Risk Management Consultant Salary
Earnings for Risk Management Consultants in the United States come in at around $74K per year on average. Overall cash earnings for Risk Management Consultants stretch from $54K on the lower end to $129K near the top, and the heftiest packages can encompass around $17K from bonuses and $8K from profit sharing. Compensation for this group is mainly affected by experience level, but the company and geography are influential factors as well. Job satisfaction is reported as high by the vast majority of workers. A large number report receiving medical coverage from their employers and most collect dental insurance. Men account for the majority of Risk Management Consultants who responded to the questionnaire — 62 percent to be exact. This overview is based on answers to PayScale's salary questionnaire.
|Salary||$53,958 - $117,898|
|Bonus||$1,032 - $16,583|
|Profit Sharing||$646 - $7,542|
|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).)
|$53,689 - $128,891|
|Hourly Rate||$14.94 - $96.96|
|Bonus||$1,032 - $16,583|
|Profit Sharing||$646 - $7,542|
|Total Pay (||$53,689 - $128,891|
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.
Popular Employer Salaries for Risk Management Consultant
Wells Fargo & Co., Wells Fargo Bank, EY (Ernst & Young), Deloitte & Touche LLP, and Dixon Hughes, PLLC are all popular places to work. Wells Fargo & Co. does shell out the biggest paychecks — the median in that office is $99K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $60K while workers on the upper end may rake in up to $149K.
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 39 percent, 23 percent, and 17 percent, respectively. Those listing Microsoft Excel and IT Risk as skills, on the other hand, should be prepared for drastically lower pay. Those with knowledge of Risk Consulting tend to be skilled in Risk Management / Risk Control as well.
Pay by Experience Level for Risk Management Consultant
Pay by Experience for a Risk Management Consultant has a positive trend. An entry-level Risk Management Consultant with less than 5 years of experience can expect to earn an average total compensation of $66,000 based on 187 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Risk Management Consultant with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $92,000 based on 96 salaries. An experienced Risk Management Consultant which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $102,000 based on 72 salaries. A Risk Management Consultant with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $122,000 based on 27 salaries.
Pay Difference by Location
With a pay rate for Risk Management Consultants that is 29 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Risk Management Consultants will also find cushy salaries in Los Angeles (+22 percent), Charlotte (+20 percent), Denver (+12 percent), and San Diego (+11 percent). The lowest-paying market is Boston, which sits 21 percent below the national average, proving that location is a significant contributor to overall pay. Workers in St. Louis and Atlanta earn salaries that trail the national average for those in this profession (19 percent less and 18 percent less, respectively).
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Key Stats for Risk Management Consultant
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