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Archive for November, 2010

Risk Management Jobs in New York and Mid-Atlantic Earn Top Compensation in U.S.

Tuesday, November 30th, 2010

As recently reported in Risk Talent Associates 2010 Professional Compensation Survey covering Capital Markets, risk management jobs based in New York and the Mid-Atlantic earned the most compensation in the U.S.      

As in past surveys, risk management jobs, and specifically risk managers based in Europe, Asia and New York command greater total compensation than in other regions.  In a departure from previous surveys, the US Mid-Atlantic also demonstrates higher compensation as a region putting it on top with New York for the U.S.

View our full survey covering total compensation for risk management jobs in capital markets.

2009 Average Total Compensation, Salary and Bonus by Geography (USD)

 

Source: Risk Talent Associates Salary Survey 2010. All figures in US Dollars and rounded to nearest thousand.

In 2010 Risk Management Headhunter Puts Market Risk Professionals on Top

Tuesday, November 30th, 2010

Risk Talent Associates, a risk management headhunter, reported that in 2009 market risk professionals and enterprise risk professionals received more salary and bonus pay than other risk professionals.  In their 2010 Professional Compensation Survey – Capital Markets this risk management headhunter concluded that these differences are still driven by more substantial cash and non-cash bonuses for those in enterprise, credit and market risk, as well as financial compliance.

 2009 Average Salary and Bonus by Risk Type (USD)

Source: Risk Talent Associates Salary Survey 2010.  All figures in US Dollars and rounded to nearest thousand.

Risk Management Recruiting Firm Joined by Top Players in Risk

Tuesday, November 23rd, 2010

Being in the field of risk management recruiting, I am occasionally asked to speak at risk management industry events.  Last week, I spoke to the PRMIA (Professional Risk Managers’ International Association) chapter in New York City.  I participated in a panel covering “The Future of Risk Management as a Profession” at Columbia University with other interesting people in risk management. 

This panel was broken into two parts.  The first part included three thought leaders and their opinions on the future of the risk management profession in light of changing global regulation.  The second included four risk management practitioners (including myself) who discussed how risk management as a profession has developed.  We focused on the importance of professional qualifications and the investment that companies are willing to make in their risk management practitioners.  My expertise in risk management recruiting allowed me to clarify what our clients seek in market risk professionals and credit risk professionals (read November 22 blog for details).

Along with me, Michael Woodrow, President and Founder of Risk Talent Associates, a risk management recruiting firm, there were six other noteworthy participants:

  • Mark Abbott, Head of Quantitative Risk Management, Guardian Life
  • Michel Crouhy, Head of Research & Development, NATIXIS
  • Paul Glasserman, Jack R. Anderson Professor of Risk Management at Columbia Business School, PRMIA Education Committee Chair
  • Bud Haslett, Head of Risk Management and Derivatives, CFA Institute
  • Mukul Pareek,  Vice President,  Goldman Sachs
  • Barry Schachter, Founder, GloriaMundi.org

Risk Management Headhunter Speaks at PRMIA Event

Monday, November 22nd, 2010

As a risk management headhunter, on Wednesday, November 17th, I participated in PRMIA’s New York City event titled The Future of Risk Management.  Two panels spoke to the audience of 75 participants at Columbia University Business School.  The first panel included Michel Crouhy, Head of Research & Development at NATIXIS.  He spoke about the future of risk management, techniques and principles.  I participated in the 2nd panel.  My presentation focused on risk management compensation.  As a risk management headhunter for over 15 years, I also addressed the audience with my perspective on training and career management for risk professionals.  I urged the mid-level professionals – those with five to ten years of experience – to aggressively manage their careers and demand cross-training opportunities.  Many firms are developing specialists in specific areas of risk or niche product classes.  Professionals need to take it upon themselves to broaden their experience. 

