Risk Management

With firms continuing to develop their risk management functions we are seeing increased recruitment activity within clearly defined segments of the market. Firms are developing rapidly and as a result we have seen a large number of operational, financial, market, and technology risk roles on the market in 2015. If you include the on-going demand in regulatory risk and the further evolution of other analytically driven roles in the risk and actuarial space then overall it paints a very positive picture for 2016. With graduates from mathematical, statistical, and financial related fields further continuing their development in internships or trainee roles there is a steady stream of skilled new candidates.

If you are 2-5 years into your career it is important that you map out your long term aspirations and ensure you take the relevant short term steps to align you with your overall career objective. Each role is a stepping stone and in today’s market it can be detrimental to take a wrong turn. With the majority of the financial markets being fairly narrow in Ireland I would encourage candidates to talk to an experienced recruiter that they can trust and ultimately be their eyes and ears in the market. A good consultant will manage your search in a fully confidential manner. It’s also important to reach out in advance of becoming an active job seeker. I often find that timing and patience are the key factors in making sensible career decisions. If you can see your development will be limited within the next 12 months don’t wait until the last minute to start an ‘active’ search. Look to build your network by meeting an experienced recruiter and gently assess what opportunities are out there for you.

In the senior risk space I have seen a heavy demand in 2015 and expect to see this continue. No two firms are identical but overall there is an increasing level of accountability placed on senior risk management teams. We have seen firms implementing tighter risk controls, and redefining the standing of the CRO, often empowering them to be a key contributor to board-level decision making.

At the top level, candidates are understandably nervous about being active in the market, with an already niche industry becoming narrower at the top of the pyramid most senior figures are aware of their fellow peers through the industry and associated networking events. Carrying out a job search at this level is extremely challenging. I would strongly advise partnering with a small number of recruitment consultants or working on an exclusive basis with an experienced professional who has pedigree in the industry. The top consultants will often be the first to know about movements in the market, gauging out potential interest, and arranging confidential off-site meetings before even entering into an official process. Again, I would place a large emphasis on timing and patience. Whilst there has been a high demand this year for CRO’s and other senior risk based roles each job specification contains a comprehensive list of specialist requirements with firms preferring to wait for the exact fit.

With the ever changing risk landscape, might you be looking at opportunities in 2016?
I am an experienced financial recruiter with over 10 years’ experience. If you would like a confidential discussion about your career please contact me directly on gavin@wallacemyers.ie

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