New banking regulations have a huge impact on recruitment
The increasing control of CSSF on the financial sector has an enormous impact on the HR strategy of the banking industry, says Aurélie Abarnou, Managing Consultant with the Banking & Financial Services division of recruitment agency Michael Page. “Risk Managers are in high demand.”
The banking industry in Luxembourg went through some drastic changes over the last few years. Relocation of activities combined with the new requirements for financial institutions, are forcing professionals in the banking industry to reinvent themselves.
Relocating operational activities
These developments also have a huge impact on the recruitment of candidates. “We see for instance that many banks are moving their more operational activities abroad”, explains Aurélie Abarnou “As a consequence our clients are looking for experienced candidates with a global view on the business, able to monitor delegated activities. More specific tasks, like HR, training and other back office activities are mostly relocated to countries in Eastern Europe and to Asia.”
High demand for Risk Managers
Changing regulations, such as UCITS 5, AIFMD, Fatca or Basel, forced banks to reconsider their business model. “One consequence of these new regulations, which were put in place to avoid fraud, and to be completely transparent for the authorities is that banks are obliged to produce many more reports,” says Aurélie Abarnou.
“As a consequence we observe an increasing demand for Risk Managers with a global view on all risk matters, rather than being an expert on one specific kind of risk. Knowledge of regulatory reporting such as Corep, Finrep or ICAAP is a strong asset.”
“The Luxembourgish market is becoming very specialised, offering interesting opportunities for specialists. Regulatory knowledge is today a strong asset when recruiting talent, not only in risk and compliance, but also in finance, business development or operations.”
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