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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

  • $89,764

    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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Do you work as an Operational Risk Analyst?

Operational Risk Analyst Jobs

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Operational Risk Analyst Career Paths

Operational Risk Analyst
Specialist Operation Supervisor Supply Chain Manager
Business Process Manager
10 Yearsyrs
Operations Specialist Project Manager Information Technology Project Manager
Business Program Manager
10 Yearsyrs
Process Engineer Production Manager Purchasing Manager
Category Manager
8 Yearsyrs
Compliance Analyst Compliance Specialist Compliance Manager
Compliance Director
12 Yearsyrs
Specialist Accountant Senior Auditor
Controls Manager
7 Yearsyrs
Risk Manager Safety Manager Human Resources Manager
Corporate Director
11 Yearsyrs
Underwriter Assistant Vice President Information Technology Director
Director Of Information Management
11 Yearsyrs
Risk Manager Senior Manager Senior Project Manager
Director Of Project Management
12 Yearsyrs
Underwriter Business Analyst Information Technology Manager
Director, Applications
12 Yearsyrs
Business Control Analyst Senior Business Analyst Implementation Manager
Integration Manager
10 Yearsyrs
Compliance Analyst Compliance Officer Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Operations Specialist Operations Manager Information Technology Project Manager
Manager, Project Management Office
12 Yearsyrs
Business Control Analyst Senior Finance Analyst Manager Finance Planning And Analysis
Performance Manager
8 Yearsyrs
Risk Analyst Business Analyst Senior Finance Analyst
Pricing Manager
7 Yearsyrs
Risk Analyst Senior Risk Analyst
Risk Manager
8 Yearsyrs
Process Engineer Operations Manager Finance Manager
Senior Finance Manager
11 Yearsyrs
Senior Risk Analyst Risk Manager Solutions Architect
Solutions Director
13 Yearsyrs
Senior Risk Analyst Assistant Vice President
Vice President-Products
13 Yearsyrs
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Do you work as an Operational Risk Analyst?

Operational Risk Analyst Demographics

Gender

Female

53.9%

Male

43.7%

Unknown

2.4%
Ethnicity

White

51.9%

Hispanic or Latino

20.4%

Black or African American

11.5%

Asian

11.2%

Unknown

4.9%
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Foreign Languages Spoken

Spanish

54.9%

French

7.8%

Mandarin

7.8%

Japanese

5.9%

Arabic

5.9%

Cantonese

3.9%

Russian

3.9%

Portuguese

2.0%

Chinese

2.0%

German

2.0%

Bengali

2.0%

Polish

2.0%
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Operational Risk Analyst Education

Schools

University of Phoenix

12.3%

Ohio State University

9.2%

Columbus State Community College

9.2%

University of Houston

6.9%

University of Texas at San Antonio

6.9%

Northeastern University

6.2%

Houston Community College

5.4%

Southern New Hampshire University

4.6%

St. Philip's College

3.8%

Franklin University

3.8%

Kaplan University

3.8%

University of Texas at Dallas

3.8%

George Washington University

3.1%

University of Iowa

3.1%

University of Toledo

3.1%

Baruch College of the City University of New York

3.1%

California State University - Northridge

3.1%

San Joaquin Delta College

3.1%

Florida State University

3.1%

Ohio University -

2.3%
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Majors

Business

28.7%

Finance

19.9%

Accounting

9.9%

Criminal Justice

6.1%

Management

4.1%

Economics

3.6%

Marketing

3.0%

Communication

2.8%

Law

2.8%

Psychology

2.2%

Political Science

2.2%

Human Resources Management

2.2%

Information Technology

1.9%

General Studies

1.7%

Small Business Management

1.7%

Public Relations

1.7%

International Business

1.4%

Legal Support Services

1.4%

Health Care Administration

1.4%

Computer Information Systems

1.4%
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Degrees

Bachelors

48.2%

Masters

20.6%

Other

17.6%

Associate

6.6%

Certificate

3.8%

Doctorate

2.4%

License

0.4%

Diploma

0.4%
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Full Time
Part Time
Internship
Temporary

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

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  1. Fraud
  2. Risk Management
  3. Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Investigate potentially fraudulent banking transactions in an inbound customer service center.
  • Provide operational risk management coverage for Capital Markets, Investment Banking, Institutional Asset Management, and Enterprise Commercial Payments Division.
  • Maintained compliance with Sarbanes-Oxley requirements.
  • Open fraud or loss cases as necessary complete with full documentation.
  • Verified funds between financial institutions to ensure funds availability.

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Top 10 Best States for Operational Risk Analysts

  1. Virginia
  2. District of Columbia
  3. New York
  4. Maryland
  5. New Jersey
  6. Massachusetts
  7. Washington
  8. Connecticut
  9. North Carolina
  10. Texas
  • (1,330 jobs)
  • (576 jobs)
  • (1,294 jobs)
  • (642 jobs)
  • (583 jobs)
  • (712 jobs)
  • (363 jobs)
  • (241 jobs)
  • (753 jobs)
  • (1,462 jobs)

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