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.

Risk Manager Responsibilities

Here are examples of responsibilities from real risk manager resumes representing typical tasks they are likely to perform in their roles.

  • Develop procedures and policies to manage site implementation of successful JD Edwards ERP system.
  • Manage the collection and review of AML documents ensuring adherence to current procedures and audit controls.
  • Direct staff, manage A/R and reconciliations, petty cash disbursements and tracking of all incoming claims and payments.
  • Manage the loan loss receivables SAS data mart, document change initiatives, implement SAS coding changes and process ongoing updates.
  • Manage the day-to-day operations of the facility including but not limit to inventory control, shipping/receiving.
  • Lead SOX project planning and implementation, successfully implement the corporate governance policies and internal control framework.
  • Create entire billing system by extracting billable occurrences from customer service database through SQL queries.
  • Run a class teaching several colleagues about relational databases, SQL, and SAS programming.
  • Define corporate standards for high-risk operational controls and wholesale definition of compliance supporting ERM risk tolerance definition and governance.
  • Conduct CRO responsibilities for both sectors.
Risk Manager Traits
Organizational skills are essential to working as efficiently as possible through being able to focus on projects at hand while also keeping a clean workspace.
Math skills include being able to perform basic addition and subtraction, as well as solving for the unknown and visualizing data that will be helpful in the workplace.
Analytical skills have to do with gathering information from various sources and then interpreting the data in order to reach a logical conclusion that benefits the business.

Risk Manager Job Description

Perhaps the hardest question to answer when deciding on a career as a risk manager is "should I become a risk manager?" You might find this info to be helpful. When compared to other jobs, risk manager careers are projected to have a growth rate described as "much faster than average" at 16% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more, is that the projected number of opportunities that are predicted to become available for a risk manager by 2028 is 104,700.

A risk manager annual salary averages $121,316, which breaks down to $58.33 an hour. However, risk managers can earn anywhere from upwards of $86,000 to $171,000 a year. This means that the top-earning risk managers make $85,000 more than the lowest-earning ones.

As is the case with most jobs, it takes work to become a risk manager. Sometimes people change their minds about their career after working in the profession. That's why we looked into some other professions that might help you find your next opportunity. These professions include a credit and collection manager, administrative & finance manager, management accounts manager, and finance and insurance manager.

Risk Manager Jobs You Might Like

Risk Manager Resume Examples

Risk Manager Skills and Personality Traits

We calculated that 15% of Risk Managers are proficient in Procedures, Oversight, and Regulatory Agencies. They’re also known for soft skills such as Organizational skills, Math skills, and Analytical skills.

We break down the percentage of Risk Managers that have these skills listed on their resume here:

  • Procedures, 15%

    Work with Operations Managers to insure proper company procedures are followed and all safety guidelines and regulations are enforced.

  • Oversight, 8%

    Developed, implemented, and facilitated security and safety programs with oversight for compliance with all Federal and State mandated requirements.

  • Regulatory Agencies, 8%

    Coordinated the occurrence incident reporting system in compliance with regulatory agencies and medical center policy.5.

  • Risk Assessments, 5%

    Developed Risk Assessments, planned and conducted risk and vulnerability assessments of planned and installed information systems to identify protection needs.

  • Patient Care, 5%

    Participated and consulted with patient care performance improvement teams while developing, nurturing, and maintaining relationships with key stakeholders.

  • Risk Management, 5%

    Credit Risk|Operational Risk|Enterprise Risk Management|AML KYC|Cash Management|Securities Services

"procedures," "oversight," and "regulatory agencies" aren't the only skills we found risk managers list on their resumes. In fact, there's a whole list of risk manager responsibilities that we found, including:

