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.
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%.