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Is risk the new frontier?

As the compliance boom subsides, could risk be the new frontier?

Banks seem to be getting a hold of the regulation issues and subsequent fines. While compliance is still very much a staple, it is no longer in the growth phase it once was.

Meanwhile, data has been becoming an ever greater part of our financial services operation and with the growth of data comes the growth of risk. 

From a regulatory perspective, due to the sheer volume of data, there needs to be security around how the data is stored and questions answered on what the information means and what is being done with it. Justification is required on the benefit to the customer and wider society. The more ubiquitous the data collected is, the more it will need to be reviewed and analysed.

From an economic perspective, there are growing concerns around an impending recession. Firms are wanting to build models and simulations to stress test their stability in the eventuality of another financial crisis. This has led us to see an increase in the amount of risk functions that are looking for validation, stress testing, model development and balance sheet analysis. 

We are helping our clients to assess the balance of education and personality in bringing the right people into their team. The best person for the job won’t always be the most highly educated in hard maths or sciences. The future landscape requires out of the box, three dimensional thinking that comes from more than academia. This is becoming more widely recognised and this mix is more and more in demand.

With the increase in data usage, threat of a recession and Singapore continuing to grow its financial presence across the region, financial institutions will have to adhere to stronger regulations. This will inevitably lead to a greater amount of employment opportunities in risk. 

We are specialists in this field, with an unparalleled network so please get in touch to discuss your hiring needs. 

Peter Umesi

Director, Head of Risk Analytics, EMEA

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