Risk Management Specialist Salary
Job Description for Risk Management Specialist
Risk management specialists work to minimize many forms of risks to their companies' financial standings, and may focus on areas such as safety or material loss. In any case, they must develop comprehensive plans for risk management and direct them for implementation.Read More...
Research skills are important, as those in this position must identify present risks, whether or not they can be prevented, and how to lower the chances of their occurrence. They will have to create reports to provide to upper management, so intermediate to advanced computer skills (including proficiency in Microsoft Office products) are generally required for the position. These specialists must always keep up with the latest developments in their company and overall field in order to update risk reports on a regular basis. They may also be required to prepare company risk policies and procedures and safety/operational codes, keep incident records, and work with injured employees to manage their injury claims.
Risk management specialists may help coordinate benefits and re-integrate injured workers into the workplace when they are ready. They may need to focus on multiple areas at once, so independence and the ability to multitask are very important; there may be minimum goals to be met, as well. Some travel may be required to visit various branches and departments within the company. Some employers may prefer applicants with prior experience in the field.
Risk Management Specialist Tasks
- Conduct statistical and in-person analyses to identify and categorize risk and potential risk.
- Assist in developing risk mitigation strategies and implementing them.
- Process and respond to workers' compensation, liability, and other legal and insurance filings and adjustments.
- Present risk analyses to consumers, decision-makers or management, making recommendations for action.
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Pay by Experience Level for Risk Management Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $51K, but survey participants with five to 10 years of experience earn a significantly higher median of $63K. Risk Management Specialists see a median salary of $67K after reaching one to two decades on the job. Survey participants with more than two decades under their belts actually report earning less than people with less experience; the former take home only $62K on average.
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