RIMS Compensation Survey Finds Modest Pay Increase for Risk Professionals in 2015

Risk professionals in the United States reported an average 3.7 percent base salary increase this year, while their Canadian counterparts reported an average 2.7 percent increase, according to RIMS 2015 Compensation Survey.

The bi-annual survey revealed the median annual salary for risk professionals is $115,000 though base salaries varied by position. For example, those in management positions reported the highest median salary, at $170,000, while those working as claims managers or workers’ comp claims managers earn nearly $100,000 less than chiefs/VPs, at $73,000.

The 90-page survey offers detailed compensation analysis by industry, location and position for virtually all risk professional positions. The survey also explores education, experience and demographical data’s impact on compensation, as well as benefits and additional cash compensation programs available to practitioners.

Compared to RIMS 2013 Compensation Survey, key findings include:

• Average base salary for CROs in the United States decreased almost 2 percent, while Canadian CROs experienced a 1 percent percent increase;
• Average base salary for claims/workers’ compensation managers in the United States increased 8 percent;
• Average base salary for directors of insurance and risk management in Canada increased by 10 percent.
• Males continue to earn more than their female counterparts, although this may be explained by the gender’s reportedly higher levels of education and experience.

“No matter the maturity of an organization’s risk management program, understanding the cost of employing specialized personnel is critical to any senior leader’s decision-making process,” said RIMS President Rick Roberts.

The survey was conducted by email and disseminated to qualified professional RIMS members. It comprises data from 1,145 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. RIMS 2015 Compensation Survey incorporates data from 999 risk professionals in the United States and 143 in Canada.

RIMS 2015 Compensation Survey is available to both members and nonmembers. To order a copy, visit www.RIMS.org/RIMStore. Survey contributors are entitled to a complimentary copy of the survey’s Executive Summary. The full survey is $30 for contributors; $250 for member/noncontributors; and $500 for nonmember/noncontributors.