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Summary Report for:
13-2099.02 - Risk Management Specialists

Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.

Sample of reported job titles: Risk Management Director, Chief Risk Officer, Risk Manager, Credit Risk Management Director, Global Risk Management Director, Risk and Insurance Consultant

View report: Summary  Details  Custom

Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Work Context  |  Job Zone  |  Education  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings

Tasks

  • Document, and ensure communication of, key risks.
  • Maintain input or data quality of risk management systems.
  • Recommend ways to control or reduce risk.
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments.
  • Devise systems and processes to monitor validity of risk modeling outputs.
  • Gather risk-related data from internal or external resources.
  • Identify and analyze areas of potential risk to the assets, earning capacity, or success of organizations.
  • Develop or implement risk-assessment models or methodologies.
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
  • Plan, and contribute to development of, risk management systems.

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Tools & Technology

Tools used in this occupation:

Laser fax machine — Laser facsimile machines
Notebook computers — Laptop computers
Photocopiers — Photocopying equipment
Scanners — Computer data input scanners
Special purpose telephones — Multi-line telephone systems

Technology used in this occupation:

Analytical or scientific software — Aptech Systems GAUSS software; SAS software; StataCorp Stata; The MathWorks MATLAB
Development environment software — Microsoft Visual Basic; Ruby *
Information retrieval or search software — Factiva; Standard & Poor's Capital IQ Compustat; Standard & Poor's Capital IQ software
Object or component oriented development software — C++; Practical extraction and reporting language Perl
Operating system software — Linux; UNIX

* Software developed by a government agency and/or distributed as freeware or shareware.

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Knowledge

Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

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Skills

Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Speaking — Talking to others to convey information effectively.
Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Mathematics — Using mathematics to solve problems.
Systems Evaluation — Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
Writing — Communicating effectively in writing as appropriate for the needs of the audience.
Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.

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Abilities

Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
Written Comprehension — The ability to read and understand information and ideas presented in writing.
Near Vision — The ability to see details at close range (within a few feet of the observer).
Written Expression — The ability to communicate information and ideas in writing so others will understand.
Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.

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Work Activities

Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.

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Work Context

Electronic Mail — How often do you use electronic mail in this job?
Telephone — How often do you have telephone conversations in this job?
Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
Duration of Typical Work Week — Number of hours typically worked in one week.
Spend Time Sitting — How much does this job require sitting?
Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?
Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Structured versus Unstructured Work — To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?
Work With Work Group or Team — How important is it to work with others in a group or team in this job?

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Job Zone

Title Job Zone Four: Considerable Preparation Needed
Education Most of these occupations require a four-year bachelor's degree, but some do not.
Related Experience A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, environmental engineers, criminal investigators, and special agents.
SVP Range (7.0 to < 8.0)

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Education


Percentage of Respondents
Education Level Required
48   Bachelor's degree
43   Master's degree
  Doctoral or professional degree

This occupation may require a background in the following science, technology, engineering, and mathematics (STEM) educational disciplines:

Mathematics — Actuarial Science

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Interests

Interest code: CEI

Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Investigative — Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

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Work Styles

Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
Integrity — Job requires being honest and ethical.
Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative — Job requires a willingness to take on responsibilities and challenges.
Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Persistence — Job requires persistence in the face of obstacles.

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Work Values

Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Recognition — Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

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Related Occupations

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13-2099.04 Fraud Examiners, Investigators and Analysts Bright Outlook

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Wages & Employment Trends

National

Median wages data collected from Financial Specialists, All Other.
Employment data collected from Financial Specialists, All Other.
Industry data collected from Financial Specialists, All Other.

Median wages (2012) $29.40 hourly, $61,160 annual
Employment (2012) 156,000 employees
Projected growth (2012-2022) Slower than average (3% to 7%) Slower than average (3% to 7%)
Projected job openings (2012-2022) 25,800
Top industries (2012)

State & National

          CareerOneStop

Source: Bureau of Labor Statistics 2012 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

Find Jobs
for Risk Management Specialists

          mySkills myFuture

State & National Job Banks

          CareerOneStop

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