Regulatory pressures and the impact of the EU referendum are driving demand for risk professionals across all areas of risk.
After a slower start to the year, risk recruitment volumes increased in the second quarter, with an increase in vacancies triggered by a combination of regulatory deadlines and banks preparing for changes in the EU political landscape.
The first half of 2016 was characterised by highly targeted hiring across all risk disciplines, with SMEs driving recruitment in many areas. In the interim market, regulatory demands continue to drive hiring as businesses look to adjust to new compliance frameworks.
“Moving into the next half of the year, competition to attract and retain the best talent will continue, especially in niche areas where demand is high,” said Rob Starkl, Manager at Robert Walters.
Operational risk recruitment saw the highest rise in the number of jobs of all the risk disciplines, with SME banking firms and boutique financial services businesses taking advantage of the availability of talent to expand their operational risk teams.
Although credit risk has seen relatively low levels of recruitment, as the year continues we expect to see selective credit risk hiring as banks strive for greater stability within certain markets or re-focus efforts in alternative geographies.
Over the second half of 2016 market risk professionals can expect opportunities with smaller and mid-sized investment banks acquiring specialists overlooked by the large institutions.
We expect to see hiring increase within all areas of risk, in line with continued regulatory deliverables as the year goes on.
Hiring managers are demanding greater technical expertise, particularly in quantitative modelling and model validation teams within the quantitative risk sector. Asset managers have looked to build out their quantitative functions, resulting in an increase in salaries within this space
Hiring within the risk contract space was focused on sourcing professionals for transformation projects to embed enterprise wide risk frameworks. Contract demand has closely followed regulatory deliverables and it is expected that interim hiring will remain positive,
“Overall we expect to see hiring increase within all areas of risk, in line with continued regulatory deliverables as the year goes on,” Starkl continues.
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