Career Definition of a Risk Management Specialist
Risk management specialists concentrate on providing relevant financial insight into business decisions. It's common for risk management specialists to work for companies or organizations and their primary role is to make assessments and recommendations. They may look at things such as how to address a specific business task and determine if there are risks associated with how that task is being completed. Ultimately, their objective is to ensure that the business or client makes the best decisions possible to minimize potential risks in their business operations and decisions.
Their duties include reviewing a lot of financial data and information concerning business operations. This can involve some investigation on their part, which can include talking to staff or observing processes. They use this data to identify potential risks. When they identify potential risks they produce reports about their findings and make recommendations for how to address the issues identified. Since they can work in a wide range of business sectors the specific types of data they look at and potential risk factors may vary. They can include decisions about how to invest resources or decisions about whether to pursue different projects or business opportunities.
|Educational Requirements||Bachelor's degree|
|Job Skills||Interpersonal skills, communication skills, analytical skills, mathematical skills, computer skills, attention to detail|
|Median Salary (2020)*||$67,990|
|Job Outlook (2018-2028)**||6% (financial specialists, all other)|
Sources: *PayScale; **U.S. Bureau of Labor Statistics
According to O*NET OnLine, 48% of risk management specialists have a bachelor's degree, 33% have a master's degree and an additional 11% have a post-baccalaureate certificate. This means that 44% of those working in this field are confirmed to have continued studies beyond a bachelor's degree, which is comparable to the 48% who have only completed a bachelor's degree. Although it's possible to enter this field with a bachelor's degree, these statistics suggest that those with additional postsecondary studies may have an advantage when seeking employment. Studying business administration or other related fields, such as finance, can help prepare individuals to enter this career field.
Risk management specialists need to be able to effectively communicate with clients and other financial managers so they need to have strong communication skills and good interpersonal skills. This ensures that they can clearly and effectively relay relevant information. They perform a lot of tasks on computers so they need good computer skills and they also need mathematical skills in order to perform calculations and identify potential problems with data. Their work involves reviewing large amounts of data and in order to do this effectively they need to be good at paying attention to details and they must have strong analytical skills.
Career Outlook and Salary
Risk management specialists are grouped with 'financial specialists, all other' by the U.S. Bureau of Labor Statistics (BLS). The BLS indicates this group of professionals should see a 6% job growth rate from 2018 to 2028. This is slightly higher than the job growth rate that the BLS expects for all occupations from 2018 to 2028, which is 5%. According to PayScale, as of 2020 risk management specialists earned a median income of $67,990 per year.
If a career working as a risk management specialist sounds appealing, other career fields that you may also want to consider include being a credit risk analyst, an auditor or a financial advisor. These careers involve using similar skills as those used by risk management specialists.