salary & employment insights 2012

international risk management

table of contents
201 1: a year of two phases market trends risk recruitment analysed by sector and country credit risk 3 3 5 6 7 8 9 1 1 12 13 14 14 15 16 18 20 22 London 1 2

hong kong and singapore australia and new zealand

market risk

London

hong kong and singapore australia and new zealand

operational risk

London it risk

hong kong and singapore australia and new zealand hong kong and singapore australia and new zealand

London salary tables credit risk market risk operational risk

contact details

2011: a year of two phases

Risk recruitment in 2011 was a year of two distinct phases: the events of the year demonstrated the interdependence of finance and politics as nations and financial services alike bore casualties. Contagion was the buzzword for much of last year, given the financial difficulties of several European countries and the considerable levels of exposure to them borne by others. Phase 1: regulatory demand drove opportunities in risk management Increased regulatory demand (which is expected to continue), an internal mandate to run various stress scenarios and a focus around control, reporting and governance processes drove a steady level of opportunities for capable risk management and risk support professionals in 2011. These replacement and new positions created in the face of regulatory pressures, coupled with the annual post bonus musical chairs diminished during the middle of the year and concluded the first phase of risk management hiring for 2011. Good risk managers will always interest senior level decision makers. The question that defined 2011 and will very likely define 2012 is: who will have the appetite to hire them? The year began with a spate of predictable replacement hires, some newly created opportunities and several senior level mandates. Candidates were generally happy to discuss opportunities and budgets (although often needing senior level approval) were rarely in question as appetite for such hires between January and July remained strong. Headcount restrictions became the norm in financial services and the notion of risk management being completely immune to such constraints proved false. Recruitment activity slowed and some hires were delayed until the New Year. Nevertheless, some companies remain in the market to acquire talent. Their challenge, as we approach the annual bonus season, is to muster the financial muscle to persuade top performers to walk away from their bonuses (even though bonus expectations are modest) or risk delaying the hiring process further. Phase 2: pessimism slowed growth A more general mood of pessimism permeated the financial system over the summer and served to further slow the sluggish recovery seen in the first half of the year. This dampening of sentiment resulted in a hiring slowdown across all industries, including risk management.

INTERNATIONAL RISK MANAGEMENT

market trends
The global economy remains uncertain and is something of a double-edged sword in risk recruitment, creating both opportunities and challenges. Overall the climate in global risk management is fairly cautious; many risk professionals would like to make a career move but believe it would be prudent to hold off until confidence returns. || Demand for robust risk management Key trends identified by Hudson include: || A slow start to 2012: western markets have been hampered by the Eurozone crisis and hiring decisions in some Asian markets have been delayed by the Chinese New Year. || It is a buyers market: demand is generally down for risk professionals in all major global financial centres. Reduced competition means it is an excellent opportunity for institutions to acquire top talent. || Liquidity risk professionals are in short supply: this is one of the most candidate short areas for 2012. As banks work towards key Basel III targets and are required to hold a greater level of capital, continued ratings agency scrutiny means robust liquidity risk management is a priority for most financial institutions. || Credit and market risk contractors are helping lighten the load: as various regulatory deadlines approach in most markets, there is an increasing demand for contractors with the skills and expertise to ease the burden on the permanent team. will drive growth; as regulatory pressures continue to increase, the demand for strong risk management capability will grow, particularly in the latter half of 2012. || Credit risk professionals are in demand in New Zealand: with the introduction of positive credit decisioning, more credit risk professionals will be required within all of the major financial institutions to help with the execution of this strategy. This insight offers all institutions a much more comprehensive understanding to making informed lending decisions. || Risk professionals have itchy feet: following some intense hiring spells in 2010, a sizeable portion of risk professionals have now been in their roles for close to two years and are thinking about new opportunities. Annual bonus time is approaching but we expect to see more activity in the market after this.

