NEW YORK (Sept. 29, 2008) — According to the 2008 Risk Management Compensation Survey, the average base salary for a chief risk officer/vice president, risk management, of a U.S.-based company is $170,683. Salary information for this position as well as other senior risk management levels is included for the first time in the survey, which was released today by the Risk and Insurance Management Society (RIMS). Survey data was compiled by enetrix®, a provider of online survey services and e-commerce solutions to associations. To read the executive summary of the 2008 Risk Management Compensation Survey, click here.

The survey presents base salary and incentive data for 11 industry-specific jobs categorized by company size (based on full-time employees and annual revenues), risk management department size, industry and geographic location. The following chart shows an example of average base salaries of risk management professionals at both U.S- and Canada-based companies.  

Average Base Salaries
Â	 U.S-based companies	 Canada-based companies*
 Chief Risk Officer/VP, Risk ManagementÂ	 $170,700Â	 $140,200
 Director, Insurance and Risk ManagementÂ	 $118,200Â	 $109,400
 Manager, Insurance ManagementÂ	 $93,200Â	 $86,200
 Risk Management AnalystÂ	 $64,100Â	 $65,500

*Converted to USD from CDN

“The 2008 Risk Management Compensation Survey is one of many tools and resources that RIMS provides risk practitioners to advance their careers,” says W. Michael McDonald, ARM, member of RIMS board of directors and vice president of risk management at Quality Distribution, Inc. “The survey can also provide employers a benchmark for compensation levels to help attract and retain qualified risk management professionals.”

Individuals representing more than 1,650 companies based in the United States and Canada participated in the survey, including 58 percent who work for U.S. companies and 45 percent who work for Canadian companies with reported annual revenue of more than $1 billion. The following chart shows a breakdown, by type of organization, where participants are employed.

Type of Organization
Â	 U.S-based companies	 Canada-based companies
Public companiesÂ	50%	36%
Private companiesÂ	32%	21%
Nonprofit or government institutionsÂ	16%	39%
OtherÂ	2% 4%	4%

RIMS members may order a PDF copy online at 2008 Compensation Survey for $250; nonmembers may purchase the report online for $750.

Note: Members of the media who would like a copy of the complete report, please contact Felicia Messimer, RIMS communications associate, at fmessimer@RIMS.org or (212) 655-6059.