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The differences between chief risk officers and risk 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 risk manager. Additionally, a chief risk officer has an average salary of $117,089, which is higher than the $116,072 average annual salary of a risk manager.
The top three skills for a chief risk officer include oversight, risk assessments and operational risk. The most important skills for a risk manager are oversight, risk assessments, and project management.
| Chief Risk Officer | Risk Manager | |
| Yearly salary | $117,089 | $116,072 |
| Hourly rate | $56.29 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 76,203 | 75,795 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 66% |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Chief risk officers and risk managers have different pay scales, as shown below.
| Chief Risk Officer | Risk Manager | |
| Average salary | $117,089 | $116,072 |
| Salary range | Between $72,000 And $188,000 | Between $84,000 And $160,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | New Hampshire | California |
| Best paying company | McKinsey & Company Inc | Credit Karma |
| Best paying industry | Finance | Technology |
There are a few differences between a chief risk officer and a risk manager in terms of educational background:
| Chief Risk Officer | Risk 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 |
Here are the differences between chief risk officers' and risk managers' demographics:
| Chief Risk Officer | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 71.3% Female, 28.7% | Male, 59.3% Female, 40.7% |
| 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, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |