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Probabilistic Risk Analysis Engineer Jobs (NOW HIRING)

Paco Group

Project Risk Specialist

New York, NY · On-site

$45 - $65/hr

Ability to analyze and interpret probabilistic risk data and assist in communicating key risk ... Bachelor's degree in Engineering, Construction Management, Project Controls, Business ...

SageSure

Catastrophe Risk Analyst

Chicago, IL · On-site

Conduct claims analysis, event response, and post-event analytics. * Support the integration of ... Familiarity with stochastic simulation, probabilistic risk modeling, and quantitative methods.

X Energy LLC

Engineer IV, Safety Analysis & V&V

Rockville, MD · On-site +1

$79K - $104K/yr

The Safety Analysis Engineer performs and oversees thermo-hydraulic safety analysis work supporting ... Support probabilistic risk assessment (PRA) activities by providing deterministic thermo-hydraulic ...

SageSure

Senior Catastrophe Risk Analyst

Chicago, IL · On-site

Conduct claims analysis, event response, and post-event analytics. * Support integration of climate ... Familiarity with stochastic simulation, probabilistic risk modeling, and related statistical ...

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How much do probabilistic risk analysis engineer jobs pay per year?

As of Jun 20, 2026, the average yearly pay for probabilistic risk analysis engineer in the United States is $115,864.00, according to ZipRecruiter salary data. Most workers in this role earn between $83,000.00 and $151,500.00 per year, depending on experience, location, and employer.

What is a Probabilistic Risk Analysis Engineer job?

A Probabilistic Risk Analysis Engineer evaluates and quantifies risks in complex systems using statistical methods and mathematical models. They assess uncertainties, predict potential failures, and recommend mitigation strategies for industries such as aerospace, nuclear energy, and finance. Their work involves analyzing data, running simulations, and developing probabilistic models to improve safety, reliability, and decision-making.

What are common challenges faced by Probabilistic Risk Analysis Engineers, and how do they overcome them?

Probabilistic Risk Analysis Engineers often face the challenge of working with incomplete or uncertain data while needing to deliver precise risk assessments for critical systems. They overcome this by employing advanced statistical methods, sensitivity analyses, and by collaborating with subject matter experts across engineering, safety, and operations teams to refine models and assumptions. Clear communication is essential, as engineers must translate technical results into actionable insights for decision-makers. Staying current with industry standards and continuously improving modeling techniques also helps them address evolving project requirements. This dynamic environment supports ongoing skill development and offers opportunities for professional growth in reliability, safety, and systems engineering.

What are the key skills and qualifications needed to thrive in the Probabilistic Risk Analysis Engineer position, and why are they important?

To thrive as a Probabilistic Risk Analysis Engineer, you need a strong background in engineering, mathematics, and statistics, often supported by a relevant degree and experience in quantitative risk assessment. Familiarity with Monte Carlo simulation tools, reliability software (such as @RISK or ReliaSoft), and professional certifications like Professional Engineer (PE) or Certified Reliability Engineer (CRE) are highly valuable. Strong analytical thinking, attention to detail, and the ability to clearly communicate complex findings to diverse stakeholders are crucial soft skills. These competencies ensure accurate risk modeling and effective collaboration with multidisciplinary teams in high-stakes engineering projects.

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Probabilistic Risk Analysis Engineer jobs near you
Infographic showing various Probabilistic Risk Analysis Engineer job openings in the United States as of June 2026, with employment types broken down into 100% Full Time. Highlights an 100% In-person job distribution, with an average salary of $115,864 per year, or $55.7 per hour.

