Risk Management Specialists
SOC: 13-2099.02

Description:

Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
145,200 employed

Projected (2024):
152,300 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • Chief Risk Officer
  • Credit Risk Management Director
  • Energy Risk Management Analyst
  • Global Risk Management Director
  • Market Risk Analyst
  • Market Risk Specialist
  • Operational Risk Analyst
  • Operational Risk Manager
  • Risk Analyst
  • Risk and Insurance Consultant
  • Risk Management Analyst
  • Risk Management Director
  • Risk Management Specialist
  • Risk Manager
  • Security Consultant


  • Job Zone Four: Considerable Preparation Needed

    Experience:

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

    Education:

    Most of these occupations require a four-year bachelor's degree, but some do not.

    Job Training:

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Operation Monitoring
  • Quality Control Analysis
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Financial Resources
  • Management of Material Resources
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Engineering and Technology
  • Design
  • Building and Construction
  • Mechanical
  • Mathematics
  • Physics
  • Psychology
  • Sociology and Anthropology
  • Geography
  • Education and Training
  • English Language
  • Foreign Language
  • History and Archeology
  • Public Safety and Security
  • Law and Government
  • Telecommunications
  • Communications and Media
  • Transportation


  • Tasks:

  • Provide statistical modeling advice to other departments.
  • Review or draft risk disclosures for offer documents.
  • Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
  • Maintain input or data quality of risk management systems.
  • Develop contingency plans to deal with emergencies.
  • Devise scenario analyses reflecting possible severe market events.
  • Consult financial literature to ensure use of the latest models or statistical techniques.
  • Track, measure, or report on aspects of market risk for traded issues.
  • Analyze new legislation to determine impact on risk exposure.
  • Recommend ways to control or reduce risk.
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
  • Plan, and contribute to development of, risk management systems.
  • Gather risk-related data from internal or external resources.
  • Develop or implement risk-assessment models or methodologies.
  • Document, and ensure communication of, key risks.
  • Devise systems and processes to monitor validity of risk modeling outputs.
  • Conduct statistical analyses to quantify risk using statistical analysis software or econometric models.
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments.
  • Identify and analyze areas of potential risk to the assets, earning capacity, or success of organizations.
  • Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
  • Determine potential environmental impacts of new products or processes on long-term growth and profitability.
  • Determine potential liability related to the use of more sustainable methods of product packaging, such as biodegradable food containers.
  • Evaluate the risks and benefits involved in implementing green building technologies.
  • Evaluate the risks related to green investments, such as renewable energy company stocks.

  • Tools & Technology:

  • Computer data input scanners
  • Desktop computers
  • Laptop computers
  • Laser facsimile machines
  • Multi-line telephone systems
  • Personal computers
  • Photocopying equipment
  • Aptech Systems GAUSS software
  • C++
  • Factiva
  • Insightful S-PLUS
  • Linux
  • Microsoft Access
  • Microsoft Excel
  • Microsoft Office software
  • Microsoft Outlook
  • Microsoft PowerPoint
  • Microsoft Project
  • Microsoft SharePoint software
  • Microsoft Visio
  • Microsoft Visual Basic
  • Microsoft Word
  • Oracle software
  • Practical extraction and reporting language Perl
  • R
  • Ruby
  • SAP software
  • SAS software
  • SPSS software
  • Standard & Poor's Capital IQ Compustat
  • Standard & Poor's Capital IQ software
  • StataCorp Stata
  • Structured query language SQL
  • The MathWorks MATLAB
  • UNIX
  • Web browser software
  • Wolfram Research Mathematica


  • business and financial operations


    industry stats

    SOC: 13-0000

    Total Employed: 7,032,560

    Average Annual Salary: $73,800