Finding the right Technology Risk hire
The rapid growth of technology globally has resulted in new challenges across a number of industries. As a result, new positions seem to sprout up - demanding considerable skill sets in large volumes while the talent pool struggles to keep up. One such industry is Operational Risk and Compliance, which has seen a huge increase in demand for experienced Technology Risk professionals over the last two years.
So, what has contributed to the technology risk shortage? There are some key players in the mix.
1. Internal disconnects
As a direct result of internal communication issues, there are some organisations that have yet to grasp what their technology risks really are. Historically, IT and Operational Risk teams have struggled to form relationships thereby failing to communicate key issues.
Risk professionals don't understand IT lingo and IT professionals can't communicate technology risks properly without it. This results in a lack of risk professionals that are well-versed in digitally focused threats.
2. A small talent pool and a lack of balance
While the market is not that new, the growth of Technology Risk teams has meant the talent pool is small. On top of this, it is a challenge to find candidates well-suited for this role because it requires a balance of strong technical IT knowledge and exceptional communication skills.
You can be a wizard when it comes to technology, but you need to be able to communicate these risks to an entire organisation.
3. Expectation vs. reality: Candidate pool
The disconnect between market expectations and realities is the biggest pain point we see as recruiters. Around 90 per cent of the market wants one of two candidate profiles:
● Consultants from IT Risk Advisory teams at the Big 4 Consultancies
● Candidates with IT Operations experience who have moved into a Technology Risk role.
The former is the most sought after. Businesses want people with experience in these roles, and since the position itself is in its infancy, the pool is small. The good news is you will find a Technology Risk hire if you look beyond the two profiles above.
This begs the question - what is there to be done to respond to the current problems? When it comes to clients, they need to manage their expectations considering the size of the talent pool according to the relevant experiences needed.
There needs to be a willingness on the part of clients to forgo some pre-requisites. You can have a highly-skilled IT operations professional but maybe they don't come equipped with all the technology certifications you were looking for. It’s possible to land a former big four advisor but your salary expectations may need to be altered a bit.
On the recruiter’s side, the solution is taking on a more proactive approach for this market – which my team and I at Huxley are dedicated to. We actively headhunt passive candidates, monitor our internal databases for new candidates with the necessary experience, and are constantly networking within the space on behalf of our clients.
We also work to educate our clients on the realities of the Operational Risk and Compliance market. From market reviews to salary reports, we share the stats and market trends to help set realistic expectations from the start. The role of Technology Risk is crucial in our digital world, you need to find the right fit for the role but they might not always come in the package you had originally thought.
Interested in learning more about how Huxley can help? We'd love to hear from you - send Elizabeth Floyd, Operational Risk & Compliance specialist, an email at [email protected]. You can also visit our LinkedIn page to find more industry articles or to find out more about our organisation.