Operational Risk has been a particular area where growth was predicted and hiring has started to take off. Austin Andrew Financial Recruitment, a leading London-based Corporate Governance specialists have seen a rise in demand for Ops Risk specialists, Robert Targett, Managing Director at Austin Andrew explains “Our Operational Risk vacancies are at their highest since 2007, not only this, but I believe we have already reached the bottom of the market and firms are learning the lessons of the last two years, bolstering their Risk functions as a key part of their strategy as we come out of the recession”.
The insurance industry in particular has seen a change in the way that Risk is perceived, with the impending Solvency II regulation, firms are gearing up for Pillar 2. Insurance firms have started to see Risk as a separate and vital part of the business. No longer lumped in with Compliance, the demand for specialist Risk analysts and managers has risen and a career in Risk Management is increasingly seen as an attractive and progressive step internally.
One thing that is for certain is that Risk Management and its practitioners have come sharply into focus over the last year or so. Company Directors are seeing the value in keeping customers and shareholders happy by developing a strong, effective ERM plan, developed by talented Risk Professionals who can offer effective and value-adding input into business decisions.
On the other hand, the industry is still in its infancy and will no doubt increase in prominence from this point onwards. The Institute of Risk Management cites Over-Complexity, Unknown Unknowns and Corporate Culture as areas of focus for the risk industry and the models that it develops.
As Risk Management has become high-priority and the most talented professionals have migrated towards a career in Risk, salaries have risen and Risk’s influence has burgeoned.
If you are looking for a career in Risk, or you are seeking a move within the industry, contact Austin Andrew’s Risk Management expert on 0207 960 6441.