Governance, risk management, and compliance (GRC) is a growing field that focuses on managing organizational risk. As organizations face increasing regulations and pressure to demonstrate ethical business practices, there is high demand for GRC professionals.
But does a career in GRC really pay well? Let’s take a closer look at GRC salaries and career earning potential.
GRC Salaries
GRC professionals earn competitive salaries, especially as they gain experience and advance to leadership roles. Here are some average reported GRC salaries:
GRC Job Title | Average Base Salary |
GRC Analyst | $65,000 |
GRC Consultant | $77,000 |
GRC Manager | $110,000 |
Chief Risk Officer | $208,000 |
Salaries can vary significantly based on location, industry, company size, and years of experience. However, the potential to earn over $100,000 per year is strong for GRC managers and leaders.
GRC Job Growth and Demand
Not only are GRC salaries competitive, but job growth is projected to be strong in the coming years. GRC is rapidly becoming an essential function for companies across many industries. Employment of compliance officers, a major subset of GRC roles, is predicted to grow by 7% from 2020-2030 according to the Bureau of Labor Statistics – faster than the average for all occupations.
GRC job postings have increased over 90% in the last five years according to reports. Major companies like Amazon, Apple, Google, Facebook, and more are all hiring for GRC roles ranging from analysts to directors. There is high demand, signifying that GRC professionals will continue to be paid well.
Factors Impacting GRC Salaries
What makes a big difference in how much GRC professionals earn? Here are some of the key factors:
- Education and certifications – Advanced degrees and GRC certifications (e.g. Certified in Risk and Information Systems Control) can boost salaries.
- Specialized experience – Expertise in niche GRC areas like data privacy or IT compliance is highly valued.
- Leadership roles – GRC managers and Chief Risk Officers command the highest salaries.
- Industry – Working in heavily regulated industries like finance and healthcare tends to pay more.
- Company size – Large multinational corporations pay higher for GRC talent.
- Location – Major metro areas and cities with high costs of living will offer higher salaries.
Earning Potential Over Time
Starting salaries for entry-level GRC analysts tend to be in the $55,000 to $75,000 range. However, mid-career and senior-level GRC professionals can expect to earn well over $100,000, sometimes more than $200,000 for executive leaders. Salaries also tend to increase steadily with each year of experience gained.
It’s not uncommon for professionals to more than double their earnings over a 20-year GRC career. The potential is there to earn a high-paying salary with the right certifications, experience, and leadership role. Even at lower levels, GRC tends to pay above-average salaries compared to other office jobs requiring similar education levels.
Career Progression
Here is one example of potential salary growth over a long-term GRC career:
Career Stage | Sample Job Titles | Average Salaries |
Entry-level | GRC Analyst | $65,000 |
Mid-career | GRC Manager | $110,000 |
Senior-level | Chief Risk Officer | $208,000 |
With each promotion to higher positions of responsibility, salaries make large jumps. GRC professionals have high earning potential over decades-long careers.
Job Security and Stability
Not only does GRC offer lucrative salaries, but it also provides professionals with stable careers and excellent job security. GRC will always be an essential function for organizations, regardless of economic conditions. Compliance with laws and regulations is mandatory. Information security and data privacy are more critical than ever in our digital world.
Unless they are involved in misconduct, GRC employees rarely get laid off or downsized even when budgets are tight. The nature of the work provides insulation from negative business cycles. Professionals can feel confident building up their expertise and earning potential in the GRC field.
Conclusion
In summary, GRC absolutely pays well for most professionals, especially at the mid-career and senior levels. Salaries typically range from the high five figures up to over $200,000 for top executives. The field offers strong job security, high demand, and excellent career advancement potential.
While entry-level GRC salaries may start out average, the long-term growth prospects are stellar. With the right certifications and experience, professionals can become well-compensated experts in risk management, compliance, information security, auditing, and related GRC subfields. Overall, GRC is a lucrative and stable career choice now and for decades to come.