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Risk Manager Salary in 2025 [for Freshers and Experienced]

Risk Manager Salary in 2025 [for Freshers and Experienced]

Q: 1. Is there a difference in salary for different types of Risk Managers?

There can be variations in salary among different types of risk managers based on factors such as industry, experience, and level of responsibility. For example, risk managers in finance or healthcare sectors may generally earn higher salaries compared to those in less regulated industries. Similarly, senior-level risk managers or those with specialized expertise, such as cybersecurity risk managers or financial risk managers, may command higher salaries than entry-level or generalist risk managers.

Q: 2. Are there certifications that can increase a Risk Manager's salary?

Obtaining relevant certifications can significantly impact a risk manager's salary. Certifications such as Financial Risk Manager (FRM), Certified Risk Manager (CRM), or Professional Risk Manager (PRM) are highly regarded in the field and can demonstrate specialized knowledge and skills to employers. Holding these certifications can lead to salary increases, career advancement opportunities, and greater recognition within the industry.

Q: 3. What are the career progression opportunities for Risk Managers?

Career progression opportunities for risk managers can vary depending on factors such as industry, experience, and educational background. Typically, risk managers may advance to higher-level positions such as senior risk manager, risk management director, or chief risk officer (CRO). Additionally, opportunities for lateral moves into related areas such as compliance, internal audit, or strategic planning may also exist. Continuous professional development, acquiring new skills, and staying updated on industry trends can enhance career prospects for risk managers seeking advancement.

By Manikandan Mohanakrishnan

Updated on Feb 05, 2025 | 9 min read | 2.0k views

Table of Contents

In today's fast-paced business world, we're all too familiar with the unpredictable nature of unforeseen events. Unforeseen events have the power to disrupt meticulously crafted plans, causing anything from minor inconveniences to severe disasters. But here's the thing: with a competent risk management team, we can turn the tables in our favor. As a risk manager myself, I can tell from experience that risk managers not only minimize the negative impacts but also open doors to exciting opportunities. Yet, their vital role often goes unnoticed, overshadowed by the complexity of their tasks. However, as organizations increasingly recognize the indispensable value of effective risk management, the demand for skilled risk managers has surged. This has resulted in a positive impact on the average risk manager's salary. In this blog post, I will give you invaluable insights into risk manager salary. Also, I will discuss risk manager salaries in top locations and top companies for your clarity.

Who is a Risk Manager?

A risk manager is a professional responsible for identifying, assessing, and mitigating risks within an organization. They analyze potential threats to the organization's financial stability, reputation, and operations and develop strategies to minimize or eliminate these risks. Risk managers work across various industries, including finance, healthcare, insurance, and technology, and collaborate with departments such as finance, compliance, and operations. Their duties may include implementing risk management policies, conducting risk assessments, developing contingency plans, and monitoring risk exposure. Overall, risk managers play a critical role in helping organizations navigate uncertainties and safeguard their interests. By upgrading their skills through courses such as KnowledgeHut ITSM training, risk managers can further strengthen their capabilities to tackle new challenges effectively.

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Salary.com

Risk Manager Salary in 2025

In 2025, the salary for risk manager varies depending on factors such as location, industry, and experience. On average, a risk manager earns between $30 to $70 per hour, $5,000 to $10,000 per month, and $60,000 to $120,000 per year. However, these figures can significantly fluctuate based on the specific circumstances.

Below is a table which depicts the average manager risk management salary per year, per month, and per hour.

Risk Manager Salary	Average (USD)
Per Year	$115,895
Per Month	$10,354
Per Hour	$60

Source: Salary.com

Salary.com

Risk Manager Salary: Based on Experience

The risk management specialist's salary is significantly influenced by experience, with increased years in the role correlating to higher earning potential. Let's explore the average risk manager job salary across different levels of experience.

Beginner: Junior Risk Manager with less than 1 year of experience draws on an average salary of $75,000 per year.
Intermediate: Mid-level risk manager salary with work experience between 5 to 9 years draws a salary of $111,000 per year.
Advanced: The average salary of a risk manager at a senior level with work experience of 10 to 19 years is $117,000.

Risk Manager Salary: Based on Location

In the tables below, I have outlined the salary of the professional risk manager in the top 5 cities of the top 6 countries. Additionally, I have also provided salary information for risk managers employed at leading companies.

