Demand for risk professionals boosts hiring activity in banking

Banking & financial services market update 2018

Hiring within banking & financial services was busy during the first half of 2018. Key areas of activity related to risk professionals across all industries.

We speak to Brendan Simeson, Manager of Banking & Financial Services at Robert Walters Ireland about the market trends, recruitment activity and the remaining hiring outlook for the banking & FS market during 2018.

What are the banking & financial services market trends?

"Throughout the first half of 2018, demand for risk management professionals rose dramatically as the regulator continued to increase requirements for more robust risk frameworks and deeper regulatory expertise. Dublin continues to be a favoured destination for investment managers, insurance firms and banks who are establishing themselves in the capital as part of their Brexit strategy. 

Asset managers have a stronger appetite for diversifying assets and taking risk with AUM increasing in active fixed income management. 

In the banking sector we have seen an increase in demand for enterprise risk professionals. The most desirable candidates are those from an audit/internal controls background who have moved into risk management. Within the corporate and wholesale banking sector, hiring has predominantly occurred across corporate lending, relationship management, risk and compliance.

The period of growth within the Irish economy is driving strong inward migration, particularly from those who emigrated to the UK, Hong Kong, Singapore, the U.S. and Australia. This is having a positive impact on the availability of skills in financial services, particularly within corporate and investment banking."

What have been the most common recruitment trends during the first half of 2018? 

We have seen that quantitative analytics and risk reporting professionals have been in demand across the banking sector as firms adjust to changing requirements from the regulator. The regulator has made it clear that international banks operating in Dublin must have stronger local reporting and analytics functions. 

As management companies (ManCo’s) establish themselves in Dublin, investment and portfolio risk professionals have seen an increase in opportunities in the market. We have also seen that insurance firms have strengthened their internal controls departments.

Across the market, we have seen that companies are discussing clear and well-defined career paths for potential new hires during interview stage. Competitive salaries/sign-on bonuses for permanent roles and completion bonuses for contracts, relocation packages and  flexible working conditions including; flexi-time, remote access and options to work from home are all offered to secure top professionals within the market. 

What hiring trends do you expect to see in the second half of 2018? 

We expect the remainder of 2018 will continue to be buoyant largely due to Brexit setting-up new businesses in Dublin, the regulatory developments driving the need for specialist resources, and a renewed focus on driving new business and product development. As candidate confidence increases within the market and professionals become more willing to move jobs, hiring will continue to remain busy within the financial services market. 

The skill sets that will be in high demand for the second half of 2018 and moving into 2019 are:

• Quantitative risk, enterprise risk, risk analytics
• Compliance/regulatory (specifically in the areas of MiFID II, PSD2, conduct risk and GDPR/data protection)
• Treasury (liquidity & cash management and balance sheet management)
  Global Banking & Markets professionals (trade finance, research, financing & advisory services and corporate solutions/sales) 
• Financial analysis, financial reporting, regulatory reporting 
• Candidates with in-depth knowledge of Private Equity and non- regulated funds in the Irish market

OUR BANKING & FINANCIAL SERVICES DIVISION

Our banking & financial services division recruits for roles across all specialisms in risk management in financial services. 

This includes risk analysts up to CRO’s and investment analysts up to CIO’s across banking, asset management, insurance and fintech. 

Contact us

Find out more about the latest banking & financial services jobs in Ireland.

To discuss any of your recruitment needs, please contact one of our experienced consultants on dublin@robertwalters.com or 01 633 4111.