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The differences between risk management specialists and compliance specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a risk management specialist has an average salary of $69,819, which is higher than the $57,330 average annual salary of a compliance specialist.
The top three skills for a risk management specialist include risk assessments, powerpoint and patient safety. The most important skills for a compliance specialist are patients, regulatory compliance, and strong analytical.
| Risk Management Specialist | Compliance Specialist | |
| Yearly salary | $69,819 | $57,330 |
| Hourly rate | $33.57 | $27.56 |
| Growth rate | 17% | 6% |
| Number of jobs | 101,149 | 34,610 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 61% |
| Average age | 43 | 46 |
| Years of experience | 6 | - |
A risk management specialist is in charge of performing extensive research and analysis to determine the financial risks that a company may face. Through their expertise, a risk management analyst develops strategies to thwart these risks or lessen its impact and prevent significant financial losses. They may also devise programs and projects, providing support to employees as needed. Furthermore, they must recommend solutions in adherence to the company's policies and regulations, including its vision and mission.
The role of compliance specialists is to ensure that companies comply with relevant industry standards and regulations. Their duties may vary depending on the industry they work in, such as healthcare or banking. Tasks include reviewing their company's business practices to ensure they follow specific regulations, resolving compliance issues that may arise, and being up-to-date with regulatory changes. As a compliance specialist, you should have industry expertise, in-depth knowledge of regulations, and auditing skills.
Risk management specialists and compliance specialists have different pay scales, as shown below.
| Risk Management Specialist | Compliance Specialist | |
| Average salary | $69,819 | $57,330 |
| Salary range | Between $40,000 And $119,000 | Between $38,000 And $85,000 |
| Highest paying City | Hoboken, NJ | San Francisco, CA |
| Highest paying state | New Jersey | Delaware |
| Best paying company | PayPal | Meta |
| Best paying industry | Professional | Pharmaceutical |
There are a few differences between a risk management specialist and a compliance specialist in terms of educational background:
| Risk Management Specialist | Compliance Specialist | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | Stanford University | Harvard University |
Here are the differences between risk management specialists' and compliance specialists' demographics:
| Risk Management Specialist | Compliance Specialist | |
| Average age | 43 | 46 |
| Gender ratio | Male, 43.6% Female, 56.4% | Male, 38.4% Female, 61.6% |
| 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, 10.9% Unknown, 4.5% Hispanic or Latino, 15.7% Asian, 8.2% White, 59.8% American Indian and Alaska Native, 0.8% |
| LGBT Percentage | 4% | 12% |