Risk management salaries rising: RIMS survey

U.S. risk professionals at all levels saw an average 3.5% base salary increase this year, the Risk & Insurance Management Society Inc. said Tuesday, while Canadian practitioners saw an average 2% increase.

The RIMS 2017 Compensation Survey, which is published every two years, also found that the average base salary for U.S. chief risk officers increased 11% to $190,800, RIMS said in a statement. 

Overall, risk management professionals saw a 3.5% average increase in base salary compared with the 2015 report.

The median annual base salary for U.S. risk management professionals is $120,000, the survey said, while the median annual base salary for Canadian risk management professionals is CA$105,500 ($83,176).

Male risk management professionals in the U.S. tend to earn more than females, the survey said, but they also tend to have higher levels of education, more experience in risk management and supervise more people, on average. Male risk management professionals in Canada also tended to earn more than their female counterparts, the survey said.

The median annual base salary for U.S. risk management professionals varies by position, RIMS said. 

The survey also found that the average base salary for director of enterprise risk management/strategic risk management in Canada saw the biggest increase for the country, up 8% to CA$130,000. Their median annual base salary $105,500 Canadian. Compared with 2015, Canadian risk management professionals saw a 2% average increase in base salary.

In addition, RIMS said, 63% of risk management professionals in both the U.S. and Canada perform functions in addition to risk management in their organizations.

“In a competitive job market, it is imperative to have the tools to formulate compelling compensation programs,” RIMS CEO Mary Roth said in a statement.

Those indicating the position that most closely represents their role is chief risk officer or vice president of risk management have the highest median salary, at $190,800, while those who function as insurance or claims analysts typically earn $75,000, $115,800 less than that top-paid group.

The results are based on 950 respondents to an email survey who indicated they were employed as a risk management professional as of June 1. The survey incorporates data from 781 risk professionals in the United States and 138 in Canada.