Chief risk officer vs collections manager

The differences between chief risk officers and collections 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 a collections manager. Additionally, a chief risk officer has an average salary of $117,089, which is higher than the $59,529 average annual salary of a collections manager.

The top three skills for a chief risk officer include oversight, risk assessments and operational risk. The most important skills for a collections manager are customer service, collection management, and portfolio.

Chief risk officer vs collections manager overview

	Chief Risk Officer	Collections Manager
Yearly salary	$117,089	$59,529
Hourly rate	$56.29	$28.62
Growth rate	17%	17%
Number of jobs	76,203	44,553
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 69%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	8	8

What does a chief risk officer do?

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.

What does a collections manager do?

A collections manager is an individual who manages a staff of collectors whose job is to contact companies and individuals for the late payments on the products and services they have received. Collections managers oversee a company's process of retrieving money owed to them by assigning collectors to collect the money. They are required to handle customer complaints and must negotiate with customers about payment arrangements to ensure they are being paid. They also provide reports on the collection department's progress, statistics, and data analysis.

Chief risk officer vs collections manager salary

Chief risk officers and collections managers have different pay scales, as shown below.

	Chief Risk Officer	Collections Manager
Average salary	$117,089	$59,529
Salary range	Between $72,000 And $188,000	Between $42,000 And $83,000
Highest paying City	San Francisco, CA	New York, NY
Highest paying state	New Hampshire	New York
Best paying company	McKinsey & Company Inc	Amazon
Best paying industry	Finance	Health Care

Differences between chief risk officer and collections manager education

There are a few differences between a chief risk officer and a collections manager in terms of educational background:

	Chief Risk Officer	Collections Manager
Most common degree	Bachelor's Degree, 69%	Bachelor's Degree, 51%
Most common major	Finance	Business
Most common college	University of Pennsylvania	Stanford University

Chief risk officer vs collections manager demographics

Here are the differences between chief risk officers' and collections managers' demographics:

	Chief Risk Officer	Collections Manager
Average age	46	46
Gender ratio	Male, 71.3% Female, 28.7%	Male, 50.8% Female, 49.2%
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, 8.0% Unknown, 4.1% Hispanic or Latino, 15.5% Asian, 7.3% White, 64.7% American Indian and Alaska Native, 0.3%
LGBT Percentage	11%	11%

Differences between chief risk officer and collections manager duties and responsibilities

Chief risk officer example responsibilities.

Manage investigation and reporting of occurrences to applicable regulatory agencies when indicate and facilitate disclosure to patients and families.
Develop the tools and process for aggregation of product level results to the entity level for all ERM risk modeling projects.
Analyze and develop treasury management reports.
Provide oversight for regulatory and compliance directives.
Provide oversight of product approval and development processes.
Specialize in SAS data mining software and analytic intelligence platform.

Collections manager example responsibilities.

Achieve 182 FTE save, and annual net saving of $2.8MM
Manage Medicaid accounts in effort to receive payment from them.
Manage self pay and Medicaid pending collections throughout the southeast region.
Organize the managed care effort to ensure that patients are not accept from incorrect PPO's and HMO's.
Create and implement new quantitative process to achieve corporate DSO targets that determines monthly cash collection targets by business unit.
Achieve historical low of six percent in A/R over 30 days past due and reduction of DSO to 53 days.

Chief risk officer vs collections manager skills

Common chief risk officer skills

Oversight, 9%
Risk Assessments, 6%
Operational Risk, 6%
Human Resources, 5%
Audit Findings, 5%
Risk Management Framework, 4%

Common collections manager skills

Customer Service, 15%
Collection Management, 9%
Portfolio, 7%
FDCPA, 5%
Delinquent Accounts, 4%
Credit Card, 4%

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Chief Risk Officer
Chief Risk Officer vs Collections Manager

Updated January 8, 2025

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