Umbrella company employees who possess niche skills in financial risk management are seeing a spike in demand for their talents amongst insurers and retail banks, new figures from specialist recruiter MERJE reveal.
Two major regulatory protocols ‒ Solvency II and Basel III ‒ have been updated and the changes are driving renewed demand for permanent candidates and contractors alike who can offer the requisite skills.
Solvency II focuses on insurance firms across the EU and obliges them to implement the most robust risk management strategies, while Basel III requires the retail banking sector to similarly operate robust risk management strategies and to improve transparency and regulation.
Commenting on the demand hike for risk management professionals, MERJE director Richard Abelson said: “There is a significant need for risk managers who understand the current regulatory environment and have the ability to anticipate and interpret how these changing requirements will impact businesses.”
The contractors and permies most in demand offer strong regulatory knowledge combined with exposure to Basel II/III and rigorous analytical skills. Demand for these professionals has leapt by 22% over the last year, MERJE data shows.
Mr Abelson also noted: “Despite demand, there is a limited pool of candidates in the financial services sector with the analytical skills and regulatory exposure to fill these jobs, making it increasingly difficult for employers to meet the escalating demand for talent.”
According to MERJE’s London-based principal consultant in risk management, Priya Mariannie, although job and contract opportunities for these niche specialists have risen vigorously, pay rates have yet to rise in line with other sectors seeking to attract specialist finance staff.