A chief risk officer (CRO) reduces business risks that could put a company in danger. They implement policies and procedures to manage operational risks. Risks can be internal or external in nature, and they can be technical, regulatory, or competitive. A CRO must monitor all procedures that might cause risk exposure. For example, if a company collects data, the CRO must ensure that all data is kept confidential. They also develop budgets for risk-related projects, supervise the funding, and supervise the team that works on the risk factors.

To become a CRO you will need a postgraduate degree, preferably in business administration. You also need at least 20 years of work experience in economics, actuarial science, law, or accounting. You also need excellent knowledge of technology, networks, and systems. As the risk landscape becomes more complex, the position of CRO is becoming more important. As such as important person, you can make a median salary of $125,000.

What Does a Chief Risk Officer Do

There are certain skills that many chief risk officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, math skills and organizational skills.

Learn more about what a Chief Risk Officer does

How To Become a Chief Risk Officer

If you're interested in becoming a chief risk officer, one of the first things to consider is how much education you need. We've determined that 68.5% of chief risk officers have a bachelor's degree. In terms of higher education levels, we found that 18.1% of chief risk officers have master's degrees. Even though most chief risk officers have a college degree, it's possible to become one with only a high school degree or GED.

Learn More About How To Become a Chief Risk Officer

Chief Risk Officer Career Paths

Average Salary for a Chief Risk Officer

Chief Risk Officers in America make an average salary of $117,089 per year or $56 per hour. The top 10 percent makes over $188,000 per year, while the bottom 10 percent under $72,000 per year.
Average Chief Risk Officer Salary
$117,089 Yearly
$56.29 hourly
$72,000
10 %
$117,000
Median
$188,000
90 %

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Chief Risk Officer Education

Chief Risk Officer Majors

23.0 %
20.3 %

Chief Risk Officer Degrees

Bachelors

68.5 %

Masters

18.1 %

Associate

5.2 %

Top Colleges for Chief Risk Officers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339

Top Skills For a Chief Risk Officer

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 17.7% of chief risk officers listed procedures on their resume, but soft skills such as detail oriented and math skills are important as well.

Choose From 10+ Customizable Chief Risk Officer Resume templates

Zippia allows you to choose from different easy-to-use Chief Risk Officer templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Chief Risk Officer resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Chief Risk Officer Demographics

Chief Risk Officer Gender Distribution

Male
Male
71%
Female
Female
29%

After extensive research and analysis, Zippia's data science team found that:

  • Among chief risk officers, 28.7% of them are women, while 71.3% are men.

  • The most common race/ethnicity among chief risk officers is White, which makes up 67.3% of all chief risk officers.

  • The most common foreign language among chief risk officers is Spanish at 33.3%.

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Best States For a Chief Risk Officer

Some places are better than others when it comes to starting a career as a chief risk officer. The best states for people in this position are New Hampshire, New Jersey, California, and New York. Chief risk officers make the most in New Hampshire with an average salary of $146,697. Whereas in New Jersey and California, they would average $145,867 and $139,811, respectively. While chief risk officers would only make an average of $136,802 in New York, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Massachusetts

Total Chief Risk Officer Jobs:
1,398
Highest 10% Earn:
$197,000
Location Quotient:
1.43

2. New Jersey

Total Chief Risk Officer Jobs:
963
Highest 10% Earn:
$213,000
Location Quotient:
1.14

3. New York

Total Chief Risk Officer Jobs:
1,789
Highest 10% Earn:
$202,000
Location Quotient:
1.31
Full List Of Best States For Chief Risk Officers

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Top Chief Risk Officer Employers

Most Common Employers For Chief Risk Officer

Rank  Company  Average Salary  Hourly Rate  Job Openings  
1Deutsche Bank$129,334$62.185
2Citi$125,731$60.4528
3JPMorgan Chase & Co.$125,373$60.287
4Santander Bank$122,407$58.8510
5Morgan Stanley$120,473$57.9226
6Credit Suisse$120,355$57.864
7TD Bank$120,132$57.764
8UBS$115,242$55.4013
9FHLBank Chicago$110,986$53.364
10Bank of America$110,791$53.269