In light of a fast-changing threat landscape and compounding regulatory pressures, 2024 is shaping up to be another landmark year for risk management. Last year saw the high-profile collapses of Silicon Valley Bank (the largest in 15 years) and Credit Suisse, a stark reminder of the faultlines in a seemingly robust system.
The banking turmoil was set against the backdrop of a shrinking economy, evolving consumer expectations, and watershed regulatory rulings (the Consumer Duty Act, Enhanced Reporting Requirements, etc.), a backdrop that continues to cause today’s risk managers a headache.
That said, any time of great change and turbulence brings with it a slew of opportunities. Modern risk managers have more opportunities to specialise than ever before, and given the rising demand for their skill sets, there are plenty of exciting openings to explore. Check out some of our live risk jobs for more insight into the current hiring landscape: https://www.broadgatestaffing.com/jobs/risk
Hoping to move into a new risk role? Looking to hire your next Risk Manager? Keeping an eye on the changing tides of the market is a good place to start. Our Risk recruitment specialists have put together a list of some of the megatrends influencing risk management jobs today.
The Rise of ESG
Bloomberg reported that global ESG assets are on track to reach a staggering $40 trillion by 2030, and among other changes, we’re seeing this reflected in shifting role responsibilities. Vacancies for ESG-focused roles (ESG manager, Sustainability Officer, Head of ESG Risk, etc.) are cropping up across all of our target locations – the UK, Ireland, Switzerland, Luxembourg, Germany, and the US.
Regulations are evolving to keep up, with Ireland’s Enhanced Reporting Requirements being a prime example. In the US, the Security and Exchange Commission (SEC) adopted new climate disclosure rules in a first-of-its-kind move, mirroring a broader global paradigm shift to a more sustainable future of work (hopefully).
Geopolitical Risk
Global conflicts continue amid the world’s largest election year, with over 80 countries heading to the polls throughout 2024. Naturally, the ensuing market strife is causing a great deal of uncertainty for decision-makers and Risk Managers alike. Supply chain disruption, de-globalisation, and political instability are featuring prominently on the radar as a result.
The Fight Against Inflation
Inflation has reshaped credit risk in recent years, and the battle to reduce it rages on. Banks are taking a cautious approach, potentially slowing the rate of economic growth in the process. Risk Managers will need a keen eye for identifying and mitigating loan defaults, enhancing organisational value, and remaining compliant in a consumer-first landscape.
Cyber
From the uptake of cybercrime to the widespread adoption of Artificial Intelligence, the technological takeover is in full swing. As nations like Switzerland scramble to catch up in the digitalisation race, tech-savvy Risk Managers are extremely sought-after.
It’s particularly common in credit risk to see roles requiring candidates with at least a foundational knowledge of coding languages like SQL and Python.
Diversity and Inclusion
Diversity and inclusion are in the spotlight for 2024 as countless businesses (facing regulatory pressure or otherwise) recognise their inherent value in light of changing consumer expectations. There’s been a recent backlash in places like the US, although we expect a positive trajectory to continue as regulations evolve on a solid foundation. Hoping to step into a growth-enabled, inclusive, and impactful new environment? The team at Broadgate has you covered. Find out more here: https://www.broadgatestaffing.com/we-are-Broadgate