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risk recruitment analysed by sector and country: credit risk

London Credit risk candidates with exposure to energy, utilities, TMT and commodities proved most in demand in 2011. Candidates with leveraged finance experience and those with strong derivatives/trade approval experience were also sought after. Geographic specialisation or language skills complementing technical knowledge were also highly valued. By comparison, project finance remained fairly quiet but demand is expected to increase in 2012. Within credit risk, project specialists were sought after in 2011, especially those with excellent product and technical knowledge. Candidates with loans and derivatives experience were favored. Demand for credit analysts also increased, particularly those with hedge fund, financial institutions and emerging markets experience. Emerging markets have been a key area of growth for both financial institutions and corporate portfolios, particularly in the Middle East and North Africa (MENA), Central Eastern Europe, Middle East and Africa (CEEMEA) and Russia/ CIS. The hiring of corporate credit analysts remained relatively constant due to the more stable deal flow in this sector throughout the year. Deal flow was fairly high in technology, media Candidates with Mandarin language skills were much sought after, particularly in Hong Kong, as more trade flow and general counter party interactions have involved the mainland. Candidates from Europe, North America or Australasia who lack Chinese language skills found it difficult to contest the majority of Hong Kong based credit risk positions in 2011; 2012 looks set to continue that trend.
RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: CREDIT RISK INTERNATIONAL RISK MANAGEMENT

hong kong and singapore For the third consecutive year, credit risk was busier than market or operational risk in Hong Kong and Singapore. 2011 hiring activity was largely driven by the need to ensure that regulatory challenges were met and tightened credit processes in place. Credit risk hiring split into more downstream areas such as reporting and project management positions and assisting and telecommunications (TMT). Also, candidates with additional language skills e.g. French and Spanish have been much sought after. Within methodology and the CVA, there was also an increase in hiring quantitative analysts. If the Eurozone debt crisis eases this year, the credit risk market could experience a mini boom in hiring with several counterparties needing to be re rated. in technology overhauls to enhance credit risk capabilities.

Emerging markets have been a key area of growth for both financial institutions and corporate portfolios.

Financial institutions and corporate teams hired ratings analysts in the first half of 2011 to expand their teams. The market visibility of working within a ratings business continued to interest proven credit professionals. Private wealth management experienced a battle for talent within credit risk in 2011. Private banks are usually reluctant to hire credit analysts from anywhere except another private bank, resulting in a rather limited supply of candidates and a merry go round of hiring. This led to private banking credit candidates having multiple job offers, as well as attractive counter offers as private banks did all they could to keep their credit teams intact. As private banks remain keen to hire more bankers, they have maintained a steady level of hiring in Credit which looks set to continue in 2012. Investment banking credit risk started 2011 in typical fashion and many organisations saw people leave their roles post bonus to pursue other opportunities. As a consequence, by late Q1 many investment banks intended to bring new people into their credit risk teams. As the middle of the year approached, several of the more senior positions in the market were delayed as the wider financial market weakened, which saw hiring activity slow down markedly within

investment banking credit. 2012 is off to a slow start: hiring intentions are down compared to this time last year.

However, quantitative candidates with strong academic and hands on experience building Basel models for corporate portfolios were still in demand, particularly from risk consulting firms, toward the end of 2011 and remain so in 2012.

The battle for credit analytics talent between commercial banks that defined credit risk recruitment for much of 2010 lost intensity in 2011. Certain hires were made within model/scorecard development, model validation and economic capital last year but, by and large, such hiring was at a lower volume year on year compared to 2010 and has now been virtually concluded: credit analytics hiring is likely to be relatively quiet this year with the majority of activity focusing on replacement hires.

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Australia and new zealand 2011 saw the credit risk market in Australia buoyed by hiring at fund managers, ratings agencies and energy companies. This compensated for the restricted hiring of investment and commercial banks who were largely constrained to replacement hiring. There was little to no growth in credit risk headcount in the larger banks in 2011. With reduced lending activity in the Australian market, a number of Australian banks continued to invest in expanding organically or via acquisition which led to increased interest in credit risk professionals with experience in Asia. The outlook for such professionals this year is unclear as many organisations continue to defer hiring decisions until there is greater stability in Europe.

