Technology skills related to regulatory, risk and control in strong demand for UK banks
Despite a focus on cost control, according to an article in eFinancialCareers.com, banks in the UK are still hiring professionals with any of these seven key skills. The ones that caught my attention were the top three as they are often the drivers behind the purchase of our solutions.
Here is the list:
1. Regulatory knowledge
According to an operations director at Morgan McKinley, regulatory-driven disciplines will continue to expand in 2016. These include finance, compliance, risk management and internal audit as businesses face more regulations and scrutiny and are less willing to take on risk.
For example, Deutsche Bank, HSBC and Scotiabank are looking for ‘Volcker risk’ professionals, while Deloitte is looking for people who understand the Market Abuse Directive, the Markets in Financial Instruments Directive (MiFID) and Financial Services Authority’s principles-based regulations like Treating Customers Fairly (TCF).
2. Technology skills linked to regulatory, risk and control initiatives
Regulations are also driving the need for people who can handle regulatory processes. Examples cited in the article include Goldman Sachs hiring a senior developer for its fixed income business to help prepare for the introduction of MiFID II, and J.P. Morgan hiring a ‘big data developer for liquidity risk’.
From our perspective, experience with technology for regulatory, risk and control initiatives is driving a strong demand for our purchase card (P-Card) solutions for continuously monitoring transactions to eliminate misuse, abuse and fraud as well as our anti-money laundering (AML) solutions.
3. Reporting and analysis skills combined with an accountancy qualification
We’ve noticed recently a renewed demand for accountants with more analysis experience, and the eFinancialCareers article noted the same trend. According to the story, as banks focused on compliance, risk and regulatory roles, reporting and analysis roles were neglected. Things will turn around in 2016, and we will see increased demand for these skills.
The evolution toward more analysis might explain the growing interest in our IDEA certification program. Designed to equip auditors with the technical expertise to provide knowledgeable business analysis and recommendations, the courses also qualify for Continuing Professional Education (CPE) credits.
Read more about our IDEA certification program.
About Bob Cuthbertson:
Bob Cuthbertson brings a wealth of accounting, auditing and technology experience to his role as Chief Operating Officer at CaseWare Analytics. Prior to starting the analytics division of CaseWare in 2000, initially as CaseWare IDEA Inc., Mr. Cuthbertson was Vice President, Professional Services, of The Canadian Institute of Chartered Accountants (CICA). Mr. Cuthbertson is also a CPA (Ontario) with a specialty in Information Technology (CITP), granted by AICPA, and holds a Bachelor of Commerce degree from Queen’s University School of Business.