Spike in demand for risk management specialists
13 August 2014
Upcoming changes to regulations such as Basel III and Solvency II have led to a spike in demand for risk management specialists in the retail banking and insurance sectors, niche recruitment firm MERJE says.
Weds, 13 Aug 2014
Upcoming changes to regulations such as Basel III and Solvency II have led to a spike in demand for risk management specialists in the retail banking and insurance sectors, niche recruitment firm MERJE says.
“There is a significant need for risk managers who understand the current regulatory environment and have the ability to anticipate and interpret how these changing requirements will impact businesses,” MERJE director Richard Abelson said in a statement this week.
Basel III is a set of banking reforms designed to increase transparency as well as improve regulation and risk management in the banking sector.
Solvency II is an EU-wide set of reforms focusing on the insurance sector, requiring companies to implement stronger risk management procedures.
The number of permanent and contract roles requiring risk management professionals with strong regulatory knowledge, exposure to Basel II/III and solid analytical skills has risen by 22% over the past year, figures compiled by the company show.
A MERJE spokeswoman said those figures were based on roles coming through the agency and that there had been a noticeable increase in general.
Abelson said the spike was “adding pressure to an employment market that is already extremely competitive”.
He said: “Despite demand, there is a limited pool of candidates in the financial services sector with the analytical skills and regulatory exposure to fill these jobs, making it increasingly difficult for employers to meet the escalating demand for talent.”
Financial services recruitment firm Astbury Marsden has also noticed an increase in demand, its associate director Adam Jackson told Recruiter.
“[I] absolutely think its something that’s been going on, probably since the Lehman Brothers collapse,” he said.
However, he said there was no shortage of people in the industry who could step up to fill those positions and there were also “plenty” of consultancies selling services in the sector.
Principal consultant specialising in risk for MERJE’s London office, Priya Mariannie, told Recruiter that, although the new regulations had led to more job opportunities for risk management professionals, salaries had not increased as they had in other sectors to attract staff.
“Salary packages remain a sensitive issue in the banking and financial services sector due to the level of regulatory scrutiny, prompting employers to fill the need for qualified permanent candidates by either taking on contract workers or turning to experienced consultancies who can provide the necessary skills,” she said.
The shortage could be good news for recruiters, though.
“Given the limited number of professionals with the required experience and regulatory knowledge in the marketplace, companies are increasingly looking to specialist recruiters with established networks in the banking and insurance industry to help identify potential candidates who are not actively seeking employment.”
Upcoming changes to regulations such as Basel III and Solvency II have led to a spike in demand for risk management specialists in the retail banking and insurance sectors, niche recruitment firm MERJE says.
“There is a significant need for risk managers who understand the current regulatory environment and have the ability to anticipate and interpret how these changing requirements will impact businesses,” MERJE director Richard Abelson said in a statement this week.
Basel III is a set of banking reforms designed to increase transparency as well as improve regulation and risk management in the banking sector.
Solvency II is an EU-wide set of reforms focusing on the insurance sector, requiring companies to implement stronger risk management procedures.
The number of permanent and contract roles requiring risk management professionals with strong regulatory knowledge, exposure to Basel II/III and solid analytical skills has risen by 22% over the past year, figures compiled by the company show.
A MERJE spokeswoman said those figures were based on roles coming through the agency and that there had been a noticeable increase in general.
Abelson said the spike was “adding pressure to an employment market that is already extremely competitive”.
He said: “Despite demand, there is a limited pool of candidates in the financial services sector with the analytical skills and regulatory exposure to fill these jobs, making it increasingly difficult for employers to meet the escalating demand for talent.”
Financial services recruitment firm Astbury Marsden has also noticed an increase in demand, its associate director Adam Jackson told Recruiter.
“[I] absolutely think its something that’s been going on, probably since the Lehman Brothers collapse,” he said.
However, he said there was no shortage of people in the industry who could step up to fill those positions and there were also “plenty” of consultancies selling services in the sector.
Principal consultant specialising in risk for MERJE’s London office, Priya Mariannie, told Recruiter that, although the new regulations had led to more job opportunities for risk management professionals, salaries had not increased as they had in other sectors to attract staff.
“Salary packages remain a sensitive issue in the banking and financial services sector due to the level of regulatory scrutiny, prompting employers to fill the need for qualified permanent candidates by either taking on contract workers or turning to experienced consultancies who can provide the necessary skills,” she said.
The shortage could be good news for recruiters, though.
“Given the limited number of professionals with the required experience and regulatory knowledge in the marketplace, companies are increasingly looking to specialist recruiters with established networks in the banking and insurance industry to help identify potential candidates who are not actively seeking employment.”
