Survey: Risk Manager Comp

The Risk and Insurance Management Society (RIMS) has published its latest survey on compensation for people involved in risk management. The 2008 survey presents compensation data for 11 positions in the field of risk management, from claims analysts to chief risk officers, and reflects data submitted by more than 1,600 organizations in the U.S. and Canada.

The survey, conducted by enetrix, obtained compensation details from 2,180 RIMS members. The demographic makeup of the U.S. respondents showed 49.9 percent of them working in public companies and 31.9 percent working in private companies, with the remainder working in government, non-profit, or “other” jobs. Canadian respondents held a far greater percentage of government jobs—26.9 percent, compared to the 6.3 percent of the American respondents.

Key findings among the data were that U.S. directors of insurance and risk management—the most common job in the field—made an average base salary of $118,200, with total compensation of $137,200. Their Canadian counterparts made only $109,400 base, with total compensation of $122,300. The Canadian dollar currently trades for about 95 percent of the American dollar.

Chief risk officers and vice- presidents—traditionally the highest positions on the risk management ladder—made an average base salary of $170,700, with $220,200 total compensation in the U.S. The same position in Canada makes an average of $140,200, with total compensation of $179,000.