Risk Management Jobs in London
The UK capital may be in political disarray as the cliché we have all come to loathe, namely Brexit, continues to spread uncertainty. Brexit is undoubtedly having an impact on business dealings due to the lack of a deal and subsequent dragging negotiations. As a result, firms are postponing key investment decisions with the exception of extenuating circumstances, which of course puts the brakes on business and decisions and activity associated with risk.
However, for individuals working in risk management the tides are unlikely to change too drastically. Risk management, according to Deloitte Risk Advisory expert Daniel Ostermeyer, is as he notes a “defensive industry” in as much as regardless the state of the economy, risk will continue to receive investment and be prioritised. Certainly Ostermeyer asserts recruitment within the risk space is ultra-competitive currently.
Due to much standardisation within the financial services sector there is a significant need for risk professionals with regulatory understanding and experience. Companies are focusing their search on candidates with strong analytical skills and, as Ostermeyer asserts, those who can think in a commercial context and apply business acumen to their role. “For example, if you’re facing off against a consumer bank division, you need to have a solid understanding of mortgages and the associated risk and control environment,” Ostermeyer explains.
Like much of modern business, jobs in risk management are becoming less fixated on the technical, though undoubtedly still important, and more concerned with the soft or behavioural skills of potential candidates. “It’s not just about knowing stuff on paper but also about being a good communicator,” says Ostermeyer, “be able to influence and be resilient under pressure and so on.”
As for candidates themselves, this is a candidate-driven market so understand how to turn the job market to your advantage. Make sure you have a good understanding of the company’s mission, strategy and values at the interview stage. Be clear about what you can get out of the role and the organisation, whether that’s learning development opportunities, a good benefits package or flexible working hours.
For junior and mid-level risk roles the market for risk management jobs in London is particularly competitive. This is on account of some offshoring and nearshoring of junior risk jobs in 2018 to regional locations outside of London which has, in conjunction with Brexit, created a substantially limited talent pool.
Looking ahead, digitalisation will be gaining further momentum and candidates would be wise to embrace it as a means of future-proofing their careers in risk management. Demonstrating your enthusiasm for innovation and the ability to keep pace with ongoing developments across the business landscape both from a technical and management perspective will impress potential employers.