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: Credit Risk Management Director, Global Risk Management Director, Operational Risk Management Vice President, Purchasing and Risk Services Director, Risk Analyst, Risk Management and Benefits Vice President, Risk Management Director, Risk Management Manager, Risk Manager, Risk Specialist
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
- Develop contingency plans to deal with emergencies.
- Recommend ways to control or reduce risk.
- Analyze areas of potential risk to the assets, earning capacity, or success of organizations.
- Document, and ensure communication of, key risks.
- Maintain input or data quality of risk management systems.
- Gather risk-related data from internal or external resources.
- Develop or implement risk-assessment models or methodologies.
- Devise systems or processes to monitor validity of risk assessments.
- Meet with clients to answer queries on subjects such as risk exposure, market scenarios, or values-at-risk calculations.
- Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
- Contribute to development of risk management systems.
- Conduct statistical analyses to quantify risk, using statistical analysis software or econometric models.
- Analyze new legislation to determine impact on risk exposure.
- Provide statistical modeling advice to other departments.
- Consult financial literature to ensure use of the latest models or statistical techniques.
- Evaluate the risks related to green investments, such as renewable energy company stocks.
- Confer with traders to identify and communicate risks associated with specific trading strategies or positions.
- Determine potential environmental impacts of new products or processes on long-term growth and profitability.
- Track, measure, or report on aspects of market risk for traded issues.
- 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 scenario analyses reflecting possible severe market events.
- Review or draft risk disclosures for offer documents.
- Evaluate the risks and benefits involved in implementing green building technologies.
- Determine potential liability related to the use of more sustainable methods of product packaging, such as biodegradable food containers.
- Analytical or scientific software — IBM SPSS Statistics ; SAS ; StataCorp Stata; The MathWorks MATLAB (see all 7 examples)
- Business intelligence and data analysis software — MicroStrategy ; Oracle Business Intelligence Enterprise Edition ; Qlik Tech QlikView ; Tableau
- Data base management system software — Apache Hive ; Apache Pig ; Teradata Database
- Data base user interface and query software — Microsoft Access ; Microsoft SQL Server ; Structured query language SQL
- Development environment software — Microsoft Visual Basic ; Microsoft Visual Basic for Applications VBA ; 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
- Transaction security and virus protection software — McAfee
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- 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.
- Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Public Safety and Security — Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- Personnel and Human Resources — Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- 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.
- 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.
- 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.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Mathematics — Using mathematics to solve problems.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- 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.
- Coordination — Adjusting actions in relation to others' actions.
- Instructing — Teaching others how to do something.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Negotiation — Bringing others together and trying to reconcile differences.
- Persuasion — Persuading others to change their minds or behavior.
- Service Orientation — Actively looking for ways to help people.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- Time Management — Managing one's own time and the time of others.
- 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).
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Near Vision — The ability to see details at close range (within a few feet of the observer).
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- 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.
- 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).
- 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).
- Far Vision — The ability to see details at a distance.
- Originality — The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- 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.
- 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.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- 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.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- 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.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Monitoring and Controlling Resources — Monitoring and controlling resources and overseeing the spending of money.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
- 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.
- 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.
- Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
Detailed Work Activities
- Develop contingency plans to deal with organizational emergencies.
- Advise others on business or operational matters.
- Assess risks to business operations.
- Prepare financial documents, reports, or budgets.
- Analyze risks related to investments in green technology.
- Maintain data in information systems or databases.
- Gather organizational performance information.
- Confer with others about financial matters.
- Apply mathematical models of financial or business conditions.
- Develop financial analysis methods.
- Develop business or financial information systems.
- Present business-related information to audiences.
- Educate clients on financial planning topics.
- Analyze business or financial data.
- Monitor business indicators.
- Prepare regulatory or compliance documentation.
- Evaluate applicable laws and regulations to determine impact on organizational activities.
- Advise others on analytical techniques.
- Update professional knowledge.
- Electronic Mail — 100% responded “Every day.”
- Telephone — 90% responded “Every day.”
- Face-to-Face Discussions — 76% responded “Every day.”
- Contact With Others — 67% responded “Constant contact with others.”
- Work With Work Group or Team — 52% responded “Extremely important.”
- Freedom to Make Decisions — 57% responded “Some freedom.”
- Letters and Memos — 48% responded “Every day.”
- Structured versus Unstructured Work — 67% responded “Some freedom.”
- Indoors, Environmentally Controlled — 71% responded “Every day.”
- Duration of Typical Work Week — 57% responded “More than 40 hours.”
- Spend Time Sitting — 76% responded “More than half the time.”
- Impact of Decisions on Co-workers or Company Results — 52% responded “Important results.”
- Responsible for Others' Health and Safety — 38% responded “Very high responsibility.”
- Importance of Being Exact or Accurate — 52% responded “Very important.”
- Frequency of Decision Making — 33% responded “Every day.”
- Coordinate or Lead Others — 38% responded “Important.”
- Time Pressure — 43% responded “Once a week or more but not every day.”
- Deal With External Customers — 33% responded “Very important.”
- Frequency of Conflict Situations — 35% responded “Once a month or more but not every week.”
- Responsibility for Outcomes and Results — 33% responded “Moderate responsibility.”
- Level of Competition — 48% responded “Moderately competitive.”
- Deal With Unpleasant or Angry People — 38% responded “Once a week or more but not every day.”
|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 real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.|
|SVP Range||(7.0 to < 8.0)|
Interest code: CEI Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
- 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.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Integrity — Job requires being honest and ethical.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Persistence — Job requires persistence in the face of obstacles.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- 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.
- 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.
- 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 wage data for Financial and Investment Analysts, Financial Risk Specialists, and Financial Specialists, All Other.
Employment data for Financial Specialists, All Other.
Industry data for Financial Specialists, All Other.
|Median wages (2019)||$39.22 hourly, $81,590 annual|
|Employment (2018)||144,100 employees|
|Projected growth (2018-2028)||Average (4% to 6%)|
|Projected job openings (2018-2028)||13,700|
|Top industries (2018)|
Source: Bureau of Labor Statistics 2019 wage data and 2018-2028 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2018-2028). "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
- Occupational Outlook Handbook: Financial analysts
- Public Risk Management Association
- Risk Management Association
- Risk Management Society
- The Professional Risk Managers' International Association
- University Risk Management and Insurance Association