Senior Risk Manager Salary
On average, Senior Risk Managers in the United States earn six-figure salaries ($116K) annually, making for a very well-paid profession. Final cash compensation to Senior Risk Managers varies from around $76K to approximately $178K; choice pay grades include potential for bonuses and profit sharing as high as $26K and $99K, respectively. The most influential factor affecting pay for this group is geography, though the specific employer and experience level have a (lesser) impact as well. Job satisfaction for Senior Risk Managers is high. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to a large number. Women are just slightly outnumbered, with male Senior Risk Managers making up 59 percent of survey respondents. The numbers in this rundown were provided by PayScale's salary survey participants.
|Salary||$73,847 - $155,535|
|Bonus||$4,889 - $25,961|
|Profit Sharing||$0.00 - $98,633|
|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).)
|$75,516 - $177,979|
Job Description for Senior Risk Manager
Senior risk managers identify the risks to which a business is exposed and find ways to adequately eliminate or mitigate those risks.Read More...
Senior risk managers may deal with risk inherent to all areas of their business, from operation risk to financial risk to legal risk. In an operational setting, a senior risk manager works to identify process risks such as business disruption, issues with execution, and systems failures. They also look for poor business practices, workplace safety concerns, theft, and fraud. In a financial setting, the senior risk manager attempts to eliminate market-based risk such as financial risk and supply risk. In the legal setting, a senior risk manager must ensure that the business is in compliance with the various laws and regulations under which it operates.
These managers work at different levels of the organization; for example, ensuring that all workers follow employment law or ensuring that executives are satisfying their fiduciary responsibilities. The risk manager may also directly perform and supervise educational workshops to ensure policy compliance.
Senior risk managers usually possess a bachelor's degree in economics, finance, statistics, or another closely related subject. To earn the senior position, the risk manager must also have several years of experience. Senior risk managers usually work in a general office setting and may be required to travel in the performance of their duties.
Senior Risk Manager Tasks
- Ensure processes for reporting and managing risks are followed.
- Identify and mitigate risks to a company's assets, reputation, and interests.
- Manage company insurance policies and strategies for reducing liability.
- Write reports and inform senior management of risks identified and resolved.
Popular Employer Salaries for Senior Risk Manager
Senior Risk Managers seeking a sizable paycheck can earn the most at Deloitte & Touche LLP, where the average salary comes to $165K.
Pay by Experience Level for Senior Risk Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Senior Risk Managers — those with more experience do not necessarily bring in higher earnings. Substantial, six-figure paychecks show up early in this area; folks who have worked for fewer than five years report earning a median of $113K. Senior Risk Managers bring in $129K after working for 10 to 20 years. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $146K.
Pay Difference by Location
Norwalk is home to an above-average pay rate for Senior Risk Managers, 38 percent higher than the national average. Senior Risk Managers can also look forward to large paychecks in cities like San Francisco (+24 percent), Washington (+24 percent), New York (+19 percent), and Houston (+18 percent). Senior Risk Managers in Salt Lake City take home the lowest salaries, earning a whopping 28 percent less than the national average. Below-median salaries also turn up in Columbus and Atlanta (24 percent lower and 20 percent lower, respectively).
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Key Stats for Senior Risk Manager
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based on 22 votes.