In New Zealand, analytics proved the busiest and most competitive area within credit risk. Most of the major banks grew their analytics offering and candidates with strong technical skills in SAS and SQL were in demand in 2011. Such candidates often had multiple opportunities to consider. Due to the increased level of competition for these people, banks began to consider candidates with the right capabilities currently working outside financial services, a trend contrary to the majority of risk recruitment globally. In New Zealand, a regulatory change transitioning from a negative reporting regime to a positive reporting regime will take effect from 1st April 2012. This change is expected to increase the demand for experienced credit professionals in the first quarter.

many organisations continue to defer hiring decisions until there is greater stability in Europe.

RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: CREDIT RISK

INTERNATIONAL RISK MANAGEMENT

risk recruitment analysed by sector and country: market risk

London In 2011, 73% of our completed mandates were within investment banking. While this figure is relatively high, it is not as high as previous years where investment banking has been as high as 90%. Market risk recruitment in the first six months of 2011 was extremely busy in London, following on from the second half of 2010. However, this started to slow down quite rapidly in the second half of the year. many firms have focused heavily on hiring The rationale for this decline stems from the knock on effects of the global economy and the Eurozone crisis. Investment banks as a whole recorded losses in the second half of last year and this pattern was reflected across markets with only a few winners in investment management. Trading revenues were down in 2011, leading to the current restricted budgets, redundancies and cost cutting across the city already evident in 2012. Hiring trends show a significant reduction in mandates released to the market as many banks have introduced hiring pauses and attempted to create internal recruitment teams, with varying levels of success. There have also been redundancies in many departments (including risk management) across financial services. As a consequence, Other areas actively hiring include: commodity trading houses and consultancies. The big four consulting firms in particular have been growing their risk advisory capability to put them in a good position to service the Although the demand for risk professionals dropped in Q2 2011, risk was still an area less affected than many other vertical markets in financial services. However, the pressure on financial institutions from regulatory bodies and intensified political scrutiny has increased the demand for risk headcount in several key areas. Individuals with experience of clearing, market risk projects and change, risk modeling, and model validation have been sought after. For areas where market volatility is welcomed, such as the clearing houses, some investment management firms and consultancies are expected to remain in the market for talent in 2012. Although the ever-present pressure from the regulator will continue to ensure there are risk management opportunities in the market, overall 2012 looks as though it will be a relatively tough year for candidates. internally rather than going to market with specific mandates. 2012 will probably see only very modest levels of hiring within investment banking given current cost constraints. However since financial services firms now face difficulties in adding additional permanent headcount to their business, 2012 could well see reasonable levels of contract hiring. continued regulatory pressures the financial services industry now faces. Risk advisory businesses are well placed to fill the investment banking headcount gap and saw their own headcounts expand in 2011.

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hong kong and singapore Market risk saw activity across the board in 2011. VaR reporting roles as well as more analytical, trading desk market risk positions have been in the market across Singapore and Hong Kong, more often than not, segmented by product.

There was a notable spike of interest and hiring activity within liquidity risk. Depending on an organisations size and the way in which risk management is configured, liquidity responsibility may well align itself with market risk, whilst in other firms, align itself with treasury or even finance. However, it has and will continue to provide an interesting meeting point between capital allocation, balance sheet management and the management of financial risks. It has been the most talent short area within risk management in Asia, and will probably see good candidates enjoy multiple and lucrative opportunities to join new organisations as banks begin to think about their push to meet key BaselIII milestones over the next several years.

Given the necessary interactions with front office teams, technical prowess combined with excellent communication skills are of greatest interest to organisations with the mandate to hire market risk managers. However, there have been relatively low volumes of recruitment within market risk management compared to credit risk. The weak financial performance of many large financial organisations has made hiring for growth within market risk challenging.

there have been relatively low volumes of recruitment within market risk management compared to credit risk.
RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: MARKET RISK INTERNATIONAL RISK MANAGEMENT

The Australian commercial banks have begun to invest significantly in new market and credit risk technology which we anticipate will continue through to 2013.

