BusinessCareerFinance

5 Career Options In Risk Management

Risk management is constantly growing in the financial market. For example, the 2008-2010 recession had a significant impact in the field of risk management. While most fields in finance suffered, risk management evolved to meet new challenges. The demand for risk managements have never been higher with increased job opportunities along with new responsibilities. Graduates and current students who are taking risk management courses are in a unique position to take advantage of this field. Here are some of the top careers in risk management that are popular and widely recognized in the job industry.

1. Risk Analyst

Average Salary: $60,000
Median Salary: $61,000

Risk management became evident in the 2008 financial recess. Banks and other financial institutions cannot operate without risk management analysts. Their primary work is to adapt to the fluctuating financial market, changes in the rate of inflation and currency, and safeguard investments from external factors.
There are more job opportunities in the field of risk management analysis due to the increase in the niches in financial institutions such as credit unions, markets, and operations. The main work of risk analysts is to focus on the companies risks to their assets, competitors and clients. The standard job description for risk analysts involve analyzing data, calculating risks and outcomes, and creating reports. A bachelors degree is often a requirement for this title with a emphasis in risk management courses.

2. Risk Manager

Average Salary: $85,500
Median Salary: $83,500

The primary role of risk managers is to provide advice and information regarding the potential risks to the profitability and assets of a firm. Once they identify these threats, they place them in place and come up with measures on how to transfer, reduce, or prevent the risks. Risk managers are responsible for managing the risks of a firm’s employees, assets, customers, and stakeholders. As a risk manager, you can work in fields like enterprise risks, technology risks, credit risk, market risk, corporate governance, operational risk, and security risk. They are tasked with responsibilities such as planning and implementing the overall risk management and implementation process. Additionally, they are responsible for risk assessment and identification.

3. Chief Risk Officer

Average Salary: $123,500
Median Salary: $121,200

Chief Risk Officers (CRO’s) are usually found in large companies and financial institutions. Their primary work is to implement operational risk management. This includes disaster recovery, information security process, and business continuity. CRO’s supervise the work and implement the reports provided by risk management analysts and risk managers. Arguably, risk managers and risk management analysts report to the Chief Risk Officer. Additionally, Chief Risk Officers produce risk assessment reports and present it to the board of directors. They are responsible of overseeing and budgeting for the risk management projects. On top of that, they are responsible of providing reports based on how they’ve used the disbursed finances in risk management.

4. Risk Control Supervisor

Average Salary: $82,000
Median Salary: $75,000

Risk control supervisors are responsible for overseeing and assisting in administrative and supervisory activities in the Risk Management Department. Their core objective is to ascertain that procedures are followed in the course of operations. They ensure that customers or board members are served in an excellent way. Additionally, they are responsible for training interns. In the absence of Risk managers, they act as Risk Management officers.

5. Risk & Assurance Adviser

Average Salary: $100,000
Median Salary: $98,000

Risk advisors work closely to chief risk officers. Their primary duties are to provide guidance and advise on issues relating to risks. After the risks have been identified by risk analysts and managers, they work on providing solutions on how to avert them. Risk and assurance advisors work with the risk management department to come up with ways to prevent the instances of risks. Risk advisors have more elevated status and can even sit in the board of directors.

 

 

Similar Posts