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 is a Chief Risk Officer?
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.
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.
Chief Risk Officer Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of managing director you might progress to a role such as executive director eventually. Later on in your career, you could end up with the title executive director.
Average Salary for a Chief Risk Officer
What Am I Worth?
Top Colleges for Chief Risk Officers
1. University of Pennsylvania
Philadelphia, PA • Private
2. Northwestern University
Evanston, IL • Private
3. University of Southern California
Los Angeles, CA • Private
4. SUNY at Binghamton
Vestal, NY • Private
5. Villanova University
Villanova, PA • Private
6. San Diego State University
San Diego, CA • Private
7. Bentley University
Waltham, MA • Private
8. Boston University
Boston, MA • Private
9. SUNY Stony Brook
Stony Brook, NY • Private
10. New York University
New York, NY • Private
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.
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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.
Chief Risk Officer Demographics
Chief Risk Officer Gender Distribution
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
$134,132
Avg. Salary
2. New Jersey
$145,867
Avg. Salary
3. New York
$136,802
Avg. Salary
How Do Chief Risk Officer Rate Their Jobs?
Top Chief Risk Officer Employers
Most Common Employers For Chief Risk Officer
| Rank | Company | Average Salary | Hourly Rate | Job Openings |
|---|---|---|---|---|
| 1 | Deutsche Bank | $129,334 | $62.18 | 5 |
| 2 | Citi | $125,731 | $60.45 | 28 |
| 3 | JPMorgan Chase & Co. | $125,373 | $60.28 | 7 |
| 4 | Santander Bank | $122,407 | $58.85 | 10 |
| 5 | Morgan Stanley | $120,473 | $57.92 | 26 |
| 6 | Credit Suisse | $120,355 | $57.86 | 4 |
| 7 | TD Bank | $120,132 | $57.76 | 4 |
| 8 | UBS | $115,242 | $55.40 | 13 |
| 9 | FHLBank Chicago | $110,986 | $53.36 | 4 |
| 10 | Bank of America | $110,791 | $53.26 | 9 |