What does a Risk Analyst do?
A risk analyst evaluates financial documents, economic conditions and potential clients to help companies determine the level of risk involved in making a particular business decision. They typically work for banks and insurance companies, though any company handling large amounts of money may choose to hire a risk analyst. You can get a job as a risk analyst after college, provided that you have the relevant experience and internship credit, and can progress to higher levels of management throughout your career.
Risk analysts must have a bachelor's degree in statistics, economics, finance or another business-related degree. They should be able to use software programs, including Excel, and complete extensive research to evaluate business decisions. In certain cases, risk analysts may be required to travel to clients' locations for their work, depending on the type of company for which they work.
- Analyze data to better understand potential risks, concerns and outcomes of decisions
- Aggregate data from multiple sources to provide a comprehensive assessment
- Create reports, summaries, presentations and process documents to display results
- Collaborate with other team members to effectively analyze and present data
- Develop systems and processes for gathering and storing data for future analytic projects
- Conduct research into potential clients and understand the risks of accepting each one
- Identify economic and financial trends that may present a risk to the company
- Monitor internal and external data points that may affect the risk level of a decision
- One to five years of experience as an analyst in a similar company or related field
- Demonstrated ability to prioritize tasks and meet daily deadlines for projects
- Strong written and verbal communication skills to inform managers and other stakeholders of results
- Proficiency in Microsoft Excel, Access, Visio and other analysis programs
- Ability to manage multiple projects and programs at the same time to complete work
- Critical thinking skills with the ability to independently solve problems with data
- Quantitative and analytical skills with a demonstrated ability to understand new analytical concepts
- Basic knowledge of programming languages, such as SQL and Python
- Presentation skills, including public speaking and presentation creation using PowerPoint or a similar program
How much does a Risk Analyst make?
Base Pay
Additional Pay
$82,779
/ yrRisk Analyst Career Path
Learn how to become a Risk Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Risk Analyst Insights
West Bromwich Building Society“Not great for long term there is no career growth unless you have contacts above to help get the role.”
ING“toxic culture one of the most bizarre experiences in my career alarmingly high turnover rate in the department.”
Optum Global Solutions“Salary may not be as good as market value specially in the information security industry for a regular analyst role.”
Lobel Financial Corp“It is difficult to work with the current manager and I would suggest to avoid this department”
Funding Circle“Comp was low but the HR Rep in my exit interview seemed shocked I said this so mighy be fixed for new hires.”
KPMG“Scope for learning is high and career growth is good.”
Federal Home Loan Bank of Boston“People are nice and friendly.”
Zions Bancorporation“I was able to learn industry standard practices and gain a solid understanding of risks and controls.”
Frequently asked questions about the roles and responsibilities of a Risk Analyst
When working as a Risk Analyst, the most common skills you will need to perform your job and for career success are Audit, EXCEL, Risk Assessments, Written Communication, and Frameworks.
- Financial Analyst
- Financial Manager
- Finance Manager
- Controller
The most common qualifications to become a Risk Analyst include a minimum of a Bachelor's Degree and an average of 0 - 1 years of experience not including years spent in education and/or training.