Australia and new zealand Australian based market risk hiring in 2011 was subdued as a consequence of significant hiring by investment and commercial banks in 2010 coupled with continued global uncertainty. A key area of growth for 2011 was non-traded market risk as institutions grappled with regulatory changes specifically targeted at liquidity risk management, creating demand for professionals in this area. Investment banking hiring reduced last year due to a continued focus on only having oversight resources based in Australia (with production and reporting located elsewhere in the region). The Australian commercial banks have begun to invest significantly in new market and credit risk technology which we anticipate will continue through to 2013. The big four consultancy firms have continued to develop their risk advisory practices to keep ahead of this innovation.

2011 saw more activity within market risk hiring in New Zealand as businesses sought stronger leadership and to increase their technical capability in this area. Senior candidates with market risk experience in New Zealand are in very short supply and as a result, international candidates have been in demand, particularly those with interest rates and treasury-based experience. Increased investment in risk technology has increased demand and forced daily rates upwards for contract hires including: business analysts, project managers and quant profiles. While it is widely recognised that internal development needs to take place within organisations from graduate/analyst level, current constraints on senior management (such as having to operate with a leaner headcount) are limiting the banks ability to do so across all risk functions.

INTERNATIONAL RISK MANAGEMENT

risk recruitment analysed by sector and country: OPERATIONAL risk

London 2011 was a busy year for operational risk in Q1 and Q2 where there was significant hiring across investment banking, retail banking, corporate banking, alternative investment and brokerage. However, consistent with the wider financial services market, there was a notable drop in hiring during the second half of 2011, particularly in Q4 where the number of live opportunities dropped significantly. Scrutiny from the regulators as a result In 2011 capital markets witnessed a marked trend for operational risk teams in the first line of defense to hire candidates with a strong knowledge of the front to back trade life-cycle process and associated risk and control issues. These roles have been at associate to director level and have been situated within dedicated teams aligned to products such as fixed income, equities and commodities. Without prior product and controls knowledge it proved very difficult for candidates to secure an interview for this type of position. of previous trading frauds meant new hires in these teams last year were expected to hit the ground running. Such candidates typically come from either a similar operational risk role, a capital markets internal audit role or a relevant product control or operations position. However, for particular investment banks, where the first line of defense is also responsible for rolling out the operational risk framework, candidates with a prior understanding of the components of such a framework, (whether from a TSA or AMA bank) were viewed favourably. As always, there has been an emphasis on hiring people with exceptional communication skills people who can influence, challenge and articulate their ideas at all levels. The skill sets in demand within these group functions were scenario analysis, loss data, risk assessments and operational risk capital modeling. It was also desirable for candidates to possess a good knowledge of the ORX exchange. Such experience in the market was not readily available hence the hiring of such positions was often drawn out. In addition, as the end of the year approached and drew closer to bonus season, candidates were able to command attractive salary increases to incentivise them to move. Other banks are striving to reach AMA status in order to have their economic capital ratio reduced by the regulators. Hiring has been at the associate to senior manager levels; the majority have been permanent hires. However, there have also been pockets of contract hiring to cover areas where the banks are short on manpower. Group operational risk functions within the UK banking institutions saw a number of hires made last year within Q1 and Q2 and to a lesser degree Q3 and Q4. Some of these hires can be attributed to attrition while other hires have been the result of certain banks continuous drive to develop and enhance their AMA operational risk framework.

RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: OPERATIONAL RISK

INTERNATIONAL RISK MANAGEMENT

While there have been some manager level hires, the majority of recruitment last year was at analyst level.

