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Risk Management Specialists

Analyze and manage risk management issues by identifying, measuring, and making decisions on operational or enterprise risks for an organization.   (O'Net 13-2099.02)

 
Reported job titles:   Chief Risk Officer, Credit Risk Management Director, Global Risk Management Director, Market Risk Analyst, Market Risk Specialist, Operational Risk Analyst   (view all job titles)
 
  • Career Video
  • Wages
  • Employment Trends
  • Industries of Employment
  • Tasks
  • Knowledge
  • Skills
  • Abilities
  • Work Activities
  • Interests
  • Work Styles
  • License Information
  • Education & Training Requirements
  • Schools
  • Other Resources
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    Career Video
    related to Risk Management Specialists
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    Wages
    for Financial Specialists, All Other which includes:
                          - Financial Quantitative Analysts
                          - Risk Management Specialists
                          - Investment Underwriters
                          - Fraud Examiners, Investigators and Analysts
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     Location Pay
    Period
    2016
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Vermont Hourly $ 24.32   $ 26.24   $ 31.29   $ 43.30   $ 48.72   $ 34.22  
    Yearly $50,590   $54,580   $65,090   $90,070   $101,330   $71,170  
     
     Burlington-South Burlington, VT Metropolitan NECTA Hourly $ 24.32   $ 26.17   $ 32.03   $ 43.92   $ 47.80   $ 34.66  
    Yearly $50,590   $54,420   $66,620   $91,350   $99,430   $72,090  
     
     Southern Vermont Balance of State Hourly $ 25.47   $ 27.89   $ 33.26   $ 38.11   $ 56.14   $ 35.62  
    Yearly $52,980   $58,010   $69,180   $79,270   $116,770   $74,100  
     
     Northern Vermont Balance of State Hourly $ 21.26   $ 24.86   $ 27.77   $ 33.67   $ 44.56   $ 29.76  
    Yearly $44,220   $51,700   $57,760   $70,040   $92,680   $61,890  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2017.
     


    Employment Trends
    for Financial Specialists, All Other which includes:
                                  - Financial Quantitative Analysts
                                  - Risk Management Specialists
                                  - Investment Underwriters
                                  - Fraud Examiners, Investigators and Analysts
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 129 135 0.5% 2
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Financial Specialists, All Other which includes:
                                - Financial Quantitative Analysts
                                - Risk Management Specialists
                                - Investment Underwriters
                                - Fraud Examiners, Investigators and Analysts
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    Industry Percent of Total
    2014
    Credit intermediation and related activities 20.2%
    Federal government, all industries 16.2%
    Securities, commodity contracts, and other financial investments and related activities 8.3%
    Management of companies and enterprises 8.2%
    Educational services; state, local, and private 7.2%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Risk Management Specialists
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  • Document, and ensure communication of, key risks.
     
  • Maintain input or data quality of risk management systems.
     
  • Recommend ways to control or reduce risk.
     
  • Identify key risks and mitigating factors of potential investments, such as asset types and values, legal and ownership structures, professional reputations, customer bases, or industry segments.
     
  • Devise systems and processes to monitor validity of risk modeling outputs.
     
  • Gather risk-related data from internal or external resources.
     
  • Identify and analyze areas of potential risk to the assets, earning capacity, or success of organizations.
     
  • Develop or implement risk-assessment models or methodologies.
     
  • Produce reports or presentations that outline findings, explain risk positions, or recommend changes.
     
  • Plan, and contribute to development of, risk management systems.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Knowledge
    for Risk Management Specialists
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  • 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.
     
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
     
  • 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.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • 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.
     
  • 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.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
  • 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.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Skills
    for Risk Management Specialists
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  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Active 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.
     
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
     
  • Speaking - Talking to others to convey information effectively.
     
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
     
  • Mathematics - Using mathematics to solve problems.
     
  • Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Abilities
    for Risk Management Specialists
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  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
     
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
     
  • Category Flexibility - The ability to generate or use different sets of rules for combining or grouping things in different ways.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Work Activities
    for Risk Management Specialists
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  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
     
  • Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
     
  • Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
     
  • Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Interests
    for Risk Management Specialists
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  • 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.
     
  • Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
     
    source: Occupational Information Network: Risk Management Specialists  updated June 2009
     


    Work Styles
    for Risk Management Specialists
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  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
     
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Integrity - Job requires being honest and ethical.
     
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
     
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
     
  • Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
     
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
     
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
     
  • Persistence - Job requires persistence in the face of obstacles.
     
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    State of Vermont License Information
    that may be required for Risk Management Specialists
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Risk Management Specialists
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  • Job Zone Four: Considerable Preparation Needed
  •  
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  •  
  • Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  •  
  • Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  •  
    source: Occupational Information Network: Risk Management Specialists  updated July 2011
     


    Schools
    offering instructional programs related to Risk Management Specialists
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      Related Instructional Programs
     
    • Finance, General.
     
    • Financial Mathematics. (NEW)
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Risk Management Specialists
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Financial Specialists, All Other.
  •  
  • Occupational Outlook Handbook
  • No handbook information for this occupation.
     
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    Related Occupations
    Occupations with skill requirements similar to Risk Management Specialists
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  • Auditors
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  • Budget Analysts
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  • Compensation and Benefits Managers
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  • Cost Estimators
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  • Financial Analysts
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  • Logistics Analysts
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  • Market Research Analysts and Marketing Specialists
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  • Survey Researchers
  •  
    source: Occupational Information Network: Risk Management Specialists 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor