Risk Management Consultant Salary
Risk Management Consultants in the United States can expect to earn an average of $72K annually. Cash earnings for Risk Management Consultants — including $16K in bonuses and $7K in profit sharing proceeds near the top of the pay scale — generally stretch from $54K to $126K depending on individual performance. Earnings for this group are mostly affected by career duration, followed by geography and the individual firm. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to a strong majority. Work is enjoyable for Risk Management Consultants, who typically claim high levels of job satisfaction. Men make up a slight majority of Risk Management Consultants (58 percent) who responded to the survey. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Risk Management Consultant
Risk management consultants analyze all aspects of the company - including financial, technology, and general business - to determine risk levels and opportunities to mitigate them. This involves working directly with stakeholders to determine standards and policies for analysis, litigation, investigations, and policies. On a day-to-day basis, the job mostly consists of activities such as user profiling, auditing, and collaboration with teams such as security operations. The consultant creates reports and analyses based on research, then presents them to management and stakeholders to determine the best available plan of action.Read More...
The work generally takes place in an indoor office setting with minimal physical requirements, though long hours of working on the computer may be strenuous. Work hours are typically limited to standard business hours, but travel or telecommunications may extend these hours for meetings with remote offices.
There are many different industries and companies that hire risk management consultants, especially in the banking industry. The job duties and requirements vary somewhat depending on the size of the company and industry specialization. Typically, a bachelor’s degree in a related field and a proven history in project management or data collection work are necessary. Additional certifications in computer forensics or other information technology (IT) fields are also sometimes required or preferred.
Risk Management Consultant Tasks
- Identify, analyze, and monitor risk.
- Create solutions and management strategies for potential clients.
- Evaluate compliance with state and federal policy.
- Propose best practice and risk mitigation and management strategies.
Risk Management Consultant Job Listings
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Popular Employer Salaries for Risk Management Consultant
For Risk Management Consultants, comfortable salaries can be found at Wells Fargo Bank; in fact, average earnings are around $94K, the highest in the area, though the difference in the company's lowest and highest employee paychecks ($67K versus $128K) is great.
EY (Ernst & Young) seems to offer the smallest paychecks with a median salary of only $65K. The pay range is quite narrow, too; compensation generally sits between $53K and $106K.
Popular Skills for Risk Management Consultant
Survey takers working as Risk Management Consultants report using a large range of professional skills. Most notably, facility with SAS, Data Modeling, and Process Improvement are correlated to pay that is significantly above average, leading to increases of 43 percent, 27 percent, and 20 percent, respectively. At the other end of the pay range are skills like Microsoft Excel and IT Risk. Competency in Risk Consulting frequently indicates knowledge of Risk Management / Risk Control.
Pay by Experience Level for Risk Management Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Risk Management Consultants with a lot of experience tend to enjoy higher earnings. The average beginner in this position makes around $66K, but folks who have been around for five to 10 years see a markedly higher median salary of $93K. Those with 10 to 20 years of experience under their belts can expect their paychecks to flourish around the six-figure median of $104K. Old hands who claim more than two decades on the job enjoy average earnings of $124K.
Pay Difference by Location
For Risk Management Consultants, working in the bustling city of Los Angeles has its advantages, including an above-average pay rate. Risk Management Consultants can also look forward to large paychecks in cities like Charlotte (+22 percent), New York (+18 percent), Denver (+17 percent), and Chicago (+4 percent). The lowest-paying market is Boston, which sits 19 percent below the national average. Below-median salaries also turn up in St. Louis and Miami (18 percent lower and 13 percent lower, respectively).
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Key Stats for Risk Management Consultant
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