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Working As an Operational Risk Analyst

  • Interacting With Computers
  • Analyzing Data or Information
  • Making Decisions and Solving Problems
  • Getting Information
  • Thinking Creatively
  • Mostly Sitting

  • $76,000

    Average Salary

What Does An Operational Risk Analyst Do

Operations research analysts use advanced mathematical and analytical methods to help organizations solve problems and make better decisions.

Duties

Operations research analysts typically do the following:

  • Identify and solve real-world problems in areas such as business, logistics, healthcare, or other fields
  • Collect and organize information from a variety of sources, such as computer databases, sales histories, and customer feedback
  • Gather input from workers involved in all aspects of a problem or from others who have specialized knowledge, so that they can help solve the problem
  • Examine information to figure out what is relevant to a problem and what methods might be used to analyze it
  • Use statistical analysis, simulations, predictive modeling, or other methods to analyze information and develop practical solutions to business problems
  • Advise managers and other decision makers on the impacts of various courses of action to take in order to address a problem
  • Write memos, reports, and other documents explaining their findings and recommendations for managers, executives, and other officials

Operations research analysts are involved in all aspects of an organization. They help managers decide how to allocate resources, develop production schedules, manage the supply chain, and set prices. For example, they may help decide how to organize products in supermarkets or help companies figure out the most effective way to ship and distribute products.

Analysts must first identify and understand the problem to be solved or the processes to be improved. Analysts typically collect relevant data from the field and interview clients or managers involved in the business processes being examined. Analysts show the implications of pursuing different actions and may assist in achieving a consensus on how to proceed.

Operations research analysts use sophisticated computer software, such as databases and statistical programs, and modeling packages, to analyze and solve problems. Analysts use these mathematical programs to simulate current and future events and evaluate alternative courses of action. Analysts break down problems into their various parts and analyze the effect that different changes and circumstances would have on each of these parts. For example, to help an airline schedule flights and decide what to charge for tickets, analysts may take into account the cities that have to be connected, the amount of fuel required to fly those routes, the expected number of passengers, pilots’ schedules, maintenance costs, and fuel prices.

There is no one way to solve a problem, and analysts must weigh the costs and benefits of alternative solutions or approaches in their recommendations to managers.

Because problems are complex and often require expertise from many disciplines, most analysts work on teams. Once a manager reaches a final decision, these teams may work with others in the organization to ensure that the plan arrived at is successful.

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How To Become An Operational Risk Analyst

Although applicants may need a master’s degree for most operations research positions, a bachelor’s degree is enough for some entry-level positions. Because few schools offer bachelor’s and advanced degree programs in operations research, analysts typically have degrees in other, related fields.

Education

Although some employers prefer to hire applicants with a master’s degree, many entry-level positions are available for those with a bachelor’s degree. Although some schools offer bachelor’s and advanced degree programs in operations research, some analysts have degrees in other technical or quantitative fields, such as engineering, computer science, analytics, or mathematics.

Because operations research is based on quantitative analysis, students need extensive coursework in mathematics. Courses include statistics, calculus, and linear algebra. Coursework in computer science is important because analysts rely on advanced statistical and database software to analyze and model data. Courses in other areas, such as engineering, economics, and political science, are useful because operations research is a multidisciplinary field with a wide variety of applications.

Continuing education is important for operations research analysts. Keeping up with advances in technology, software tools, and improved analytical methods is vital.

Other Experience

Many operations research analysts who work with the military are veterans of the U.S. Armed Forces. 

Some positions may require applicants to undergo a background check in order to attain a security clearance. 

Important Qualities

Analytical skills. Operations research analysts use a wide range of methods, such as forecasting, data mining, and statistical analysis, to examine and interpret data. They must determine the appropriate software packages and understand computer programming languages to design and develop new techniques and models.

Communication skills. Operations research analysts often present their data and conclusions to managers and other executives. They also need to communicate technical information to people without a technical background.

Critical-thinking skills. Operations research analysts must be able to figure out what information is relevant to their work. They also must be able to evaluate the costs and benefits of alternative solutions before making a recommendation.

Interpersonal skills. Operations research analysts typically work on teams. They also need to be able to convince managers and top executives to accept their recommendations.

Math skills. The models and methods used by operations research analysts are rooted in statistics, calculus, linear algebra, and other advanced mathematical disciplines.

Problem-solving skills. Operations research analysts need to be able to diagnose problems on the basis of information given to them by others. They then analyze relevant information to solve the problems.

Writing skills. Operations research analysts write memos, reports, and other documents explaining their findings and recommendations.

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Operational Risk Analyst Career Paths

Operational Risk Analyst
Team Leader Manager Vice President
Vice President And Manager
10 Yearsyrs
Team Leader Store Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Team Leader Manager Finance Manager
Senior Finance Manager
11 Yearsyrs
Risk Manager Vice President Operations Vice President
Senior Vice President-Operations
14 Yearsyrs
Risk Manager Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Risk Manager Assistant Vice President
Controller, Vice President
11 Yearsyrs
Compliance Analyst Compliance Specialist
Compliance Manager
9 Yearsyrs
Compliance Analyst Compliance Specialist Property Manager
Portfolio Manager
7 Yearsyrs
Compliance Analyst Compliance Specialist Manager
Assistant Vice President
7 Yearsyrs
Assistant Manager Operations Manager Project Manager
Manager, Project Management
9 Yearsyrs
Assistant Manager Office Manager Finance Manager
Manager Finance Planning And Analysis
8 Yearsyrs
Assistant Manager General Manager Operations Vice President
Vice President Of Global Operations
15 Yearsyrs
Compliance Officer Consultant Senior Finance Analyst
Finance Project Manager
8 Yearsyrs
Compliance Officer Office Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Compliance Officer Consultant Senior Analyst
Manager, Strategy
8 Yearsyrs
Senior Risk Analyst Senior Business Analyst Manager Finance Planning And Analysis
Pricing Manager
7 Yearsyrs
Senior Risk Analyst Senior Business Analyst Implementation Manager
Integration Manager
9 Yearsyrs
Senior Risk Analyst Portfolio Manager Compliance Manager
Risk Manager
8 Yearsyrs
Fraud Analyst Underwriter Asset Manager
Vending Manager
7 Yearsyrs
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Do you work as an Operational Risk Analyst?

