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New York, NY,
May 24, 2007
-- The Risk and Insurance Management Society, Inc. (RIMS) has published the 2007 Risk Management Compensation Survey. The survey, compiled by Salary.com, Inc., a leading provider of on-demand compensation management solutions, is the premier source of compensation data in the risk and insurance management profession.
"This survey is one of many projects that demonstrates that RIMS is committed to providing our members with top-notch information that will benefit them throughout their career in the risk profession," says Janet Barnes, RIMS member of the board of directors and risk manager for Snohomish County PUD No.1. "As risk professionals look to RIMS for guidance, resources and tools to advance their professional endeavors, we will continue to develop our services to aid them in meeting and exceeding their goals."
The survey presents base salary and incentive data for 12 industry-specific jobs categorized by company size (full time employees and annual revenues), risk management department size, industry and geography.
Individuals representing more than 1,300 companies based in the United States and Canada participated in the 2007 Risk Management Compensation Survey, including some of the largest and most well known organizations in the world. More than 30 percent of the contributors are Fortune 500 companies, and 151 reported revenue equal to or greater than $5 billion. Some 49 percent of survey contributors indicated that they are public companies, 29 percent are private organizations, and the remaining 22 percent represent not-for-profit or government institutions.
"This survey is a significant resource for employers that are seeking pay data on risk and insurance management positions," says Joseph Kilmartin, director of compensation at Salary.com. "Employers can use the survey results to set compensation at levels that will help attract and retain qualified risk professionals."
The following chart includes a representative sampling of jobs from the survey:
United States National Averages (USD) |
| Job Title |
Average Annual Salary |
Average Annual Total
Cash Compensation |
| Enterprise-Wide Risk Management Professional |
$130,997 |
$150,100 |
| Insurance and Risk Management Professional |
$106,814 |
$121,104 |
| Claims Manager |
$81,228 |
$89,577 |
| Risk Management Analyst |
$56,037 |
$57,724 |
| Claims Analyst |
$44,351 |
$45,394 |
The salaries in the chart above are based on national data. Compensation for risk management personnel varies based on organization size and other factors. More information about compensation trends can be found in the survey.
On June 7 at 1:00 pm EDT, RIMS and Salary.com will host a webinar titled, Using Salary Surveys Makes Cents: Competitive Salaries in the Risk and Insurance Management Profession to help risk professionals interpret the results of the 2007 Risk Management Compensation Survey. Participants will review the basics of compensation as part of a “total rewards” package, discuss the factors that influence pay, learn how to read a compensation survey report and receive pointers on how to apply the compensation information to their risk management career. Presenters in the session are Joseph Kilmartin, director of compensation, and Christine Midwood, director of survey services at Salary.com. The webinar is free for RIMS members and non-members may gain access to the webinar for a fee of $30. To access the webinar, or for more information, please visit www.RIMS.org/comp2007.
Sample report pages and more information about the 2007 Risk Management Compensation Survey can be found online at http://RIMS.salary.com. To purchase the survey, contact the Risk and Insurance Management Society, Inc. at (212) 655-6040 or compsurvey@RIMS.org.
About Salary.com, Inc.
Salary.com (NASDAQ: SLRY) is a leading provider of on-demand compensation management solutions helping businesses and individuals manage pay and performance. Salary.com provides companies of all sizes comprehensive on-demand software applications that are tightly integrated with its own proprietary compensation data sets, thereby automating the essential elements of the compensation management process and significantly improving the effectiveness of its client's compensation spend. For more information, visit www.salary.com.
About the Risk and Insurance Management Society, Inc.
The Risk and Insurance Management Society, Inc. (RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources. Founded in 1950, RIMS represents nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities. The Society serves more than 10,000 risk management professionals around the world. For more information, visit www.RIMS.org.
Press Contact:
Jared Jost
Salary.com
(781) 464-7341
press@salary.com
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