities for improvement. They are also in charge of identifying, tracking, and solving relevant deficiencies. These directors use office applications and proprietary software to run calculations, escalate issues to the correct departments, and actively participate in business meetings to provide innovative solutions to issues. In addition, they respond to inquiries from internal and external points of contact and conduct analysis and research to resolve questions regarding processes and risk and controls data.
A bachelor's degree in risk management, business, economics, finance, or a related field is required for this job. In addition, previous experience in a similar role is necessary. Industry and leadership certifications may be beneficial. Directors of risk management and risk control must have strong analytical skills, pay close attention to detail, and possess advanced communication skills. They must be organized individuals that can multitask on many different projects simultaneously. (Copyright 2017 PayScale.com)
Director, Risk Management / Risk Control Tasks
- Oversee staff operations, business planning and budget development.
- Direct staff in effective and efficient use of programs that promote quality processes.
- Examine and analyze risk data to determine potential loss.
- Plan and direct the risk management program.
Director, Risk Management / Risk Control Job Listings
Popular Skills for Director, Risk Management / Risk Control
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Security Risk Management, Risk Management / Risk Control, Insurance, and Claim Handling are correlated to pay that is above average. Safety Compliance and Regulatory Compliance as skills, however, tend to be associated with significantly smaller paychecks. Most people skilled in Regulatory Compliance are similarly competent in Insurance.
Pay by Experience Level for Director, Risk Management / Risk Control
Pay by Experience for a Director, Risk Management / Risk Control has a positive trend. An entry-level Director, Risk Management / Risk Control with less than 5 years of experience can expect to earn an average total compensation of $85,000 based on 49 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Director, Risk Management / Risk Control with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $102,000 based on 90 salaries. An experienced Director, Risk Management / Risk Control which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $132,000 based on 158 salaries. A Director, Risk Management / Risk Control with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $130,000 based on 88 salaries.
Pay Difference by Location
Directors of Risk Management will find that Boston offers an impressive pay rate, one which exceeds the national average by 48 percent. Directors of Risk Management will also find cushy salaries in New York (+43 percent), San Francisco (+23 percent), Charlotte (+20 percent), and Cleveland (+18 percent). Trailing the national average by 2 percent, Atlanta is the market with the smallest paychecks.
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Key Stats for Director, Risk Management / Risk Control
Rated 5 out of 5
based on 60 votes.