Average salary for US CRO is $170,000

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).

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 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 % who work for U.S. companies and 45 percent who work for Canadian companies with reported annual revenue of more than $1bn.