As we progress deeper into the era of digitization and globalization, the role of risk management professionals is becoming increasingly crucial. Companies all across India are actively seeking individuals skilled in risk management to navigate the uncertain business landscape. This surge in demand for risk management professionals is reflective in the corresponding growth of their salaries. The following aims to provide an overview of the average salaries for risk management professionals in India as of 2023 according to various recruitment websites, reports and surveys conducted amongst certified risk professionals.
In India, the risk management profession incorporates several roles, such as Risk Manager, Risk Analyst, Risk Consultant, Risk and Compliance Manager, and Chief Risk Officer. The salaries below are not a guarantee or assurance and vary significantly based on a multitude of factors like years of experience, Level of IRM Exam passed, skills, location, and the size and industry of the employing organization.
- Entry-Level Salaries: For entry-level professionals or those with less than 2 years of experience, the average salary ranges from INR 3 lakhs to INR 7 lakhs per annum. This bracket includes roles such as junior risk analysts and risk consultants.
- Mid-Level Salaries: For professionals with 2 to 5 years of experience, the average annual salary can range between INR 7 lakhs and INR 15 lakhs. This bracket is generally for roles like Risk Manager, Risk Consultant, and certain positions in Risk and Compliance management.
- Senior-Level Salaries: Senior professionals with 5 to 10 years of experience can expect to earn an average salary that falls between INR 15 lakhs and INR 30 lakhs per annum. These professionals typically work in positions like Senior Risk Manager, Head of Risk, or Risk and Compliance Officer.
- Executive-Level Salaries: At the topmost tier, the executive level, which includes positions like Chief Risk Officer or Director of Risk Management with more than 10 years of experience, salaries can range anywhere from INR 30 lakhs to upwards of INR 1.5 crore per annum. The wide range is due to the variance in organization size, sector, and geographic location.
- Specialized Risk Management Roles: In addition to the traditional roles, specialized risk management roles such as Cyber Risk Manager, Credit Risk Manager, or Operational Risk Manager also command lucrative salaries. For instance, given the rise of digital threats, a Cyber Risk Manager with substantial experience could earn anywhere between INR 20 lakhs to INR 40 lakhs per annum.
Remember, these figures represent averages, and actual salaries can vary. Factors such as individual skill levels, the complexity of the role, the nature of risks handled, and the specific industry (like finance, tech, or manufacturing) play a considerable role in determining the exact compensation.
The rise in salaries of risk management professionals in India over the past few years is indicative of the increasing significance of this field. As businesses face more complex and diverse risks, especially in the wake of recent global events, enterprise risk management has solidified its role as a vital function in organizations across all sectors. Therefore, pursuing a career with IRM’s Global ERM Exams could potentially be a rewarding and secure choice.