Job vacancy: Risk manager in the Middle East
The editorial team of eFinancialCareers.com analyses a current job vacancy that looks significant, intriguing or otherwise of interest. Risk manager based in the Middle East, salary 80,000-100,000.
This might seem a strange time to be inviting people to work in the Middle East. War is raging in Iraq and the future of the region looks uncertain.
But Astbury Marsden, the London search firm that placed this advertisement, has reported plenty of interest.
'We've had a surprisingly large number of applicants, from the US as well as Europe,' said Laurence Tudor-Williams, a director of the firm. 'They are not put off. Many have worked in the region before and can make a considered judgment about the stability of its financial centres.'
Astbury Marsden says its client, a substantial bank, is looking for people to handle market, credit and operational risk inside a consultancy it recently decided to set up for its clients.
Tudor-Williams said successful applicants might have 10 to 15 years experience and a background that proved they were extremely versatile. 'As well as writing reports and giving presentations, they will have to implement projects that they recommend. It's a wide-ranging brief.
'Operational risk of course includes war and terrorism at the widest level,' he said. 'I'm not sure how many individuals have expertise in that as well as in credit risk.'
The advert says the jobs will last for 18 months - too short a time for some people to want to uproot themselves, perhaps. But Tudor-Williams said many applicants were undeterred. Some with school-age children in the UK might choose to leave their families behind and commute home every two weeks or so, he said.
He declined to say where the jobs would be based, but many applicants will regard Bahrain or Dubai as obvious suspects. Expatriate packages in these financial centres are typically tax-free and both are popular postings.
They are also keen to play host to growing numbers of foreign bankers.
Might the employer have to pay a premium to lure people to the Middle East in such troubled times? 'Not at the moment,' said Tudor-Williams firmly. 'It's a buyer's market.'
There were many redundant risk experts in London and New York, though the sector was not suffering as badly as many others.
The advert had drawn responses from people with backgrounds in big consultancies, such as Mckinsey, as well as investment banks, Tudor-Williams said..
The hiring bank had decided to take on the extra staff in response to pressure from its emerging markets clients, who had said they needed advice in a number of risk areas.
Tudor-Williams said the merging of different kinds of risk advice was in line with a trend at several banks, which wanted to deliver a joined-up service.
Job Vacancy looks at advertisements from both eFinancialCareers.com and other sources
