January 2024 - The Risk Partners

Risk Market Snapshot: Q1 2024

Posted on January 31, 2024January 31, 2024 by The Risk Partners

General Observations

The Risk job market has had a stronger start to 2024 than 2023. Last year there was a notable decline in the number of new roles coming to market for Risk professionals, part of a common trend across the Financial Services sector as a whole.

Whether that was a reaction to over hiring in 2022, or a determination on cost control across (or a mixture of both), it did not soften the regulatory spotlight and the demand for Risk talent strengthened in the second half of 2023. That trend has continued into 2024.

On the supply side, many job seekers have become more cautious when it comes to considering their next move, probably a direct result of the job losses across the Financial Services industry and the cost-of living crisis. That places more emphasis on employers to put prospective employees’ minds at ease, during the interview process, of their business performance and stability. While compensation and hybrid arrangements continue to be the key motivators, we are also seeing a notable increase in mid-senior professionals who are concerned about burnout. This is usually down to insufficiently staffed teams, leading to sustained long hours and weekends, with no prospect of things getting better. Also, cultural issues at companies where there are continuous pivots in strategy, meaning hectic workloads and unrelenting change.

International banks are hiring junior-mid-level Risk professionals sporadically, while domestic banks are notably quiet. Payments/ Fintech & Crypto companies continue to be the most active participants, as they build out their teams or replace people who are not suited to their cultures.

Skills in demand

This year has started with more activity in general, rather than the trends of the previous two, when the demand for Risk Managers came from the Commodities sector in 2022 and last year the strongest demand was for Credit Risk professionals. This year the demand comes broadly from all risk disciplines. That said Credit Risk managers and Non-Financial Risk professionals, particularly outsourcing & business resilience, are more in demand than their peers in other Risk stripes.

Sample of recent successful assignments

Wholesale Credit Risk Manager – Investment Bank
Real Estate Credit Risk Manager – International Bank
Operational Resilience Director – Capital Markets
Manager Oil & Gas Credit Risk – Commodities Co.
Senior Operational Risk Analyst – Investment Bank
Operational Risk Director – Investment Bank

The Risk Partners are a boutique recruiter, with Corporate Governance (Risk, Compliance, Legal) at the heart of its activities. We live in a world where Governance steers the world through often challenging times.

Our aim is to work in partnership to develop careers and find business solutions. Please get in touch to discuss how we can help you. contact@theriskpartners.com

Market Intel: Credit Risk Modellers / Quants

Posted on January 17, 2024January 17, 2024 by The Risk Partners

Market Intel: Credit Risk Modellers / Quants

Date: January 2024

Sector: Retail / Consumer / Asset Finance / Corporate Banking

Key areas considered: Credit Risk Modelling, Model Validation, Model Governance

Salary guide:

Amount of experience	Grading	Base Salary (London)	Base Salary (Regional)
15+	Managing Director	£150k – £200k	£130k +
10 – 15 years	Director	£120k – £150k	£100k – £130k
7 – 10 years	VP	£90k – £110k	£80k – £100k
5 – 7 years	AVP	£75k – £90k	£65k – £80k
3 – 5 years	Senior Analyst	£60k – £75k	£55k – £65k
1 – 3 years	Analyst	£45k – £60k	£40k – £50k
0 – 1 years	Graduate	£40k – £45k	£35k – £40k

Market intel

Change is afoot within this space, given the reduction of staff within the likes of Barclays and Metrobank
Early signs for 2024 is that more candidates are beginning to search for roles (which is a positive development from 2023)
Regulatory rules / scrutiny has been increased and we have seen IRB applications rejected
Candidate availability remains tight and pools of talent are heavily regional (e.g. Manchester, Glasgow, London – with remote & hybrid working, talent is harder to relocate geographically)
Sponsorship rules post-Brexit have put a real strain on this talent pool (i.e. Historically, strong candidates have come to the UK from all over the world)
Cost cutting in firms has seen Big 4 Consulting firms ‘roll off’ projects leaving a skills gap
Hybrid and Remote working are now very typical within this space
Salary differential between London and regional is now quite closely aligned compared with other areas
IRB experience can still command a slight premium, given this experience is in higher demand

For more information about finding a new position, or if you are looking to hire, please get in touch with us at contact@theriskpartners.com

Perfect Preparation for the Perfect Interview

Posted on January 12, 2024March 7, 2024 by The Risk Partners

Here are our tips to impress your future boss. Broken down for you into straightforward digestible steps:

Preparation, Preparation, Preparation

Preparation – the Scouts always said that the key was to “Be Prepared”. Interviews are no different. If you have done your homework, then you will be confident of having the right answers. You won’t get caught out (or find yourself tongue tied) as you have thought about and practiced the scenario

Know your CV – the Company has chosen to interview you, based on the strength of your CV and the skills you have mentioned. So, you must know it inside out and have good relevant examples ready to go

Research the company – some interviewers want to know todays Shareprice, others want you to have read the website and an understanding of their core business. You need to know who you are interviewing with and what the Company does

Research the interviewers – take a look at their LinkedIn profile, Google their name, you may find you have interests / people in common

Re-read the job description – you need to understand the role. If you don’t know what the role is, you can’t think about the relevant experience you have

Imagine you are in the Managers seat – what would you want to hear / see in a candidate? You would want to see good eye contact, a smile, well thought out answers, good examples of related work to what their team does. They want you to tell your story . . . so tell it

On the day: The Basics

Dress to impress – generally we advise people to overdress. Show you have taken time and are treating the interview seriously. If in doubt, ask the Recruiter in advance of what the company expects

Arrive early – nobody is impressed by a flustered, stressed out, panicked interviewee. Get there early, have a coffee nearby and get your ‘game face’ on

Documentation – bring ID along with a copy of your CV and the job description

Professionalism is important – yes, its important to make a connection, show the real you, but its important to read the tone of the professional environment. Once you are colleagues you can drop your guard, but for now its business time

Politeness and smile – treat everyone you meet with respect and a smile. It goes a long way and gives the best impression of you

Relax and Deliver

Relax – take a breath and control the nerves (we all get them and a few nerves are a good thing by the way)

Be positive – believe in yourself, believe in your preparation, believe that you have a real chance at getting the job (and you really do)

Be authentic – sometimes trying too hard shows. You can only be yourself, so that’s what you should be

Be Realistic – let’s face it, there is no such thing as a perfect interview. We will all make mistakes. But the key is to deliver “you” in the best possible way. So don’t be too hard on yourself

Ask Questions – Remember that an interview is a two-way process. Managers want to be asked about themselves, their team, the Company, their vision and its important for you to understand where you fit into those plans. Think of some questions in advance

The Risk Partners are here to help. Working with us will give you access to a wealth of advice, tips and stories from our Partners. We have trodden the paths before, so do let our experts help you.

Get in touch today: contact@theriskpartners.com