Risk Manager Salary
Job Description for Risk Manager
A risk manager works directly for a company or provides risk consulting to various companies. The risk manager may deal with financial or material risks. The risk manager will carry out audits and spontaneous checks to make sure that various staff members are adhering to safety rules. The risk manager may also recommend changes to safety policies when necessary, as well as training when widespread problems are detected.Read More...
The risk manager will also check the facilities to make sure that no hazards are present. If hazards are detected, they decide what sort of changes should be implemented. The risk manager will carry out research and will spend much time on the field to determine what sort of risks are present. What-if scenarios will be created by the risk manager, in order to determine what will happen if certain risks come to realization and what sort of losses will be expected. The risk manager should make sure that the current safety and health policies adhere to local and federal regulations.
The risk manager will work with various managers and other employees to get the goals of the job done, so strong teamwork and interpersonal skills are essential. Reports and research will usually have to be carried out with the use of the computer, so strong proficiency with various computer programs are needed to create reports and databases. A bachelor’s degree relating to risk management is usually needed, and licensing as a risk manager may also be required.
Risk Manager Tasks
- Review existing safety policies and update them to comply with legislation.
- Coordinate risk management activities in order to prevent or isolate liabilities.
- Design, implement, oversee, and manage the risk management plan.
- Investigate and troubleshoot individual or organization-wide issues.
Common Career Paths for Risk Manager
Risk Managers may progress into high-paying roles like Director of Risk Management, where median compensation is $120K annually. Senior Risk Managers or Risk Management Directors are common next-step roles for Risk Managers moving up in their careers; annual pay for Senior Risk Managers is $28K higher on average, and it's $31K higher for Risk Management Directors.
Risk Manager Job Listings
Search for more jobs:
Popular Employer Salaries for Risk Manager
Risk Managers fill the offices of leading firms Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Citigroup, Inc., Citibank, and American Express Co. (AMEX). Microsoft Corp attracts talent by shelling out the biggest paychecks in the area — the median in that office is $128K.
Bringing up the rear, Bank of America Corp. (BOFA)'s median pay of $102K is the lowest in town; however, employee salaries widely range, with some making up to $137K.
Popular Skills for Risk Manager
Survey takers working as Risk Managers report using a large range of professional skills. Most notably, facility with SQL, SAS, and Data Analysis are correlated to pay that is significantly above average, leading to increases of 36 percent, 28 percent, and 17 percent, respectively. Skills that seem to negatively impact pay include OSHA Compliance, Safety Compliance, and Implementation Analyst. The majority of those who know Insurance also know Claim Handling.
Pay by Experience Level for Risk Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $70K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $87K. Risk Managers with one to two decades of relevant experience report an average salary of approximately $97K. Survey participants with more than twenty years of experience only make around $96K on average, though; this group reports a lower median than the one claimed by mid-career individuals.