The European Market for Risk Jobs
The most significant factor to consider in looking at risk jobs in Europe is the impact of Brexit on opportunities in the region. Perhaps at current glance not an ideal state of affairs for the British contingent of candidates planning their post-Brexit career move, but for those in the EU the situation is looking rather more positive.
A number of major banks, including Bank of America, Barclays and Morgan Stanley, are already plotting their strategies in the aftermath of Britain’s departure from the European bloc with Paris, Dublin and Frankfurt key locales in their future plans. With thousands of financial services jobs, including those in risk management, as well as legal, compliance, sales and trading, expected to be redistributed to these key European cities in the event that Britain loses its access to the single market, candidates looking for jobs in risk should focus their searches accordingly.
Risk candidates with experience across digital media and technology are among the most sought-after in the wake of the explosion of the Internet of Things (IoT) and focus on cybersecurity. Thus, emerging risks in the shape of information security risk and cyber risk are top priorities for hiring managers in 2017, together with individuals in possession of risk methodology and change expertise.
The right risk professionals are typically hard to come by which has prompted stiff competition amongst recruiters and employers to secure those skilled candidates from the limited talent pool available. For risk jobs in France, employers value international experience and opportunities are particularly growing in the areas of healthcare, luxury consumer products and engineering with salaries in the capital averaging from between €50 – 90,000 dependent upon experience.
Businesses are certainly focusing on growth despite the looming repercussions of Article 50, with Germany as aforementioned a primary hub of choice for international firms looking to invest in a European base. With Credit Risk Officers commanding the highest salaries, upwards of €180,000 and average salaries starting from €55,000 for more junior risk roles, the demand for candidates across all sectors is very strong.
With the Irish capital of Dublin another strong contender for many major banks in their post-Brexit plans, candidates positioning themselves for risk jobs in Europe should focus on strengthening their skills in regulatory risk as Europe prepares itself for the GDPR directive, due in May 2018, and further regulatory deliverables which will see an overall more stringent attitude toward risk management and subsequent hiring activity in the discipline. Data protection skills, projects relating to financial crime and AML too will be a focus for businesses looking to hire risk professionals.
Opportunities in risk are also in high demand in Luxembourg on account of ongoing governance and regulatory change projects with salaries starting from €90,000, while in The Netherlands companies are specifically looking for interim risk specialists and are prepared to offer high rates to secure the right talent.
Whether or not Brexit enables Britain to remain a part of the single market, risk jobs in Europe will clearly have a place on the hiring agenda. However, experience and certain skill sets will undoubtedly act as deciding factors in weeding out the corn from the chafe as well as to direct higher salary brackets.