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Europe: The Future of Risk Management

Posted on April 2023

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Growth and evolution best describe the current state of financial services in Europe right now. From the development of secondary financial hubs outside of cities like London to smaller companies like fintechs and startups offering competitive compensation and benefits packages, firms big and small find themselves competing for top talent. So much so that many organizations are now having to rethink their talent acquisition strategies and processes.

With increased competition for talent between firms, the overarching question hiring teams need to ask themselves is “How can we differentiate ourselves from our competitors to attract and retain the best talent?”

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Growing demand for talented risk management individuals

The financial services landscape’s period of profound transformation is being driven by technological advancements, evolving regulations, and an increasingly complex global environment. Amidst this change, one thing remains constant: the critical role of risk management.

Why the surge in demand?

Emerging technologies like AI, blockchain and big data introduce new avenues for both innovation and potential risk. While they present great opportunities for businesses, the evolving cyber landscape requires robust cybersecurity measures and risk management expertise to mitigate exposure. As well as safety measures individual companies are employing to protect themselves, regulatory bodies like the SEC and OCC are imposing stricter requirements, demanding sophisticated risk management frameworks and qualified personnel.

How are organizations responding to risk change?

Many firms are investing in advanced technologies like AI, machine learning and big data analytics to automate risk identification, monitoring and assessment. JP Morgan Chase has invested in creating its own AI-powered tools to examine individual credit card transactions in real-time to identify and analyze potential fraud patterns.

Furthermore, the traditional, static risk frameworks are being replaced by adaptable and dynamic models that can continuously adapt to new threats and emerging trends. This agility ensures prompt responses to risk changes.

Organizations are investing in training and development programs to equip their employees with the latest risk management skills, including quantitative modeling, cybersecurity awareness, and regulatory compliance knowledge.Bank of America launched a comprehensive training program to upskill employees on data analytics and cybersecurity risks.

Businesses are also having employees pool their knowledge by establishing dedicated risk committees and fostering collaboration between different departments, such as compliance, IT and operations, as well as external experts, to ensure their risk management strategies are comprehensive. Out of these strategies comes risk awareness culture building, which involves promoting open communication, encouraging risk reporting and rewarding proactive risk identification.

By actively adopting these strategies, organizations can build resilience, navigate the changing risk landscape effectively, and ensure long-term sustainability in the competitive financial services market.

Why choose Selby Jennings?

Selby Jennings has extensive expertise in connecting highly qualified risk management professionals with leading firms across Europe. We leverage our extensive network and market knowledge to help you find the perfect opportunity to match your skills and career aspirations.

To check out what types of Risk Management vacancies we have here at Selby Jennings, click here.

Looking to hire top-tier talent in risk management for your organization?

Selby Jennings is your partner for connecting with highly qualified professionals. Our team possesses extensive expertise in linking skilled risk management individuals with industry-leading firms globally.

By leveraging our vast network and in-depth market knowledge, we ensure that you find the ideal candidate who perfectly aligns with your organization's needs and goals. To kickstart the process, simply request a call back from our team of experts.

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