According to the Risk Management Society’s 2021 Compensation Survey, risk professionals saw significant salary increases from 2019 to 2021, with U.S.-based respondents reporting an average 14.4% rise in base salary and Canadian practitioners reporting an 18.8% salary bump.
In 2021, the median annual base salary for risk management professionals was $135,000 in the United States and $120,000 for those in Canada. The gender-based wage gap continues in risk management, with men earning a median salary of $145,000 compared to $125,000 for women. In one small measure of equity, however, risk professionals who identify as female reported a salary increase of 14.7%, comparable to the 14.2% increase among men.
“With business leaders leaning heavily on their risk management teams to address volatility, disruption and uncertainty, the importance of investing in this critical business function has never been more apparent,” said RIMS CEO Mary Roth. “These compensation increases reflect the undeniable value risk professionals contribute to their organizations’ success.”