A. India

India Top Cities	Average Salary Range Per Year
Bangalore	₹10,00,000 to ₹22,00,000
Pune	₹9,00,000 to ₹18,00,000
Gurgaon	₹24,48,980 to ₹40,00,000
Hyderabad	₹12,00,000 to ₹18,00,000
Mumbai	₹8,00,000 to ₹20,00,000

India Top Companies		Average Salary Range per Year
Amazon		₹2,00,000 to ₹12,00,000
EXL Service		₹21,00,000 to ₹25,00,000
EY		₹2,00,000 to ₹800,000
KPMG		₹2,00,000 to ₹12,00,000
American Express		₹4,00,000 to ₹22,00,000
Xceedance		₹300,000 to ₹8,00,000

(Source: Glassdoor)

B. US

USA Top Cities	Average Salary Range Per Year
New York City	$93,000 to $144,000
Los Angeles	$110,000 to $180,000
Chicago	$104,000 to $167,000
Florida	$95,000 to $162,000
Boston	$108,000 to $172,000
Philadelphia	$98.000 to $158,000

USA Top Companies	Average Salary Range per Year
Meta	$261,407
Microsoft	$216,244
eBay	$208,617
Cisco Systems	$206,540
Amazon	$181,760
PayPal	$174,874

(Source: Glassdoor)

C. UK

UK Top Cities	Average Salary Range Per Year
London	£47,000 to £84,000
Manchester	£39,000 to £62,000
Leeds	£36,000 to £63,000
Glasgow	£37,000 to £57,000
Birmingham	£38,000 to £60,000
Edinburgh	£46,000 to £65,000

UK Top Cities	Average Salary Range Per Year
London	£47,000 to £84,000
Manchester	£39,000 to £62,000
Leeds	£36,000 to £63,000
Glasgow	£37,000 to £57,000
Birmingham	£38,000 to £60,000
Edinburgh	£46,000 to £65,000

(Source: Glassdoor)

D. Australia

Australia Top Cities	Average Salary Range Per Year
Melbourne	A$110,000 to A$159,000
Sydney	A$115,000 to A$140,000
Brisbane	A$100,000 to $200,000
Adelaide	A$115,000 to A$135,000
Perth	A$90,000 to A$160,000

Australia Top Companies	Average Salary per Year
Macquarie Group	A$200,767
NAB – National Australia Bank	A$151,433
Commonwealth Bank of Australia	A$120,000
Westpac Group	A$120,000
Deloitte	A$66,000

(Source: Glassdoor)

E. Canada

Canada Top Cities	Average Salary Range Per Year
Toronto	C$72,00,000 to C$105,000
Calgary	C$74,000 to C$134,000
Vancouver	C$78,000 to C$127,000
Montreal	C$61,000 to C$94,000
Quebec City	C$78,000 to C$98,000

Canada Top Companies	Average Salary per Year
TD	C$95,000
Scotia Bank	C$85,000
KPMG	C$60,000
CIBC	C$62,000
RBC	C$86,500

(Source: Glassdoor)

F. Singapore

Singapore Top Cities	Average Salary per Month
Jurong West New Town	SGD 5,000
Jurong East New Town	SGD 6,000

Singapore Top Companies	Average Salary per Year
Amazon	SGD 84,000
Credit Suisse	SGD 63,600
Standard Chartered Bank	SGD 114,000
BNP Paribas	SGD 111,672
Citi	SGD 150,000

(Source: Glassdoor)

Risk Manager Salary: Based on Job Roles

In the table below, I have presented the risk manager's average salary range based on job roles:

Job Role	Average Salary Range Per Year
Risk Analyst	$76,000 to $126,000
Risk Consultant	$82,000 to $129,000
Risk Control Consultant	$81,000 to $129,000
Risk and Compliance Investigator	$78,000 to $126,000
Director of Risk Management	$143,766 to $183,556
Chief Risk Officer	$236,000 to $325,000

Factors Affecting Risk Manager Salary

Here's a breakdown of key factors that can significantly impact a certified Risk Manager's salary:

1. Location

Major Cities & Financial Hubs: Cities like London, New York, or Mumbai typically offer higher salaries due to a higher cost of living and a greater concentration of risk-heavy industries (e.g., finance). Salary increases can be around 20-30% compared to smaller cities.
Regional Variations: Salaries can vary considerably within a country. For example, a Risk Manager in San Francisco might earn significantly more than their counterpart in a smaller US city.

Example: A corporate risk manager salary with 7 years of experience specializing in operational risk management for a major investment bank in New York City may be around USD 150,000 annually. The high cost of living and the concentration of financial institutions in New York contributed to this higher salary.

2. Industry / Employer / Company

High-Risk Industries: Industries like finance, healthcare, or energy management risks that can significantly impact a company's bottom line. Risk Managers in these sectors can expect higher salaries (up to 15-25% more) compared to those in lower-risk industries.
Employer Reputation & Size: Larger, well-established companies with strong risk management cultures often offer more competitive salaries and benefits packages to attract and retain top talent.

