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28 March 2024

Why ‘risk’ is not a 4-letter word for bank jobs

Published
By Shuchita Kapur

Job prospects across the banking sector may not appear very bright even in 2012, but certain roles in the industry look very promising this year, according to recruitment experts.

With the ongoing global recession making the pink slip apart and parcel of corporate life, more so in the much-maligned banking sector, auditors and bankers in the risk and compliance section can look forward to a rewarding 2012.

“Risk professionals are in more demand today than ever before,” says Shane Phillips, MENA Regional Practice Leader, Financial &Professional Services at Stanton Chase UAE.

A skills shortage in their particular domain coupled with the need to strengthen most UAE financial institutions’ compliance infrastructure means that they are fast becoming a sought-after commodity in the jobs market.

“[The] ongoing changes in the global regulatory environment coupled with a shortage of skilled compliance professionals has resulted in additional demand within the financial services arena, particularly in audit, risk and compliance,” James Sayer, Associate Director at Robert Half UAE, told Emirates 24|7.

And that demand is much more prominent at local and regional banks when compared with global banking giants. “Increased demand in retail and corporate banking across the regional institutions has offset more judicious hiring activity among the multinationals, with companies looking for individuals with eight to 15 years of experience coupled with FRM, CFA and MBA qualifications. Roles in particular demand include market risk managers, operational risk managers and compliance managers,” he added.

Stanton Chase’s Phillips outlines three categories of jobs expected to see more hiring. “[Firstly], CIO & IT related leadership roles [look promising].Fifty per cent of GDP growth in 2010 in the US was due to technology improvements and innovations. We do not have the actual number for the Middle East, but if it is that high for a mature market, we can assume it will be as high or higher for the Middle East where companies are running legacy systems with huge opportunity gaps for improvement,” he said.

Phillips puts “COO & Operations/Shared services related roles” second on his list. “As the increased pressure on legal, compliance, risk and operational efficiency continue to be the offspring of a ruthless bear market, you can expect banks to invest in operational excellence,” he said.

“Thus, ‘rightsizing’ the organization and ensuring the right controls are in place as well as streamlining processes will be key to success in 2012. A new trend of moving away from Industry best practices and developing signature processes will be the envogue approach this year. To do so will require a top shelf COO,” he added.

CROs is the third pick of the Stanton Chase expert. “Banks are increasingly aware that the best way to protect your upside is to mitigate your downside. Risk professionals are in more demand today than ever before. Risk is being segmented into different categories from market, operational, reputation, remedial, wholesale credit and so on. So, the function is both deepening and widening and we can see a 400 per cent increase in our risk practice over the last five years at Stanton Chase. We expect a further 44 per cent growth in2012,” he told this website.