Risk Management Specialists
Identify risks to an organization.
Quick Facts
Wages: |
Median wages for the broader occupation, Financial Specialists, All Other, are
$38.99
/ hour.
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Education: |
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On the Job: |
Typical Work Tasks
- Confer with others about financial matters.
- Gather organizational performance information.
- Present business-related information to audiences.
- Analyze business or financial data.
Read more about the job
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Job Title Examples: |
Chief Risk Officer
Market Risk Analyst
Risk Management Director
See more job title examples
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View All Career Information
This page includes information from the O*NET 24.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.
On the Job
Risk Management Specialists work to minimize various risks of all types to organizations. They document possible risk, and communicate these risks to upper management. They may recommend ways to control or reduce risk, or put these procedures in place.
Typical Work Tasks
People who work in this career often:
- Confer with others about financial matters.
- Gather organizational performance information.
- Present business-related information to audiences.
- Analyze business or financial data.
- Analyze risks related to investments in green technology.
- Apply mathematical models of financial or business conditions.
- Assess risks to business operations.
- Evaluate applicable laws and regulations to determine impact on organizational activities.
- Update professional knowledge.
- Develop contingency plans to deal with organizational emergencies.
Typical Working Conditions
- Using e-mail.
- Working with a group or team.
- The freedom to determine tasks, priorities, and goals.
- Freedom to make decisions without supervision.
- Working indoors in environmentally controlled conditions.
- Sitting.
- Responsibility for others' health and safety.
- Meeting strict deadlines.
This page includes information from the O*NET 24.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.
Education & Credentials
This is a new or emerging specialty. The information on this page is based on the broader career that this specialty is part of,
Financial Specialists, All Other.
Educational Requirements
Not available
Education level attained (national data)
Education Level Attained (national data)Education Level Attained | Percentage of workers in this occupation |
Less than high school diploma | 1.8 |
High school diploma or equivalent | 13.1 |
Some college, no degree | 18.8 |
Associate degree | 8.4 |
Bachelors degree | 34.9 |
Masters degree | 19.9 |
Doctoral (Ph.D) or professional degree | 3.2 |
Work Experience and Training Requirements
Nationally, this career typically requires:
- No related work experience for entry.
- Moderate-term on-the-job training to become competent.
Transfer Options
Enrolling in a community college can be a great place to start your four-year degree. While all 31 Minnesota State community colleges,
technical colleges and universities offer all or part of the Minnesota Transfer Curriculum
(a 40-credit package of general education courses accepted for transfer to other state colleges and universities, the University of Minnesota,
and some private colleges and universities), not all two-year colleges offer degrees intended to transfer to a four-year bachelor's degree.
If you plan to transfer to obtain a four-year bachelor's degree, it is important to know which degree path is right for you:
- Associate of Arts (AA) degrees offered at community colleges are designed to transfer into liberal arts four-year majors.
- Associate of Science (AS) and Associate of Fine Arts (AFA) degrees offered at community and technical colleges transfer into specific four-year majors and will likely require completing additional general education courses at a university.
- Associate of Applied Science (AAS) degrees offered at technical and community colleges are not designed to transfer. They lead to immediate entry into the workplace.
- Diplomas and certificates offered at technical colleges are not designed to transfer. They lead to immediate entry into the workplace.
Talk to a transfer specialist as early as possible to determine the best associate degree for your goals. Be sure to review your Degree Audit Report (DARS) each semester to best prepare for transfer. Get more help understanding transfer using the tools below.
Licenses
Licenses are knowledge and skill credentials that are legally required in some careers.
This occupation requires a license.
Bail Bond Agent
Insurance Agent (Line item for Bailbondsmen)
Helpful High School Courses
Examples of helpful classes that help you prepare for this career:
- Accounting
- Algebra I and II
- Business Law
- Business Management
- Composition
- Economics
- International Business
- Marketing
- Office Procedures
- Public Speaking
- Statistics
- e-Commerce
In Minnesota, your school may have developed a Program of Study in this career area.
A Program of Study is an academic and career plan developed by your high school to help move you towards a career
and college path. A Program of Study can help you:
- Select high school classes that prepare you for college and getting a job
- Understand how the classes you're taking in high school lead to a career
- Identify extra-curricular activities that are related to your career interest
- See what classes at your school offer early college credit that will save you time and money towards your college expenses
- Graduate from high school prepared for your next step toward the career you choose
This page includes information from the O*NET 24.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.
Skills & Knowledge
Most Important Skills for Risk Management Specialists
- Reading—Understanding written sentences and paragraphs in work related documents.
- Thinking Critically—Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- 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.
- Mathematics—Using mathematics to solve problems.
- Evaluating a System or Organization—Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
- Making Decisions—Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Solving Complex Problems—Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Speaking—Talking to others to convey information effectively.
- Understanding a System or Organization—Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Writing—Communicating effectively in writing as appropriate for the needs of the audience.
Most Important Knowledge Areas for Risk Management Specialists
- 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.
- 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.
- English Language—Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Mathematics—Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- Economics and Accounting—Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Clerical—Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
- 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.
- Law and Government—Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Education and Training—Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Interests
Different careers may be a good fit for your personality or interests. This career is:
- 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.
Learn more about your interests. Take the MnCareers Interest Assessment.
Describe Your Skills
This is a new or emerging career specialty. Skill statements are still under development.
Careers that Use Similar Skills
The following careers use skills, knowledge, and abilities that are similar to those used for Risk Management Specialists.
View more careers in the Finance cluster
View more careers in the Securities and Investments pathway
This page includes information from the O*NET 24.2 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.
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Jobs
Real-time job data provided by Gartner TalentNeuron
Job Title Examples
Chief Risk Officer,
Market Risk Analyst,
Risk Management Director,
Credit Risk Management Director,
Global Risk Management Director,
Operational Risk Analyst,
Risk Analyst,
Risk Manager,
Risk and Insurance Consultant
Where Do Risk Management Specialists Work?
Risk Management Specialists often work in the following industries.
Similar Careers
Below are careers that use skill sets that are similar to Risk Management Specialists.
Source: You can learn about our data sources in the About Us section.