Risk Management Director Salary
Generous salaries abound for Risk Management Directors in the United States, with average pay above six figures ($115K) per year. In the world of Risk Management Directors, overall cash allowance can occasionally include more than $50K from bonuses and, in some exceptional cases, $22K from profit sharing, causing incomes to vary widely between $72K and $196K. Location is the biggest factor affecting pay for this group, followed by experience level. Men make up a slight majority of Risk Management Directors (53 percent) who responded to the survey. Medical benefits are awarded to nearly all, and almost all earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. The numbers in this rundown were provided by PayScale's salary survey participants.
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
- Examine and analyze risk data to determine potential loss.
- Plan and direct the risk management program.
- Oversee staff operations, business planning and budget development.
- Direct staff in effective and efficient use of programs that promote quality processes.
Risk Management Director Job Listings
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Popular Skills for Risk Management Director
Risk Management Directors usually report a few specific skills. Most notably, skills in Insurance, Risk Management / Risk Control, Regulatory Compliance, and Safety Compliance are correlated to pay that is above average. Safety Compliance and Regulatory Compliance, on the other hand, are typically associated with much lower pay. Many workers who know Insurance also know Risk Management / Risk Control.
Pay by Experience Level for Risk Management Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although employees with less than five years' experience earn around $89K on average, the five-to-10 year group has a much higher, six-figure median of $118K. Risk Management Directors see a median salary of $143K after reaching one to two decades on the job. Survey participants with more than twenty years of experience only make around $129K on average, though; this group reports a lower median than the one claimed by mid-career individuals.