Following recent scandals in the banking and financial services sector in Australia, centred on misconduct, the pressure is on for financial institutions to be more transparent leading to an increased demand for compliance and risk management professionals.
Risk management is crucial to every organisation; every decision that is made involves some form of risk or uncertainty. In the banking and finance sector the consequences for non-compliance are severe and subsequently financial organisations are continuing to invest in more resources to have adequate teams in place to assess risks and ensure compliance at all levels. Financial organisations expose themselves to a variety of consequences – financially, through fines and also reputational in terms of risk to brand and profile for any misconduct. Having the correct teams in place aims to stamp out criminal behaviour and also reduce the chances of sparking another financial crisis has become part of the DNA of any financial organisation.
The financial services sector will continue to be the strongest recruiter for risk management professionals due to increased regulation, various enforceable undertakings and increased public sector scrutiny. Risk management professionals in the banking and financial services sector will have increased responsibility to ensure that the operations of the bank follow the various regulations both locally and globally.
There is likely to be increased demand for line 1 and 2 operational risk professionals as well as advisory complianceLine 1 roles are operational risk based and play an integral part in implementing and embedding the operational risk management framework and the compliance management framework for organisations as the 1st line of defence.
Line 2 roles monitor and facilitate the implementation of effective risk management practices through operational management and assist the risk owners in reporting adequate risk related information up and down the organisation through various departments. Professionals can expect increased demand for roles in departments such as compliance, quality, IT and other business control units.
There is a growing shift in demand to have analytical professionals with project management skills who can also provide risk and compliance advice to organisations. In line with this having the ability to manage stakeholders at senior level when it comes to providing advice and recommendations for effective decision making, is also a critical skill. Professionals who also up-skill in problem solving and presentation skills will be valuable for fulfilling this shift in demand.
Finally, staying up to date with financial market trends, government legislation – and anything else that might affect an organisation’s risk profile such as the challenge technology represents to the automation of banking processes in driving new regulation for the market is key to any professional who is looking to develop their career in this sector.
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