After a year of salary decline, risk management professionals in the U.S. and Canada saw their paychecks move in the positive direction again in 2021, according to RIMS’ bi-annual compensation analysis.
Risk management professionals at all levels and responsibilities in the United States experienced an average 14.4 percent base salary increase in 2021 compared to 2019, while Canadian practitioners experienced an average 18.8 percent increase in the same period, according to RIMS’ 2021 compensation survey.
Here’s a look at a few of RIMS’ key findings for 2021:
- The median annual base salary for U.S. risk management professionals was $135,000 in 2021, up from $118,000 in 2019. Canadian risk management professionals enjoyed even more rapid growth, with their median annual base salary climbing from $101,000 to $120,000.
- Professionals in executive roles saw the biggest bump in pay, with insurance and risk management directors’ salaries climbing by nearly $19,000 over the two-year period.
- Canadian women in risk management roles had the biggest two-year increase in pay, with salaries rising 22 percent compared to about 9 percent for their male counterparts. In the U.S., men risk management professionals’ salaries climbed by 14.2 percent compared to 14.7 percent for U.S. women.
“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 news 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.”
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; 86 percent of those included in the survey were from the U.S.
Since it was founded in 1950, RIMS’ membership has grown to about 10,000 risk management professionals in 60-plus countries.