Senior Risk Manager Salary
Senior Risk Managers enjoy a hefty income, with average pay passing six figures ($115K) annually in the United States. Total cash compensation to Senior Risk Managers approaches anywhere from $75K on the lower end to $183K on the higher end; in exceptional cases, this can include more than $26K from bonuses and upwards of $49K from profit sharing. The most influential factor affecting pay for this group is geographic location, though the specific employer and years of experience have a (lesser) impact as well. Men working as Senior Risk Managers who took the survey just slightly outnumber women at 58 percent. Most workers in this position report high levels of job satisfaction. Medical benefits are awarded to nearly all, and most earn dental coverage. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$72,132 - $160,141|
|Bonus||$3,420 - $26,212|
|Profit Sharing||$0.00 - $49,316|
|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).)
|$74,553 - $183,175|
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.
Common Career Paths for Senior Risk Manager
Senior Risk Manager Job Listings
Popular Employer Salaries for Senior Risk Manager
For Senior Risk Managers, comfortable salaries can be found at Deloitte & Touche LLP; in fact, median earnings sit around $165K, the highest in the area.
Pay by Experience Level for Senior Risk Manager
Pay by Experience for a Senior Risk Manager has a positive trend. An entry-level Senior Risk Manager with less than 5 years of experience can expect to earn an average total compensation of $110,000 based on 31 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Risk Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $124,000 based on 95 salaries. An experienced Senior Risk Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $127,000 based on 130 salaries. A Senior Risk Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $148,000 based on 42 salaries.
Pay Difference by Location
For Senior Risk Managers, working in the bustling city of Norwalk has its advantages, including an above-average pay rate. Senior Risk Managers can also look forward to large paychecks in cities like Washington (+23 percent), New York (+18 percent), Houston (+17 percent), and San Francisco (+16 percent). One of the biggest compensable factors for Senior Risk Managers is geography, with workers in Salt Lake City earning a whopping 28 percent below the national average. Employers pay around 24 percent less in Columbus and 20 percent less in Atlanta, below-median salaries for those in this field.
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Key Stats for Senior Risk Manager
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