Director, Risk Management / Risk Control Salary
Average pay for Directors of Risk Management in the United States is more than reasonable, with annual salaries pushing past the six-figure mark ($117K). With some bonuses approaching $49K and certain profit sharing proceeds approaching $20K, overall incomes of Directors of Risk Management spread between $78K and $197K depending on individual performance. Residence is the biggest factor affecting pay for this group, followed by experience level. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Male Directors of Risk Management are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 58 percent of the field. Most Directors of Risk Management like their work and job satisfaction is high. The information for this snapshot was generated by responses to the PayScale salary survey.
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.
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Popular Skills for Director, Risk Management / Risk Control
Directors of Risk Management report using a pretty varied skill set on the job. Most notably, skills in Security Risk Management, Risk Management / Risk Control, Insurance, and Regulatory Compliance are correlated to pay that is above average. Safety Compliance and Claim Handling as skills, however, tend to be associated with significantly smaller paychecks. The majority of those who know Regulatory Compliance also know Insurance.
Pay by Experience Level for Director, Risk Management / Risk Control
Median of all compensation (including tips, bonus, and overtime) by years of experience.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Relatively untried employees who have less than five years' experience make $87K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $111K. The average pay reported by folks with 10 to 20 years of experience is around $131K. Directors of Risk Management with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $132K.
Pay Difference by Location
Surpassing the national average by 52 percent, Directors of Risk Management in New York receive some of the highest pay in the country. Directors of Risk Management can also look forward to large paychecks in cities like Chicago (+39 percent), Boston (+31 percent), San Francisco (+19 percent), and Charlotte (+14 percent). The lowest-paying market is Atlanta, which sits 7 percent below the national average.