Risk Management Consultant Salary
Median pay for Risk Management Consultants in the United States is around $72K annually. Total cash compensation for Risk Management Consultants runs from $54K to $127K depending on bonuses that can occasionally exceed $17K and profit sharing that can reach almost $7K. Career length is the main element affecting pay for this group — the specific employer and geography are driving factors as well. Most workers in this position report high levels of job satisfaction. Men make up a slight majority of Risk Management Consultants (58 percent) who responded to the survey. Most enjoy medical while a large number get dental coverage. Vision coverage is also available to a strong majority. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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
Risk Management Consultants seeking a sizable paycheck can earn the most at Wells Fargo Bank, where the median salary comes to $95K, though the large pay difference between employees at the top ($67K) and those starting out ($129K) creates a rather diverse pay scale.
EY (Ernst & Young) offers the smallest salaries in town — $65K on average — but the considerable range in workers' salaries (stretching from $53K to $122K) creates a rather varied pay scale.
Popular Skills for Risk Management Consultant
Survey results show that Risk Management Consultants use a fair number of skills. Most notably, facility with SAS, Data Modeling, and Process Improvement are correlated to pay that is significantly above average, leading to increases of 44 percent, 28 percent, and 20 percent, respectively. Skills that are correlated to lower pay, on the other hand, include IT Risk. Employees educated in Risk Consulting are typically practiced in Risk Management / Risk Control, too.
Pay by Experience Level for Risk Management Consultant
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Risk Management Consultants who reported more years of relevant experience also reported higher earnings. Although individuals who have less than five years' experience earn $66K on average, people with five to 10 years benefit from a notably larger average of $93K. Professionals who claim 10 to 20 years of experience can secure some pretty cushy paychecks; the median for this group is a six-figure $106K. Risk Management Consultants who have spent more than 20 years on the job report earning a significantly higher median of $123K.
Pay Difference by Location
Risk Management Consultants will find that Denver offers an impressive pay rate, one which exceeds the national average by 20 percent. Risk Management Consultants can also look forward to large paychecks in cities like Charlotte (+19 percent), Dallas (+19 percent), New York (+14 percent), and Atlanta (+9 percent). The lowest-paying market is Boston, which sits 18 percent below the national average. Below-median salaries also turn up in Miami and St. Louis (18 percent lower and 16 percent lower, respectively).