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The differences between chief risk officers and credit 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 credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, 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 credit officer are risk management, credit risk, and credit analysis.
| Chief Risk Officer | Credit Officer | |
| Yearly salary | $117,089 | $129,478 |
| Hourly rate | $56.29 | $62.25 |
| Growth rate | 17% | 17% |
| Number of jobs | 76,203 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 69% |
| Average age | 46 | 39 |
| Years of experience | 8 | 2 |
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 officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Chief risk officers and credit officers have different pay scales, as shown below.
| Chief Risk Officer | Credit Officer | |
| Average salary | $117,089 | $129,478 |
| Salary range | Between $72,000 And $188,000 | Between $85,000 And $196,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | New Hampshire | New York |
| Best paying company | McKinsey & Company Inc | Farm Credit System |
| Best paying industry | Finance | Finance |
There are a few differences between a chief risk officer and a credit officer in terms of educational background:
| Chief Risk Officer | Credit Officer | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 69% |
| Most common major | Finance | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief risk officers' and credit officers' demographics:
| Chief Risk Officer | Credit Officer | |
| Average age | 46 | 39 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 64.4% Female, 35.6% |
| 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, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |