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Operational Risk Consultant information

What are the 4 operational risks?

Operational risk for an Operational Risk Consultant refers to the potential for loss resulting from inadequate or failed internal processes, people, systems, or external events. The four main types are process risk, people risk, systems risk, and external event risk. Managing these risks involves assessing controls, implementing policies, and using tools like risk dashboards and incident reporting systems.

What does an operational risk consultant do?

An operational risk consultant assesses and manages risks related to a company's internal processes, systems, and controls to prevent losses and ensure compliance. They analyze data, develop risk mitigation strategies, and often use tools like risk management frameworks and software to identify vulnerabilities and improve operational resilience.

Does risk consulting pay well?

Operational Risk Consultants typically earn competitive salaries that vary based on experience, location, and industry. Entry-level positions may start around $60,000 annually, while experienced professionals can earn over $120,000, especially with certifications like FRM or ORM. The role often involves analytical skills, risk assessment tools, and regulatory knowledge, which can influence compensation levels.

What jobs can I get with frm?

With an FRM (Financial Risk Manager) certification, you can pursue roles such as risk analyst, risk manager, credit risk analyst, market risk analyst, or operational risk analyst. These positions typically involve assessing and managing financial risks using quantitative skills and risk management tools, often requiring knowledge of financial regulations and risk modeling software.

How does an Operational Risk Consultant typically collaborate with other departments to identify and mitigate risks?

Operational Risk Consultants work closely with various departments—such as compliance, internal audit, IT, and business units—to identify, assess, and mitigate risks. Collaboration often involves facilitating risk assessments, leading workshops, and providing guidance on best practices for risk controls. Regular meetings and cross-functional projects are common, allowing consultants to gain insights into department-specific processes and emerging risks. This teamwork ensures a holistic approach to managing operational risks across the organization.

What Does an Operational Risk Consultant Do?

As an operational risk consultant, your primary responsibilities are reporting assessments and monitoring the risks of an organization's operations. The types of risk you look for include operational, financial, technological, and compliance related. You work with other departments such as accounting, regulatory affairs, and the internal audit department. You review operating procedures and guidelines, and ensure all actions and services correspond with industry practices/regulations. Your duties include providing an analysis and recommendation of how to adjust forward movement within the company. You also work to anticipate problems before they occur to avoid conflict.

What is the difference between Operational Risk Consultant vs Risk Analyst?

AspectOperational Risk ConsultantRisk Analyst
CertificationsFRM, CRM, or similarFRM, CFA, or similar
Work EnvironmentConsulting firms, financial institutions, corporationsFinancial institutions, investment firms, corporations
Primary FocusIdentifying and managing operational risks, developing risk mitigation strategiesAnalyzing risk data, assessing risk levels, supporting risk management decisions

Operational Risk Consultants focus on identifying, assessing, and mitigating operational risks within organizations, often providing strategic advice. Risk Analysts primarily analyze data to evaluate risk levels and support decision-making. While both roles require similar certifications and work in related environments, their core responsibilities differ: consultants focus on risk management strategies, whereas analysts focus on data analysis and reporting.

What are the key skills and qualifications needed to thrive as an Operational Risk Consultant, and why are they important?

To thrive as an Operational Risk Consultant, you need a solid background in risk management, analytical skills, and a relevant degree such as finance, business, or a related field. Familiarity with risk assessment frameworks, GRC (Governance, Risk & Compliance) software, and certifications like FRM or CRISC is often required. Strong communication, problem-solving abilities, and attention to detail set outstanding consultants apart. These skills are critical for accurately identifying, assessing, and mitigating risks to protect organizational assets and ensure regulatory compliance.
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Operational Risk Consultant jobs near you
Infographic showing various Operational Risk Consultant job openings in the United States as of July 2026, with employment types broken down into 2% Locum Tenens, 87% Full Time, 7% Part Time, and 4% Contract. Highlights an 89% Physical, 3% Hybrid, and 8% Remote job distribution.
Alternative Risk Consultant

Alternative Risk Consultant

Lockton, Inc.

Kansas City, MO • On-site

Full-time

Re-posted 6 days ago

Lockton rating

9.1

Company rating: 9.1 out of 10

Based on 46 frontline employees who took The Breakroom Quiz

23rd of 281 rated insurance

Job description

Job Summary:
The Consultant will support the development, analysis, and execution of customized alternative risk and risk financing solutions for complex clients across industries.
This role is designed for a highly analytical and commercially minded professional with experience in insurance, reinsurance, captive consulting, structured risk, finance, or related disciplines. The Consultant will work across the full Alternative Risk Solutions platform, supporting client strategy, program design, market execution, and internal practice development.
This is a broad exposure role intended to develop deep expertise across:
• Captive consulting
• Parametric insurance
• Structured risk solutions
• Fronting and collateral strategies
• Alternative risk financing structures
The ideal candidate is intellectually curious, collaborative, and excited to help build innovative solutions in a fast-growing practice.
Key Responsibilities
• Client Advisory & Solution Development
• Support the design and execution of alternative risk and risk financing solutions for clients across multiple industries
• Assist in evaluating client exposures, risk retention strategies, and financing alternatives
• Participate in client meetings, strategy discussions, and program presentations
• Help develop customized solutions tailored to client operational and financial objectives
Program Structuring & Analytics
Assist with structuring and analysis of:
• Captive programs
• Parametric solutions
• Structured and aggregate risk programs
• Fronting and collateral arrangements
• Coordinate with actuarial, finance, accounting, and underwriting partners to support solution design
• Prepare financial analyses, benchmarking materials, and program comparisons
Market Engagement
Support placement strategy and market engagement efforts with:
• Insurers
• Reinsurers
• Fronting carriers
• Parametric and alternative capital providers
• Assist with submission preparation, market communication, and negotiation support
Cross-Platform Collaboration
• Work across all products within the Alternative Risk Solutions Practice rather than specializing in a single line
• Collaborate closely with producers, brokers, analytics teams, and senior consultants across Lockton
• Contribute to integrated client strategies that combine multiple alternative risk solutions
Practice Development
Support internal initiatives including:
• Market research
• Thought leadership
• Product development
• Internal education and training materials
• Help maintain awareness of emerging trends in alternative risk, structured solutions, and risk financing market
Requirements:
Approximately 5-8 years of experience in:
• Insurance or reinsurance
• Captive consulting
• Structured risk / ART
• Risk financing
• Brokerage or underwriting
• Finance or accounting advisory related to risk transfer
• Strong analytical and problem-solving capabilities
• Ability to synthesize technical concepts into clear business recommendations
• Excellent communication and presentation skills
Preferred Knowledge Areas
Exposure to or interest in:
• Captive structures and feasibility analysis
• Parametric insurance concepts
• Structured or aggregate risk programs
• Reinsurance markets and risk transfer mechanics
• Financial modeling and capital optimization strategies
Leadership & Professional Traits
• Collaborative and team-oriented
• Highly organized and execution-focused
• Curious, adaptable, and eager to learn across multiple disciplines
• Comfortable operating in a fast-paced, entrepreneurial environment
• Strong attention to detail with a client-service mindset
Career Opportunity
This role offers the opportunity to gain broad exposure across the evolving alternative risk marketplace while working directly with senior leaders, complex clients, and innovative risk financing structures.
The Consultant will play an important role in helping build and scale Lockton's Alternative Risk Solutions Practice and will have significant opportunities for growth, specialization, and leadership development over time.
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