When it comes to benefits, nearly all U.S. risk management professionals are offered health coverage and 99% have access to a retirement plan, RIMS reported. Credit: Ratana21/Stock.adobe.com
The median salary for a U.S. risk management professional is $144,300, which is a nearly 7% increase compared with the median salary in 2022, according to the Risk and Insurance Management Society, Inc. (RIMS).
RIMS' biennial survey also found that salaries were up 13% for directors of enterprise risk management and executives with similar responsibilities. Further, risk management professionals with 25 years of experience or more have seen their pay increase 12% since 2021.
In addition to their salary, 76% of risk professionals said they are eligible to receive other cash compensation. Around 80% of U.S. risk pros said they received cash compensation in the form of a bonus during the past 12 months (ending Sept. 1, 2023). These bonuses were primarily based on performance (85%) and profitability (45%). Around 32% of the bonuses were discretionary.
Other types of cash compensation that were commonly reported include profit sharing (14%) and incentive pay (7%), according to RIMS.
When it comes to benefits, nearly all U.S. risk management professionals are offered health coverage and 99% have access to a retirement plan, RIMS reported.
Other common benefits risk management professionals have access to include a cell phone allowance (65%), counseling services (68%), paid family, maternity/paternity leave (70%), remote work (76%) and fitness/wellness programs (52%).
"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," RIMS CEO Gary A. LaBranche, FASAE, CAE, said in a release.
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