OCBC has appointed a new head of technology risk management as local banks in Singapore continue to bring in senior staff to bolster their tech governance teams.
Edwin Teo has joined from local rival UOB and is now based within OCBC's group technology, information and cyber risk unit, according to his online profile. He spent a year at UOB as a first vice president in group compliance within retail digital banking. Prior to that, Teo did a three-year stint at Standard Chartered as a director in data, technology and operations compliance.
Teo’s move comes amid a flurry of recent middle-office senior hires in Singapore, many of which have been technology-risk and security related. DBS, UOB and Teo’s new firm, OCBC, are among the most aggressive recruiters in the function because – unlike most foreign-headquartered banks – they can offer Singapore-based group-wide roles which are appealing to senior candidates looking for added responsibilities.
Earlier this year, for example, Anthony Fung joined OCBC’s technology information security office as head of group red team (the unit that hacks the bank’s tech systems to test vulnerabilities) after previously working for Standard Chartered. And as we reported two weeks ago, UOB has hired Tobias Gondrom as chief information security officer following his three-year stint as chief technology officer for security at Huawei, the world’s largest telecommunications equipment manufacturer.
Technology security and risk jobs are becoming more in demand as banks in Singapore tackle the growing threat of online attacks and seek to comply with increasingly vigorous regulations, such as the Cybersecurity Act, which became law in February. Skill shortages are also fuelling senior hiring as banks rush to replace senior team members after they are poached by competitors, say recruiters.
Local banks need more middle-office tech staff at all levels to support the expansion of their development teams. OCBC alone has 43 technology vacancies right now.
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