7 Enterprise Risk Jobs That Pay Six Figures in 2023

The field of enterprise risk management is growing rapidly, as businesses of all sizes realize the importance of identifying and mitigating risks. This has led to a surge in demand for qualified enterprise risk professionals, and salaries for these positions have been rising accordingly.

According to the Risk Management Society (RIMS), the median salary for an enterprise risk manager is $125,000. However, salaries can vary widely depending on experience, education, and industry. For example, enterprise risk managers with a Certified Enterprise Risk Analyst (CERA) certification can earn up to $150,000 per year.

In addition to the financial benefits, enterprise risk jobs offer a number of other advantages. These positions are typically very challenging and rewarding, and they provide opportunities for professional growth and development. Enterprise risk managers also have the opportunity to make a real difference in their organizations by helping to protect them from financial, operational, and reputational risks.

If you are interested in a career in enterprise risk management, there are a few things you can do to prepare yourself. First, you should develop a strong understanding of risk management principles and practices. You can do this by taking courses, reading books and articles, and attending conferences. Second, you should gain experience in identifying and mitigating risks. You can do this by working in a risk management role or by volunteering for a project that involves risk management. Finally, you should consider getting certified in enterprise risk management. This will demonstrate your commitment to the field and help you to stand out from other candidates.

Here are seven of the most common enterprise risk jobs:

1. Enterprise Risk Manager

The enterprise risk manager is responsible for developing and implementing an enterprise risk management program. This involves identifying, assessing, and mitigating risks that could impact the organization. Enterprise risk managers also work with other departments to ensure that risks are managed effectively throughout the organization.

2. Operational Risk Manager

The operational risk manager is responsible for identifying and mitigating risks that could impact the day-to-day operations of the organization. This involves risks such as financial losses, damage to property, and reputational damage. Operational risk managers work with business units to identify and manage risks that could impact their operations.

3. IT Risk Manager

The IT risk manager is responsible for identifying and mitigating risks that could impact the organization's information technology systems. This involves risks such as data breaches, cyber attacks, and system failures. IT risk managers work with IT staff to identify and manage risks that could impact the organization's IT systems.

4. Compliance Risk Manager

The compliance risk manager is responsible for ensuring that the organization complies with all applicable laws and regulations. This involves identifying and mitigating risks that could result in fines, penalties, or other legal action. Compliance risk managers work with legal counsel and other departments to ensure that the organization is in compliance with all applicable laws and regulations.

5. Financial Risk Manager

The financial risk manager is responsible for identifying and mitigating risks that could impact the organization's financial performance. This involves risks such as market risk, credit risk, and liquidity risk. Financial risk managers work with treasury and other departments to identify and manage risks that could impact the organization's financial performance.

6. Reputational Risk Manager

The reputational risk manager is responsible for identifying and mitigating risks that could damage the organization's reputation. This involves risks such as negative publicity, product recalls, and social media crises. Reputational risk managers work with marketing and other departments to identify and manage risks that could damage the organization's reputation.

7. Emerging Risk Manager

The emerging risk manager is responsible for identifying and mitigating risks that are new or evolving. This involves risks such as climate change, political instability, and technological disruption. Emerging risk managers work with other departments to identify and manage risks that could impact the organization's future.

Pain Points of Enterprise Risk Management

Enterprise risk management (ERM) is a critical function for any organization, but it can also be a pain point. Here are some of the most common pain points associated with ERM:

• Lack of data and resources: ERM requires a lot of data and resources, which can be difficult to obtain. This can make it difficult to identify and assess risks effectively.
• Siloed risk management: ERM is often siloed within organizations, which can lead to a lack of coordination and communication. This can make it difficult to manage risks effectively across the organization.
• Lack of executive support: ERM needs to have the support of senior management in order to be effective. However, this support is often lacking, which can make it difficult to implement and maintain an ERM program.
• Lack of understanding: Many people do not understand the importance of ERM, which can make it difficult to get buy-in from senior management and other stakeholders.
• Lack of training and development: ERM is a complex field, and it is important to have the proper training and development in order to be effective. However, this training is often lacking, which can make it difficult to build and maintain a skilled ERM team.

Motivations for Enterprise Risk Management

There are a number of motivations for implementing an ERM program. These include:

• Improved decision-making: ERM can help organizations make better decisions by providing them with a comprehensive view of their risks.
• Reduced costs: ERM can help organizations reduce costs by identifying and mitigating risks that could lead to financial losses.
• Improved efficiency: ERM can help organizations improve efficiency by streamlining risk management processes and reducing the time and resources spent on managing risks.
• Enhanced reputation: ERM can help organizations enhance their reputation by demonstrating that they are taking steps to manage their risks effectively.
• Increased shareholder value: ERM can help organizations increase shareholder value by protecting their assets and improving their financial performance.

Tips and Tricks for Enterprise Risk Management

Here are a few tips and tricks for effective enterprise risk management:

• Start with a strong foundation: The first step to effective ERM is to develop a strong foundation. This involves establishing a clear risk appetite, developing a risk management framework, and getting buy-in from senior management.
• Identify and assess risks effectively: Once you have a strong foundation, you can begin to identify and assess risks effectively. This involves using a variety of risk assessment techniques, such as risk workshops, surveys, and interviews.
• Develop and implement risk mitigation strategies: Once you have identified and assessed risks, you can develop and implement risk mitigation strategies. These strategies should be tailored to the specific risks that you have identified.
• Monitor and review risks regularly: It is important to monitor and review risks regularly to ensure that they are being managed effectively. This involves tracking risk indicators, conducting risk audits, and updating risk assessments.
• Communicate risks effectively: It is important to communicate risks effectively to senior management, other stakeholders, and the public. This involves using clear and concise language, and providing timely and accurate information.

How to Develop an Enterprise Risk Management Program

Developing an ERM program can be a complex and challenging process. However, it is essential for organizations that want to manage their risks effectively. Here is a step-by-step approach to developing an ERM program:

1. Establish a clear risk appetite: The first step to developing an ERM program is to establish a clear risk appetite. This involves defining the level of risk that the organization is willing to take in order to achieve its objectives.
2. Develop a risk management framework: Once you have established a clear risk appetite, you can develop a risk management framework. This framework should outline the organization's risk management processes, including how risks will be identified, assessed, and mitigated.
3. Get buy-in from senior management: It is important to get buy-in from senior management before implementing an ERM