Example: In the US, a cybersecurity Risk Manager at a large financial institution in New York City might earn $180,000 annually, while their counterpart with similar experience in a mid-sized manufacturing company in Charlotte might earn $120,000, highlighting the impact of industry and company size on salary.

3. Experience

Experience is a key driver of salary growth. As you progress from entry-level to senior-level positions, your responsibilities increase, requiring greater risk assessment skills, strategic planning, and leadership abilities. This translates to a significant salary increase (up to 50% or more) over time.

4. Demand and Supply

High Demand: When the demand for skilled Risk Managers outpaces the available talent pool, salaries tend to rise as companies compete to attract qualified candidates.
Shifting Market Conditions: Economic downturns or industry-specific changes can impact demand for Risk Managers, potentially affecting salary trends.

5. Credentials / Certifications

Earning relevant certifications like FRM (Financial Risk Manager), PRM (Professional Risk Manager), or CISA (Certified Information Systems Auditor) demonstrates your commitment to professional development and specialized knowledge. This can enhance your resume and potentially lead to a salary increase of up to 10%. Certifications such as ITIL Foundation certification contribute significantly to your pay and make you more competent.

6. Skills

Beyond technical risk management expertise, strong communication, problem-solving, analytical, and leadership skills are highly sought after. The specific skills valued most will depend on the industry and role. However, possessing a well-rounded skillset can make you a more attractive candidate and potentially command a higher salary.

How to Improve Risk Manager Salary?

Improving a risk control manager salary can be achieved through various strategies focused on enhancing skills, obtaining certifications, pursuing advanced degrees, and gaining valuable experience:

1. Skills Enhancement: Invest in developing and honing essential skills relevant to risk management such as data analysis, quantitative modeling, financial analysis, regulatory compliance, and communication. Acquiring proficiency in these areas can make you more valuable to employers and increase your earning potential. Also, ITSM training can significantly enhance a risk manager's value to employers and boost earning potential.

2. Certifications: Obtaining recognized certifications in risk management, such as the FRM (Financial Risk Manager), PRM (Professional Risk Manager), or CRM (Certified Risk Manager), can significantly boost your credibility and marketability. Employers often value these certifications as they demonstrate your expertise and commitment to the field, potentially leading to higher salaries and advancement opportunities.

3. Advanced Degrees: Consider pursuing advanced degrees such as a Master's in Business Administration (MBA) with a concentration in risk management or a Master's in finance. Advanced degrees not only deepen your knowledge and understanding of risk management principles but also signal to employers your dedication to professional growth, which can translate into higher salary offers.

4. Experience Accumulation: Gaining relevant experience in risk management is crucial for advancing your career and increasing your earning potential. Seek opportunities to take on challenging projects, lead teams, and demonstrate your ability to effectively mitigate risks. As you accumulate experience and demonstrate success in the field, you become more valuable to employers, which can lead to salary advancements and promotions.

Why are Risk Managers Paid So Much?

Risk managers are compensated well for several reasons:

Impact on the Bottom Line: They play a critical role in safeguarding a company's financial health and reputation. By identifying, assessing, and mitigating risks, they prevent costly losses and ensure smooth operations. Their proactive approach can directly impact a company's profitability.
Specialized Skillset: Effective risk management requires a unique blend of skills. They need strong analytical abilities to assess complex data, problem-solving skills to develop solutions, and communication skills to translate risks into actionable plans for various departments. With certifications such as TOGAF, risk managers gain expertise in enterprise architecture, which is instrumental in aligning business objectives with IT strategies.
Shortage of Qualified Professionals: The demand for skilled risk managers continues to outpace supply, especially in sectors like cybersecurity and financial risk management. This scarcity drives salaries upwards as companies compete for top talent.
Strategic Decision-Making: Senior Risk Managers are strategic partners within an organization. They advise senior leadership and influence critical decisions by providing insights into potential risks and opportunities. Their expertise is crucial for navigating an increasingly uncertain and volatile business landscape.
High-Pressure Environment: Risk managers often work in fast-paced environments where critical decisions need to be made quickly. They shoulder significant responsibility for protecting the company's assets and reputation, which can be stressful but also commands a premium salary.

Conclusion

To summarize, businesses are realizing more and more that risk managers are crucial components of growth as well as safeguarding stability. The demand for qualified risk managers is growing, and so is their pay. The significant value that businesses place on risk managers' capacity to handle challenging situations, spot opportunities among risks, and maintain efficient operations is reflected in the salary increase. The business environment is constantly changing; thus, risk managers have a bright future. Looking ahead, risk managers are likely to keep getting paid well because their job keeps getting even more critical. They help businesses face challenges and win, so expect them to stay in high demand and well-compensated! For those interested in pursuing this career path, the prospects are bright for becoming highly skilled professionals with rewarding compensation.