Average chief risk officer's salary nearly $184,000: RIMS

Source: Business Insurance

Chief risk officers' average base salary has increased from $170,683 in 2008 to $183,572 in 2013, the Risk & Insurance Management Society Inc. said Wednesday.

That is a nearly 7.5% increase over the five-year period.

The 2013 “RIMS Compensation Survey” also found that the average base salary for CROs in Canada over the five-year period increased 19%, the same percentage as that for U.S. claims analysts — the lowest paid risk management position in the United States.

“Knowing what your competitors are paying their risk professionals can be a tremendous advantage when negotiating salary and, more importantly, setting your organization's strategic risk management objectives,” Jill Levy, RIMS membership director, said in a statement. The survey “allows organizations to review their local competitors' risk management staffing expenses and more efficiently budget for this essential business capability.”

The survey by New York-based RIMS is released every other year. This year's 212-page analysis drew on 2,246 completed surveys. RIMS said the results reflect data submitted by individual risk management professionals working in more than1,500 organizations in the United States and more than 200 in Canada.