2016 Risk Salary & Benefits Guide

Eva Kelly 12.01.2016

A look at the salary ranges for risk professionals working in Ireland in 2016.

Undersupply of talent driving salary inflation

International regulatory changes in response to the global financial crisis have seen a new level of attention to Risk Management, from the ECB and EBA, and in turn our local regulator the CBI. 

2015 has seen a huge growth in recruitment within Risk Management as organisations, particularly within Financial Services, seek to attract experienced talent. The main focus for hiring managers has been on candidates with 2-5 years’ relevant experience. 

Regulatory pressures including the tougher Basel III framework, along with the introduction of capital requirements directives CRD-IV, have had a strong impact on recruitment around financial risk, regulatory reporting and operational risk. Consequently there are significant incentives for qualified and experienced risk professionals to change jobs given the limited talent supply. The growth of Risk Advisory and Regulatory Risk Advisory within the Top 6 firms has also attracted talent from the financial sectors, particularly in the regulatory and operational risk areas.

Throughout the year, and particularly from H1, we have seen growth within a number of risk disciplines.  Roles across operational, financial liquidity and credit risk have all seen growth with an exceptional volume of roles in regulatory reporting for both qualified accountants and risk professionals. 

There are several pathways open to professionals who can add operational value as well as having detailed regulatory knowledge.  These include developing risk dashboards for ICAAP/ILAAP reporting, loan loss and provisioning and relevant model development and validation.

There exists a scarcity of the talent with a quantitative background and qualifications, this demand has led to salary inflation out of line with the general jobs market.  We have seen salary increases from 15 to 30% for candidates who possess the optimum skillset for a hiring organisation.

Irish universities have in recent years created highly practical courses in response to this demand. However, for the time being, there is a lack of absolute volume of professionals who can demonstrate deep knowledge of the relevant regulations. The pressure is most acute at the middle manager level with two to five years’ experience. At more senior levels, risk functions will often recruit from other departments.

We have seen no significant change to the gender balance patterns in risk, with males filling most quantitative risk positions and females more strongly represented in operational risk, where there is a greater emphasis on interpersonal skills.

With the undersupply of locally based talent, upward pressure on salaries and the attraction of London, the larger banks in particular are willing to look abroad for candidates in areas where regulatory knowledge is transferable.

We expect to see further salary inflation in 2016, and a focus on qualified accountants and quantitative professionals into IFRS 9 implementation roles.  Day rates for software developers, especially those with experience of SAS, SQL and Matlab, are also increasing significantly. 

 

