Risk professionals at all levels and responsibilities in the United States experienced an average 12.6% base salary increase in 2021 compared to 2019, while Canadian practitioners experienced an average 15.9% increase in the same period, according to the RIMS 2021 Compensation Survey. The bi-annual survey is now available in the RIMS Bookstore at rims.org/resources/bookstore.
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;
- U.S. 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% and 12.8% respectively; while in Canada, women saw raises of more than double that of men – 18% increase for females versus 8% for males;
- Risk management certifications and designations are held by an overwhelming majority of respondents, 64% in United States and 84% in Canada;
“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,” said RIMS CEO Mary Roth. “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.”
The survey was conducted by email and disseminated to qualified RIMS professional members and non-members. It comprises data from 1,213 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. The RIMS 2021 Compensation Survey incorporates data from 1,039 risk professionals in the United States and 174 in Canada.
The RIMS 2021 Compensation Survey is available to both members and non-members. To order a copy, visit rims.org/resources/bookstore. Survey contributors are entitled to a complimentary copy of the survey’s Executive Summary. The full survey is $50 for contributors; $250 for non-contributor members; and $500 for non-contributor non-members.