Why We Love It
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$72,480Potential Avg. Salary
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4.9%Job Growth Rate
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Growing DemandJob Outlook
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Office Work EnvironmentCareer Attribute
As a risk management director, you need to work closely with organizations to evaluate all potential threats to reputation or the safety and security of its brand.
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What is a Risk Management Director?
Duties
The primary duties of a risk management director include the following aspects:
- Undertake effective reviews of asset acquisitions, with the goal of understanding the risks and challenges involved, compile the required data and provide detailed recommendations on a plan of action.
- Collaborate with the legal department to undertake an investigation and possible defence of any claims made against the organisation – this includes compiling and maintaining information that is required by defence attorneys for developing a testimony in litigation cases.
- Alongside senior management, create comprehensive recommendations to assess the steps necessary for bringing an operation under compliance with applicable processes and regulations.
- Perform a thorough research of relevant federal and state regulations for the purpose of reviewing and determining compliance with the organization’s policies and publications.
- Conduct workshops and training events with industry leaders to create risk treatment frameworks and categorize organizational risks for monitoring, based on priority.
Day In The Life
Since risk management involves detailed analysis, your time will largely be occupied by undertaking integrated assessments of organizational risks and imminent threats. To this end, you will go through a wide range of documentation, statistical analysis, overall market trends and take on independent research. You will also monitor the evolution of the organization’s risk management protocols from previous years till date.
Another important facet of working as a risk management director is doing due diligence to the company’s long-term business goals. You will have to gain data on clients and the responsibilities to be fulfilled with regard to the impact of proposed risks. However, related to this, is having the ability to create strong connections with various clients and their partners – for this, presentations on financial reports and their findings will have to be done for senior staff to remain engaged.
As a risk management director, you will provide well-researched solutions on how to keep insurance and health procedures up-to-date, d suggest and implement are likely to include insurance, health and safety policies, disaster recovery measures and business continuity plans. Once these have been put in place, risk managers will often return to organisations again in the future to conduct additional audits and assessments.
Work Schedule And Typical Hours
As a risk management director, you can enjoy standard business hours from nine to five. However, overtime is not uncommon, with extra hours over late evenings and the weekend on occasion. Work is usually done in an office setting, but you will also go to different locations for face-to-face meetings with clients.
Growth Of The Job
The employment of individuals in senior roles for the finance sector is expected to increase at a steady pace, as per the US Bureau of Labor Statistics, at 7% between 2014 to 2024. You can expect fierce competition as there will be no dearth of candidates who are seeking available vacancies.
Typical Employers
Risk management directors are required by big corporations, community organization and state government agencies to plan ahead for organizational vulnerabilities, and be prepared for emergency situations.
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How To Become a Risk Management Director
To work your way up to the position of a risk management director, you can start out with an administrative role by completing an undergraduate degree program. While the subject does not really matter, you will be in a better position if you study business, finance, law, economics, and engineering or even risk management. A postgraduate degree in risk management is also great for your career prospects.
To get the most out of your education, complete an internship from a reputed organisation. Experience is essential to becoming a risk manager, so students may benefit from gaining some practical experience through internships at the undergraduate level. Along with learning from seasoned risk management professionals, interns might use these opportunities to get their foot in the door of a financial company or business.
Applied experience is always valued in this industry, so completing an internship is beneficial for boosting your chances of advancement. Internships will provide a direct opportunity to learn from more experienced professionals in the field, and build financial networks for future employment. On an individual level, you should be able to think analytically, have high attention to detail and outstanding communication skills.
Risk Management Director Salary Data
We’ve provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Anual Salary
Low Range
$49,590Average
$72,480High Range
$112,140National Hourly Wage
Low Range
$24/hrAverage
$35/hrHigh Range
$54/hrHow do Risk Management Director salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Risk Management Director's can make an average annual salary of $72,480, or $35 per hour. On the lower end, they can make $49,590 or $24 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#181 Nationally for All Careers
Above Average Salary Nationally
Programs and Degrees
Here are the most common degrees for becoming a Risk Management Director. a is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.
Highest Education Among Risk Management Directors
- 2.6% Doctorate
- 22.9% Masters
- 37.7% Bachelors
- 8.7% Associates
- 16.6% College
- 10.4% High School
- 1.2% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs
145,2002024 Est. Jobs
152,300Job Growth Rate
4.9%Est. New Jobs
7,100How does Risk Management Director job growth stack up to other jobs across the country? By 2024, there will be a change of 7,100 jobs for a total of 152,300 people employed in the career nationwide. This is a 4.9% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#441 Nationally for All Careers
Above Avg. Growth Nationally
What Companies Employ The Most Risk Management Directors
| Industry | Current Jobs | New Jobs Needed | % Increase |
|---|---|---|---|
| Federal government, excluding postal service | 23,200 | -2,200 | -2% |
| Depository credit intermediation | 21,000 | 1,300 | 1% |
| Management of companies and enterprises | 11,900 | 500 | 1% |
