By Nick Lambe – Managing Director, Links International
I was recently quoted in an article on eFinancial Careers about the new hot job – Conduct Risk.
Whilst conduct risk isn’t a completely new area it has risen to the forefront since a broad range of unscrupulous activities have been uncovered such as miss-selling and rate fixing which have resulted in heavy fines for the banks concerned. Banking has always relied heavily on trust with respect to clients, their Data and the advice given and the abuse of this has led to the cost of conduct for the 10 most affected banks to be $250bln between 2008-2012.
Very similar to compliance we will see people coming into conduct risk from other areas of risk and risk policy, compliance, operational risk, audit or from regulatory backgrounds.
The Key duties will be as to conduct monitoring to identify potential instances of conduct which might result in poor outcomes for the bank and its clients, generate conduct monitoring ideas, thematic and regulatory reviews of high risk areas such as Staff, Transactions, Trades and Communications, investigate conduct issues. Generally speaking it is highly investigatory as well as focused on future conduct process and procedure within the bank.
Regarding salaries we have seen c.15 – 20% increases in line with Compliance roles maybe more at the senior end.
Links International’s Banking and Financial Services recruitment team specialises in recruiting top talent within this sector. To see what roles we have available, click here. Should you wish to speak to one of our consultants about how we can help you reach the next stage in your career, please do not hesitate to contact us.