Project Risk Specialist

Paco Group

New York, NY • On-site

$45 - $65/hr

Full-time

Medical, Dental, Life, Retirement, PTO

Posted 18 days ago

Job description

Employment Type:
Full time
Knowledge, Skills, & Abilities:
Demonstrated ability to support the development, maintenance, and updating of Project Risk Registers for multi-phase capital projects, including documentation of risk events, impacts, mitigation measures, and residual risk.Working knowledge of project risk management principles and industry practices, including familiarity with AACE International risk management frameworks and their application to cost and schedule risk assessments.Understanding of cost and schedule risk integration, contingency development, and related project controls concepts, with basic familiarity with earned value management (EVM) principles.Ability to analyze and interpret probabilistic risk data and assist in communicating key risk drivers, trends, and potential impacts to project teams and management in a clear, actionable manner.Experience supporting public-sector or owner agencies, including Federal, State, City, or Local agencies such as the Port Authority of NY & NJ, MTA operating agencies, or similar public owners.Strong organizational, analytical, and communication skills, with the ability to support collaborative workshops, coordinate with multidisciplinary teams, and manage multiple assignments concurrently.
Education Requirements:
Bachelor's degree in Engineering, Construction Management, Project Controls, Business Administration, Economics, Accounting, or a related discipline.
Hourly Rate:
$45-65
Position Overview:
PACO Group (PACO) is seeking a Project Risk Specialist to support the identification, assessment, quantification, mitigation, and reporting of project risks on major transportation and infrastructure programs, with a particular emphasis on assignments for the Port Authority of New York and New Jersey (PANYNJ).
This position builds upon PACO Group's baseline risk management role and incorporates Port Authority-specific requirements associated with Project Risk Management Services provided on a call-in basis under applicable PMO agreements. The Project Risk Specialist will support both Capital and Non-Capital projects and assist with risk activities across planning, design, procurement, and construction phases in accordance with Authority standards, tools, and procedures.
The role requires availability for immediate assignment, coordination with Port Authority project teams, and the ability to support multiple concurrent risk management efforts.
Key Responsibilities and Duties:
The Project Risk Specialist shall perform services consistent with PACO Group's baseline scope, expanded and refined to meet Port Authority requirements. Responsibilities include, but are not limited to, the following:
A. General Risk Management Responsibilities
  • Support the development, implementation, and maintenance of Project Risk Management Plans aligned with Port Authority standards and project requirements.
  • Assist in identifying, assessing, and scoring project risks affecting cost, schedule, scope, and delivery.
  • Maintain and update Risk Registers using Authority-provided templates, documenting probability, impact, mitigation strategies, and residual risk.
  • Support management and oversight of project risk management efforts associated with Capital and Non-Capital projects at multiple Authority facilities.
  • Assist in recommending improvements to risk management processes, procedures, and reporting practices.

B. Risk Assessment Preparation
  • Compile and review project information including engineering documentation, construction cost estimates, and project schedules.
  • Assist in planning risk assessment efforts to support project authorization and decision-making milestones.
  • Coordinate with Authority stakeholders to support the formation of risk assessment teams.
  • Assist in establishing schedules, milestones, and deliverables for Project Risk Assessment reports.

C. Engineering, Cost, and Schedule Review
  • Assist with independent review of project scope, cost estimates, and schedules to confirm alignment with documented scope.
  • Support validation sessions with Authority staff, as required.
  • Where schedules are incomplete or unavailable, assist project teams in developing Primavera P6 schedules of sufficient detail to support schedule risk modeling, using the Authority's standard platform.

D. Risk Assessment Workshops
  • Support the organization and facilitation of Project Risk Assessment Workshops as directed by the Authority.
  • Assist in eliciting input from subject matter experts regarding risk events, likelihood, and impacts.
  • Document risks in the Authority's Risk Register with sufficient detail to support analysis and reporting.
  • Support structured risk scoring to inform cost and schedule contingency development.

E. Quantitative Risk Analysis and Modeling
  • Support Quantitative Risk Assessments (QRA) for cost and schedule.
  • Assist with Monte Carlo risk modeling using Authority-approved tools, including:
    • Lumivero / Palisade @Risk (Excel add-in)
    • Primavera Risk Analysis
  • Support integration of risk analysis outputs into project baselines and contingency assessments.

