Financial Services professionals within the risk technology space are hot property at the moment due to the potential implementation of ‘living wills’ –the Government’s answer to the avoidance of another Lehman’s crisis.
The banks are setting up new project teams to focus on the development of recovery and resolution plans which can wind up banks and dissolve toxic assets in a matter of days, rather than the long, drawn out Lehman administration process ( which is still going on).
In hiring terms this is reminiscent of MiFid but on a much larger scale and the project teams are looking at plans to meet both current and anticipated regulatory requirements. While the detail is still not finalised, it is clear that there will be some regulation around resolution planning – and that needs to be pre-empted. We are already seeing very strong demand for project and programme managers at VP/Director level and once the department heads are in place there will be a trickle-down effect on demand lower down the ranks. Anyone with experience of diagnostics, project planning and implementation around regulatory directives such as MiFid, SOX, Basel or regulations around liquidity management can consider themselves fairly hot property currently.
Ed Ekins is Managing Consultant within the technology division of Twenty Financial Services