Interim risk and compliance managers in high demand

The credit crunch and the subsequent meltdown of the banking system has driven pay for interim managers with expertise in risk and compliance up by 50%, according to industry experts.

Interim managers with risk and compliance experience were typically earning up to £1,000 a day before the credit crunch, but many are now earning up to £1,500 daily as demand for their skills intensifies, according to recruitment firm Interim Partners.

Andrew McIntee, head of the financial services practice at Interim Partners, said: “Those banks that had a weak risk and credit function are hiring quickly to fix the problem, and even where a bank has had a ‘good’ credit crunch they are looking at this area as a strategic advantage that they want to hone further.

“As with all rare skills, the pool for the top talent with a proven track record is small – with everyone looking to recruit at the same time rates get pushed higher quite quickly.”

The increase in rates reflects a dramatic overall shift in power to the “middle office” part of banks, according to McIntee.

“Before the credit crunch, compliance and risk were sometimes seen as a necessary evil and were portrayed by sales and traders as a costly impediment to writing business” he said.

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