Director, Risk Management / Risk Control Salary
Salaries for Directors of Risk Management in the United States are generous, with average pay above six figures ($112K) per year. In the world of Directors of Risk Management, overall income ranges from $72K near the bottom to $187K at the top; this can include more than $36K from bonuses and more than $33K from profit sharing in exceptional cases. Residence and experience level each impact pay for this group, with the former having the largest influence. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to a fair number. The majority of workers are highly satisfied with their job. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 53 percent.
|Salary||$71,689 - $161,583|
|Bonus||$3,371 - $35,872|
|Profit Sharing||$1,479 - $32,944|
|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).)
|$72,010 - $187,396|
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.
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. Those familiar with Regulatory Compliance also tend to know 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
Home to some of the best pay for Directors of Risk Management, Boston offers exceptional salaries, 48 percent above the national average. Directors of Risk Management will also find cushy salaries in New York (+42 percent), San Francisco (+22 percent), Charlotte (+20 percent), and Cleveland (+17 percent). The lowest-paying market is Atlanta, which sits 3 percent below the national average.
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Key Stats for Director, Risk Management / Risk Control
Rated 5 out of 5
based on 61 votes.