New York / December 20, 2010 – Growth in total compensation was 4.8% and growth in salary was 6.3% in 2009 over 2008 for risk professionals in the software and technology sector according to results released today in the sixth annual Professional Compensation Survey by Risk Talent Associates, a leading risk management executive search firm. Consistent with surveys published earlier this year for asset management and capital markets, the technology sector demonstrates a significant rebound and a signal that the job market for risk managers remains strong. Within technology, 88% of respondents report receiving a bonus.
Michael Woodrow, founder and President of Risk Talent Associates states, “Despite economic challenges in 2009, top firms continue to make substantial investments in technology and have a strong need for risk professionals with this type of expertise.”
Conversely, for the risk professionals in consulting, compensation has stabilized but not yet returned to robust growth. For risk professionals in consulting, growth in total compensation was 2.7% and growth in salary was flat. Within consulting, only 71% of respondents report receiving a bonus, the lowest of all the sectors we survey. Michael Woodrow adds, “As firms emerge from the financial crisis, risk consultants have helped to rebuild business as well as to work through compliance issues. Due to cost containment, the rebound for consulting may not have been as strong as for other segments, but consultants are certainly viewed as a key resource to accelerate growth.”
In both sectors, technology/software and consulting, there are indicators that the job market is strong. In technology, 21% of respondents report changing jobs during the past two years, with 29% anticipating making a change in the future. In consulting, 24% report changing jobs in the past two years, with 30% heading that way in the future. For risk management groups that are filling open positions, internal recruiting or corporate staffing, job boards such as www.globalriskjobs.com, contingency recruiting firms and retained search firms are used most frequently.
The Technology/Software and Consulting reports are the latest in a series of compensation surveys, now in their sixth year, released by Risk Talent Associates and follows earlier surveys in capital markets, asset management and energy. An additional survey to be released by the end of the year includes corporate risk.
About Risk Talent Associates
Risk Talent Associates (www.risktalent.com) is the leading international executive search firm focused exclusively on positions in the fields of market, credit and operational risk, as well as financial compliance and risk technology. Risk Talent’s expertise, industry knowledge, proprietary network and dedicated focus shorten the recruiting process to deliver senior and mid-level risk managers in the capital markets, asset management, energy, consulting and software industries. Risk Talent has offices in New York, Chicago, Hong Kong and London.
Risk Talent Associates