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The differences between chief risk officers and audit managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a chief risk officer and an audit manager. Additionally, an audit manager has an average salary of $121,419, which is higher than the $117,089 average annual salary of a chief risk officer.
The top three skills for a chief risk officer include oversight, risk assessments and operational risk. The most important skills for an audit manager are CPA, internal audit, and audit reports.
| Chief Risk Officer | Audit Manager | |
| Yearly salary | $117,089 | $121,419 |
| Hourly rate | $56.29 | $58.37 |
| Growth rate | 17% | 17% |
| Number of jobs | 76,203 | 70,168 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 75% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
A chief risk officer is responsible for monitoring the organization's overall operational procedures and regulatory processes to evaluate risk levels and minimize risk exposure. Chief risk officers maintain the safety and security of all the databases and ensure the confidentiality of information from unauthorized access and distribution. They also oversee the business and financial transactions regularly to identify improvement solutions that would generate revenues and resources. A chief risk officer reviews incident reports and handles recovery methods, especially for business continuity plans during national emergencies and unfortunate situations.
An audit manager is responsible for the complete audit process of finances in an organization. They work for banks and report directly to the audit committee. Based on findings gathered, a financial institution can gain vision into their variance and overall performance. They are also responsible for scheduling audits, initiating departmental audits, consolidation, and analysis of audit reports, and reviewing accounting procedures. Moreover, part of their tasks is to create audit finding presentations to be presented to the audit committee. It requires a high amount of accountability to be an effective audit manager.
Chief risk officers and audit managers have different pay scales, as shown below.
| Chief Risk Officer | Audit Manager | |
| Average salary | $117,089 | $121,419 |
| Salary range | Between $72,000 And $188,000 | Between $82,000 And $178,000 |
| Highest paying City | San Francisco, CA | Portland, ME |
| Highest paying state | New Hampshire | Maine |
| Best paying company | McKinsey & Company Inc | Meta |
| Best paying industry | Finance | Manufacturing |
There are a few differences between a chief risk officer and an audit manager in terms of educational background:
| Chief Risk Officer | Audit Manager | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 75% |
| Most common major | Finance | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief risk officers' and audit managers' demographics:
| Chief Risk Officer | Audit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 66.0% Female, 34.0% |
| Race ratio | Black or African American, 7.9% Unknown, 4.1% Hispanic or Latino, 13.8% Asian, 10.5% White, 63.4% American Indian and Alaska Native, 0.3% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.5% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |