Risk Consulting...is it for me?

In the aftermath of the Global Financial Crisis (GFC), organisations particularly within Financial Services have developed some exceptional talent within their Internal Risk and Compliance teams.

Risk Consulting, is it for me?

For this talent, emerging legislation, internal improvements to processes and the ability now to promote and retain experienced staff mean that many have long term careers within Financial Services, Funds and Asset Management, and within Industry. However, for those who are looking for something different, a career in Risk Consulting can be a fantastic way to utilise your experience, within a varied and challenging role.

Why Risk Consulting?

As the market continues to improve, new regulations come on stream, and companies go to market with new and innovative product offerings, the focus on having a robust and experienced Risk Management capabilities has never been more important. Where this isn’t available in-house, they often call on the Top 10 or Big 4 Professional Services firms, who work with teams on a project/ad-hoc basis to help them recognise emerging risks, implement robust internal control frameworks and also advise on regulatory matters.

This has provided exceptional opportunities for those who work within Regulatory, Upstream/Emerging and Operational Risk to utilise their experience within a Risk Advisory role within Professional Services.

How do I know if I can build a career in Professional Services?

Professional Services firms (Top 10, Big 4) recruit roles in areas such as Risk Advisory, Assurance, or Risk Consulting, and while company profiles and the opportunities within them can be quite different, the skillset to succeed within Risk Consulting is consistent;

Regulatory Knowledge

As organisations are consistently challenged with new regulatory requirements (CRD-IV, Basel III, IFRS 9, Solvency II), in depth experience of the implications and intricacies of how these translate into operational day to day, is highly sought after within a Risk Advisory context. While Professional Services firms have traditionally favoured qualified accountants, coming from an Advisory, Audit or Assurance background, they are also open to Professionals coming from a regulatory (Central Bank, EBA) or ratings agency (Moodys, S&P) in particular.

The ability to work well with Senior Stakeholders

As you are on site in different organisations, the ability to influence, negotiate and communicate your expertise are key. Risk can very often be a tough sell to operational teams, it’s important to communicate and embed your knowledge well throughout the organisation.

Proven Track Record

Professional Services is a consultancy based environment; you are rewarded for the knowledge and expertise you can bring to the role. Risk Professionals from Senior (3+ years’) to Associate Director and Director Level are always in demand.

Commercial Acumen

As a Risk Professional within Professional Services, you will need to be able to hit the ground running, and to understand the commercial and operational context of your clients. How does Risk influence their bottom line? What risks are essential to mitigate in order for them to achieve success, while still satisfying local and international regulations and directives?

If you feel like you’ve got what it takes to pursue a career in Professional Services Risk Advisory please contact me at lparkinson@morganmckinley.ie or call me on 01 4321555.