As the demand for governance, risk, and compliance (GRC) professionals continues to grow, understanding salary expectations is crucial for job seekers in New York City. This blog post provides a detailed analysis of salary ranges for various compliance roles, including compliance analysts, compliance managers, compliance directors, governance analysts, governance managers, governance directors, risk analysts, risk managers, and risk directors. We will also explore the factors that influence these salaries, such as experience level, industry, and certifications.
Salary Overview for Compliance Roles in NYC
1. Compliance Analyst
Average Salary: $75,000 - $95,000
Description: Compliance analysts monitor compliance with regulations and internal policies. They analyze data and prepare reports on compliance status.
Factors Influencing Salary: Experience level (entry-level vs. mid-level), industry (finance vs. healthcare), and certifications (e.g., CCEP).
2. Compliance Manager
Average Salary: $138,757 - $152,034
Description: Compliance managers oversee compliance programs and ensure adherence to regulations. They lead teams and manage compliance risks.
Factors Influencing Salary: Years of experience (5+ years typically required), industry specialization, and advanced degrees or certifications.
3. Compliance Director
Average Salary: $175,000 - $210,000
Description: Compliance directors are responsible for the overall compliance strategy of an organization. They report to senior management and interact with regulatory bodies.
Factors Influencing Salary: Extensive experience (10+ years), leadership roles in large organizations, and proven track records in compliance management.
4. Governance Analyst
Average Salary: $70,000 - $90,000
Description: Governance analysts focus on ensuring that organizational practices align with governance standards and regulations.
Factors Influencing Salary: Industry sector (public vs. private), level of responsibility within the organization, and relevant certifications.
5. Governance Manager
Average Salary: $120,000 - $150,000
Description: Governance managers develop and implement governance frameworks within organizations to ensure compliance with laws and regulations.
Factors Influencing Salary: Experience level (5+ years), industry focus (financial services vs. healthcare), and educational background.
6. Governance Director
Average Salary: $180,000 - $220,000
Description: Governance directors oversee the governance strategy of an organization and ensure alignment with corporate objectives.
Factors Influencing Salary: Seniority in the organization (executive roles), extensive experience in governance practices, and advanced qualifications.
7. Risk Analyst
Average Salary: $80,000 - $100,000
Description: Risk analysts assess potential risks that could impact the organization’s operations or financial standing.
Factors Influencing Salary: Experience level (entry-level vs. mid-level), industry sector (banking vs. insurance), and analytical skills.
8. Risk Manager
Average Salary: $130,000 - $160,000
Description: Risk managers develop strategies to mitigate risks within organizations and ensure compliance with regulations.
Factors Influencing Salary: Years of experience (5+ years typically required), industry specialization, and relevant certifications.
9. Risk Director
Average Salary: $200,000 - $250,000
Description: Risk directors are responsible for the overall risk management strategy of an organization.
Factors Influencing Salary: Extensive experience in risk management roles (10+ years), leadership positions in large organizations, and proven success in risk mitigation strategies.
Factors Influencing Salaries
Experience Level:
Entry-level positions typically offer lower salaries compared to mid-level or senior roles due to the difference in responsibilities and expertise required.
Industry Sector:
Salaries can vary significantly depending on the industry. For example, compliance roles in finance or healthcare often command higher salaries due to the complexity of regulations involved.
Certifications and Education:
Obtaining relevant certifications such as Certified Compliance & Ethics Professional (CCEP) or Certified Regulatory Compliance Manager (CRCM) can enhance salary potential. Advanced degrees may also lead to higher compensation.
Location within NYC:
Salaries can differ based on specific neighborhoods or boroughs within New York City due to variations in cost of living and demand for GRC professionals.
Company Size and Reputation:
Larger firms or those with a strong reputation may offer more competitive salaries compared to smaller companies or startups.
Conclusion
Understanding salary expectations is essential for GRC professionals navigating their careers in New York City. By being aware of average salary ranges for various roles—such as compliance analyst, compliance manager, compliance director, governance analyst, governance manager, governance director, risk analyst, risk manager, and risk director—job seekers can better negotiate offers or consider career moves.
For those interested in exploring GRC jobs in New York City—whether you’re seeking entry-level positions or looking to advance your career—platforms like the Global GRC Talent job board can help connect you with opportunities that align with your skills and aspirations. Stay informed about salary trends; they will empower you as you pursue a successful career in governance, risk management, and compliance!