Risk management consultant vs business consultant

The differences between risk management consultants and business consultants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a risk management consultant and a business consultant. Additionally, a risk management consultant has an average salary of $91,520, which is higher than the $87,214 average annual salary of a business consultant.

The top three skills for a risk management consultant include project management, infrastructure and risk assessments. The most important skills for a business consultant are data analysis, project management, and strong analytical.

Risk management consultant vs business consultant overview

	Risk Management Consultant	Business Consultant
Yearly salary	$91,520	$87,214
Hourly rate	$44.00	$41.93
Growth rate	11%	11%
Number of jobs	122,293	128,033
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 65%	Bachelor's Degree, 67%
Average age	44	44
Years of experience	4	4

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.

What does a business consultant do?

A business consultant is an individual who works directly with business owners on developing a business plan and identifying their marketing needs. Business consultants offer business owners a wide range of services, such as supplementing existing staff, provide expertise in a specific market, and influencing other people. To increase revenue in business, business consultants should have experience success with the previous business owners. Business consultants must also have a bachelor's degree in business management and received years of field training.

Risk management consultant vs business consultant salary

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

	Risk Management Consultant	Business Consultant
Average salary	$91,520	$87,214
Salary range	Between $68,000 And $123,000	Between $64,000 And $117,000
Highest paying City	Jersey City, NJ	San Francisco, CA
Highest paying state	New Jersey	Alaska
Best paying company	Riskmetrics Group Holdings LLC	ZS
Best paying industry	Insurance	Technology

Differences between risk management consultant and business consultant education

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

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

Risk management consultant vs business consultant demographics

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

	Risk Management Consultant	Business Consultant
Average age	44	44
Gender ratio	Male, 66.1% Female, 33.9%	Male, 62.8% Female, 37.2%
Race ratio	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%	Black or African American, 8.0% Unknown, 4.5% Hispanic or Latino, 8.9% Asian, 13.4% White, 65.1% American Indian and Alaska Native, 0.2%
LGBT Percentage	12%	12%

Differences between risk management consultant and business consultant duties and responsibilities

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.

Business consultant example responsibilities.

Partner with PMO and lead testing effort to ensure completeness of test data sets and to manage risk.
Manage requirements gathering, identify KPI s, and oversee design and architecture decisions.
Manage various SOX, HIPAA and PCI compliance projects from the planning stages to completion.
Apply the specific rules for HIPAA X12, Medicaid manage care requirements and industry best practices for transaction handling.
Manage external technology suppliers to assure functional operations and system architecture meet the business needs.
Perform successful UAT - good knowledge & experience in SDLC - SQL querying and data analysis.

Risk management consultant vs business consultant skills

Common risk management consultant skills

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

Common business consultant skills

Data Analysis, 10%
Project Management, 9%
Strong Analytical, 8%
Analytics, 7%
Healthcare, 5%
Tableau, 5%

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Risk Management Consultant
Risk Management Consultant vs Business Consultant

Updated January 8, 2025

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