Risk | Demand for professionals with risk modelling skills

Aldagh McDonogh 06.06.2014

Irish companies are often keen to attract senior talent from outside the organisation and will look abroad - Morgan McKinley, Global Risk Trend Report

In line with our commitment to keep professionals and hiring organisations involved in Risk Management functions up to date with employment and recruitment trends, in April 2014 Morgan McKinley conducted an international survey of its consultants in eight regions. Overall the market has become very buoyant in most regions and we expect further improvement in the second half of 2014. Risk Management professionals are gaining in profile, especially in Financial Services – and this means exciting and challenging times ahead.

  • Growing awareness of business and financial risks is a common factor globally
  • Recruitment budgets are increasing in most regions
  • Local legislation and international regulatory frameworks are driving demand
  • In many markets there is a shortage of local talent so competition for quality candidates is becoming international
  • In many markets there are skills shortages in niche areas such as statistical analysis
  • Morgan McKinley is committing more resources to tackle the growing demand and new challenges

 

Ireland

New regulations issued by the Central Bank of Ireland, combined with a growing awareness of the importance of Risk Management and the threats posed by financial crime have translated into higher levels of hiring into the function and, in many organisations, increasing recruitment budgets. New projects are being initiated, with the focus on Operational, Regulatory and Credit Risk. We have seen a surprisingly rapid growth in the number of anti-money laundering (AML) management roles being posted.

On the whole there is an adequate supply of local talent but in some cases niche talent is thin on the ground. “Candidates with very strong skills in risk modelling, particularly with SAS software, are very hard to source, and Irish companies may need to look abroad,” comments Suzanne Murphy, a Financial Services Recruitment Consultant with Morgan McKinley in Dublin. “Irish companies are also often keen to attract senior talent from outside the organisation and will look at the candidate pool in the UK and Australia,” adds her colleague Louise Parkinson.

For job-seekers it can nevertheless be a highly competitive marketplace as there are a lot of candidates for most positions, in consequence of the redundancies made in the Financial Services sector over the past five years.

To get ahead, you need the relevant qualifications such as FRM or equivalent as well as a Master’s degree in Financial Mathematics and Engineering. If you want to focus on Operational Risk, you should build up your knowledge of central bank legislation and gain experience of communicating with the regulator. If you have an aptitude for statistical analytics then focus on SAS as this will remain an in-demand skill for financial modelling.

Salaries & Benefits

We anticipate a modest increase in salaries, probably in the range 3-8%.

Download and read the full Risk Global Trend Report here [PDF 12MB]

    Transformation Director
    amcdonogh@morganmckinley.com