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Risk management salaries forecast to increase in banks

Filed under: Information Risk and Security — Mark on March 16, 2012

Those working in risk management jobs have been predicted to experience a faster increase in salary within the investment bank sector. It is forecast that those fulfilling risk management vacancies will experience a rise in salary at a quicker rate than even CEOs. A report revealed that the pressures of tighter regulations on information security have caused banks to offer greater remuneration to staff in key control positions.

According to the Mercer survey which questioned 63 financial organisations, employees in control positions such as legal, compliance, internal audit and risk management jobs can expect salary increases of at least 3 percent. On the other hand, chief executives can expect their base salary to remain static this year.

The demands from European and US regulators for banks to put in place watertight risk processes have been increased dramatically in an attempt to curtail the chances of another financial meltdown.

The Senior Partner at Mercer, Vicki Elliott commented:

“Financial services organisations are responding to significant changes in regulatory requirements concerning compensation policies, incentive plan designs and their governance. In Emea and the Americas they face keen public scrutiny.”

However, according to risk management recruitment experts there is a shortage of talent to meet with demand, making it a highly competitive market. Model stress testing and risk analysis of counterparty is required within this sector, but although there are many candidates that have a surface knowledge of these processes, very few are experts.

For those looking to secure a successful career in risk management, developing skills in these areas will make them highly attractive to the financial sector.

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