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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 Specialist

Learn all about a career as a Risk Management Specialist including career stats such as Median Salary, Daily Tasks, Required Education, Employment Growth and More!

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
[Information retrieved from Bureau of Labor Statistics wage data and 2014-2024 employment projections]

 

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Gain access to your best-fit careers, occupational preferences and interests with these career based Strong Interest Inventory® Assessments:

  • Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Edition Profile

    $84.95 Add to cart

    Choose a college major that works best with your interests, and then plan a rewarding career to follow your college career.

    You’ll start college off right with knowledge on applying your interests and preferences to college majors and receive a detailed depiction of how your ideal career will mature if you work toward success. With the Strong Interest Inventory® & MBTI® Combined Career Report and the Strong College Edition Profile, you’ll set yourself up for success throughout college and into your career after graduation.

    Download sample Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Profile

  • Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Edition Profile

    $84.95 Add to cart

    Choose a college major that works best with your interests, and then plan a rewarding career to follow your college career.

    You’ll start college off right with knowledge on applying your interests and preferences to college majors and receive a detailed depiction of how your ideal career will mature if you work toward success. With the Strong Interest Inventory® & MBTI® Combined Career Report and the Strong College Edition Profile, you’ll set yourself up for success throughout college and into your career after graduation.

    Download sample Strong Interest Inventory® & MBTI® Combined Career Report + Strong College Profile

  • Strong Interest Inventory® Interpretive Report

    $62.50 Add to cart

    Delve deeper into what your interests, hobbies, favorite topics, and locations can mean for your career and personal life with the help of this extensive and personalized Strong profile.

    Your Strong Interest Inventory® Interpretive Report starts with the same foundational information found in the Strong Interest Inventory Profile, but goes even further into analyzing your likes and dislikes by offering you a detailed look at how following your interests and preferences can help you lead a more fulfilling, satisfied life. The report presents you with the closest matched occupations for people with your interests, an in-depth breakdown of certain areas matched to your Strong Interest Inventory test results, and insight into your likes and dislikes.

    Download sample Strong Interest Inventory® Interpretive Report

  • Strong Interest Inventory® Profile

    $52.50 Add to cart

    Mold your future success by choosing a career that accurately reflects your interests, preferences,  favorite topics as well as your likes and dislikes with the help of this profile.

    Direct your future based on what you like and enjoy, providing you with a happier, more fulfilling life and career. The Strong Interest Inventory® Profile uses an extensive analysis of your interests and preferences to guide you towards a career that best suits who you are on a personal level. Depending on your likes and dislikes compared to others in specified fields, you may find a fulfilling career previously unthought-of, helping guide you down the road to success and happiness.

    Download sample Strong Interest Inventory® Profile

  • Strong Interest Inventory® & Skills Confidence Profile + Strong Interpretive Report

    $72.50 Add to cart

    Discover your interests and preferences as well as your confidence in your abilities to use these interests to your advantage.

    Your strengths, interests, and preferences, when understood and well known, can lead you toward a successful and satisfying career. With this custom package, you’ll learn which occupations, strengths, and skills work best with your likes and dislikes and how confident you are in your ability to fulfill the needs of certain occupations, allowing you to formulate a career path that you’ll enjoy for years to come with the help of the Strong Interest Inventory test.

    Download sample Strong Interest Inventory® & Skills Confidence Profile + Strong Interpretive Report

  • Strong_iStartSTRONG

    iStartStrong™ Report

    $39.95 Add to cart

    Plan your future career based on your interests and preferences, leading you down the path to a successful work and personal life.

    Use your interests, preferences, and favorite subjects and leisure activities to assess which career or career field works best with who you are and what you like. Through the web-interactive and thorough iStartStrong™ report, you’ll get set off on the right foot toward finding a career that you’ll enjoy for years to come.

    Download Sample iStartStrong™ Report

 

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References

  1. Bureau of Labor Statistics wage data and 2012-2022 employment projections Onetonline.org