Risk Management career : Paths, Opportunities & Earnings

The risk management career is becoming more challenging and equally rewarding. For now and in the foreseeable future, expect competitive packages in finance, cyberlaw, and IT sectors. Taking risk management courses online and relevant industry-specific certifications possess the updated skill set to meet today’s evolving risk landscape. 

Today, we take you through the trending roles in the risk management career from the bottom up. Discussions on salaries and the required experience will also be here. 

Why Choose a Career in Risk Management?

Once you get an overview of risk management that discusses the primary industries where risk professionals are needed and how you can learn, check the essential statistics below. These should convince you why choosing a risk management career can be good now and for the long term. 

1. The massive risk management market growth, predicted by IMARC Group, from USD 10.5B in 2022 to USD 23.7B in 2028, signals booming career opportunities. 
2. Global consulting firm Protiviti mentions that cyber risks are among the top 5 risk management concerns worldwide in 2024 and will become more prevalent in the coming year. 
3. Gitnux states that 76% of companies will prioritise Enterprise Risk Management programmes, opening up more opportunities and potentially creating newer roles in the field. 
4. Risk management careers in compliance will become more prominent for finance institutions within the next decade (i.e. 2034) due to data analytics and generative AI advancements. This is according to Protiviti’s and NC State University’s study. 

What is a Career in Risk Management Like?

Irrespective of the industry and its roles, the risk management career has many commonalities. 

Generally, work mainly revolves around quantitative analysis. Some include Value at Risk (VaR), correlation coefficient assessments, and statistical analysis of potential breach impacts. 

Risk management professionals also look into analysing internal frameworks companies use to address risks. They recommend specific actions to be taken to meet the organisational goals accordingly. 

Here is a basic breakdown of the day-to-day functions of risk management professionals. 

1. Identifying potential risks that could impact objectives.
2. Assessing the likelihood and impact of each risk. 
3. Prioritising risks based on severity and urgency.
4. Developing strategies to mitigate or prevent risks.
5. Monitoring risks continuously and adapting plans as needed.
6. Communicating risks and plans clearly to stakeholders.
7. Ensuring compliance with laws, regulations, and standards.
8. Promoting a culture of risk awareness across the company.
9. Collaborating with stakeholders to address risks effectively.
10. Reporting risk management progress regularly.

Hierarchies in a Risk Management Career

Let’s look into the hierarchy of risk across the three important management levels. The primary functions are the same, but the depth of work will change when moving from bottom to top. 

Functions	Entry-Level Roles	Mid-Level Roles	Senior-Level Roles
Identify Risks	Assist in gathering data and documenting risks	Conduct analysis to identify operational or project risks.	Define high level strategic risks and oversee risk identification.
Assess Risks	Provide input and support for basic risk assessments.	Perform risk assessments and prioritise risks for action.	Approve risk analysis frameworks and ensure alignment with company  goals.
Mitigation Planning	Support risk control measures.	Develop and oversee mitigation plans for complex types of risks.	Establish risk management strategies and provide resource allocation.
Monitoring and Review	Track solvable risks and report status updates.	Supervise risk monitoring and refine processes when required.	Review overall risk performance and drive improvements across the company.
Communication	Report risks and issues to supervisors or teams.	Communicate detailed risk plans to internal and external stakeholders.	Address risks at the board level and ensure alignment with key stakeholders.
Compliance and Governance	Ensure personal tasks adhere to regulations and policies.	Ensure team adherence to regulations and lead audits or reviews.	Define governance policies and ensure they are adhered to company-wide.
Risk Awareness Promotion	Participate in training and workshops on risk management.	Lead team-level initiatives to build risk awareness.	Foster an organization-wide culture of proactive risk management.
Stakeholder Collaboration	Work with team members to address specific risks.	Coordinate across departments to resolve cross-functional risks.	Engage with executives, partners, and regulators to align on strategic risks.
Reporting	Assist in creating basic risk reports and summaries.	Prepare comprehensive reports for leadership or stakeholders.	Present risk performance insights and decisions to executives or the board.

Risk Management Career: Top Roles, Salaries, and Experience Needed

There are several designations in a risk management career. Some of the most popular are discussed below. 

Role	AmbitionBox Annual Salary Range (INR)	Eligibility and Experience Expected
Risk Analyst	2.0 Lakhs to 19.0 Lakhs	Bachelor’s degree in finance, economics, or a related field; internships or 1-2 years’ experience in data analysis and risk modelling.
Risk Manager	4.8 Lakhs to 25.7 Lakhs	Bachelor’s or master’s degree in risk management, finance, or business; 3-5 years of experience identifying and mitigating business risks.
Risk Management Consultant	3.3 Lakhs to 17.1 Lakhs	Bachelor's degree in business, finance, or law; certifications like FRM or CFA preferred; 5+ years of consulting or industry experience.
Risk and Control Manager	7.2 Lakhs to 50.0 Lakhs	Bachelor’s degree in risk management or engineering; 6+ years of experience in operational risk control or compliance.
Director of Corporate Risk Management	21.4 Lakhs to 85.0 Lakhs	MBA or master’s in risk management or business; 10+ years of leadership in risk strategy and governance, advanced certifications are a plus.
Chief Risk Officer (CRO)	21.4 Lakhs to 102.0 Lakhs	MBA or master’s in risk management, finance, or law; 15+ years of senior leadership in risk, with expertise in regulatory compliance and corporate strategy.

Following are the most popular Risk Management Colleges in India. Learn more about these Risk Management colleges (Courses, Reviews, Answers & more) by downloading the Brochure.

Following are the most popular Risk Management courses, based on alumni reviews. Explore these reviews to choose the best course in Risk Management.

Following are the most popular Risk Management UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

Following are the most popular Risk Management PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

Following are the top exams for Risk Management. Students interested in pursuing a career on Risk Management, generally take these important exams.You can also download the exam guide to get more insights.