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Risk Market Snapshot: Q1 2024

General Observations

The Risk job market has had a stronger start to 2024 than 2023. Last year there was a notable decline in the number of new roles coming to market for Risk professionals, part of a common trend across the Financial Services sector as a whole.

Whether that was a reaction to over hiring in 2022, or a determination on cost control across (or a mixture of both), it did not soften the regulatory spotlight and the demand for Risk talent strengthened in the second half of 2023. That trend has continued into 2024.

On the supply side, many job seekers have become more cautious when it comes to considering their next move, probably a direct result of the job losses across the Financial Services industry and the cost-of living crisis. That places more emphasis on employers to put prospective employees’ minds at ease, during the interview process, of their business performance and stability. While compensation and hybrid arrangements continue to be the key motivators, we are also seeing a notable increase in mid-senior professionals who are concerned about burnout. This is usually down to insufficiently staffed teams, leading to sustained long hours and weekends, with no prospect of things getting better. Also, cultural issues at companies where there are continuous pivots in strategy, meaning hectic workloads and unrelenting change.

International banks are hiring junior-mid-level Risk professionals sporadically, while domestic banks are notably quiet. Payments/ Fintech & Crypto companies continue to be the most active participants, as they build out their teams or replace people who are not suited to their cultures.

Skills in demand

This year has started with more activity in general, rather than the trends of the previous two, when the demand for Risk Managers came from the Commodities sector in 2022 and last year the strongest demand was for Credit Risk professionals. This year the demand comes broadly from all risk disciplines. That said Credit Risk managers and Non-Financial Risk professionals, particularly outsourcing & business resilience, are more in demand than their peers in other Risk stripes.

Sample of recent successful assignments

  • Wholesale Credit Risk Manager – Investment Bank
  • Real Estate Credit Risk Manager – International Bank
  • Operational Resilience Director – Capital Markets
  • Manager Oil & Gas Credit Risk – Commodities Co.
  • Senior Operational Risk Analyst – Investment Bank
  • Operational Risk Director – Investment Bank

The Risk Partners are a boutique recruiter, with Corporate Governance (Risk, Compliance, Legal) at the heart of its activities. We live in a world where Governance steers the world through often challenging times.

Our aim is to work in partnership to develop careers and find business solutions. Please get in touch to discuss how we can help you.


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