Average Yearly Salary
$76,000
Show Salaries
$50,000
Min 10%
$76,000
Median 50%
$76,000
Median 50%
$76,000
Median 50%
$76,000
Median 50%
$76,000
Median 50%
$76,000
Median 50%
$76,000
Median 50%
$117,000
Max 90%
Best Paying Company
Jefferies
Highest Paying City
Jersey City, NJ
Highest Paying State
New Jersey
Avg Experience Level
2.1 years
How much does an Operational Risk Analyst make at top companies?
The national average salary for an Operational Risk Analyst in the United States is $77,003 per year or $37 per hour. Those in the bottom 10 percent make under $50,000 a year, and the top 10 percent make over $117,000.

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 Fifth Third Bank, An Ohio Banking Corporation Cincinnati, OH Aug 17, 2016 $135,000
Operational Risk Analyst Man Investments USA Holdings Inc. New York, NY Aug 06, 2015 $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 Jul 01, 2013 $92,000
Operational Risk Analyst Citigroup Technology, Inc. Wilmington, DE Jun 10, 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 Jan 22, 2015 $73,050
Risk Operations Analyst Bill Me Later, Inc. Huntingtown, MD Sep 05, 2013 $73,050
Operations Risk Technical Analyst Union Bank, N.A. Monterey Park, CA Feb 22, 2010 $72,613 -
$108,600
Operational Risk Analyst Standard Chartered Bank New York, NY Sep 03, 2015 $70,000 -
$72,000
Risk Operations Analyst Citicorp North America, Inc. Tampa, FL Jan 09, 2016 $70,000
Risk Operations Analyst Citibank, N.A. Tampa, FL Jan 09, 2016 $70,000

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Top Skills for An Operational Risk Analyst

  1. Ensure Compliance
  2. Fraudulent Activity
  3. Loss Cases
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed and recommended system modifications to ensure compliance with regulatory requirements, process efficiency and loss mitigation.
  • Collected data to support potential fraudulent activity and contacted customers to validate activity.
  • Initiated the opening of fraud or loss cases as necessary and ensured that case files were accurate and complete.
  • Verified funds between financial institutions to ensure funds availability.
  • Produce recurring reports for internal and external stakeholders including Federal Regulators to keep them abreast of the company s operational risk.

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Top 10 Best States for Operational Risk Analysts

  1. District of Columbia
  2. New York
  3. New Jersey
  4. Virginia
  5. Maryland
  6. Rhode Island
  7. Delaware
  8. Illinois
  9. Connecticut
  10. Minnesota
  • (576 jobs)
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  • (583 jobs)
  • (1,330 jobs)
  • (642 jobs)
  • (79 jobs)
  • (118 jobs)
  • (827 jobs)
  • (241 jobs)
  • (536 jobs)

Operational Risk Analyst Demographics

Gender

Female

49.5%

Male

39.3%

Unknown

11.2%
Ethnicity

White

52.6%

Hispanic or Latino

21.6%

Black or African American

11.2%

Asian

10.3%

Unknown

4.3%
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Foreign Languages Spoken

Spanish

55.7%

Mandarin

8.6%

Arabic

7.1%

French

5.7%

Japanese

4.3%

Russian

2.9%

Chinese

2.9%

Cantonese

2.9%

Portuguese

1.4%

German

1.4%

Urdu

1.4%

Bengali

1.4%

Tagalog

1.4%

Polish

1.4%

Hindi

1.4%
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Operational Risk Analyst Education

Schools

Ohio State University

14.1%

University of Phoenix

12.6%

Columbus State Community College

9.9%

University of Texas at San Antonio

8.0%

University of Houston

7.6%

Franklin University

7.3%

Northeastern University

5.0%

San Antonio College

4.2%

Houston Community College

3.8%

Kaplan University

3.4%

Ohio University -

2.7%

Prairie View A & M University

2.7%

Ohio Dominican University

2.7%

University of South Florida

2.3%

New York University

2.3%

University of Toledo

2.3%

Baruch College of the City University of New York

2.3%

George Washington University

2.3%

University of Houston - Downtown

2.3%

University of Texas at Dallas

2.3%
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Majors

Business

32.6%

Finance

17.7%

Accounting

7.9%

Criminal Justice

6.3%

Management

4.3%

Economics

4.1%

Psychology

3.0%

Communication

2.7%

Law

2.7%

Political Science

2.3%

Human Resources Management

2.1%

Marketing

2.0%

Information Technology

1.9%

Computer Science

1.7%

General Studies

1.6%

Computer Information Systems

1.6%

Legal Support Services

1.4%

Health Care Administration

1.4%

Public Relations

1.3%

Sociology

1.3%
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Degrees

Bachelors

48.3%

Masters

20.5%

Other

17.4%

Associate

7.1%

Certificate

3.5%

Doctorate

2.2%

Diploma

0.6%

License

0.3%
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