Risk and Insurance Management Society (RIMS) has released the findings of its 2008 Risk Management Compensation Survey, the fifth iteration of the not-for-profit organization's annual survey. RIMS, which represents more than 4,100 organizations in 48 countries, opted to include compensation information for chief risk officers for the first time this year, as well as various other senior risk management levels.
According to the survey, the average base salary for a chief risk officer/vice president of a U.S.-based company hovers around $170,683. The survey reflects base salary and incentive data for 11 industry-specific jobs categorized by company size (based on full-time employees and annual revenues); risk management department size; industry; and geographic location.
“This survey is one of many tools and resources that RIMS provides risk practitioners to advance their careers,” says W. Michael McDonald, ARM, member of RIMS board of directors and vice president of risk management at Quality Distribution, Inc. “It can also provide employers a benchmark for compensation levels to help attract and retain qualified risk management professionals.”
In total, 2,180 surveys were completed online by RIMS members between May 5 and June 30, 2008. The respondents represented more than 1,650 companies based in the U.S. and Canada. Of the U.S. participants, 58 percent reported working for enterprises generating annual revenues surpassing $1 billion. Forty-five percent of those employed by Canadian companies reached this same threshold.
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