Risk

RoleYears' ExperienceDublin
Cork
Limerick
Waterford
Operational Risk Analyst0 - 330,000 - 40,00027,000 - 37,00027,000 - 37,00027,000 - 37,000
3 - 540,000 - 55,00037,000 - 50,00037,000 - 50,00037,000 - 50,000
5+55,000 - 70,00050,000 - 63,00050,000 - 63,00050,000 - 63,000
Operational Risk Manager0 - 355,000 - 65,00050,000 - 59,00050,000 - 59,00050,000 - 59,000
3 - 565,000 - 80,00059,000 - 72,00059,000 - 72,00059,000 - 72,000
5+80,000 - 100,00072,000 - 90,00072,000 - 90,00072,000 - 90,000
Head of Operational Risk0 - 370,000 - 85,00063,000 - 77,00063,000 - 77,00063,000 - 77,000
3 - 585,000 - 100,00077,000 - 90,00077,000 - 90,00077,000 - 90,000
5+100,000 - 150,00090,000 - 135,00090,000 - 135,00090,000 - 135,000
Credit Risk Analyst0 - 328,000 - 40,00025,000 - 36,00025,000 - 36,00025,000 - 36,000
3 - 540,000 - 55,00036,000 - 50,00036,000 - 50,00036,000 - 50,000
5+55,000 - 75,00050,000 - 68,00050,000 - 68,00050,000 - 68,000
Credit Risk Manager0 - 365,000 - 75,00059,000 - 68,00059,000 - 68,00059,000 - 68,000
3 - 575,000 - 85,00068,000 - 77,00068,000 - 77,00068,000 - 77,000
5+85,000 - 110,00077,000 - 100,00077,000 - 100,00077,000 - 100,000
Head of Credit Risk0 - 390,000 - 110,00081,000 - 100,00080,000 - 100,00081,000 - 100,000
3 - 5110,000 - 125,000100,000 - 115,000100,000 - 115,000100,000 - 115,000
5+125,000 - 170,000115,000 - 150,000115,000 - 150,000115,000 - 150,000
Enterprise Risk Analyst0 - 330,000 - 40,00027,000 - 37,00027,000 - 37,00027,000 - 37,000
3 - 540,000 - 55,00037,000 - 50,00037,000 - 50,00037,000 - 50,000
5+55,000 - 70,00050,000 - 63,00050,000 - 63,00050,000 - 63,000
Enterprise Risk Manager0 - 355,000 - 65,00050,000 - 59,00050,000 - 59,00050,000 - 59,000
3 - 565,000 - 80,00059,000 - 72,00059,000 - 72,00059,000 - 72,000
5+80,000 - 100,00072,000 - 90,00072,000 - 90,00072,000 - 90,000
Head of Enterprise Risk0 - 380,000 - 95,00072,000 - 86,00072,000 - 86,00072,000 - 86,000
3 - 595,000 - 120,00086,000 - 110,00086,000 - 110,00086,000 - 110,000
5+120,000 - 150,000110,000 - 135,000110,000 - 135,000110,000 - 135,000
Financial Engineer0 - 335,000 - 55,00032,000 - 50,00032,000 - 50,00032,000 - 50,000
3 - 555,000 - 70,00050,000 - 63,00050,000 - 63,00050,000 - 63,000
5+70,000 - 95,00063,000 - 86,00063,000 - 86,00063,000 - 86,000
Market Risk Analyst0 - 330,000 - 45,00027,000 - 41,00027,000 - 41,00027,000 - 41,000
3 - 545,000 - 55,00041,000 - 50,00041,000 - 50,00041,000 - 50,000
5+55,000 - 75,00050,000 - 68,00050,000 - 68,00050,000 - 68,000
Market Risk Manager0 - 365,000 - 80,00059,000 - 72,00059,000 - 72,00059,000 - 72,000
3 - 580,000 - 95,00072,000 - 85,00072,000 - 85,00072,000 - 85,000
5+95,000 - 120,00085,000 - 110,00085,000 - 110,00085,000 - 110,000
Head of Market Risk0 - 3100,000 - 110,00090,000 - 100,00090,000 - 100,00090,000 - 100,000
3 - 5110,000 - 140,000100,000 - 125,000100,000 - 125,000100,000 - 125,000
5+140,000 - 180,000125,000 - 170,000125,000 - 160,000125,000 - 160,000
Risk Advisory - Profesional Services0 - 340,000 - 45,00036,000 - 40,00036,000 - 40,00036,000 - 40,000
3 - 545,000 - 65,00040,000 - 60,00040,000 - 60,00040,000 - 60,000
5+65,000 - 110,00060,000 - 100,00060,000 - 100,00060,000 - 100,000
Business Modeller0 - 328,000 - 35,00025,000 - 32,00025,000 - 32,00025,000 - 32,000
3 - 535,000 - 50,00032,000 - 45,00032,000 - 45,00032,000 - 45,000
5+50,000 - 80,00045,000 - 72,00045,000 - 72,00045,000 - 72,000
Quantitative Risk Analysis0 - 335,000 - 55,00032,000 - 50,00032,000 - 50,00032,000 - 50,000
3 - 555,000 - 80,00050,000 - 72,00050,000 - 72,00050,000 - 72,000
5+80,000 - 100,00072,000 - 90,00072,000 - 90,00072,000 - 90,000

Typical range of benefits for A&F professionals:

BENEFITMANAGEMENTNON MANAGEMENT
PENSION5% - 15% employer contribution5% - 8% employer contribution
HEALTHCAREFully paid for employee and dependantsFully paid for employee only
BONUS 6%-20%5%-7%
ANNUAL LEAVE22 - 26 days20 - 23 days
LIFE ASSURANCE 3-7 times basic salary3-4 times basic salary
OTHERCar Allowance / Professional Subscriptions / Further Education Scheme / Sports & Social / Tax Saver Commuter Tickets / Gym / Onsite Canteen / Discount on Products  /  Company Share Scheme / Employee Assistance Programme
Eva Kelly's picture
Associate Consultant
ekelly@morganmckinley.ie

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