Operational risk in retail banking saw a more stable 2011 and the number of hires was not as significant as other areas of the banking sector. This was a result of internal rotations, internal promotions and the redistribution of responsibilities amongst remaining staff. Where hiring has been external, it has been for manager and senior manager level hires where banks have not been able to identify suitable internal candidates. Wherever possible, hiring managers opted for candidates from a retail operational risk background with strong interpersonal and communication skills in addition to an excellent handson understanding of risk frameworks and methodologies. In Q3 and Q4 2011, large scale, firm wide restructures and the exiting of certain heads of operational risk affected some of the retail operational risk teams. Such changes have left uncertainty about the structure and reporting lines for these teams in Q4 2011 and Q1 2012. Alternative investment saw a reasonably high level of recruitment of operational risk professionals throughout Q1, Q2 and Q3 of 2011. Internal and external movement of candidates was one of the main drivers of this as well as the increased regulations and stricter controls on how such businesses manage their clients money. Some operational risk manager positions

were created within some asset managers that did not have an operational risk function previously, demonstrating that businesses took their approach to risk management increasingly seriously last year. While there have been some manager level hires, the majority of recruitment last year was at analyst level. The smaller size of electronic brokerages meant there was a lower volume of recruitment in their operational risk teams. The majority were replacements at the analyst, manager and head of levels for candidates that had moved externally, often to investment banks in the early part of last year. There were also a small number of contract hires within operational risk framework as a result of large changes to company entities.

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Hong kong and singapore Asian banks, although largely spared from the challenges faced in Europe and North America recently, have also felt the need to strengthen their operational risk management to minimise risk arising from cross border banking activities and globalisation. Operational risk teams within domestic Singapore and Hong Kong financial institutions are relatively lean and have broad coverage. Within more international financial institutions, teams are segmented across business lines or by product. In both cases, sourcing a broad based operational risk profile for a domestic bank or a product or business line specific profile for an international bank has had its challenges, given the shallow talent pool available. Pockets of hiring were evident across all sectors and in some cases, candidates with strong working knowledge of support functions including operations, finance and technology were in demand for operational risk positions last year. Operational risk redundancies have led to internal audit As cost concerns and headcount justifications continued in the latter half of last year, candidates who were offered positions needed to be an almost perfect match for the role. Candidates looking to continue operational risk within a different business area or product line found doing so challenging as most organisations were keen to hire only those with specific business line and product experience. consuming some of these functions. Internal audit has been growing in terms of size and responsibility in 2010 and 2011 and the trend will continue in 2012.

As Asia continues to attract foreign investment and wealth, we expect to see growing demand for wealth management specific business assurance and control/ operational risk candidates as a result of increasing banker headcounts, and internal/external measures to limit problem business. Hiring managers within this sector have indicated future team expansion this year as the private banking industry continues to grow in Asia. Regulatory risk functions have been traditionally dominated by candidates with a background in compliance. However, as the compliance talent pool has remained very domestic and somewhat limited, operational risk candidates are now also being considered for these roles.

As cost concerns and headcount justifications continued in the latter half of last year, candidates who were offered positions needed to be an almost perfect match for the role.
RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: OPERATIONAL RISK INTERNATIONAL RISK MANAGEMENT

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increased candidate pool due to redundancies across the board meant increased candidate competition and greater hiring scrutiny.

Australia and new zealand The Australian market was not as fertile in 2011 as it had been in previous years. Like many other disciplines within financial services, operational risk and compliance functions were not immune to the headcount reductions experienced across financial services, despite the increased regulatory demands that have been felt by the banking world. The general consensus from operational risk leaders within financial services organisations is that the backlog of activities needing to be actioned due to changing regulation will see more activity in the market during 2012. Not all was lost during 2011 for operational risk and compliance in the Australian market. Ad-hoc recruitment requirements across various institutional banks, wealth management organisations and the energy sector remained fairly consistent. However an increased candidate pool due to redundancies across the board meant increased candidate competition and greater hiring scrutiny: candidates were expected to match a roles requirements exactly in order to receive an offer.

