Risk Manager How to Hire, Salary Data, and Job Descriptions

Risk managers typically work across a variety of different industries to ensure organizations make smart business decisions. They analyze and identify risk management issues that could impede the reputation, safety, security, or financial success of an organization. They compile data and information about an organization and its practices and legal obligations. They also observe and assess internal operations and evaluate the risk levels and implications. 

Risk managers analyze market trends, reports, statistics, and relevant documentation. They develop and implement contingency strategies and solutions to reduce and control risks and liabilities. Risk managers build risk awareness amongst staff by providing support and training within the company. Some risk managers are also responsible for investigating instances of fraud or unethical work practices. 

Sample job description #1

Essential duties and responsibilities:

  • Plans and implements a system-wide program for both loss prevention and loss control, and a comprehensive orientation program directed to all current and future employees, board members, physicians and advise them of their responsibilities, obligations, and part in ABC Company’s risk management and safety program
  • Develop and maintain a system for proper reporting, follow up, investigation, analysis and file maintenance of all incidents that occur in ABC Company System. Reports events as required to state-mandated reporting systems and/or patient safety organizations
  • Collects and analyzes data for risk indicators. Plans, oversees special focused data collection and analysis to support quality clinical and management outcome decisions and program development. Maintains risk management statistics and files
  • Conducts risk management educational programs, complying with risk management related standards by Medicare Conditions of Participation, the Joint Commission, and other agencies with the objective of promoting patient safety, enhancing quality care, and minimizing loss to protect the assets of the ABC Company
  • Conducts systems analyses to uncover and identify patterns that could result in compensable events. Monitors the environment for changes in legal and regulatory requirements. Prepares system responses to new regulations and standards
  • Develops and implements departmental and facility policies and procedures that affect liability exposures
  • Participates in evaluation of claims for settlement. Negotiates settlement of small claims with administrative authority and advises collection department of appropriate action for unpaid accounts involved in litigation
  • Works with leadership to integrate risk management information into the credentialing process in compliance with state and federal agencies, accrediting bodies, and organizational requirements. Implements relevant statutes and regulations, including mandated mechanisms of physician monitoring with feedback to the CMO and CCO for credentialing and reappointment processes
  • In partnership with leadership, responsible for coordination of the medical staff peer review process. Sets up committee, helps to identify cases and coordinates sending cases to the Peer Review Committee. Responds to requests from the Board of Medical Examiners
  • Receives and investigates reports of product problems and reports as required by the Safe Medical Devices Act. Coordinates notifications of product recalls and manages same. Reports medical device-related incidents to the proper authorities in accordance with federal and state laws and regulations
  • Is available to resolve treatment issues, including patient refusal of treatment, consent issues, AMA’s, etc. Initiates court orders as appropriate. Acts as a consultant to Physicians, Leaders, and Staff for risk management issues
  • Develops and implements and directs a system for root-cause analyses or proactive systems analyses
  • Serves as a proactive risk assessment (e.g. FMEA) consultant/process expert
  • Participates in disaster planning and is a core member of the command and control team during a declared emergency

Education and/or experience:

  • Bachelor’s Degree in Nursing or other clinical area with at least three (3) years of experience as a health care risk manager or management consultant
  • Current and unrestricted RN license in the State of (State)
  • Current BLS, ARM, CPCU, FASHRM, DFASHRM, CPHRM, and/or CHC designation

Sample job description #2

Responsible for enterprise and operational risk management and the administration of the College’s insurance needs. This will include supporting the renewals and extensions of existing lines of insurance and updating insurance policies as needed. Cultivates and maintains strong working relationships and partnerships with the general counsel’s office, human resources, and other College partners and stakeholders. Works directly with the College’s Safety Manager to Coordinate safety program development, training, inspections, and evaluations.

Duties and responsibilities:

  • Identifies risks to the College and its physical and human assets and undertakes measures to minimize the probability of their occurrence and their attendant impacts
  • Develops policy recommendations for consideration and adoption. Develops and maintains manuals regarding policies.
  • Oversees the College’s loss control programs for property and casualty to ensure that best practices are identified and implemented
  • Reviews proposed College activities for preparation of waivers and releases of liability. Develops releases and waivers for various College activities, as necessary
  • Ensures timely payments for insurance premiums and invoices. Coordinates claims activity with appropriate internal college stakeholders and external insurance providers and partners
  • Reviews insurance coverage to ensure procurement and continuation of adequate and appropriate coverage. Includes insurance relating to property, vehicles, and various other types of insurance
  • Represents the best interest of the college with respect to insurance, working closely with the Florida College System Risk Management Consortium. Negotiates policies covering liability, property, equipment, worker’s compensation, accident, and other types of insurance
  • Maintains employee, facility, and equipment records to support insurance. Files claims as required and processes liability, property, equipment, health, life, accident, and other types of insurance reports
  • Subrogates property damage claims as necessary on behalf of the College. Provides consultation and assistance regarding specific matters within area of expertise
  • Assesses accidents or injuries by conducting comprehensive investigations to ensure accurate information is obtained and documented. Identifies, develops, and conducts future safety hazard and prevention training to reduce the risk injuries or incidents. Compiles and prepares accident and incident report summaries and litigation or liability claims activity for submission to upper management
  • Performs or assists in performing safety and fire inspections. Assists with the preparation of activity and incident reports. Maintains and controls records, including database, logs, cost records, and general records
  • Acts as the college’s lead agent and liaison to the Federal Emergency Management Agency (FEMA), and all other related agencies as required. Assists human resources in the processing of worker’s compensation claims in the event of a workplace accident
  • Performs other job-related duties as assigned

