8 High-Impact Risk Manager Jobs That Pay Six Figures

1. Enterprise Risk Manager (ERM)

• Ensure adequate capital by assessing, measuring, and managing risks that affect the organization.
• Assess and manage operational, financial, compliance, and reputational risks to drive consistent growth and profitability.
• ERM professionals are vital to helping businesses proactively identify and mitigate risks, ensuring the company's long-term success.
• Role is expected to grow by 21% between 2022 and 2032.
• Average salary: $125,000 per year

2. Financial Risk Manager (FRM)

• Identify and mitigate financial risks like credit risk, market risk, and liquidity risk.
• Utilize quantitative and analytical techniques including Expected Loss (EL), Value-at-Risk (VaR), and Monte Carlo simulations to assess potential financial impacts.
• FRMs play a critical role in modern finance, safeguarding organizations from financial losses and ensuring stability.
• Jobs are expected to grow by 9% between 2022 and 2032.
• Average salary: $107,000 per year

3. Operational Risk Manager (ORM)

• Manage operational risks by identifying, assessing, and mitigating potential threats to daily business operations.
• Develop and implement risk management frameworks, policies, and procedures to ensure smooth running of business processes.
• ORMs are essential for maintaining business continuity and minimizing disruptions, driving efficiency and profitability.
• Projected growth of 12% between 2022 and 2032.
• Average salary: $112,000 per year

4. Compliance Risk Manager (CRM)

• Ensure compliance with laws, regulations, and industry standards to avoid legal and financial consequences.
• Develop and implement robust compliance programs to identify potential risks and vulnerabilities and ensure adherence to relevant guidelines.
• CRMs are in high demand as businesses navigate complex and evolving regulatory landscapes.
• Projected growth of 12% between 2022 and 2032.
• Average salary: $110,000 per year

5. Information Security Risk Manager (ISRM)

• Identify and mitigate information security risks, such as data breaches, cyberattacks, and privacy violations.
• Develop and implement security policies, standards, and procedures to protect sensitive information and comply with regulations.
• ISRMs are crucial for businesses in an increasingly digital world, ensuring the confidentiality, integrity, and availability of information.
• Jobs projected to grow by 34% between 2022 and 2032.
• Average salary: $115,000 per year

6. Insurance Risk Manager (IRM)

• Manage insurance-related risks for organizations and individuals.
• Assess, evaluate, and select insurance policies to mitigate potential financial losses.
• IRMs are experts in insurance and risk management, providing valuable guidance to clients in understanding the coverage and costs associated with different policies.
• Projected job growth of 10% between 2022 and 2032.
• Average salary: $105,000 per year

7. Health and Safety Risk Manager (HSRM)

• Ensure compliance with health and safety regulations and standards to create a safe work environment.
• Implement risk management strategies, develop policies and procedures, and conduct risk assessments.
• HSRMs are responsible for protecting the well-being of employees and maintaining a healthy work environment, contributing to overall productivity and employee satisfaction.
• Projected growth of 12% between 2022 and 2032.
• Average salary: $108,000 per year

8. Environmental Risk Manager (ERM)

• Manage environmental risks and ensure compliance with environmental regulations.
• Conduct environmental site assessments, develop risk management plans, and implement sustainability initiatives.
• ERMs are vital for businesses operating in an environmentally conscious world, safeguarding the environment and protecting organizations from potential fines and penalties.
• Projected growth of 15% between 2022 and 2032.
• Average salary: $110,000 per year

Salary Comparison

Skills and Qualifications

To succeed in risk management, professionals should possess a combination of hard and soft skills, including:

• Strong analytical and problem-solving abilities
• Excellent communication and interpersonal skills
• Proficiency with risk management tools and techniques
• Understanding of relevant laws and regulations
• Experience in risk assessment and mitigation
• Certifications in risk management (e.g., FRM, CRISC, CISM)

Education and Certification

A bachelor's degree in finance, economics, business administration, or a related field is typically required for entry-level risk manager positions. Many professionals also pursue graduate degrees or specialized certifications to enhance their knowledge and credentials. Some of the most common certifications include:

• Financial Risk Manager (FRM)
• Certified Information Systems Auditor (CISA)
• Certified Information Security Manager (CISM)
• Certified Compliance and Ethics Professional (CCEP)
• Certified Environmental Professional (CEP)

Why Risk Management Matters

Effective risk management is essential for businesses of all sizes to thrive in an ever-changing environment. By proactively identifying and mitigating potential risks, organizations can:

• Protect financial stability
• Ensure operational efficiency
• Improve compliance and reputation
• Facilitate decision-making
• Drive innovation and growth

Benefits of Risk Management

Implementing a robust risk management program offers numerous benefits, including:

• Reduced risk exposure
• Enhanced financial performance
• Improved operational efficiency
• Increased employee safety and well-being
• Enhanced stakeholder confidence
• Competitive advantage in the marketplace

Conclusion

Risk management is a dynamic and rewarding field that offers ample opportunities for career growth. As organizations become increasingly aware of the importance of managing risk, the demand for qualified risk managers is expected to continue to rise. By developing a combination of hard and soft skills and pursuing professional certifications, individuals can position themselves for success in this growing profession.