Risk Management Consultant Salary
An average Risk Management Consultant in the United States can expect to take home roughly $73K annually. Cash earnings for Risk Management Consultants — including $16K in bonuses and $6K in profit sharing proceeds near the top of the pay scale — generally stretch from $52K to $127K depending on individual performance. While the specific employer and location impact pay for this group, career duration is the most influential factor. Most report receiving medical coverage from their employers and a large number collect dental insurance. Work is enjoyable for Risk Management Consultants, who typically claim high levels of job satisfaction. Men account for the majority of Risk Management Consultants who responded to the questionnaire — 63 percent to be exact. The figures in this rundown are based on the results of PayScale's salary questionnaire.
|Salary||$53,858 - $117,060|
|Bonus||$1,027 - $15,725|
|Profit Sharing||$961 - $6,183|
|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).)
|$52,158 - $127,414|
|Hourly Rate||$17.34 - $78.37|
|Bonus||$1,027 - $15,725|
|Profit Sharing||$961 - $6,183|
|Total Pay (||$52,158 - $127,414|
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. (Copyright 2017 PayScale.com)
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
Popular Employer Salaries for Risk Management Consultant
Many Risk Management Consultants can be found at Wells Fargo & Co., Wells Fargo Bank, EY (Ernst & Young), Deloitte & Touche LLP, and Dixon Hughes, PLLC, firms that are at the top of the field. Wells Fargo & Co. pays the most with a median salary of $99K, though with a large amount of variation, going from a low of $60K to a high of $149K.
Popular Skills for Risk Management Consultant
Survey participants wield an impressively varied skill set on the job. Most notably, facility with SAS, Data Modeling, and Process Improvement are correlated to pay that is significantly above average, leading to increases of 42 percent, 26 percent, and 19 percent, respectively. Skills that seem to negatively impact pay include Microsoft Excel and IT Risk. 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 32 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Risk Management Consultants can also look forward to large paychecks in cities like Los Angeles (+24 percent), Charlotte (+23 percent), Denver (+15 percent), and San Diego (+13 percent). Boston is the lowest-paying area, 19 percent south of the national average. Below-median salaries also turn up in St. Louis and Atlanta (17 percent lower and 16 percent lower, respectively).
Related Job Salaries
Key Stats for Risk Management Consultant
Rated 4 out of 5
based on 41 votes.