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The differences between chief risk officers and group vice presidents 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 group vice president. Additionally, a group vice president has an average salary of $167,679, 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 group vice president are financial services, healthcare, and project management.
| Chief Risk Officer | Group Vice President | |
| Yearly salary | $117,089 | $167,679 |
| Hourly rate | $56.29 | $80.61 |
| Growth rate | 17% | 17% |
| Number of jobs | 76,203 | 51,499 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 73% |
| 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 group vice president is primarily in charge of implementing an organization or group's policies and regulations, including its vision and mission. Most of the time, they directly report progress to the president and assist in carrying out new programs and protocols that optimize the overall business procedures. Their responsibilities also include researching new business opportunities, developing solutions on organizational issues, setting goals and objectives, overseeing the performance of the workforce, and monitoring the workflow to ensure efficiency and growth.
Chief risk officers and group vice presidents have different pay scales, as shown below.
| Chief Risk Officer | Group Vice President | |
| Average salary | $117,089 | $167,679 |
| Salary range | Between $72,000 And $188,000 | Between $106,000 And $264,000 |
| Highest paying City | San Francisco, CA | Seattle, WA |
| Highest paying state | New Hampshire | Alaska |
| Best paying company | McKinsey & Company Inc | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a chief risk officer and a group vice president in terms of educational background:
| Chief Risk Officer | Group Vice President | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 73% |
| Most common major | Finance | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between chief risk officers' and group vice presidents' demographics:
| Chief Risk Officer | Group Vice President | |
| Average age | 46 | 46 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 71.5% Female, 28.5% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.2% Asian, 10.0% White, 63.9% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |