Risk and Insurance Management Society 2019 Compensation Survey: Risk Professionals Experience Slight Salary Dip in 2019

NEW YORK, Jan. 17 -- The Risk and Insurance Management Society issued the following news release:

Risk professionals at all levels and responsibilities in the United States experienced an average 1.7% base salary decrease in 2019 compared to 2017, while Canadian practitioners experienced an average 4.0% decrease in the same time, according to the RIMS 2019 Compensation Survey. The bi-annual survey is now available in the RIMStore at rims.org/resources/bookstore.

The 93-page 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 RIMS 2017 Compensation Survey, key findings include:

* CRO salaries in the United States increased 4% to $198,900;

* The pay gap between male and female risk professionals was 14% in 2019, whereas the gap was 17% in 2017;

* 66% of risk management professionals in the US are over the age of 45; and 64% are in that age bracket in Canada.

"While overall compensation remained relatively stable, increases in pay for chief risk officers and directors responsible for Strategic Risk Management and Enterprise Risk Management highlight the profession's evolution," said RIMS CEO Mary Roth. "Organizations are realizing the importance and value of compensating high-level risk professionals who are prepared to contribute to the organizations' strategy and growth. This benchmarking tool gives senior business leaders the insight to make informed decisions to develop sustainable risk management departments and capabilities."

The survey was conducted by email and disseminated to qualified RIMS professional members and non-members. It comprises data from 1,467 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. The RIMS 2019 Compensation Survey incorporates data from 999 risk professionals in the United States and 196 in Canada.

The RIMS 2019 Compensation Survey is available to both members and nonmembers. 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 $30 for contributors; $250 for non-contributing members; and $500 for non-contributing non-members.