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Career Definition of a Director of Operational Risk Management
A director of operation risk management takes a leadership role in ensuring that their company is protected from issues such as employee fraud or errors. They are in charge of analysts who compile and process information related to operational risks. In their capacity as a department leader they must ensure that staff are familiar with company goals and operational policies. The director of operational risk management also creates those policies.
In order to ensure that their staff team has the relevant information they need the director of operational risk management can create strategies or implement programs and set guidelines for methods to identify potential problems. They use the information compiled by their analysts to produce reports, and they are responsible for keeping other management professionals informed of areas of concern. They also develop action plans to eliminate risks to the company.
|Educational Requirements||Bachelor's degree|
|Job Skills||Analytical skills, decision-making skills, supervisory skills, organizational skills, interpersonal skills, communication skills|
|Mean Salary (2016)*||$84,942|
|Job Outlook (2016-2026)**||19% (financial managers)|
Sources: *Glassdoor; **U.S. Bureau of Labor Statistics
The standard educational requirement for a career as a director of operational risk management is a bachelor's degree. Many employers may favor applicants who have a master's degree. Fields of study that those considering this career may want to pursue include business and accounting. It is also an option to earn Chartered Financial Analyst (CFA) certification or become a Certified Treasury Professional to expand skills and compete effectively for careers in this field.
A director of operational risk management needs to be able to effectively communicate with the analysts they supervise and with other business professionals so interpersonal skills and communication skills are important. These directors must also have strong analytical skills to assess information effectively and they need decision-making skills in order to form conclusions based on relevant data. Since they are in charge of a number of analysts they also need to have supervisory skills and organizational skills in order to ensure that all tasks are completed on schedule.
Career Outlook and Salary
The director of operational risk management is included with the U.S. Bureau of Labor Statistics (BLS) listing for financial managers. While the BLS has indicated expectations that the average job growth rate for all occupations will be 7% from 2016 to 2026, the BLS has a much more favorable forecast for financial managers. They should see a 19% rate of job growth during the same timeframe. Glassdoor reported that as of 2016 those who worked as a director of operational risk management earned a mean annual income of $84,942.
Since entering this career field requires relevant experience in a related occupation individuals who are interested in this profession may want to use the links here to learn about careers that can help them develop the skills needed for a career as a director of operational risk management. Information about fraud risk analysts, bank financial analysts, operations analysts and risk analysts is provided.