What does a risk management specialist do?
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.
Risk management specialist responsibilities
Here are examples of responsibilities from real risk management specialist resumes:
- Lead SOX project planning and implementation, successfully implement the corporate governance policies and internal control framework.
- Handle HIPAA compliant requests for medical records.
- Provide SAS programming assistance to non-technical members of the team.
- Programme with SAS to monitor hedging program and recommend hedging strategy.
- Generate scripts from SQL server 2005 and port databases to SQL server 2008 R2.
- Upgrade reports and packages as well as applications to SQL server 2008 R2 from 2005.
- Review and approve cash and securities disbursements for client accounts and ensure accounts are in good standing.
- Conduct analysis in support of the AML group on patterns of money movement and other suspicious transactions.
- Participate in examination of cross line of business fiduciary and securities relate activities at state member banks and bank holding companies.
- Participate in training sessions and self-direct study of AML industry news and trends to maintain sufficient knowledge of regulations and requirements.
- Create PowerPoint presentations for internal training.
- Create customized PowerPoint and proprietary software presentations for individual farmer meetings.
- Conduct research using online federal regulations, review Medicare and Medicaid policy and guidelines to complete an accurate and well-support decision.
- Identify alternative hedge strategies for renewable fuels, including agricultural derivatives along with their liquidity and value correlation.
Risk management specialist skills and personality traits
We calculated that 9% of Risk Management Specialists are proficient in Risk Assessments, PowerPoint, and Patient Safety. They’re also known for soft skills such as Organizational skills, Detail oriented, and Math skills.
We break down the percentage of Risk Management Specialists that have these skills listed on their resume here:
- Risk Assessments, 9%
Conducted risk assessments on inpatient and outpatient facilities, focusing on risk training and liability mitigation.
- PowerPoint, 8%
Create quarterly Risk Management presentations for all facility leadership using Powerpoint.
- Patient Safety, 7%
Designated Patient Safety Officer and facilitate coordination of the 2017 Clinical Safety Improvement Program with Senior Team Executive Sponsors.
- Enterprise Risk Management, 5%
Collaborated on the newest Booz Allen Hamilton Enterprise Risk Management Innovative Discussion 2015 presentation deck for future and present clientele.
- Cash Management, 4%
Worked with the Cash Management team to perform due diligence for new and existing customer requests.
- Treasury, 4%
Utilize extensive knowledge of Treasury Management products and services to assist with obtaining structured conclusions regarding account activity.
Most risk management specialists use their skills in "risk assessments," "powerpoint," and "patient safety" to do their jobs. You can find more detail on essential risk management specialist responsibilities here:
Organizational skills. The most essential soft skill for a risk management specialist to carry out their responsibilities is organizational skills. This skill is important for the role because "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." Additionally, a risk management specialist resume shows how their duties depend on organizational skills: "risk management and patient safety specialist responsible for organizational patient safety issues and the management of potential liability cases. "
Detail oriented. Another soft skill that's essential for fulfilling risk management specialist duties is detail oriented. The role rewards competence in this skill because "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." According to a risk management specialist resume, here's how risk management specialists can utilize detail oriented in their job responsibilities: "provided detailed reports from railroad incidents for legal department litigation . "
Math skills. Another skill that relates to the job responsibilities of risk management specialists is math skills. This skill is critical to many everyday risk management specialist duties, as "financial managers need strong skills in certain branches of mathematics, including algebra." This example from a resume shows how this skill is used: "assessed and validated quantitative models that were utilized by major american and european banks for measuring market & credit risk. "
Analytical skills. A big part of what risk management specialists do relies on "analytical skills." You can see how essential it is to risk management specialist responsibilities because "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." Here's an example of how this skill is used from a resume that represents typical risk management specialist tasks: "analyzed strategic business procedures, promoted accurate data practices to prevent litigation. "
Communication skills. Another common skill required for risk management specialist responsibilities is "communication skills." This skill comes up in the duties of risk management specialists all the time, as "financial managers must be able to explain and justify complex financial transactions." An excerpt from a real risk management specialist resume shows how this skill is central to what a risk management specialist does: "managed communications process of procedural aml compliance functions to team members as sme. "
The three companies that hire the most risk management specialists are:
- Deloitte51 risk management specialists jobs
- Humana47 risk management specialists jobs
- Bank of America14 risk management specialists jobs
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Compare different risk management specialists
Risk management specialist vs. Specialist
Specialists are employees who are responsible for specific tasks or activities in the department they are assigned to. The actions or tasks they work on are related to their educational background or work experiences. They are usually highly skilled in specializations related to the work they are assigned to. Specialists are also highly trained on the competencies that are required of their specialty. As such, they are focused on the skills and competencies that are needed to enhance their experience in their specific field further.
While similarities exist, there are also some differences between risk management specialists and specialist. For instance, risk management specialist responsibilities require skills such as "risk assessments," "patient safety," "strong problem-solving," and "enterprise risk management." Whereas a specialist is skilled in "patients," "customer service," "work ethic," and "patient care." This is part of what separates the two careers.
Specialists tend to reach lower levels of education than risk management specialists. In fact, specialists are 5.3% less likely to graduate with a Master's Degree and 1.1% less likely to have a Doctoral Degree.Risk management specialist vs. Risk manager
A risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that risk management specialist responsibilities requires skills like "powerpoint," "strong problem-solving," "data analysis," and "financial institutions." But a risk manager might use other skills in their typical duties, such as, "oversight," "project management," "portfolio," and "strong analytical."
Risk managers earn a higher average salary than risk management specialists. But risk managers earn the highest pay in the technology industry, with an average salary of $119,668. Additionally, risk management specialists earn the highest salaries in the professional with average pay of $80,861 annually.risk managers earn similar levels of education than risk management specialists in general. They're 4.1% more likely to graduate with a Master's Degree and 1.1% more likely to earn a Doctoral Degree.Risk management specialist vs. Audit specialist
An audit specialist is responsible for evaluating the reports by a professional auditor that will assist in improving the growth of the organization to achieve its goals and objectives. Audit specialists aid in the development of the company by using a systematic approach to reach the goals set by the company. Primary responsibilities include operating complex and difficult audit projects and conducting audits of control, financial, and other operating records. Also, they develop, implement distinct audit strategies, programs, and procedures for intricate assignments.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a risk management specialist is likely to be skilled in "patient safety," "strong problem-solving," "cash management," and "treasury," while a typical audit specialist is skilled in "audit reports," "patients," "customer service," and "internal audit."
Audit specialists earn the best pay in the professional industry, where they command an average salary of $72,330. Risk management specialists earn the highest pay from the professional industry, with an average salary of $80,861.When it comes to education, audit specialists tend to earn similar degree levels compared to risk management specialists. In fact, they're 3.3% less likely to earn a Master's Degree, and 1.2% less likely to graduate with a Doctoral Degree.Risk management specialist vs. Market risk specialist
Updated January 8, 2025
