US
An appetite for more sophisticated risk management tools from Middle Eastern banks is driving them to poach the more experienced talent from within Western and Far East rivals.
A recent study by the British University in Dubai argued that UAE banks needed to be using a more diverse range of risk management tools and practices as Basel II begins to get implemented globally.
The fact that, up to now, UAE banks have faced a relatively narrow range of risks has meant there has not been that much focus on sophisticated risk management tools, with much of the emphasis instead going on risk mitigation and elimination, rather than taking a more strategic approaches, the study suggested.
Recruiters are already reporting a change in emphasis, with James Sayer senor manager – Middle East at Robert Half, saying he’s seen a “massive increase in demand for risk professionals”.
Head of function or senior manager within market risk and corporate refinancing are particularly sough after, he says.
“The whole risk market in the Middle East is becoming more sophisticated, meaning there is also demand for experts from Western markets, so London, New York, Hong Kong and Singapore,” he explains.
“They are looking for individuals who have the skill-sets to develop these types of sophisticated tools and have cutting-edge experience of advanced risk systems theories,” he adds.
“We are seeing increasing requirement for people with specialised experience, particularly within the credit risk arena,” agrees Richard Lett, regional director at recruiter Hudson, but he adds that UAE banks did still have a pool of local talent to draw upon.
“Many organisations are sensing a strong need for constant review and in some cases overhaul of their credit risk policy and procedures. Individuals who are therefore able to add value in this area and in particular who can offer sound credit discipline with a commercial focus and understanding that business must at the same time grow will often have the highest rate of success when selected,” he says.
Banks in gulf are yet to implement many of the well recognised risk management practices and measures; probably due to lack of talented professionals in the area and absence of their buying with the top management
Ram
(Oman)