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Top Five U.S. High-Paying Job Positions in the Risk Management Industry
Governance, Risk, and Compliance
2024-03-14
In today's fast-paced and interconnected world, businesses face countless risks that threaten their stability and success. From economic downturns and cybersecurity breaches to natural disasters and regulatory changes, the landscape of risk is constantly evolving, posing challenges to organizations of all sizes and industries. In response to these complexities, the role of risk management has emerged as a critical function within companies, tasked with identifying, assessing, and mitigating potential threats to organizational objectives.
What Is Risk Management?
Risk management helps organizations identify, assess, and control risks that may threaten their profits, activities, or their very own existence. While risk management cannot eliminate all risks, it certainly can reduce them and minimize their consequences. A risk management-related certification will help you demonstrate your competencies in supporting an organization to manage its risks. ISO 31000 is the most popular international standard that lays the principles of risk management.
Top Five U.S. High-Paying Job Positions in the Risk Management Industry
1. Chief Risk Officer
The average salary of a Chief Risk Officer is U.S. $207,447 per year.
A Chief Risk Officer is mainly responsible for:
- Implementing policies and procedures that minimize and manage an organization’s risks
- Conducting risk management analyses
- Ensuring that risk management priorities are reflected in an organization’s strategic plans
- Conducting ongoing risk assurance and due diligence
- Developing risk-related budgets
Chief Risk Officers should be able to measure an organization’s risk. They should have analytical skills for evaluating the possible risks.
2. Risk Management Director
The average salary of a Risk Management Director is U.S. $144,088 per year.
A Risk Management Director is mainly responsible for:
- Developing risk management programs
- Managing risk management budgets
- Leading risk management teams
- Creating risk management policies
- Establishing the risk level in an organization
A Risk Management Director should have problem-solving skills to deal with the risks that the organization may face.
3. Senior Risk Manager
The average salary of a Senior Risk Manager is U.S. $135,065 per year.
A Senior Risk Manager is mainly responsible for:
- Identifying the risks that the organization may be exposed to
- Finding ways to eliminate potential risks
- Ensuring that processes for risk reporting and managing are followed
- Conducting risk assessment reports
- Reporting to upper-level management
Senior Risk Managers should have a deep understanding of risk management. They must be able to conduct analytical risk assessments.
4. Operational Risk Manager
The average salary of an Operational Risk Manager is U.S. $113,887 per year.
An Operational Risk Manager is mainly responsible for:
- Identifying risks associated with the organization’s operations
- Creating reports based on risk findings
- Developing procedures regarding risk management
- Monitoring the organization’s operations in order to find new potential threats or risks
- Ensuring the organization’s compliance with laws and regulations
Operational Risk Managers should be aware of risk management standards, such as ISO 31000.
5. Risk Control Manager
The average salary of a Risk Control Manager is U.S. $102,561 per year.
A Risk Control Manager is mainly responsible for:
- Communicating risk policies
- Designing the risk management processes
- Creating business continuity plans
- Creating risk reports
- Performing risk assessments
Risk Control Managers should have analytical risk assessment skills and be adaptable to new concerns or risks that the organization may face.
Note: The salaries of the above-mentioned positions are not definitive and they may change with time and industry development.
How Can PECB Help?
PECB offers ISO 31000 Risk Management training courses and certification for individuals who want to assist an organization in establishing a risk strategy and achieving risk-related objectives.
A PECB ISO 31000 Risk Management certification will help you demonstrate awareness of risk management principles and demonstrate competencies in establishing a risk management framework. A risk management certification will help you towards a more successful career in risk management.
