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: Chief Risk Officer, Credit Risk Management Director, Global Risk Management Director, Risk and Insurance Consultant, Risk Management Director, Risk Manager
Tasks | Technology Skills | Tools Used | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings | Additional Information
- 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.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
- Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
- Devise scenario analyses reflecting possible severe market events.
- Develop contingency plans to deal with emergencies.
- Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
- Analyze new legislation to determine impact on risk exposure.
- Track, measure, or report on aspects of market risk for traded issues.
- Review or draft risk disclosures for offer documents.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Determine potential liability related to the use of more sustainable methods of product packaging, such as biodegradable food containers.
- Evaluate the risks and benefits involved in implementing green building technologies.
- Evaluate the risks related to green investments, such as renewable energy company stocks.
- Analytical or scientific software — Aptech Systems GAUSS; Insightful S-PLUS; SAS ; The MathWorks MATLAB (see all 7 examples)
- Business intelligence and data analysis software — MicroStrategy ; Tableau
- Data base management system software — Apache Hive ; Apache Pig
- Data base user interface and query software — Microsoft Access ; Structured query language SQL
- Development environment software — Microsoft Visual Basic ; Ruby
- Electronic mail software — Microsoft Outlook
- Enterprise resource planning ERP software — Oracle Fusion Applications ; SAP
- Graphics or photo imaging software — Microsoft Visio
- Information retrieval or search software — Factiva; S&P Capital IQ; Standard & Poor's Capital IQ Compustat
- Internet browser software — Web browser software
- Object or component oriented development software — C++ ; Practical extraction and reporting language Perl ; R
- Office suite software — Microsoft Office
- Operating system software — Linux ; UNIX
- Presentation software — Microsoft PowerPoint
- Project management software — Microsoft Project ; Microsoft SharePoint ; Oracle Primavera Enterprise Project Portfolio Management
- Spreadsheet software — Microsoft Excel
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
- 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.
- 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.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Time Management — Managing one's own time and the time of others.
- Coordination — Adjusting actions in relation to others' actions.
- Persuasion — Persuading others to change their minds or behavior.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- 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.
- Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- Speech Clarity — The ability to speak clearly so others can understand you.
- Speech Recognition — The ability to identify and understand the speech of another person.
- Flexibility of Closure — The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- 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.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Estimating the Quantifiable Characteristics of Products, Events, or Information — Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
- Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Monitoring and Controlling Resources — Monitoring and controlling resources and overseeing the spending of money.
Detailed Work Activities
- Prepare financial documents, reports, or budgets.
- Advise others on business or operational matters.
- Maintain data in information systems or databases.
- Assess risks to business operations.
- Analyze business or financial data.
- Develop business or financial information systems.
- Gather organizational performance information.
- Apply mathematical models of financial or business conditions.
- Develop financial analysis methods.
- Present business-related information to audiences.
- Monitor business indicators.
- Educate clients on financial planning topics.
- Develop contingency plans to deal with organizational emergencies.
- Confer with others about financial matters.
- Evaluate applicable laws and regulations to determine impact on organizational activities.
- Prepare regulatory or compliance documentation.
- Advise others on analytical techniques.
- Update professional knowledge.
- Analyze risks related to investments in green technology.
- Electronic Mail — 100% responded “Every day.”
- Telephone — 82% responded “Every day.”
- Face-to-Face Discussions — 80% responded “Every day.”
- Duration of Typical Work Week — 86% responded “More than 40 hours.”
- Spend Time Sitting — 67% responded “Continually or almost continually.”
- Indoors, Environmentally Controlled — 89% responded “Every day.”
- Contact With Others — 46% responded “Constant contact with others.”
- Structured versus Unstructured Work — 58% responded “Some freedom.”
- Importance of Being Exact or Accurate — 58% responded “Very important.”
- Work With Work Group or Team — 43% responded “Extremely important.”
- Impact of Decisions on Co-workers or Company Results — 39% responded “Very important results.”
- Freedom to Make Decisions — 60% responded “Some freedom.”
- Time Pressure — 40% responded “Once a month or more but not every week.”
- Letters and Memos — 39% responded “Once a week or more but not every day.”
- Frequency of Decision Making — 39% responded “Every day.”
- Level of Competition — 44% responded “Highly competitive.”
- Coordinate or Lead Others — 48% responded “Important.”
- Responsibility for Outcomes and Results — 44% responded “Moderate responsibility.”
- Consequence of Error — 28% responded “Very serious.”
|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, graphic designers, chemists, art directors, and cost estimators.|
|SVP Range||(7.0 to < 8.0)|
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.
- 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.
- Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- 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.
Wages & Employment Trends
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 (2016)||$33.40 hourly, $69,470 annual|
|Employment (2016)||136,000 employees|
|Projected growth (2016-2026)||Faster than average (10% to 14%)|
|Projected job openings (2016-2026)||13,100|
|Top industries (2016)|
Source: Bureau of Labor Statistics 2016 wage data and 2016-2026 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2016-2026). "Projected job openings" represent openings due to growth and replacement.
Job Openings on the Web
Sources of Additional Information
Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.
- ASIS International
- CFA Institute
- Global Association of Risk Professionals
- International Association for Quantitative Finance
- Public Risk Management Association
- Risk Management Association
- Risk Management Society
- The Professional Risk Managers' International Association
- University Risk Management and Insurance Association