What Canadian risk managers earned in 2023
Canadian risk managers earned a median annual base salary of $122,000, according to a recent Risk Management Society (RIMS) survey. This accounts for a 1.6% increase from $120,000 in 2021, when RIMS last conducted this survey.
However, the salary for Canadian risk management (RM) professionals varies by gender, position and education, RIMS acknowledged.
The RIMS 2023 Risk Management Compensation Survey, conducted in Sept. 2023, compiled data from 187 Canadian respondents and 949 U.S. respondents. Comparatively, the median annual base salary for RM professionals in the United States is US$144,300. This equals about Cdn$196,133 as of December 2023.
In terms of gender breakdown, survey respondents in Canada lean slightly more female (53%) than male (44%).
“Males tend to earn more than females. However, underlying factors may help to explain the discrepancy,” RIMS wrote in its executive summary.
For example, 74% of male respondents say they have at least a bachelor’s degree, compared to 63% of women. Plus, men are more likely to have hold supervisory responsibility over at least one other person (60%), compared to 52% of women.
“Education, experience, and supervisory responsibility each tend to correlate positively with salary,” RIMS wrote.
In Canada, those on the top end indicating their job title equalled that of a chief risk officer or vice president of risk management have the highest median salary at $195,000. Those identifying as risk management analysts earn closer to $89,500.
Risk managers graduating with higher than a Bachelor’s degree typically earn $11,000 more than those who did not go beyond a Bachelor’s, and $13,900 more than those without a degree.
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About two in five (37% of) Canadian RM professionals work for private companies, 24% work for publicly traded organizations, 19% are in government, and 11% are at non-profits.
A full 95% of Canadian risk management professionals say they perform functions in addition to risk management at their organizations. Insurance (73%) and claims (60%) are the most common.
Cash compensation, benefits and vacation
Canadian risk managers do not rely on salary alone, however.
A full two-thirds (66%) of Canadian RM professionals were eligible to receive other cash compensation beyond a base salary in the 12 months prior to the survey.
RMs eligible to receive additional cash compensation (and who stayed in the same position during that time period), collected a median value of $23,000. When all Canadian RM professionals are included — not just those who were eligible — the median ($23,000) decreases to $8,500.
Of those eligible for other forms of cash compensation, 74% received it in the form of bonuses, 13% in profit sharing, 9% in incentive pay, 2% in overtime, and 15% in another form.
Whether they use it or not, nearly all Canadian RM professionals (98%) have medical coverage from their employers. Supplemental coverage to Canadian healthcare is the most common, at 72%. A Health Savings Account (HSA) is offered to 9%.
Nearly all (94%) have retirement plans, with defined pension plans as the most common type (38%).
The average RM professional in Canada qualifies for four weeks of paid time off (vacation and sick time or PTO) annually. Nearly all responding Canadian RM professionals qualify for at least three weeks.
Feature image by iStock.com/MJ_Prototype
