Growth Trends for Related Jobs
Job Description of a Risk Consultant
A risk consultant, also known as a risk management analyst or risk manager, works under the guidance of a senior professional to ensure that corporate policies adhere to governmental regulations. A risk management analyst also ensures that internal controls are functional and adequate. He usually holds a four-year college degree in a business field.
A risk consultant helps a company's top leadership identify, assess and monitor risks implicit in a firm's operations. These risks may be operational, financial, technological or compliance related. A risk analyst partners with the accounting, regulatory affairs, and internal audit departments; staffs to review operational procedures and guidelines; and ensures that such procedures conform to top leadership's instructions, industry practices and regulations.
Education and Training
A risk consultant may hold a bachelor's or master's degree in auditing, accounting, compliance and finance, depending on the position, the industry and the firm's size as well as its staffing needs. A junior risk analyst typically holds a four-year college degree. A risk manager with vast supervisory responsibilities may have a master's degree in finance or a certified public accountant designation.
Salary levels for risk management analysts generally depend on the employee's seniority, length of service, academic credentials and professional training. A risk consultant also may have a higher compensation if she works for a large company or performs various managerial duties. According to the U.S. Bureau of Labor Statistics, the median 2013 wages for risk management specialists were $30.05 hourly, or $62,510 annually.
A risk analyst with a bachelor's degree can improve his chances of professional advance if he seeks a master's or doctorate degree in a risk control field. Alternatively, a risk consultant can also seek the financial risk manager designation. A risk management analyst who is competent and performs well may move to a higher position, such as senior risk consultant, risk management supervisor or risk director, within two to five years.
A risk manager generally works normal office hours on weekdays. However, business conditions sometimes may require a longer presence at the office. For instance, a risk consultant working on a firm-wide risk software implementation project at a bank may work longer hours during the week, or even perform tasks on weekends, to help reach corporate deadlines.
Marquis Codjia is a New York-based freelance writer, investor and banker. He has authored articles since 2000, covering topics such as politics, technology and business. A certified public accountant and certified financial manager, Codjia received a Master of Business Administration from Rutgers University, majoring in investment analysis and financial management.