F. Risk Mitigation Workshops
  • Support Risk Mitigation Workshops to present modeling results and assist in identifying feasible mitigation strategies.
  • Assist in documenting mitigation measures, estimated effectiveness, costs, and implementation durations.

G. Project Risk Assessment Reporting
  • Assist in preparing draft and final Project Risk Assessment Reports in accordance with Port Authority requirements.
  • Reports may include:
    • Executive Summary
    • Project Description and Objectives
    • Workshop notes, cost and schedule inputs, and key assumptions
    • Completed Risk Register
    • Risk modeling results and contingency outcomes
    • Discussion of findings and recommendations
  • Support delivery of electronic risk models compatible with Authority software platforms.

H. Ongoing Risk Management Support Services
  • Support ancillary risk management services including briefings, continuous improvement efforts, and risk management training.

I. Lessons Learned Support
  • Support Lessons Learned Workshops and assist in preparing draft and final Lessons Learned Reports addressing:
    • Issue background
    • Key successes and challenges
    • Significant impacts
    • Lessons learned
    • Recommendations and corrective actions

Required Qualifications:
  • Bachelor's degree in Engineering, Construction Management, Project Controls, Accounting, Economics, Business Administration, or a related discipline.
  • Minimum 3 years of relevant experience performing project risk assessments, including workshops, analyses, and report preparation.
  • Working knowledge of project risk management principles.
  • Experience supporting risk assessment activities on infrastructure or transportation projects.
  • Familiarity with risk management software tools such as @Risk, Primavera Risk Analysis, and Primavera P6.
  • Ability to communicate technical and analytical information clearly.

Preferred Qualifications:
  • Experience supporting transportation, infrastructure, aviation, marine, port, tunnel, bridge, roadway, or facility projects.
  • Experience working with public-sector or owner agencies such as the Port Authority, MTA, NJ Transit, or similar entities.
  • Project Management or Risk Management certification (PMP, PMI-RMP, DRMP) preferred but not required.
  • Experience supporting design-build or alternative delivery project

Skills and Competencies:
• Proficiency in Microsoft Office (Word, Excel, PowerPoint, Outlook, SharePoint, Teams).
• Familiarity with Primavera P6, Primavera Risk Analysis, and @Risk.
• Strong analytical and problem-solving skills.
• Ability to support collaborative workshops and manage multiple tasks concurrently.
• Effective written, verbal, and interpersonal communication skills.
Work Environment and Schedule:
  • Services primarily performed at Port Authority facilities within the Port District, including 4 World Trade Center, with assignments at various Authority facilities as required.
  • Hybrid, on-site, or field-based work depending on assignment needs.
  • Ability to travel between job sites within the New York / New Jersey region.
  • Compliance with Authority safety, security, and work-site requirements, including obtaining a SWAC ID and associated clearances.

Compensation:
  • The good-faith salary range for this position is $45-$65 per hour, depending on experience, qualifications and client requirements.
  • Candidates with greater depth of experience or specialized expertise may fall toward the higher end of the range, and exceptional candidates may be considered for compensation outside of this range, consistent with client budget and company policy.

Benefits Summary:
  • 401(k) and 401(k) Employer Matching.
  • Health Insurance.
  • Dental Insurance.
  • Group Life Insurance, LTD and AD&D.
  • Paid Time Off.
  • Paid Holidays.
  • Professional Development Assistance.

EEO Diversity Statement:
PACO Group, Inc. is committed to furthering opportunities for everyone in the national construction market. The firm periodically reaffirms this commitment through an active affirmative action plan. It provides Equal Employment Opportunities (EEO) to all employees without unlawful discrimination regarding race, creed, color, national origin, sex, age, disability, marital status, religion, military status, pregnancy, sexual orientation, or citizenship status. As an equal opportunity employer, we have recruited, hired, promoted, and retained an ethnically and socially diverse professional staff. Our efforts to date have produced

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