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Become An Operational Risk Analyst

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Working As An Operational Risk Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $99,130

    Average Salary

What Does An Operational Risk Analyst Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become An Operational Risk Analyst

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Operational Risk Analyst jobs

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Operational Risk Analyst Demographics

Gender

Male

50.0%

Female

47.7%

Unknown

2.3%
Ethnicity

White

68.7%

Asian

13.9%

Hispanic or Latino

12.5%

Unknown

3.7%

Black or African American

1.2%
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Languages Spoken

Spanish

41.9%

French

9.7%

Japanese

6.5%

Mandarin

6.5%

Hindi

6.5%

Urdu

6.5%

Arabic

6.5%

Russian

3.2%

Portuguese

3.2%

German

3.2%

Cantonese

3.2%

Bengali

3.2%
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Operational Risk Analyst Education

Schools

University of Phoenix

11.7%

Baruch College of the City University of New York

6.7%

George Washington University

6.7%

Northeastern University

6.7%

Southern New Hampshire University

6.7%

Webster University

5.0%

Lindenwood University

5.0%

George Mason University

5.0%

University of North Carolina at Charlotte

5.0%

University of Iowa

5.0%

Pace University - New York

5.0%

Florida State University

5.0%

Saint Joseph's University

3.3%

University of California - Berkeley

3.3%

Saint Mary's University

3.3%

University of South Florida

3.3%

University of Rochester

3.3%

Franklin University

3.3%

Duquesne University

3.3%

University of Nebraska at Omaha

3.3%
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Majors

Business

29.2%

Finance

22.5%

Accounting

10.6%

Criminal Justice

4.7%

Economics

4.2%

Management

3.4%

Law

3.4%

Political Science

3.0%

Marketing

2.5%

Psychology

1.7%

Human Resources Management

1.7%

English

1.7%

General Studies

1.7%

Information Technology

1.7%

Small Business Management

1.7%

International Business

1.3%

Computer Information Systems

1.3%

Computer Science

1.3%

Journalism

1.3%

Operations Management

1.3%
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Degrees

Bachelors

52.0%

Masters

27.3%

Other

10.7%

Doctorate

3.7%

Associate

3.3%

Certificate

2.7%

License

0.3%
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Real Operational Risk Analyst Salaries

Job Title Company Location Start Date Salary
Decision, Risk and Operations Analyst Jpmorgan Chase & Co. New York, NY Mar 16, 2016 $200,000
Decision, Risk and Operations Analyst JP Morgan Chase & Co New York, NY Jul 15, 2015 $175,000
Operational Risk Analyst Brooks Brothers Enfield, CT Dec 17, 2015 $150,000
Senior Operational Risk Analyst Fifth Third Bank, An Ohio Banking Corporation Cincinnati, OH Nov 08, 2016 $135,000
Operational Risk Analyst Man Investments USA Holdings Inc. New York, NY Aug 06, 2015 $135,000
Operational Risk Analyst Fifth Third Bank, An Ohio Banking Corporation Cincinnati, OH Aug 17, 2016 $135,000
Analyst, Risk Operations Facebook, Inc. Menlo Park, CA Sep 15, 2014 $121,299
Operational Risk Analyst Fifth Third Bank, An Ohio Banking Corporation Cincinnati, OH Jul 07, 2015 $120,000
Operational Risk Analyst Valora Capital Advisors Co. Miami, FL Oct 01, 2011 $120,000
Operational Risk Analyst Valora Capital Advisors Co. Miami, FL Mar 01, 2012 $120,000
Operational Risk Management Business Analyst Citibank, N.A. Irving, TX Aug 22, 2016 $115,000
Operational Risk Management Business Analyst Citibank, N.A. Tampa, FL Aug 08, 2016 $115,000
Senior Operational Risk Analyst H Partners Group LLC Miami, FL Jun 10, 2016 $111,530
Operational Risk Analyst Van Eck Associates Corporation New York, NY Oct 13, 2014 $95,576 -
$100,000
Operational Risk Modeling Analyst Santander Bank, N.A. New York, NY Aug 19, 2016 $95,000 -
$105,000
Operational Risk Analyst Citigroup Technology, Inc. Wilmington, DE Jun 10, 2013 $95,000
Operational Risk Analyst Citigroup Technology, Inc. Wilmington, DE Jul 01, 2013 $95,000
Operations Risk/Control Analyst II Jpmorgan Chase & Co. Columbus, OH May 27, 2016 $93,000
Operational Risk Analyst Citigroup Technology, Inc. Wilmington, DE Jun 10, 2013 $92,000
Operational Risk Analyst Citigroup Technology, Inc. Wilmington, DE Jul 01, 2013 $92,000
Operations Risk Analyst Bill Me Later, Inc. Timonium, MD Jan 16, 2014 $90,478
Operations Risk Analyst American General Life Insurance Company Houston, TX Sep 05, 2015 $78,000
Operational Risk Analyst Maganti It Resources, LLC Naugatuck, CT Aug 15, 2016 $75,000
Risk Operations Analyst Bill Me Later, Inc. Huntingtown, MD Sep 05, 2013 $73,050
Risk Operations Analyst Bill Me Later, Inc. Huntingtown, MD Jan 22, 2015 $73,050
Operations Risk Technical Analyst Union Bank, N.A. Monterey Park, CA Feb 22, 2010 $72,613 -
$108,600
Risk Operations Analyst Citibank, N.A. Islandia, NY Jan 12, 2015 $70,000
Operational Risk Analyst OCAM, LLC Weston, FL Jun 10, 2011 $70,000
Risk & Operations Analyst Drobny Global Asset Management LP Santa Monica, CA Aug 31, 2015 $70,000

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Top Skills for An Operational Risk Analyst

OperationalRiskEnsureComplianceProceduresRegulatoryRequirementsFinancialStatementsManageRiskBusinessUnitsInternalAuditFraudKeyRiskIndicatorsOversightRiskAssessmentsDueDiligenceKnowYourCustomerRcsaRiskMitigationStrategiesHighRiskBusinessContinuityAMLActionPlans

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Top Operational Risk Analyst Skills

  1. Operational Risk
  2. Ensure Compliance
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Maintain understanding of all required Corporate Operational Risk programs reporting/management tools.
  • Perform review of social media, mortgage and consumer lending related marketing to ensure compliance with regulations and risk mitigation.
  • Provided observations to by management by assisting in writing compliance Activity Reports to communicate failures in procedures and practices.
  • Provided education and support to internal and external risk areas to meet requirements of the operational risk framework and regulatory requirements.
  • Collaborated with firm auditor and administrator to produce audited financial statements and investor K-1 tax documents.

Top Operational Risk Analyst Employers

Operational Risk Analyst Videos

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