It is no secret that there is huge demand for skilled Risk Management professionals within the Irish Financial Services market with many firms finding it difficult to find relevant talent domestically. Significant regulatory pressure resulting from the likes of Basel II & III and its impact on Operational, Market and Credit risk roles is driving the need for Financial Services firms to look internationally as the local talent pool is very stretched. The onset of Brexit is also a further consideration that needs to be taken in to account when assessing the demand for international expertise within the Irish Financial Services sector. We expect a further surge in the demand for individuals with experience pertaining to credit risk modelling, business continuity management and stress testing of VAR metrics should the UK, indeed, exit the EU.
How, therefore, are we coping as a nation and how will we in to the future? In order, to assess the attraction for foreign nationals and/or ex pats to choose Ireland as their next work destination, we must analyse how the economy is performing as a whole. Ireland recently retained its status as the EU’s fastest growing economy with an anticipated 3.5% GDP growth in 2017 versus the 2% EU average. We should, therefore, be positive in regards to the potential of attracting international talent. With this in mind, we at Broadgate Search, are currently seeing a number of organisations diversifying their risk teams by recruiting internationally. This trend is being driven by certain shortages in the local market and also by the desire of certain Financial Services firms to implement certain Risk Management strategies that require individuals with international exposure.
The number and quality of candidates in the market is reducing as companies offer attractive retention policies to retain and nurture their current employees. This, alongside the increased tendency to make counter offers, are common trends in the current market. As Ireland’s position within the global economy develops further, the need for experienced professionals who have certain Risk Management skill sets increases. A specific example that we have seen suggests that there is a lack of conduct risk experience in the Irish market, for example, thereby, resulting in the need to source talent internationally. Alongside this, it is clear that several Financial Services firms are automating operations from a credit risk perspective, thereby driving the need for technically skilled professionals with working knowledge of software applications such as SAS, Python, SQL & VBA.
To conclude, it is clearly evident that the Risk Management professional within the Irish Financial Services sector has its challenges from a talent resourcing perspective. There is significant talent outside of Ireland with relevant skill sets which is readily available with several organisations now putting in place measures to attract and secure this talent. As an example, we, at Broadgate Search, have seen a number of Financial services organisations proactively assisting candidates with relocation packages to secure highly sought after skill sets.
In light of this Broadgate Search have successful helped to identify and relocate a number of international Risk Management professionals into roles in Ireland from overseas and are continuing to do so. To hear more about how we can help you find a role in Ireland from abroad or identify candidates looking to relocate to Ireland please contact one of our specialist consultants.