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Become A Chief Risk Officer

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Working As A Chief Risk Officer

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $122,918

    Average Salary

What Does A Chief Risk Officer Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Chief Risk Officer

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Chief Risk Officer jobs

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Chief Risk Officer Demographics

Gender

Male

65.3%

Female

31.5%

Unknown

3.2%
Ethnicity

White

78.0%

Asian

10.0%

Hispanic or Latino

9.3%

Unknown

1.7%

Black or African American

1.0%
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Languages Spoken

Spanish

40.0%

Mandarin

11.4%

Chinese

8.6%

French

8.6%

Japanese

5.7%

Swahili

2.9%

Portuguese

2.9%

Telugu

2.9%

Kinyarwanda

2.9%

Greek

2.9%

Cantonese

2.9%

Urdu

2.9%

Italian

2.9%

Hindi

2.9%
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Chief Risk Officer Education

Schools

New York University

8.8%

University of Phoenix

8.8%

Columbia University

7.5%

University of Chicago

7.5%

Arizona State University

5.0%

Southern Illinois University Carbondale

5.0%

University of Central Florida

5.0%

Pennsylvania State University

5.0%

Georgia State University

5.0%

University of North Carolina at Chapel Hill

5.0%

Ohio University -

3.8%

Saint Mary's University

3.8%

University of Pennsylvania

3.8%

American Public University System

3.8%

Wake Forest University

3.8%

Harvard University

3.8%

Tulane University

3.8%

DePaul University

3.8%

University of Houston

3.8%

University of Virginia

3.8%
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Majors

Business

27.2%

Finance

22.0%

Accounting

10.7%

Law

6.1%

Management

5.2%

Criminal Justice

5.2%

Economics

4.9%

Mathematics

2.6%

Marketing

2.6%

Nursing

1.7%

Statistics

1.7%

Fine Arts

1.4%

Communication

1.4%

Psychology

1.4%

Computer Science

1.2%

Information Technology

1.2%

Kinesiology

0.9%

Biology

0.9%

English

0.9%

Public Administration

0.9%
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Degrees

Bachelors

37.7%

Masters

35.0%

Other

14.5%

Doctorate

5.9%

Associate

2.5%

Certificate

2.3%

Diploma

1.6%

License

0.5%
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Real Chief Risk Officer Salaries

Job Title Company Location Start Date Salary
Managing Director, Chief Risk Officer Harvard Management Company, Inc. Boston, MA Feb 28, 2013 $500,000 -
$650,000
Chief Risk Officer PVH Corp. New York, NY Aug 23, 2016 $380,000
Chief Risk Officer Admin RE Swiss Re America Holding Corporation Armonk, NY Oct 01, 2011 $320,000
Chief Risk Officer NRG Energy, Inc. Princeton, NJ Jan 17, 2011 $225,000
Chief Risk Officer Willowbridge Associates Inc. Plainsboro, NJ Jun 13, 2016 $210,000
Chief Risk/Operations Officer Pacific Global Advisors LLC New York, NY Oct 21, 2011 $200,034 -
$400,000
Chief Risk/Operations Officer Pacific Global Advisors LLC New York, NY Feb 21, 2012 $200,034 -
$400,000
Deputy Chief Risk Officer Atreaus Capital LP New York, NY Aug 12, 2012 $200,000
Chief Risk Officer American Territories ANZ GUAM, Inc. Apr 01, 2013 $188,000
Chief Risk & Compliance Officer Lawyers' Mutual Insurance Company Burbank, CA Jun 05, 2016 $185,000
Director, Market Risk Officer/Equities UBS Services LLC New York, NY May 21, 2015 $180,000 -
$210,000
Chief Risk & Compliance Officer Lawyers' Mutual Insurance Company Burbank, CA Sep 03, 2015 $178,214
Chief Risk Officer Community Investment Management LLC San Francisco, CA Dec 15, 2014 $175,000
Chief Risk Officer Advisors Asset Management, Inc. New York, NY Aug 28, 2013 $122,845 -
$150,000
Ccar Model Risk Officer III Santander Bank, N.A. Boston, MA Oct 26, 2015 $120,000 -
$140,000
Risk Officer II Compass Bank Atlanta, GA May 28, 2014 $120,000
Model Risk Officer Santander Holdings USA, Inc. Dallas, TX Aug 01, 2016 $120,000
Intermediate Risk Officer KCG Americas LLC Jersey City, NJ Feb 25, 2016 $116,605
Ccar Model Risk Officer Santander Bank, N.A. Boston, MA Mar 16, 2015 $115,000 -
$135,000
Junior Risk Officer Societe Generale New York, NY Oct 10, 2016 $95,000
Authorized Officer, Market Risk Officer/Commodit UBS Services LLC New York, NY Jan 29, 2013 $90,085 -
$96,000
Officer-Risk Management Mizuho Alternative Investments, LLC New York, NY Aug 09, 2013 $90,000
Risk Officer BBVA Compass Atlanta, GA Sep 10, 2014 $90,000
Risk Officer I Compass Bank Birmingham, AL Aug 26, 2016 $90,000
Authorized Officer, Market Risk Controller, Credit UBS Services LLC New York, NY Jan 23, 2012 $88,213 -
$99,000
Associate Risk Officer II Compass Bank Atlanta, GA Oct 01, 2014 $88,182

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Top Skills for A Chief Risk Officer

RiskManagementFrameworkRegulatoryComplianceFinancialStatementsProceduresPortfolioManagementInternalAuditCreditPolicySafetyRiskAssessmentOversightOperationalRiskProductsLossDueDiligenceFraudERMEquityAssetLiabilityInterestRateRiskContinuity

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Top Chief Risk Officer Skills

  1. Risk Management Framework
  2. Regulatory Compliance
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Developed liquidity risk management framework and policies according to Basel II's requirements.
  • Monitor, track and report on all outstanding risk mitigation plans, ensuring regulatory compliance and timely resolution of identified issues.
  • Provided comments and prepared financial analysis about published financial statements of the bank monthly.
  • Conducted periodic training to team members about Authorization procedures.
  • Created and refined risk management infrastructure including policy design and enforcement along with portfolio management and capital raising responsibilities.

Top Chief Risk Officer Employers