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The differences between chief risk officers and credit 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 credit manager. Additionally, a chief risk officer has an average salary of $117,089, which is higher than the $68,583 average annual salary of a credit manager.
The top three skills for a chief risk officer include oversight, risk assessments and operational risk. The most important skills for a credit manager are customer service, financial statements, and credit card.
| Chief Risk Officer | Credit Manager | |
| Yearly salary | $117,089 | $68,583 |
| Hourly rate | $56.29 | $32.97 |
| Growth rate | 17% | 17% |
| Number of jobs | 76,203 | 63,898 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 67% |
| 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.
A credit manager is an individual who supervises the credit granting process for a company by evaluating the creditworthiness of potential customers. Credit managers must maintain corporate credit policy to optimize company sales and reduce bad debt losses. They must manage the proper relationship with agencies such as the collection agency, credit insurance providers, and the sales department. Credit managers may work in different industries such as banks, accounting firms, or auto dealerships. They must also possess a bachelor's degree in financial management or related field.
Chief risk officers and credit managers have different pay scales, as shown below.
| Chief Risk Officer | Credit Manager | |
| Average salary | $117,089 | $68,583 |
| Salary range | Between $72,000 And $188,000 | Between $39,000 And $119,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | New Hampshire | Oregon |
| Best paying company | McKinsey & Company Inc | Microsoft |
| Best paying industry | Finance | Finance |
There are a few differences between a chief risk officer and a credit manager in terms of educational background:
| Chief Risk Officer | Credit Manager | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 67% |
| Most common major | Finance | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief risk officers' and credit managers' demographics:
| Chief Risk Officer | Credit Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 53.9% Female, 46.1% |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |