Risk Analyst Careers with Highest Salaries
- International Business Risk Analyst
- Financial Institution Risk Management
- Insurance Risk Management
- Medical Liability Specialist
- Risk Consulting
In every field, all decisions, even decisions to maintain the status quo, make a difference in the overall health of an organization, and this is why risk analysis professionals are essential. Many different fields, both public and private, seek analysts with at least a bachelor’s degree, and according to the Bureau of Labor Statistics (BLS), employment opportunities in this field will increase by more than 10%. Employers are willing to pay competitive salaries for these skills, especially in the careers listed below.
1. International Business Risk Analyst
Some of the highest paying jobs in risk management involve the financial side of international business. Large multinational corporations have a significant amount of money at stake, so CEOs need to be aware of the potential ramifications of their decisions but also how other global events will affect their bottom line. Risk analysts understand finance and international politics, so they can recognize early signals of potential changes in world markets and advise the company to act accordingly.
2. Financial Institution Risk Management
Risks management jobs are also lucrative in the banking and finance sector. Fraud management is one important specialty within this field to protect the organization against financial crimes, both by employees and outsiders. Another area is compliance management which protects the institution from a legal standpoint, ensuring that all regulations are being followed appropriately. Finally, mortgage and credit risk analysts help set the standards for borrowers, balancing a bank’s risk with its profit potential.
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3. Insurance Risk Management
The insurance industry also rewards risk professionals with high salaries due to the enormous responsibility involved. Some common titles for these jobs include underwriters and actuaries. Actuaries undergo rigorous testing and actually design tables outlining requirements for different policies based on specific risk factors. Underwriters then determine where applicants fit in the tables which determines policy acceptance and cost.
4. Medical Liability Specialist
Workers engaged in medical risk management protect hospitals and medical professionals from lawsuits and liability while also ensuring patient privacy and safety. They ensure that all proper protocols are being followed and also design and implement changes in procedure to increase accuracy and efficiency. Some medical risk analysts work in biomedical engineering evaluating the possible risks associated with new medical devices. Many of the people working in this field also have prior training in the biological sciences or experience in healthcare.
5. Risk Analysis Consulting
Working at a risk investigation consulting firm can bring in higher than average salaries because these firms attract clients who often do not have their own risk department and can afford to pay more for individual projects. Some firms specialize in one sector, whereas others take cases from different industries which allows professionals to gain experience in a variety of fields. Generally, these jobs are offered to analysts with some previous experience and afford employees the opportunity to work more independently.
Successful candidates for these jobs are skilled in analytical thinking and well-educated in advanced mathematics and statistics which is part of the reason the median salary exceeds $80,000 annually according to the BLS. This salary also reflects the level of responsibility involved in the job. Analysts work to maintain the balance between protecting a company’s assets and taking calculated risks to maximize profits. Since this type of work in necessary for an organization’s success, high-paying jobs in risk management.
Source: Bureau of Labor Statistics (BLS)