BY ANNE FREEDMAN
The average base salary for chief risk officers increased to $184,200 in 2013, compared to $170,700 in 2008, a 7.5 percent increase over the five-year period, according to a RIMS 2013 Compensation Survey.
Including bonuses, stock options, performance shares and other short- and long-term incentives, total CRO compensation averaged $227,600 in 2013. Other job titles included in that cohort are vice president-risk management and vice president-strategic and enterprise risk.
The 2013 survey has compensation data for 11 different positions, ranging from CRO to claims analyst, the lowest level, with an average base salary of $64,200. That was a 19 percent increase over five years ago, according to RIMS.
More than half (57 percent) of the survey respondents work in organizations with more than $1 billion in annual revenue. Nearly half (46 percent) work at publicly owned companies, 29 percent work for private employers; 12 percent for government; 10 percent at nonprofit organizations; and the remaining 2 percent at "other."
By industry, CROs in service organizations, such as consulting, legal and accounting, were highest paid; followed by those in construction, engineering and architectural firms. The remaining Top 5 highest paid industries were energy; entertainment and media; and finance and banking.
RIMS released its 2013 Compensation Survey during its annual conference in April in Los Angeles.
July 22, 2013
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