Salaries for Canadian risk managers and insurance analysts are rising, but the average pay rates here are still well below those in the United States.
According to the 2017 Risk Management Compensation Survey, released on Tuesday by RIMS, Canadian risk management (RM) professionals saw a 2% average base salary increase on the year.
The median annual base salary for Canadian RM professionals (as of June 1, 2017) is CAD$105,000.
For RM professionals in the United States, though, that jumps up to USD$120,000, where salaries also climbed more over the year – up 3.5%.
In both the United States and Canada, males earn more than females, though males also appear to have a higher level of education in these roles, with 13-14% more university degree holders being male in both countries.
In the US, 96% of males and 83% of females have at least a Bachelor’s degree. In Canada, just 26% of men and 12% of women in RM roles have degrees. This could explain at least some of the disparity in salary rates between the two countries.
Mary Roth, RIMS CEO, said the survey was conducted to help risk professionals with “informed decision-making.”
“RIMS aims to provide the global risk management community with the tools to excel and, in this case, the Society is offering much needed insight on industry demographics, salaries and benefit packages,” she said.
“Whether you are in the very beginning stages of your risk management career, a seasoned professional or if you hold a leadership position tasked with establishing a risk management department, the RIMS Compensation Survey provides a wealth of knowledge that facilitates informed decision-making.”
The upward salary trend shows the industry is in good shape, Roth said.
“Although modestly paced, the upward trend in risk management salary is always a good indication that the profession remains valued and is viewed as an essential business function,” she noted.
“With chief risk officers’ salaries on the rise in the US, the survey reinforced that organizations are reliant on high-level executives to lead risk management activities and a willingness to compensate those qualified for the job.”
The survey had 1,003 respondents, with 781 from the US, 138 from Canada, and 31 outside the US and Canada.
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