The average salary for a Risk Management Specialist is $67,990.
Risk Management Specialist by
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What Do Risk Management Specialists Do?
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.
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 man…Read more
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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What Are Popular Skills for Risk Management Specialists?
Skills in Risk Management / Risk Control and Regulatory Compliance are correlated to pay that is above average. Skills that pay less than market rate include Microsoft Excel, Data Analysis and Insurance.
What is the Pay by Experience Level for Risk Management Specialists?
An entry-level Risk Management Specialist with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $52,128 based on 26 salaries. An early career Risk Management Specialist with 1-4 years of experience earns an average total compensation of $59,917 based on 170 salaries. A mid-career Risk Management Specialist with 5-9 years of experience earns an average total compensation of $72,718 based on 119 salaries. An experienced Risk Management Specialist with 10-19 years of experience earns an average total compensation of $72,473 based on 71 salaries. In their late career (20 years and higher), employees earn an average total compensation of $87,012.
Pay Difference by Location
Employees with Risk Management Specialist in their job title in Chicago, Illinois earn an average of 67.5% more than the national average. These job titles also find higher than average salaries in Jersey City, New Jersey (46.8% more) and Los Angeles, California (25.7% more). The lowest salaries can be found in Rochester, New York (41.2% less).
Years of Experience
This data is based on 414 survey responses.