SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLONDONRISKLONDONRISKRISKRobertWaltersGlobalSalarySurvey2013 38Ourriskandquantitativedivisionspecialisesinidentifyingandplacingcredit,marketandoperationalriskspecialistsandquantitativeanalystsfromgraduatetodirectorlevelwithinfinancialservicesorganisations.Werecruitprofessionalsonapermanent,temporaryandcontractbasis.MarketOverviewContinuedregulationandpublicscrutinyhasledtoincreasedpressureonfinancialinstitutions.Asaresult,riskmanagementrecruitmentjoblevelsremainedrelativelyhighthroughout2012andwereontheincreasegoinginto2013.ImpendingdeadlinesforBaselIIIandfurtherpressureoncapitalmanagementledbankstofocusonhiringcandidateswithspecificregulatoryexperience.Giventhecomplexityoftheregulationsandapproachingdeadlines,bankswerenotabletorelysolelyonexistinginternaltalentandinsteadhadtohireexternallyinordertocoverfundamentalrequirements.Whereheadcountrestrictionswereinplace,particularlywithinsmallerbanksandassetmanagers,firmswerehiringcontractorstoensureprojectsremainedinlinewithdeterminedregulatorytimeframes.Mostbanksfurtherintegratedtheirriskmanagementteams,withmarketandcreditriskfunctionsworkingalmostsimultaneously.Theneedforclosercommunicationonissuessuchasportfolioorcounterpartyriskwasdrivingbankstohirecandidateswithanunderstandingofbothtradedderivativeproductsandcreditriskcalculation.MarketRiskDespiteongoingmarketuncertainty,wesawasteadyrequirementformarketriskprofessionalsonbothapermanentandcontractbasis.SomebankscontinuedtointegratenewVaRmodelsorriskplatforms,whichledtoopportunitiesforbusinessanalystsorprojectmanagerswithmarketriskexperience.Althoughtherewerelimitedgrowthhires,bankswerelookingtoreplacemarketriskmanagerswhohadmovedontothefrontoffice,particularlywithintheequities,creditandratesspace.Themajorityoftemporaryroleswereintheproductionspace,althoughindividualswithmarketriskexperienceeitherfromalinefunctionorprojectenvironmentremainedsought-after.Becauseofstrongdemand,wesawtalentshortagesinthecontractjobsmarket,withfirmspayingapremiumforindividualswithstrongproductknowledgeandreportingskills.OperationalRiskOperationalriskwasoneofthebusiestareasofrecruitmentin2012.Headlineeventsledfirmstosetupspecifictradecontrolteamstomonitorandcontrolbusinessactivities.Inparticular,wesawariseindemandforanalysts,withoperationalriskandcontrolsexperienceindemandonacontractbasis.Theserolestypicallyrequiredcandidateswithstrongoperationsunderstanding,riskandcontrolselfassessmentskills,governanceknowledgeandstrongsystemsexperience.CreditRiskCreditriskrecruitmentwasoneofthequietestareasofrecruitmentforthefirstthreequartersof2012.However,thiswasincontrasttothecontractjobsmarketwhereBaselIII-drivenhiringwasupduringthefirstsixmonthsduetoongoingprojectsinthisarea.Wesawanoticeableincreaseinjoblevelsgoinginto2013,particularlyincounterpartycreditrisk,BaselIIIprojectsandcreditanalysis.Withthecontinuedslowdowningloballending,someresponsibilitiesoflargecreditanalysisresponsibilitiesweremovingoffshore.Wheretheywerehiring,bankswererecruitingcandidateswithdatamanipulationskillsorreportingexperiencetosatisfyregulators’demandsforinformationbothintheUKandglobally.Wealsosawanumberofjuniorreporting-focusedcreditriskvacancies.QuantitativeAnalysisDemandforquantitativecandidatesfellasfirmsconcentratedonfillingthesevacanciesinternally,withsomeseekingtopromotefrontofficeprofessionalsandstructurersinternally.Withmostbankstradinglessexoticproducts,therewasreducedneedforquantitativeprofessionalstobuildandvalidatenewmodels.However,mis-soldproductprojectscreatedsomedemandforcontractorswithpricingandstructuringskills.TheRecruitmentProcessThroughouttheriskjobsmarket,recruitmentprocessesremainlengthy.Thiswasgenerallytheresultofemployersseekingcandidateswho‘tickedeverybox’.Asever,firmsabletoprogressthehiringprocessquicklyandefficientlycontinuedtosecurethebesttalentinthemarket.OutlookWithrecruitmentlevelsunusuallyhighattheendof2012,theoutlookfor2013ispromising.Asregulatorydeadlinesloomandbanksfocusonrestructuringtheirteams,firmswillcontinuetoseekskilledprofessionals.Technicalcandidateswithstrongriskmanagementexperiencearelikelytobethemostsought-after.Fromacandidate’sperspective,however,thebestriskmanagerscontinuetobethosewhoareabletobroadentheirskillsetsquicklytomatchtheiremployer’sneeds.