Financial Risk Specialists are professionals responsible for identifying, analyzing, and mitigating risks within a financial institution or organization. Their job description typically includes: 1. Identifying potential risks related to market fluctuations, credit, liquidity, operational issues, regulatory changes, etc. 2. Analyzing data to assess the impact of risks on the organization's financial health and performance. 3. Developing risk management strategies and policies to minimize exposure and ensure compliance with regulations. 4. Implementing risk assessment tools and methodologies to quantify and monitor risks. 5. Collaborating with various departments to communicate risk exposure and recommend appropriate actions. 6. Providing expertise and guidance on risk-related matters to senior management and key stakeholders. 7. Staying updated on industry trends, market conditions, and regulatory requirements to adapt risk management practices accordingly. Overall, Financial Risk Specialists play a crucial role in safeguarding the financial stability and reputation of an organization by effectively managing and mitigating potential risks.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $68,060.00 |
25th percentile | $79,160.00 |
median (50th percentile) | $92,970.00 |
75th percentile | $117,700.00 |
90th percentile | $142,640.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $32.72 |
25th percentile | $38.06 |
median (50th percentile) | $44.70 |
75th percentile | $56.59 |
90th percentile | $68.58 |
Financial Risk Specialists typically need a bachelor's degree in finance, economics, mathematics, statistics, or a related field. Some employers may require a master's degree (such as an MBA) or professional certification like the Chartered Financial Analyst (CFA) designation. Strong quantitative skills, knowledge of financial markets, risk management principles, and experience with analytical tools are essential. While a high school diploma is required to pursue post-secondary education leading to these qualifications, a college degree is necessary for most positions as a Financial Risk Specialist. Training for Financial Risk Specialists often involves on-the-job learning combined with formal training programs provided by employers or industry organizations. This training familiarizes specialists with specific risk management techniques, financial instruments, regulatory requirements, and software tools commonly used in financial risk analysis. Continuing education is crucial in this field due to evolving financial markets and risk management practices, with many professionals pursuing additional certifications and attending workshops or seminars to stay current with industry developments.