Senior Risk Manager Salary
Salaries for Senior Risk Managers in the United States average out at around $117K per year, but Norwalk employers pay the most, offering approximately $172K on average. Senior Risk Managers will also find cushy salaries in San Francisco (+25 percent), Washington (+22 percent), New York (+17 percent), and Houston (+16 percent). This report is based on answers to PayScale's salary questionnaire.
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
- Manage company insurance policies and strategies for reducing liability.
- Write reports and inform senior management of risks identified and resolved.
- Ensure processes for reporting and managing risks are followed.
- Identify and mitigate risks to a company's assets, reputation, and interests.
Common Career Paths for Senior Risk Manager
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Pay by Experience Level for Senior Risk Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Senior Risk Managers, extensive experience does not lead to significantly more money. Substantial, six-figure paychecks show up early in this area; folks who have worked for fewer than five years report earning a median of $114K. Senior Risk Managers bring in $129K after working for 10 to 20 years. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $147K.