Chief risk officer vs finance manager

The differences between chief risk officers and finance 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 finance manager. Additionally, a chief risk officer has an average salary of $117,089, which is higher than the $101,374 average annual salary of a finance manager.

The top three skills for a chief risk officer include oversight, risk assessments and operational risk. The most important skills for a finance manager are financial analysis, CPA, and customer service.

Chief risk officer vs finance manager overview

	Chief Risk Officer	Finance Manager
Yearly salary	$117,089	$101,374
Hourly rate	$56.29	$48.74
Growth rate	17%	17%
Number of jobs	76,203	125,345
Job satisfaction	-	5
Most common degree	Bachelor's Degree, 69%	Bachelor's Degree, 66%
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 finance manager do?

A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.

Chief risk officer vs finance manager salary

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

	Chief Risk Officer	Finance Manager
Average salary	$117,089	$101,374
Salary range	Between $72,000 And $188,000	Between $71,000 And $144,000
Highest paying City	San Francisco, CA	New York, NY
Highest paying state	New Hampshire	New York
Best paying company	McKinsey & Company Inc	Barclays
Best paying industry	Finance	Finance

Differences between chief risk officer and finance manager education

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

	Chief Risk Officer	Finance Manager
Most common degree	Bachelor's Degree, 69%	Bachelor's Degree, 66%
Most common major	Finance	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Chief risk officer vs finance manager demographics

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

	Chief Risk Officer	Finance Manager
Average age	46	46
Gender ratio	Male, 71.3% Female, 28.7%	Male, 60.0% Female, 40.0%
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, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3%
LGBT Percentage	11%	11%

Differences between chief risk officer and finance 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.

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Finance manager example responsibilities.

Manage the preparation of monthly reporting packs and board presentations with robust variance analysis, commentaries and forward looking KPIs.
Manage a team of sales persons, business managers, sales manager, A/R, A/P, and general managers.
Lead successful sales team and provide direct oversight on overall dealership business profitability.
Manage accounts payable/receivable, deposits, payroll preparation, purchasing and inventory management, liaison to accountant.
Oversee financial analysis, financial audits, G/L, A/R, A/P and fixed-asset accounting in accordance with GAAP standards.
Execute simple SQL queries to validate data in tables.

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Chief risk officer vs finance 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 finance manager skills

Financial Analysis, 7%
CPA, 7%
Customer Service, 6%
Hyperion, 4%
Financial Models, 4%
Strong Analytical, 4%

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Updated January 8, 2025

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