Risk Management Director Salary
Wages for Risk Management Directors in the United States are generous, with average pay above six figures ($117K) per year. Cash earnings for Risk Management Directors — including $51K in bonuses and $24K in profit sharing proceeds near the top of the pay scale — generally stretch from $72K to $192K depending on individual performance. Location and experience level each impact pay for this group, with the former having the largest influence. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Women Risk Management Directors who took the survey just slightly outnumber men. The majority of workers are highly satisfied with their job. This report is based on answers to PayScale's salary questionnaire.
|Salary||$72,025 - $162,861|
|Bonus||$4,868 - $50,502|
|Profit Sharing||$-0.50 - $24,240|
|Total Pay (||$72,222 - $191,794|
Job Description for Risk Management Director
Risk management directors are responsible for overseeing a company's policies and procedures to ensure compliance with local, state, and federal laws, as well as ensuring that the company complies with internal and external auditing.Read More...
Risk management directors must have a strong background in procedures and banking laws and the ability to stay up-to-date with changes in the industry to ensure compliance at all times. They must be able to review portfolios and make risk decisions based on the information provided, and should be flexible in their work routines and be able to adapt quickly to industry changes. They may be responsible for assessing the credit risks and gains of many types of industries and clients, which requires extensive knowledge and the ability to analyze many types of information to make a decision. They are required to present their findings to superiors and make their case for why they should or shouldn't move forward.
At least five years of experience in the field and experience with Microsoft Office programs, including Word, Excel, and PowerPoint, are generally required for this position, and applicants should also have a background in training and be able to train new associates and co-workers.
Risk Management Director 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.
Popular Skills for Risk Management Director
Risk Management Directors report a narrow range of specific skills. Most notably, skills in Risk Management / Risk Control, Insurance, Regulatory Compliance, and Safety Compliance are correlated to pay that is above average. Those listing Safety Compliance and Regulatory Compliance as skills, on the other hand, should be prepared for drastically lower pay. Risk Management / Risk Control is a skill commonly found among those who know Insurance.
Pay by Experience Level for Risk Management Director
Pay by Experience for a Risk Management Director has a positive trend. An entry-level Risk Management Director with less than 5 years of experience can expect to earn an average total compensation of $91,000 based on 21 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Risk Management Director with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $129,000 based on 35 salaries. An experienced Risk Management Director which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $144,000 based on 60 salaries. A Risk Management Director with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $131,000 based on 40 salaries.
Pay Difference by Location
New York is home to an above-average pay rate for Risk Management Directors, 49 percent higher than the national average. Risk Management Directors will also find cushy salaries in Houston (+9 percent) and Los Angeles (+5 percent). Falling short of the national average by 11 percent, the area with the worst salaries is Chicago.
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Key Stats for Risk Management Director
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based on 13 votes.