  • Organizational skills can be considered to be the most important personality trait for a risk manager to have. According to a risk manager resume, "because financial managers deal with a range of information and documents, they must stay organized to do their jobs effectively." Risk managers are able to use organizational skills in the following example we gathered from a resume: "develop organizational bcp policy and procedures aligned to iso 22301 / applied standards. "
  • Another commonly found skill for being able to perform risk manager duties is the following: math skills. According to a risk manager resume, "financial managers must be skilled in math, including algebra." Check out this example of how risk managers use math skills: "review sales office's statistics regarding risk issues. "
  • Analytical skills is also an important skill for risk managers to have. This example of how risk managers use this skill comes from a risk manager resume, "financial managers increasingly are assisting executives in making decisions that affect their organization, a task that requires analytical ability." Read this excerpt from a resume to understand how vital it is to their everyday roles and responsibilities, "conducted risk assessment, evaluated effectiveness of data loss prevention applications addressing data at rest. "
  • In order for certain risk manager responsibilities to be completed, the job requires the skill "detail oriented." According to a risk manager resume, "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." As an example, this snippet was taken directly from a resume about how this skill applies: "oriented all new ex-pats regarding us benefits, hr and employee relations in detail. "
  • Another common skill for a risk manager to be able to utilize is "communication skills." Excellent communication skills are essential because financial managers must explain and justify complex financial transactions. A risk manager demonstrated the need for this skill by putting this on their resume: "reduced the severity of a tdh complaint from patient care to lack of communication. "
  • See the full list of risk manager skills.

    After discovering the most helpful skills, we moved onto what kind of education might be helpful in becoming a risk manager. We found that 66.2% of risk managers have graduated with a bachelor's degree and 17.0% of people in this position have earned their master's degrees. While most risk managers have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. In fact, our research shows that one out of every nine risk managers were not college graduates.

    Those risk managers who do attend college, typically earn either a business degree or a finance degree. Less commonly earned degrees for risk managers include a nursing degree or a accounting degree.

    Once you're ready to become a risk manager, you should explore the companies that typically hire risk managers. According to risk manager resumes that we searched through, risk managers are hired the most by Accenture, Alight Solutions, and Amazon.com. Currently, Accenture has 43 risk manager job openings, while there are 37 at Alight Solutions and 34 at Amazon.com.

    But if you're interested in companies where you might earn a high salary, risk managers tend to earn the biggest salaries at Ge Capital Montgomery Ward, Steward Health Care System, and Accenture. Take Ge Capital Montgomery Ward for example. The median risk manager salary is $177,375. At Steward Health Care System, risk managers earn an average of $169,092, while the average at Accenture is $167,952. You should take into consideration how difficult it might be to secure a job with one of these companies.

    View more details on risk manager salaries across the United States.

    Some other companies you might be interested in as a risk manager include JPMorgan Chase, Citi, and Wells Fargo. These three companies were found to hire the most risk managers from the top 100 U.S. educational institutions.

    The industries that risk managers fulfill the most roles in are the finance and health care industries. But the highest risk manager annual salary is in the health care industry, averaging $129,951. In the manufacturing industry they make $125,815 and average about $117,748 in the hospitality industry. In conclusion, risk managers who work in the health care industry earn a 51.4% higher salary than risk managers in the agriculture industry.

    The three companies that hire the most prestigious risk managers are:

      What Credit And Collection Managers Do

      A credit and collection manager is responsible for evaluating credit services and supervising the credit and collection team in reaching out to clients with outstanding debts and credit applications. Credit and collection managers oversee the cash flow systems and identify opportunities to minimize excessive loss and resolve credit disputes. They also determine a customer's eligibility for credit options by analyzing documents and financial status. A credit collection manager must have excellent communication and analytical skills to process receivables and perform credit reconciliations accurately and efficiently.

      We looked at the average risk manager annual salary and compared it with the average of a credit and collection manager. Generally speaking, credit and collection managers receive $31,057 lower pay than risk managers per year.

      While the salaries between these two careers can be different, they do share some of the same responsibilities. Employees in both risk managers and credit and collection managers positions are skilled in credit risk, customer service, and financial statements.

      There are some key differences in responsibilities as well. For example, a risk manager responsibilities require skills like "procedures," "oversight," "regulatory agencies," and "risk assessments." Meanwhile a typical credit and collection manager has skills in areas such as "credit reports," "credit limits," "general ledger accounts," and "delinquent accounts." This difference in skills reveals how truly different these two careers really are.

      Credit and collection managers really shine in the manufacturing industry with an average salary of $83,250. Whereas risk managers tend to make the most money in the health care industry with an average salary of $129,951.

