RIMS 2023 Compensation Survey highlights the escalating demand for strategic and seasoned risk leaders with U.S.-based Enterprise Risk Management Directors reporting a 13.3% salary increase and risk management veterans with 25 years or more of experience seeing a 11.5% increase over the past two years. Overall, risk professionals at all levels and responsibilities in the U.S. experienced an average pay increase of 6.9% while Canadian risk professionals saw a more modest 1.7% increase since 2021.
The bi-annual 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 demographic data on compensation, as well as benefits and additional cash compensation programs available to practitioners.
Compared to the 2021 survey, key findings from the RIMS 2023 Compensation Survey include:
- The median annual base salary for U.S. risk management professionals in 2023 was $144,300, up from $135,000 in 2021. In Canada, the median annual base salary was $122,000 up from $120,000.
- Executives with the title and responsibilities most closely aligned with Director of Enterprise Risk Management saw the biggest gains with salaries increasing by 13.3% in the U.S. and 14.7% in Canada.
- Experienced risk professionals – risk professionals with 25 or more years in risk management – saw an 11.5% increase in salary in the U.S. since 2021 and a 20% increase in Canada.
- Two in three U.S. risk management professionals (65%) have at least one industry-related certification/designation. The proportion is higher in Canada at 88%.
“With the impact, velocity, and unexpected nature of risks challenging businesses in all industries, the demand for and investment in highly competent, strategic risk leaders continues to grow,” said RIMS CEO Gary A. LaBranche, FASAE, CAE. “The RIMS Compensation Survey empowers the risk community to track salary, benefits, and other demographic trends to ensure they are fairly compensated for the undeniable value they add to their organizations.”
The survey was conducted by email and disseminated to qualified RIMS professional members and non-members. To best represent the audience of interest, the results in this report are based on 1,137 respondents who indicated they were employed as a risk management professional as of September 1, 2023 in the U.S. or Canada. Of those, 949 were from the U.S., 187 from Canada.
The RIMS 2023 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.