Risk Management – An Expanding Avenue for Finance Jobs in New York

For job seekers with excellent judgment, risk management is the it job of the year among financial services employers.

According to a survey by the Institute for International Finance and Ernst & Young, more than half of financial services companies are opting to strengthen their risk management this year by increasing the number of risk management finance jobs in new york.

Rick Waugh, Vice Chairman of the Board of Directors of the Institute for International Finance, President and Chief Executive Officer, Scotlabank offered his perspective, on the issue:

“We are seeing firms make major increases in the number of staff they assign to risk management functions today and still further increases are in prospect.  the added expenditures reflect the priority that firms are placing on the overall risk management function, plus the complexity of compliance with Basel III and many other new regulations and capital requirements”

…a perspective that the survey accurately reflected.  Results show that 57% of the firms surveyed indicated that they increased their number of employees engaged in risk management over the last year, with 36% expecting a further increase.

In the wake of the 2008-2009 financial crisis, the structure, methodologies and processes of risk management have undergone significant change, prompting financial firms’ renewed focus on more and better risk resources (aka employees) across the board.  According to Patricia Jackson, Ernst & Young Head of Financial Regulatory Advice EMEIA,

“…risk appetite—the amount and type of risk that a company is able and willing to accept in pursuit of its business objectives—has emerged post-crisis as a critical foundation of the risk management process, but our survey finds that embedding risk appetite across all levels remains a key challenge for many firms.”

Showing expressed concern with avoiding the financial crises of the past, mr. Waugh finds a solution in corporate culture, identifying appropriate incentives for excellent judgment (presumably for both employees and firms as a whole) as an able deterrent.  He continues that,

“the proper risk culture, understanding the right balance of risk appetite, and the right balance of risk/reward, are essential to mitigating future crises…”

Which can essentially mean this for financial job seekers: with good judgment and an appetite for risk management, there’s not only a wide open job market for you, but probably a hefty base and bonus to boot.

The survey was conducted by Ernst and Young on behalf of the Institute for International Finance, from December 2011 through March 2012.  A total of 75 member companies across 38 countries were surveyed.

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Risk Management – An Expanding Avenue for Finance Jobs in New York

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