      The education levels that credit and collection managers earn is a bit different than that of risk managers. In particular, credit and collection managers are 18.1% less likely to graduate with a Master's Degree than a risk manager. Additionally, they're 3.7% less likely to earn a Doctoral Degree.

      What Are The Duties Of an Administrative & Finance Manager?

      An administrative and finance manager handles a company's expenditures, requests, invoices, and other financial documentation. Their primary duty is to oversee a finance team's daily work. Additionally, they must coordinate financial staff, ensure that orders from management are carried out, complete the company's financial statements, and provide tax data for the legal department.

      Now we're going to look at the administrative & finance manager profession. On average, administrative & finance managers earn a $31,956 lower salary than risk managers a year.

      While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. We used info from lots of resumes to find that both risk managers and administrative & finance managers are known to have skills such as "oversight," "internal audit," and "iso. "

      While some skills are similar in these professions, other skills aren't so similar. For example, several resumes showed us that risk manager responsibilities requires skills like "procedures," "regulatory agencies," "risk assessments," and "patient care." But an administrative & finance manager might use skills, such as, "payroll," "general ledger accounts," "administrative procedures," and "financial management."

      Administrative & finance managers may earn a lower salary than risk managers, but administrative & finance managers earn the most pay in the insurance industry with an average salary of $104,380. On the other side of things, risk managers receive higher paychecks in the health care industry where they earn an average of $129,951.

      On the topic of education, administrative & finance managers earn similar levels of education than risk managers. In general, they're 2.7% more likely to graduate with a Master's Degree and 3.7% less likely to earn a Doctoral Degree.

      How a Management Accounts Manager Compares

      A management accounts manager is responsible for maintaining healthy business relationships with clients by handling their project accounts, improving account management procedures, and identifying business opportunities that would generate more revenue resources for the company. Management accounts managers compile portfolio reports, including how the client's account performs in the market and its financial stability. They also negotiate contracts, settle terms and agreements, and ensure the highest customer experience by implementing strategic plans to enhance the company's services.

      The third profession we take a look at is management accounts manager. On an average scale, these workers bring in lower salaries than risk managers. In fact, they make a $60,522 lower salary per year.

      While looking through the resumes of several risk managers and management accounts managers we discovered that both professions have similar skills. These similarities include skills such as "project management," "sql," and "business units," but they differ when it comes to other required skills.

      As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from risk managers resumes, they are more likely to have skills like "procedures," "oversight," "regulatory agencies," and "risk assessments." But a management accounts manager might have skills like "business development," "client service," "crm," and "sales goals."

      Management accounts managers make a very good living in the finance industry with an average annual salary of $74,097. Whereas risk managers are paid the highest salary in the health care industry with the average being $129,951.

      When it comes to education, management accounts managers tend to earn lower education levels than risk managers. In fact, they're 9.8% less likely to earn a Master's Degree, and 4.6% less likely to graduate with a Doctoral Degree.

      Description Of a Finance And Insurance Manager

      A finance and insurance manager is a professional who is responsible for selling new and used car buyers with financing and insurance programs. Finance and insurance managers are required to provide a thorough explanation of aftermarket products and extended warranties to customers as well as a complete explanation of manufacturer and dealership service procedures and policies. They must seek new lending institutions and maintain a good relationship with them to secure competitive interest rates and financing programs. Finance and insurance managers should also train the sales team and provide information on finance and lease programs.

      Now, we'll look at finance and insurance managers, who generally average a lower pay when compared to risk managers annual salary. In fact, the difference is about $14,708 per year.

      According to resumes from both risk managers and finance and insurance managers, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "customer service," "insurance companies," and "life insurance. "

      While some skills are shared by these professions, there are some differences to note. "procedures," "oversight," "regulatory agencies," and "risk assessments" are skills that have shown up on risk managers resumes. Additionally, finance and insurance manager uses skills like sales goals, dmv, health care, and sales process on their resumes.

      Now, let's take a closer look at the financials in each career. The automotive industry tends to pay more for finance and insurance managers with an average of $109,825. While the highest risk manager annual salary comes from the health care industry.

      Finance and insurance managers reach lower levels of education when compared to risk managers. The difference is that they're 23.4% more likely to earn a Master's Degree less, and 4.3% less likely to graduate with a Doctoral Degree.