Pay for North American risk professionals has increased rapidly since 2019
- Published: Tuesday, 01 February 2022 11:21
Risk professionals at all levels and responsibilities in the United States experienced an average 12.6 percent base salary increase in 2021 compared to 2019, while Canadian practitioners experienced an average 15.9 percent increase in the same period, according to the latest RIMS Compensation Survey.
The survey provides detailed compensation analysis by industry, location, and position for virtually all risk professional positions. The survey also explores the impact of education, experience, and demographical data on compensation, as well as benefits and additional cash compensation programs available to practitioners.
Compared to the 2019 survey, key findings from the RIMS 2021 Compensation Survey include:
- The median annual base salary for United States risk management professionals in 2021 was $135,000 up from $118,000 in 2019; and in Canada it was $120,000 up from $101,000;
- US executives with the title and responsibilities most closely aligning with Director of Insurance and Risk Management saw the biggest salary increase, nearly $19,000 in the two-year period;
- Both male and female risk professionals in United States experienced similar pay increases, 12.5 percent and 12.8 percent respectively; while in Canada, women saw raises of more than double that of men – an 18 percent increase for females versus 8 percent for males;
- Risk management certifications and designations are held by a majority of respondents, 64 percent in United States and 84 percent in Canada.
The bi-annual survey is available in the RIMS Bookstore at rims.org/resources/bookstore