Chief Risk Officer Salary in Frederic, MI

Demanded Skills for the Role:

• Risk Management (Mentioned in 27.57% Job Postings): Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
• Operational Risk Management (Mentioned in 1.8% Job Postings): Operational risk is the risk of loss resulting from ineffective or failed internal processes, people, systems, or external events that can disrupt the flow of business operations.
• Portfolio Management (Mentioned in 1.26% Job Postings): Portfolio management is the selection, prioritisation and control of an organisation's programmes and projects. The goal is to balance the implementation of change initiatives and the maintenance of business-as-usual, while optimising ROI.

Mastering certain specialized skills can lead to a significant increase in pay. Here are examples of skills and the potential impact they can have on a Chief Risk Officer's salary.

• Influencing: Can increase your salary by up to 20%.
• Accountability: Can increase your salary by up to 16%.
• AML: Can increase your salary by up to 16%.