At Selby Jennings, we work closely with hiring managers and high calibre professionals every day. As a result, we receive perspectives from companies and individuals. We would like to share these market updates to those who are interested. If you wish to have a conversation regarding the market, contact us.
Market Update for March 2020:
Middle Office
IT & Operational Risk
Technology poses a double-edge sword for businesses. Rapid innovation in this field can enable companies to enhance
their service delivery, while also posing a substantial threat to daily operations. With cyber threats being one of the biggest dangers globally, companies are concerned that their existing operations and IT infrastructure are not on par with their competitors. As such, we are seeing an increase in demands for IT and Operational risk for the coming years.
Credit Risk
Within credit risk, many financial institutions are diving deep into machine learning to support a greater precision within their credit decisions and impairment monitoring. As such, the market is seeing a further increase in headcounts for decision science teams. Decision science teams work alongside risk management with section heads being more technically adept than the traditional credit underwriting.
Market Risk
In regards to market risk, recruitment within investment banks has been slow all year as teams shrink. We have seen an amalgamation of asset classes in many organisations and some business classes sold off due to costs and lower margins.
Compliance
Like risk, technology is also a focal point for compliance. We are seeing the first generation of rules-based technology to be inadequate in managing the challenges of the digital era. Despite the development in software systems used for AML, anti-fraud, and trade surveillance operations, the high rate of false positives has resulted in soaring financial crime compliance costs, creating operational bottlenecks and leaving fewer resources available for analysis. New regulations requiring banks to determine and perform due diligence on beneficial owners of accounts prevent further operational challenges. To overcome these challenges, firms are exploring AI and other new technologies to improve efficiencies and effectiveness of financial crime compliance programs today.
Another focus we see for 2020 is to re-brand compliance to include a clear focus on culture, ethics and principles as organisations with strong cultures within which people understand the organisations' ethical stance and principles will be better prepared to deal with unforeseen compliance risks.
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