Risk on: Job opportunities arise in risk management
George McFerran of eFinancialCareers speaks on new job opportunities in risk management.
Video transcript below:
We’re joined today by George McFerran of eFinancial Careers. George, the jobs barometer notes that a few more job opportunities are likely to arise in compliance and risk particularly at banks due to [BOW 3], are you noticing a trend there?
George McFerran, eFinancial Careers
George McFerran: It will be interesting to see exactly how many job opportunities come out of this trend. I think that there are certain skills that are very much in demand around this. It’s things like market risk, liquidity risk, people who have got experience around capital management, also project management, data is a key part of this process, we are certainly seeing job vacancies around information services rising significantly over the last two quarters of this year and that’s really around organisations trying to make sure they have the right data and the right systems in place, so they can report and plug this data into their risk management systems. So we will see a significant increase, it’s hard to say how many people are going to come in, I think the challenge is there are very few people who have got the relevant experience and so therefore demand will be high. So when we speak to our clients, when we speak to people in the market they say, we’re looking for these people with these skills, they may only want to hire a small number, but there just aren’t very many people out there right now.
What skills and experience are banks and consulting firms looking for when they are recruiting people to their risk and compliance areas?
George McFerran: They are looking for people who have got that background in liquidity risk and that’s an important part of Basel 3, market risk will be important, capital management background and as I said project management, the rolling out of the Basel 3 compliance is a big project, it touches multiple parts of the organisation in ways they haven’t been affected before. One of the big things about Basel 3 is it’s very much around enterprise risk in a way that the banks haven’t had to manage before, so it’s a big project. And getting people on board who can help get their hands around that and understand how it touches and interfaces with every single part of the bank, it’s a big challenge.
Do you think that risk and compliance is one area that will remain in demand when it comes to job opportunities?
George McFerran: I think the ongoing, I think we have certainly seen a shift in emphasis or the importance of these types of functions within financial organisations after the last financial crisis, so they will continue to remain important. Banks will continue to have to work very hard to make sure that they have the right risks – the right processes and systems in place, so I see no reason for the demand to drop off for these skills.
Donna Sawyer: George McFerran, MD of eFinancial Careers, thanks for joining me.