Our risk management clients seek market risk professionals with market savvy, quantitative skills, strategic thinking and communication capabilities.  On the credit risk side our clients seeks credit risk professionals with strong quantitative and fundamental credit risk skills, as well as regulatory experience, strategic thinking and communication skills.

One highlight from this meeting occurred on the elevator on the way out.  I met two MBA students from The University of Rochester.  They drove six hours down to the city for this meeting, and they were headed back to Rochester at seven thirty with another six hour trip ahead of them.  That is dedication to risk management.

Risk Management Headhunter Speaks at RMA Roundtable

Friday, November 19th, 2010

As a risk management headhunter, on Tuesday and Wednesday, November 16th and 17th, I had the pleasure of speaking at the RMA market risk and counterparty risk roundtable meetings in New York City.  RMA hosts these events twice per year for senior risk managers at RMA member firms and usually invites a risk management headhunter to join.  Attendees included senior risk officers from Bank of America, SunTrust, Union Bank, Bank of Montreal, CIBC and others. 

I was invited to speak about compensation (view our free compensation surveys here http://www.risktalent.com/cm/salary_surveys) as well as share my insight on the 2010 hiring trends in risk management headhunting.  The meetings were well attended and the participants commented that they are doing the best they can to attract and retain talent.  One insight from the meetings centered on training.  While each firm certainly trains its risk professionals, most firms admitted that there is no longer any formalized bank training programs and that training mostly occurs on the job.  Participants also commented that risk department headcounts are mostly stable, with the exception of adding mid to junior level risk professionals to deal with the regulatory demands on their businesses.

Risk Management Jobs Capital Markets Compensation Rebounding

Friday, November 12th, 2010

Risk Talent Associates 2010 professional compensation survey covering risk management jobs in capital markets shows that total compensation in 2009 returned to levels we saw between 2003 and 2004.  Jobs in risk management saw their salaries grow by 2% and bonuses by 4% between 2008 and 2009.  See the chart below: 

Go here for the full survey:  http://www.risktalent.com/cm/industry/capital_markets.

Risk Management Recruiter Reports Asset Management Bonuses Up

Thursday, November 11th, 2010

Michael Woodrow president of Risk Talent Associates, a risk management recruiter, was recently quoted in Pensions & Investments on Risk Talent Associates’ 2010 professional compensation survey covering risk professionals in asset management.  The report released this fall showed total compensation for risk professionals in asset management rose 4% in 2009.  The increase was driven largely by bonuses which grew 7% in 2009. 

Read the full survey here:  http://www.risktalent.com/cm/industry/asset_management.

Chief Risk Officers 2009 Comp in Alternative Investments

Tuesday, November 9th, 2010

This fall, Securities Technology Monitor reported on Risk Talent Associates, the leading risk management recruiting firm, survey covering 225 risk managers at institutional fund firms, hedge funds, funds of hedge funds and insurance firms.  The survey reported that the total compensation for chief risk officers and managing directors at the alternative funds averaged $937,707 in 2009 compared to $841,426 in 2008.  But, despite their higher salaries, managing directors and chief risk officers had the slowest growth in total compensation— only about four percent in 2009 over 2008.

Detailed compensation for risk professionals in alternative investments other than chief risk officers and managing directors was also included in the survey. 

Read the full survey here:  http://www.risktalent.com/cm/industry/asset_management.

Welcome to Risk Talent

Tuesday, November 2nd, 2010

We are announcing our new blog with great information!  Stay tuned.

Risk Management Headhunter Completing 2010 Speaking Schedule

Tuesday, November 2nd, 2010

Michael Woodrow, founder and president of Risk Talent Associates, is completing his 2010 speaking schedule with four events in November and December.  After speaking at the Hedgeworld conference in NYC in October, Woodrow will discuss hiring and compensation trends at the RMA Market and Credit Risk roundtables in November, as well as related issues on risk compensation and hiring at the PRMIA Careers in Risk event in November and also the PRMIA Risk Year in Review event in December.