RISK officers have seen their pay boom in the last year as banks are increasingly chasing a small pool of talent, needed to meet rising regulatory pressure, according to recruiter BrightPool.
Credit risk officers in commercial and retail banking have seen salaries jump by between 10 and 20 per cent on soaring demand.
Improving risk processes, models and systems is the biggest driver of hiring, according to 44 per cent of human resources managers surveyed by the recruiter.
That puts adapting to regulatory change well ahead of the next most important factor – with hiring to integrate business units rated most important by 30 per cent.
And those pressures are intense in a competitive field – 62 per cent of HR staff said it is hardest to find suitably qualified risk staff, again driving pay upwards.
“At the moment retail banks are under particularly intense pressure to ensure that their risk modelling is accurate and up-to-date,” said BrightPool’s Angela Hickmore.
“The current regulatory scrutiny means that it’s a real focus area. It’s worrying in some ways that banks are still having to commit so many additional resources to basic risk modelling work.”