Risk professional salaries increase: RIMS survey
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Salaries for risk professionals have risen since 2021, with more experienced risk managers netting larger increases, according to the Risk & Insurance Management Society Inc.’s 2023 compensation survey released Thursday.
U.S.-based enterprise risk management directors saw a 13.3% salary increase, while risk management professionals with 25 years or more of experience received an
11.5% increase over the past two years, compared with a 6.9% overall increase for all U.S. risk professionals.
That compared with an average overall increase of 1.7% for Canadian risk professionals, while those with 25 or more years of experience saw a larger average salary increase, 20%, than their U.S. counterparts.
The median annual base salary for U.S. risk management professionals this year is $144,300, up from $135,000 in 2021. In Canada, the median annual base salary is $122,000, up from $120,000 in 2021.
Directors of enterprise risk management, including the executives with the title and responsibilities most closely aligned with that role, had the largest salary increases at 13.3% in the U.S. and 14.7% in Canada.
Sixty-five percent of U.S. risk management professionals have at least one industry-related certification and or designation, while the proportion is higher in Canada at 88%.
The report results are based on the 1,137 respondents who indicated they were employed as a risk management professional as of Sept. 1, 2023.
