“An ounce of prevention is worth a pound of cure.” This sentiment is the reason that risk management exists. In global markets that are increasingly marked by volatility and subject to complex social, political and economic change. Risk management is more crucial than ever to keep companies out of the red and into the black. Risk management teams identify, evaluate and prioritise risks and act to minimise and control adverse events or maximise opportunities that come with disruption.
Following the global financial crisis, risk management teams have become increasingly important. This is because they are here to help protect financial markets and prevent firms from experiencing further fines and sanctions. In March 2019, Hong Kong securities regulator fines top investment banks $783 million HKD for failures as IPO sponsors. Important trends suggest that risk management is set to experience even more sweeping change in the next decade.
Skills Shift for Risk Management
A recent report by McKinsey & Company explains how the role of the risk manager will change in the coming years. Today, about half of the risk management employees are dedicated to risk-related operational processes, while 15% work in analytics. The reports forecast that by 2025, these numbers will be closer to 25 and 40%, respectively.
The increasing demand for analytics skills has been no surprised for our clients. As a specialist recruitment partner, we have been working closing with our clients since day 1. We provide advice and suggestions on every hire and manage the recruitment process to the end. If companies are not able to identify the new skills required in their risk talent, they can potentially bring the business into risk.
We have been assisting clients to hire mid-to-senior level risk talent since 2004. Identifying business-critical talent is what we do every day. Speak to our specialist recruiter to understand more about the talent or the vacancies.