Risk and insurance consultant vs risk management consultant

The differences between risk and insurance consultants and risk management consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a risk and insurance consultant, becoming a risk management consultant takes usually requires 2-4 years. Additionally, a risk management consultant has an average salary of $91,520, which is higher than the $90,307 average annual salary of a risk and insurance consultant.

The top three skills for a risk and insurance consultant include financial services, risk assessments and portfolio. The most important skills for a risk management consultant are project management, infrastructure, and risk assessments.

Risk and insurance consultant vs risk management consultant overview

	Risk And Insurance Consultant	Risk Management Consultant
Yearly salary	$90,307	$91,520
Hourly rate	$43.42	$44.00
Growth rate	11%	11%
Number of jobs	61,774	122,293
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 65%
Average age	43	44
Years of experience	6	4

What does a risk and insurance consultant do?

A risk and insurance consultant is a person whose job is to advise organizations and companies on what might happen in the future and how to deal with it. They advise the management on the next steps and possible outcomes. A risk and insurance consultant does research and calculations and uses that to predict or solve financial or risk issues.

What does a risk management consultant do?

A Risk Management Consultant is responsible for identifying potential risks that may affect the company's performance and strategize techniques to mitigate risks. Risk management consultants evaluate the operational processes and ensure adherence to business requirements and regulations. They also identify opportunities that would increase the company's brand image to the market and generate more revenue resources to improve profitability. A Risk Management Consultant facilitates training programs and activities for the employees and implements policies to prevent operational delays and process failures.

Risk and insurance consultant vs risk management consultant salary

Risk and insurance consultants and risk management consultants have different pay scales, as shown below.

	Risk And Insurance Consultant	Risk Management Consultant
Average salary	$90,307	$91,520
Salary range	Between $69,000 And $117,000	Between $68,000 And $123,000
Highest paying City	San Francisco, CA	Jersey City, NJ
Highest paying state	Rhode Island	New Jersey
Best paying company	McKinsey & Company Inc	Riskmetrics Group Holdings LLC
Best paying industry	Insurance	Insurance

Differences between risk and insurance consultant and risk management consultant education

There are a few differences between a risk and insurance consultant and a risk management consultant in terms of educational background:

	Risk And Insurance Consultant	Risk Management Consultant
Most common degree	Bachelor's Degree, 67%	Bachelor's Degree, 65%
Most common major	Business	Business
Most common college	University of Pennsylvania	Northwestern University

Risk and insurance consultant vs risk management consultant demographics

Here are the differences between risk and insurance consultants' and risk management consultants' demographics:

	Risk And Insurance Consultant	Risk Management Consultant
Average age	43	44
Gender ratio	Male, 67.7% Female, 32.3%	Male, 66.1% Female, 33.9%
Race ratio	Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3%	Black or African American, 7.8% Unknown, 4.5% Hispanic or Latino, 8.7% Asian, 14.4% White, 64.5% American Indian and Alaska Native, 0.2%
LGBT Percentage	4%	12%

Differences between risk and insurance consultant and risk management consultant duties and responsibilities

Risk and insurance consultant example responsibilities.

Manage litigation through appropriate selection of counsel, developing strategic action plans a while monitoring an active trial calendar.
Implement the forecasting models in SAS.
Monitor business line compliance to credit policy, exceptions to policy, underwriting standards and portfolio management.
Identify and capture risk factors, including idiosyncratic and macroeconomic to support capital assessment, portfolio management and business decisions.
Define and document a new application architecture which load client databases with properly format data using in-house develop Java ETL applications.
Process subpoenas, arrange depositions, process statutory requests for medical records and review medical records prior to depositions.

Risk management consultant example responsibilities.

Lead clients in establishing information security policies and procedures to establish SOX compliance.
Analyze and manage implementation of operational and organizational structures and technology architectures in addition to ERP package selection.
Manage a team responsible for designing service-orient application architecture, standards and best practices guidelines, security and data access frameworks.
Conduct data-mining training sessions using SAS for managers and support personnel at major financial institutions.
Correct audit deficiencies to be GAAP compliant.
Develop accurate and reliable financial reports that comply with GAAP.

Risk and insurance consultant vs risk management consultant skills

Common risk and insurance consultant skills

Financial Services, 7%
Risk Assessments, 7%
Portfolio, 6%
PowerPoint, 6%
Internal Audit, 4%
SAS, 4%

Common risk management consultant skills

Project Management, 9%
Infrastructure, 8%
Risk Assessments, 6%
NIST, 5%
Internal Controls, 5%
Healthcare, 5%

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Risk And Insurance Consultant
Risk And Insurance Consultant vs Risk Management Consultant

Updated January 8, 2025

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