Risk manager pay and responsibility on the rise

The pay of Airmic members has grown at a solid if unspectacular rate over the past two years, according to the latest Salary and Status survey.

A quarter of the risk managers taking part have six-figure basic salaries, a record, whilst a handful earn £200,000 or more.

Members are, however, having to do more to earn their way. 63% of those who responded said they had acquired additional responsibilities, including for enterprise risk management and the risk management committee. Just 37% claimed to have more resources. The number of staff reporting to members has fallen slightly.

The mining, chemicals and leisure sectors offer insurance and risk management practitioners the highest remuneration packages, with bonus payments adding up to 20% to base salary in some cases, although the value of these benefits has reduced.

Surprisingly, perhaps, the size of an organisation does not have a correlation with the remuneration of the risk manager, nor does the length of time that the risk manager remains in the same role. Nor is it the case that pay increases steadily as you get older. The best paid age group was those in their 40s, provided they had at least ten years’ experience.

245 people completed the survey, representing a good cross-section of the membership.

Full survey results and commentary available here*

*Full Airmic members only