RIMS releases 2008 salary survey


Posted On: Sept. 30, 2008 2:28 PM CST

NEW YORK—The average base salary for a chief risk officer or vp of risk management is $170,683 according to a survey by the New York-based Risk & Insurance Management Society Inc.

According to the survey of U.S.-based companies, the base salary for directors of insurance and risk management is $118,200; the base salary for insurance managers is $93,200; and the base salary for a risk management analyst is $64,100.

The 2008 Risk Management Compensation Survey outlines the base salary and incentive data for 11 industry-specific jobs. This was the fifth time RIMS has put out a compensation survey and the first time it featured the salaries of chief risk officers/vps of risk management—the highest-paid risk management position surveyed.

The survey is intended to help "risk practitioners to advance their careers," said W. Michael McDonald, a member of the RIMS board of directors and vp of risk management at Quality Distribution Inc., in a statement. "The survey can also provide employers a benchmark for compensation levels to help attract and retain qualified risk management professionals."

Online surveys were completed by 2,180 RIMS members at 1,490 organizations between the beginning of May and the end of June 2008.