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Become A Risk Management Director

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Working As A Risk Management Director

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $108,220

    Average Salary

What Does A Risk Management Director Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become A Risk Management Director

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Risk Management Director jobs

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Risk Management Director Demographics

Gender

Male

55.2%

Female

42.0%

Unknown

2.8%
Ethnicity

White

76.8%

Asian

10.8%

Hispanic or Latino

9.6%

Unknown

2.0%

Black or African American

0.8%
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Languages Spoken

Spanish

46.2%

French

10.8%

German

6.2%

Mandarin

4.6%

Portuguese

4.6%

Chinese

4.6%

Italian

3.8%

Russian

3.1%

Arabic

3.1%

Cantonese

2.3%

Carrier

2.3%

Korean

1.5%

Polish

1.5%

Swahili

0.8%

Turkish

0.8%

Hindi

0.8%

Dutch

0.8%

Hebrew

0.8%

Lithuanian

0.8%

Thai

0.8%
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Risk Management Director Education

Schools

University of Phoenix

19.5%

New York University

7.3%

George Washington University

5.3%

Columbia University

4.9%

Indiana University Bloomington

4.9%

University of Chicago

4.9%

Arizona State University

4.5%

Michigan State University

4.1%

Texas A&M University

4.1%

Cornell University

4.1%

University of Missouri - Columbia

4.1%

Iowa State University

4.1%

Northwestern University

3.7%

George Mason University

3.7%

University of Central Florida

3.7%

Florida State University

3.7%

Towson University

3.7%

University of Pittsburgh -

3.7%

Ohio State University

3.3%

Fordham University

3.3%
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Majors

Business

26.3%

Finance

12.6%

Law

7.8%

Management

7.0%

Nursing

6.4%

Accounting

5.8%

Psychology

4.4%

Criminal Justice

4.2%

Economics

3.2%

Marketing

3.2%

Political Science

2.5%

Health Care Administration

2.5%

Communication

2.4%

Computer Science

2.0%

Legal Research And Advanced Professional Studies

1.7%

Insurance

1.7%

Human Resources Management

1.6%

Education

1.6%

Biology

1.6%

Sociology

1.6%
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Degrees

Bachelors

41.0%

Masters

28.3%

Other

14.5%

Doctorate

7.6%

Associate

4.6%

Certificate

3.1%

Diploma

0.6%

License

0.4%
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Real Risk Management Director Salaries

Job Title Company Location Start Date Salary
Managing Director, Corporate Risk Jpmorgan Chase & Co. New York, NY Jul 17, 2015 $400,000
Managing Director-Principal Risk Officer Kamakura Corporation A Delaware Corporation Urban Honolulu, HI Sep 18, 2016 $325,000
Managing Director, Latin America Corporate Risk SO RBS Securities Inc. Stamford, CT Apr 04, 2011 $300,000
Managing Director, Operational Risk Quantification American International Group, Inc. New York, NY Jul 14, 2014 $290,000
Managing Director/Chief Risk and Analytics Offic Pacific Global Advisors LLC New York, NY Sep 27, 2013 $250,000 -
$350,000
Director, Prime Brokerage Risk Merrill Lynch New York, NY Mar 12, 2012 $240,000 -
$260,000
Director, Quantitative Risk Management Chicago Mercantile Exchange, Inc. Chicago, IL Apr 26, 2013 $187,000
Director, Risk Management 1 Bill Me Later, Inc. San Jose, CA Jun 11, 2015 $184,260
Senor Director-Risk Management, Hedging AXA Equitable Life Insurance Company New York, NY Sep 01, 2014 $183,600
Risk PMO Director The Depository Trust and Clearing Corporation Jersey City, NJ Dec 21, 2015 $180,000
Director of Risk Management Aspiriant, LLC Los Angeles, CA Sep 12, 2014 $180,000
Portfolio Risk Management Director Federal Home Loan Mortgage Corporation McLean, VA Sep 26, 2016 $173,701 -
$200,000
Director, Risk Management American Express Company New York, NY Aug 23, 2016 $158,321
Director, Risk Management American Express Company New York, NY Aug 23, 2016 $158,321
Director, Risk Management American Express Company New York, NY Aug 22, 2016 $158,321
Director, Risk Management New York Mercantile Exchange, Inc. New York, NY Feb 02, 2015 $153,750
Director, Risk Management American Express Company New York, NY Jul 27, 2015 $152,895
Director-Risk Management and Data Integrity DGF Services, LLC Norwalk, CT Oct 01, 2011 $150,000
Director-Commercial Compliance Audit & Risk Management Georgia-Pacific LLC (Georgia-Pacific Corporation) Atlanta, GA Mar 09, 2015 $150,000 -
$205,000
Director, Risk Management American Express Company New York, NY Sep 24, 2016 $148,500
Director, Risk Management American Express Travel Related Services Co., Inc. New York, NY Mar 19, 2012 $137,280
Director, Cybersecurity Risk Management Good Harbor Security Risk Management LLC Arlington, VA Aug 15, 2012 $137,000
Director, Risk Management American Express Company New York, NY Aug 05, 2012 $137,000
Director, Risk Management American Express Travel Related Services Company New York, NY Aug 22, 2013 $136,000
Director, GNS Risk and Decision Management American Express Travel Related Services Company New York, NY Mar 15, 2011 $135,504
Risk Portfolio Director Citimortgage, Inc. OFallon, MO Jul 01, 2011 $135,096
Director, Risk Management American Express Company New York, NY Jan 14, 2015 $135,000
Director, Risk Management American Express Travel Related Services Co., Inc. New York, NY Aug 05, 2012 $134,000

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Top Skills for A Risk Management Director

PatientSafetyProceduresFinancialAnalysisLossControlRegulatoryComplianceGeneralLiabilityRiskManagementPoliciesInternalAuditOversightRiskAssessmentRiskManagementProgramCounselInsuranceProgramOshaAssetEmergencyFraudClaimsManagementCustomerServiceGovernance

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Top Risk Management Director Skills

  1. Patient Safety
  2. Procedures
  3. Financial Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Collaborated with Quality Management on Patient Safety Issues to identify practice changes in order to improve the quality of care.
  • Reconciled accounts and implemented automation, structure and procedures to increase team efficiency.
  • Performed capital burn rate analyses, ALLL methodology and credit file reviews, as well as core financial analysis during examinations.
  • Provide risk management/loss control inspection surveys to the insurance industry.
  • Developed and presented educational programs and workshops to increase regulatory compliance.

Top Risk Management Director Employers

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