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Risk professionals averaged 3.7% pay increases this year

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U.S. risk professionals received slightly higher wage increases in 2015 than Canadian risk professionals did, according to the 2015 RIMS Compensation Survey, published Monday by the Risk & Insurance Management Society Inc.

The bi-annual survey that provides detailed compensation analysis by industry, location and position for virtually all risk professional positions reported that pay increases for risk professionals in the U.S. averaged 3.7% of base pay, while Canadian's in the industry averaged a 2.7% increase.

Although receiving higher pay raises when compared to Canada overall, U.S. chief risk officers had a decrease of almost 2% in average base salaries with only a 1% decrease for chief risk officers in Canada, the survey said.

“No matter the maturity of an organization's risk management program, understanding the cost of employing specialized personnel is critical to any senior leader's decision-making process,” said RIMS President Rick Roberts. “Additionally, RIMS Compensation Survey is a great resource for all of our members, especially those who are looking to build their teams or advance their own careers.”

Base pay for directors of insurance and risk management in Canada increased 10% and base salary for claims/workers' compensation managers in the U.S. increased 8%.

Risk professionals who responded to the survey typically worked at a large organization within the U.S., performed functions at their company in addition to risk management, and had over 13 years of industry experience with an average age of 48 to 50.

A total of 1,145 people were surveyed in September 2015.