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Retail banks say adapting to risk regulations will create most demand for new staff in 2013

Retail banks say adapting to risk regulations will create most demand for new staff in 2013

?        Shortage of supply combined with high demand to create recruitment headache for retail banks and possible bidding war. 

Intense demand for risk management specialists combined with an acute shortage of staff with the right qualifications and experience could lead to a bidding war amongst retail banks this summer, says BrightPool, the specialist financial services recruiter. 

According to research from BrightPool, adapting to changes in risk regulations will lead to the most demand for new jobs in retail banking over the next twelve months. 

44% of the retail banking HR Directors surveyed by BrightPool said that the need to improve banks’ risk processes, models and systems was the operational change that would create the most new jobs in 2013. But the same research also showed that 62% of bank HR Directors reported that there is a shortage of qualified staff who work in risk. 

According to BrightPool’s survey the second biggest operational change was identified as the need for banks to integrate their business units to find efficiencies, with 30% saying that this would lead to the most new jobs. 

Angela Hickmore, Managing Director of BrightPool, explains: “At the moment retail banks are under particularly intense pressure to ensure that their risk modelling is accurate and up-to-date.” 

“The current regulatory scrutiny means that it’s a real focus area at the moment. It’s worrying in some ways that banks are still having to commit so many additional resources to basic risk modelling work.” 

“Many banks are being forced to change their systems to comply with the new regulations, like Basle III, that aim to deliver a sustainable model for retail banking.”

“Last year’s scandals mean that banks are keener than ever to safeguard against any problems that could arise. Being able to accurately model their risk exposures is a good method of safeguarding against many of these problems.”

62% of bank HR Directors identify shortage of staff as a problem – bidding war could develop

Angela Hickmore comments: “Whilst demand is expected to be high for risk specialists, unfortunately HR directors are reporting that there simply aren’t enough qualified individuals around who can carry out these processes.”

“Risk specialists will be in an unusual position where bidding wars could develop amongst banks to acquire their services. Many banks would be willing to pay top money to secure the right candidate.”

BrightPool says that the break-up of the FSA into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) means that banks’ risk systems are under more scrutiny than ever before.

Angela Hickmore says: “The creation of a standalone prudential regulator has made banks cautious about the quality of their risk systems, so they are investing heavily in them at the moment.”


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