Education and experience:

  • Bachelor’s degree
  • Four years of related experience

Sample job description #3

Role

The Risk Manager serves as the Organization’s subject matter expert for risk related issues. Responsible for risk identification, risk analysis/trending, loss prevention, and risk management education programs

Qualifications

  • Bachelor’s degree in related field or an equivalent combination of education and experience
  • Current (State) license as RN, current active single-state out-of-state nurse license, or current active multistate/compact nurse license
  • LHRM or CPHRM preferred
  • Minimum of three (3) years experience in a related health risk management position
  • Strong business foundation with proven analytical and problem-solving skills
  • Proven experience with Joint Commission Hospice Standards and the National Patient Safety Goals
  • Able to communicate effectively (written and verbal) in English
  • Excellent skills in management of group dynamics and conflict resolution
  • Knowledge of and ability to apply process improvement theory and process mapping
  • Computer knowledgeable and competent with statistical applications and graphics
  • Intermittent Driver – Valid driver’s license and automobile insurance per Company policy
  • Able to travel to off-site locations
  • Able to be available after hours for serious risk matters or for emergencies
  • Able to work with minimal supervision and exercise a high degree of discretion and independent judgment
  • Able to prioritize multiple job responsibilities, exercise critical thinking skills, and effectively handle stress

Responsibilities of all employees

  • Represent the Company professionally at all times through care delivered and/or services provided to all clients
  • Comply with all State, federal, and local government regulations, maintaining a strong position against fraud and abuse
  • Comply with Company policies, procedures and standard practices
  • Observe the Company’s health, safety, and security practices
  • Maintain the confidentiality of patients, families, colleagues, and other sensitive situations within the Company
  • Use resources in a fiscally responsible manner
  • Promote the Company through participation in community and professional organizations
  • Participate proactively in improving performance at the organizational, departmental and individual levels
  • Improve own professional knowledge and skill level
  • Advance electronic media skills
  • Support Company research and educational activities
  • Share expertise with co-workers both formally and informally
  • Participate in Quality Assessment and Performance Improvement activities as appropriate for the position

Job responsibilities

  • Manages incidents/occurrences and concerns to minimize the risk to the Organization and to prevent reoccurrence
  • Conducts root cause analyses in response to unexpected occurrences which caused or may cause serious physical injury
  • Serves as an advisor to the affiliate Compliance Managers and leadership on risk related matters. Serves as the primary contact for Joint Commission, AHCA and other local and state agencies regulating the Organization
  • Records and tracks incidents, investigates causes, establishes a plan of action, and ensures proper documentation of follow-up. Works closely with Risk Management to address and document serious occurrences that may involve external reporting and/or review
  • Contacts customers to follow-up with serious concerns; documents follow-up and actions as warranted/taken
  • Tracks and analyzes data for trending and developing appropriate action plans and risk modification strategies in conjunction with the Director of Risk Management
  • Assists with efforts during surveys related to patient complaints or incidents
  • Effectively participates and/or chairs various committees, including EOC and Safety. Actively participates and contributes in QAPI, Safety, Ethics and other committees as assigned
  • Provides verbal and written reports to various committees/taskforce. Routinely provides professional and thorough reports and updates to the VP and CCO
  • Works closely with all levels of leadership, to establish and maintain an ongoing survey readiness program for the Organization and all affiliates. Leads all activities in preparation for surveys, to include but not limited to, Pharmacy, AHCA, Joint Commission, Biomedical Waste, OSHA, Department of Health, and KEYPRO. Leads Joint Commission activities to maintain deemed status, including annual intra-cycle monitoring reviews for affiliate(s) that occur between triennial surveys
  • Ensures that policies and practices throughout the Organization meet requirements of Joint Commission and state and local governing bodies
  • Performs other duties as assigned

Average salary and compensation

The average salary for a risk manager is $126,700 per year in the United States. Salary ranges can vary widely depending on many important factors including education, certifications, additional skills, and years of experience.

LocationSalary LowSalary High
Phoenix, Arizona$126,000 $170,500 
Los Angeles, California$142,150 $192,350 
Denver, Colorado$118,450 $160,300
Washington, DC$144,300 $195,250
Miami, Florida$117,950 $159,550 
Orlando, Florida$108,750 $147,150
Tampa, Florida$109,850 $148,600 
Atlanta, Georgia$115,250$155,900
Chicago, Illinois$132,450$179,200 
Boston, Massachusetts$143,250$193,800
Minneapolis-St. Paul, Minnesota$114,150 $154,450 
New York City, New York$150,750 $204,000 
Philadelphia, Pennsylvania$122,750$166,100 
Dallas, Texas$119,550$161,750
Houston, Texas$118,450$160,300 
Seattle, Washington$137,850 $186,500 
National Average$107,700$145,700 

Sample interview questions

  • How do you stay up-to-date on the best practices of risk management?
  • What experience do you have writing and presenting risk assessment reports? 
  • What business and finance experience do you have?
  • What tools do you use to assess risk? 
  • How do you mitigate risk?
  • How can you perform risk identification?
  • Can you explain the meaning of Risk Breakdown Structure?
  • What are the types of project risks?
  • What are risk probability and risk impact?
  • In what ways can you enhance our risk management process?
  • Which part of the risk management job do you consider very challenging?
  • What are the different elements of a good risk report?
  • Are you comfortable presenting your findings to a large group?
  • Are you detail-oriented?
  • What is your management style?
  • Do you have extensive knowledge of industry compliance standards and regulations?
  • Are you proficient in risk management and financial analysis software?

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