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.

Moving forward

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 - contact us via the form below.  You can also visit our LinkedIn page to find more industry articles or to find out more about our organisation.

 

If you would like to find out more information about the market outlook within the sector, please leave your details below:


Top Tips to help you work from home

25 Mar 2020

Working from home is more important than ever in today's society. But for some, it is not without its challenges.

Tags: APAC

Tips to work from home with kids

16 Apr 2020

Even if you're used to regularly working from home, doing so alongside your children can be difficult. Read on to find out about some simple tips that can help!

Tags: APAC TIPS

Huxley shows gratitude to heroes from the finance industry

08 Apr 2020

To our customers and partners around the world, we thank you for your hard work and commitment to fighting this cause.

5 best free websites to learn Python today

01 Jun 2020

We sat down with Sathish Murugayah and Karminder Walia from Huxley Singapore who shared with us their insights on why Python is a skillset that hiring managers continuously look out for, as well as the roles that are in demand within the coding, development and software space.

Tags: APAC