Pay for U.S. risk pros has risen more than 12% since 2019
The RIMS 2021 Compensation Survey also revealed Canadian risk professionals saw an average salary increase of 15.9%.
Salaries have shot upward for risk professionals, say results of the RIMS 2021 Compensation Survey, released January 25, 2022. They found those in the United States saw an average 12.6% base salary increase between 2019 and 2021, and the average salary of Canadian risk pros increased 15.9% in the same time period.
According to RIMS, this increase was pretty equal between the sexes in the U.S.. Male professionals, on average, saw an increase of 12.5% and, the base salary of female professionals increased 12.8%. In Canada, however, female risk professionals saw an average 18% salary increase, while men received an average pay bump of just 8%.
The survey also found U.S. executives with the title and responsibilities most closely aligning with “Director of Insurance” and “Risk Management” saw nearly a $19,000 salary increase over the two-year period, which is the largest increase among those surveyed.
“With business leaders leaning heavily on their risk management teams to address volatility, disruption and uncertainty, the importance of investing in this critical business function has never been more apparent,” RIMS CEO Mary Roth said in a press release. “Beyond managing adversity, risk professionals are bringing solutions to strategic conversations that empower resilience and drive innovation. These compensation increases reflect the undeniable value risk professionals contribute to their organizations’ success.”
This data was collected from 1,039 U.S. and 174 Canadian full-time risk professionals, for a total of 1,213 completed surveys. The majority of respondents – 64% of those in the U.S. and 84% of those in Canada – hold risk management certifications or designations.
A full copy of the RIMS 2021 Compensation Survey is available for purchase at rims.org/resources/bookstore.