Canadian risk managers experienced an average 18.8% salary increase in 2021 from two years prior — and women Canadian risk professionals saw an even bigger jump — according to a recent Risk Management Society (RIMS) survey.
The 2021 Risk Management Compensation Survey compiled data submitted by 1,213 full-time risk professionals across seven different risk management job titles. Of those, 1,039 indicated they are in the U.S., and 174 in Canada.
Based on the Canadian survey findings, the median annual base salary for Canadian RM professionals is C$120,000, as of September 1, 2021. This is an increase from C$101,000 reported in the 2019 survey. In comparison to the 2020 findings, though, this accounts for a 3.5% increase in salary.
Comparatively, the median annual base salary for U.S. risk management professionals in 2021 was US$135,000, up from US$118,000 2019.
While both men and women risk managers in the U.S saw similar pay increases, 14.2% and 14.7% respectively, in Canada, women saw raises of more than double that of men — a 22% increase for woman versus 8.7% for males.
The Canadian data sets found men out-earning women and the survey’s authors said the discrepancy could be chalked up to a difference in education levels — 82% of men had a bachelor’s degree, compared to 68% of women. Further, men were more likely to have supervisory responsibilities with at least one report (74% of men versus 63% of women).
The survey also found 98% of Canadian risk professionals are offered medical coverage from their employers whether they make use of it or not. Supplemental coverage to Canadian healthcare is the most common, at 65%. A Health Savings Account (HSA) is offered to 16%.
Only 6% of Canadian risk professionals aren’t offered a retirement plan. The typical risk management professional qualifies for five weeks of vacation per year, with no respondent qualifying for fewer than two.
Only 1% of respondents in the U.S. do not receive a retirement plan. The average respondent qualifies for four weeks of vacation; almost all qualify for at least two weeks.