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The differences between chief risk officers and chief finance officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-8 years to become a chief risk officer, becoming a chief finance officer takes usually requires More than 10 years. Additionally, a chief finance officer has an average salary of $143,947, 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 a chief finance officer are payroll, CPA, and oversight.
| Chief Risk Officer | Chief Finance Officer | |
| Yearly salary | $117,089 | $143,947 |
| Hourly rate | $56.29 | $69.21 |
| Growth rate | 17% | 6% |
| Number of jobs | 76,203 | 145,184 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 72% |
| Average age | 46 | 52 |
| Years of experience | 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.
A chief financial officer is responsible for managing and reviewing the financial status of a company. Chief financial officers' duties include ensuring the accuracy of financial reports, monitoring the company's expenses and budget goals, providing recommendations to prevent financial loss and increase revenues, processing the company's tax obligations, and resolving financial disputes. A chief financial officer must have an impeccable knowledge of the financial industry, updated with the current market trend, and strong leadership and decision-making skills to support the organization's financial department.
Chief risk officers and chief finance officers have different pay scales, as shown below.
| Chief Risk Officer | Chief Finance Officer | |
| Average salary | $117,089 | $143,947 |
| Salary range | Between $72,000 And $188,000 | Between $80,000 And $257,000 |
| Highest paying City | San Francisco, CA | Washington, DC |
| Highest paying state | New Hampshire | California |
| Best paying company | McKinsey & Company Inc | Baker McKenzie |
| Best paying industry | Finance | Construction |
There are a few differences between a chief risk officer and a chief finance officer in terms of educational background:
| Chief Risk Officer | Chief Finance Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 72% |
| Most common major | Finance | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief risk officers' and chief finance officers' demographics:
| Chief Risk Officer | Chief Finance Officer | |
| Average age | 46 | 52 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 71.9% Female, 28.1% |
| 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, 3.8% Unknown, 3.9% Hispanic or Latino, 7.9% Asian, 7.7% White, 76.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 11% | 12% |