More pay for risk professionals

Pot Of Gold

Once modest of pay and profile, risk experts are being reborn as rock stars of the banking world - their status and salaries soaring as regulators force financial institutions to clean up.

Reuters reports that industry-wide investigations into alleged exchange rate manipulation, trading scandals at UBS, Societe Generale and JPMorgan and HSBC's $1.9bn fine for lax money-laundering rules have upped the ante for banks already under pressure to curb reckless behaviour that led to the financial crisis.

Now watchdogs and central banks want to see a clear line of responsibility for the avoidance of such fiascos in the future, and as a result, the position of chief risk officer (CRO) has jumped up the ranks. Many CROs now sit alongside the finance director as second in importance behind the chief executive.

'The role of the CRO has become broader, higher profile and more influential', said Anne Murphy, head of UK financial services for executive recruitment firm Odgers Berndtson.

In turn, salaries have soared. Pay in risk-related jobs rose 6% in 2013 and rocketed 19% for those who moved firms, according to a report by recruitment firm Barclay Simpson.

To access the complete Reuters article hit the link below:

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