Risk Management Specialists are categorized under the Conventional Theme Code Category of the Strong Interest Inventory®. This Inventory is among the most comprehensively researched methods of matching individuals with careers they will find fulfilling. Individuals take an interest inventory assessment where they rate how much they would enjoy a broad range of tasks, careers, activities, or subjects. This analysis is used to match individuals with careers held by people whose answers were similar to their own. Careers are categorized into six Theme Code Categories, each of which have slightly different traits. For instance, the Conventional Theme Code Category contains careers geared towards analytical, detail-oriented individuals who thrive in structured workplace environments.
Risk Management Specialists, for instance, are responsible for documenting and communicating financial and business-related risks, and developing ways of controlling or reducing risks. In addition, they develop models, systems, or processes for predicting and valuing risks given particular contingencies or scenarios within fluctuating market conditions. This process requires the gathering of data from vendors or other external sources, as well as from their own internal research operations and data sources. They then conduct statistical analyses or developing econometric models based on these data sets. As they build these models, Risk Management Specialists may meet with their clients or stakeholders to evaluate risk exposure, various market scenarios, and other details that may affect their calculations, or to develop strategies for gathering better, broader data sets that can speak to specific questions.
Such analyses and evaluations are essential to the success of businesses and other organizations. Once the analysis is produced, Risk Management Specialists produce reports or presentations that explain these risks and recommend changes to stakeholders, as well as senior and executive level leaders within their organization. They should be prepared to give details about the internal changes necessary, as well as how they reached these conclusions based on additional events taking place within their industry.
Risk Management Specialists should be familiar with standard office equipment, including computers, smart phones, copiers, scanners, and fax machines. They may depend on and utilize complex software applications, including scientific software such as MATLAB; data analysis software, like Tableau and SAS; and various component oriented development languages and software, including C++, Perl, and R. In addition, proficiency with Microsoft Office Suite (Word, Excel, PowerPoint, Access, Outlook), and project management software is essential. From a skills standpoint, Risk Management Specialists have a complex understanding of theoretical and applied mathematics, including economics and accounting, as well as computers and technology. The ability to analyze complex systems and convey their findings and nuances succinctly and precisely is also essential. For this reason, Risk Management Specialists need excellent verbal and written communication skills, and the ability to communicate technical information to non-specialists smoothly.
Most Risk Management Specialists develop this knowledge base in higher education contexts. Nearly 50% hold Bachelor’s Degrees, while just over 30% hold Master’s Degrees, most commonly in economics, business, statistics, or a related quantitative field.
Risk Management Specialists’ salary ranges can vary widely across the country, with the Washington D.C. area leading the nation with a median salary of over $95,000. Close behind are Massachusetts and Virginia which have median salaries over $80,000. The best-paid Risk Management Specialists in heavily financial areas, such as New York and Chicago, can earn over $150,000 per year. On the other hand, those in Wisconsin, Arkansas, and Louisiana often average under $50,000 and can make as little as $23,000 per year. The growth rate is fairly slow nationwide, with a projected national increase of just 4.9%, or just 8,000 jobs. While some states, such as Utah and Arizona, are experiencing growth over 20% are adding under 400 jobs each.
Below are some employment trends for Risk Management Specialists:
- Median Risk Management Specialist Salary: $33.40 hourly, $69.470 annually
- Employment: 145,000 employees
- Projected growth (2014-2024): Average (5% to 8%)
- Projected job openings (2014-2024): 21,900
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- Bureau of Labor Statistics wage data and 2014-2022 employment projections Onetonline.org