We’ve said before that risk management jobs are in demand in the Gulf, but now it seems it’s becoming an increasingly exciting area to work in.

Whereas the demand for risk managers in the Gulf was previously driven by heightened standards of corporate governance in the region, now banks require their expertise to guide them through difficult times.

“This is the best time to be a risk manager,” says David Traylor, a risk management expert at Deloitte. “It is professionally rewarding being at the helm helping companies navigate these treacherous waters, preserving and optimising value.”

The days of playing lip-service to risk management within Gulf financial institutions are long gone and the prominence of the position within firms is growing, says Theresa Schnepf, head of global risk for JPMorgan Asset Management.

“Now is the time to shine a bright light on risk areas that need to be addressed,” she says. “A risk manager’s judgement and ability to differentiate important issues from unimportant ones are valued in this type of environment.”

Ben Hunter, head of the Middle East at specialist risk recruiters GRS Group, confirms that risk managers are hot property at a range of institutions.

“It’s not just the commercial or investment banks vying for expertise, but asset managers and sovereign wealth funds are all looking for risk staff,” he says.

However, as times are tight, one recruiter thinks banks are placing additional pressure on staff by increasing the breadth and depth of their risk management, but keeping headcount constant.

“There’s also a heightened focus on the productivity of existing staff,” they said.