Despite the tumultuous credit markets, risk managers are still valued and rewarded, says RTA, with increased bonuses continuing to be the main driver for salaries.

The survey of 600 risk professionals found there was an 11% growth in cash bonuses and six per cent rise in non-cash bonuses for 2007 over 2006.

The total compensation figures are in line with an eight per cent compound average growth rate (CAGR) since 2003, says RTA.

The highest compensation rises were for newer risk managers - those with less than six years' of experience - and less senior positions such as analysts, associates, senior associates and managers.

The survey found that compensation for market and credit risk managers is almost equal and only slightly less than compensation for those focused on enterprise risk. Geographically, New York, Asia and Europe see the highest pay levels.

Commenting on the survey, Michael Woodrow, president, RTA, says it does not appear that risk managers took the fall for issues in the markets and related losses at large companies.

"Firms recognise that a strong risk management team will sound the warning. Many of the firms hit hard by the sub-prime fallout could have averted major issues had the most senior business managers followed the advice of the risk managers," he adds.

Woodrow says risk management hiring slowed in the first quarter of 2008 as firms looked to redeploy workers, but says recruitment has picked up in the second quarter and is expected to hold up for the rest of the year.

Around 16% of risk managers have changed jobs in the last two years, with further 33% expecting to move over the next couple of years. RTA says these figures are consistent with previous years, demonstrating stability in the market.