Risk Management skills are hot in demand

The tough economic times have created greater demand for highly skilled technicians in the risk management field.

So says Debbie Goodman-Bhyat, Managing Director at Jack Hammer Executive Headhunters, who notes that senior and executive-level skills remains a top challenge facing businesses in SA, with one of the high-demand areas being risk management.

“The new FAIS and credit laws have changed the playing field, forcing businesses to become far tougher on internal controls and procedures, and to ensure they are employing the right skills and experience to handle all aspects of their organisations’ risk strategy and implementation.

“Compliance, corporate governance and all of the risk disciplines have become a business imperative and companies need staff who know the technical ins and outs. The demand for skilled people is particularly high in the financial services sector, with a focus on banking and investment management,” says Goodman-Bhyat.

Over the last decade, international and domestic corporate scandals combined with periodic credit and debt crises have resulted in a tightening of the legislative framework both in the global arena and in South Africa. The pressure to up-skill has been felt by all organizations who are affected by this legislation, and the required skills to implement and maintain the risk infrastructures are highly sought after.

“In most cases, demand exceeds supply, meaning that the kind of technical skills that companies are looking for are usually not easily accessible. Companies often require a professional headhunter skilled in this specialized field to handle their recruitment process, as it is extremely rare that top risk managers will be actively ‘on the market’”, notes Goodman-Bhyat.

“Even though we are seeing some organizations having to retrench staff in these tough times, these same organizations often have vacancies for specialized senior risk management positions they are struggling to fill.”