In New Zealand, the majority of operational risk and compliance roles were at the manager/vice-president or lower level in 2011. As with most downturns, we expect that once the dust has settled from a tumultuous 2011, 2012 budgets have been approved and pressures of changing legislation come to the fore, there will be an increase in activity at the senior level. A sizeable amount of restructuring and reorganisation within the major banks has resulted in a higher than expected level of activity in operational risk within the New Zealand market in 2011. Demand has come from an internal drive to strengthen their offerings in this area and to operate in a more consultative way within the business. This has affected the type of candidates that prove successful in such roles. Environmental factors such as the Christchurch earthquake bolstered the need for business continuity and disaster recovery specialists following reviews of the then current practices. Attractive salaries were on offer to good operational risk candidates in 2011 in light of the candidate-short New Zealand market. Candidates from within the internal audit space were often considered as an alternative option to transition into these roles in New Zealand.

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risk recruitment analysed by sector and country: it risk

London 2011 was an incredibly busy year for risk IT recruitment. Most major banks increased the size of their project teams in line with increased focus on risk and regulatory projects: much of the work was driven by regulatory change. Several banks have used this increased budget to improve both processes and systems. For example, one large scale European investment bank initiated several multi-million pound risk programmes in 2011 focusing on excess management, limits management, and credit allocation on the credit risk side and revaluation, CRD3, reporting, methodology and regulatory reporting on the market risk side. The value of all these programs was in excess of 100 million. With many banks ramping up recruitment in risk IT and change management, candidate generation was challenging last year. Most banks were undertaking similar projects, so risk technologists were often happy to remain in their current roles unless they received a particularly attractive incentive to move. 2011 saw more focus on permanent recruitment within risk IT and one notable trend was contractor employees becoming permanent employees. The market slowed down in the second half of 2011, and although a quiet fourth quarter for financial services recruitment could be defined as typical for the time of the year, the indicators for 2012 seem positive for risk IT as several banks are finalising significant budgets for risk change this year. In this environment, it is no surprise that the big four consulting firms are commissioning build outs of their change management practices, some even going as far as to build risk IT specific groups to meet market demand. For most this means they can offer a full lifecycle advisory practice from working with their clients to understand the new regulations through to implementing the solution to a standard that satisfies the regulators. This proved effective for one particular consulting firm who positioned themselves as the most prominent risk technology consultancy in the city last year.

RISK RECRUITMENT ANALYSED BY SECTOR AND COUNTRY: IT RISK

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demand for business analysts, project, program and change managers in australia is high with base salaries and daily rates increasing steadily.

hong kong and singapore Following a relatively active 2010, 2011 saw an increase in the appetite for credit and market risk technology professionals within financial services, mirroring the demand seen earlier to hire in this area.

In demand positions in 2011 included software developers, business analysts and project managers. Risk IT proved particularly open to absorbing overseas candidates with these skills given the relatively shallow domestic talent pool. The projected demand for technology risk roles appears to be high but does not always equate to a high level of permanent recruitment. The premiums associated with making permanent hires have proven to be a restrictive factor as some financial institutions have preferred to mandate consulting firms or hire a predominantly contract/short term workforce. Australia and new zealand The risk transformation market in Australasia was a growth area in 2010

The Future of Financial Advice and Basel III. With this level of regulatory change and the investment in credit and market risk technology, the major Australian Banks are forecasting AUD150 million each in spend for 2012. Given this demand and the availability of candidates with appropriate experience in Australia, demand for business analysts, project, program and change managers is high with base salaries and daily rates increasing steadily. A consequence of the investment in new risk technology is an increased demand for contract hires, business analysts, project managers and quantitative profiles with previous experience in this area. These people are able to command attractive daily rates.

In Singapore the MAS (Monetary Authority of Singapore) tightened rules for those institutions looking to sell investment products as well ensuring that the necessary processes and systems were in place to measure and control market risk, ensuring levels detrimental to the institutions financial condition were not reached. Many financial institutions responded by marginally expanding the current technology risk teams to ensure an adequate supervision of these changes. Instead of choosing traditional vendor applications, several major financial institutions built in-house credit risk computing engines requiring the need for technologists with strong risk knowledge.

and 2011; we expect this to continue for 2012. This is a result of all the major domestic commercial banks investing in replacing legacy market and credit risk engines or implementing complex regulatory change initiatives. The most significant regulatory programs during 2010 and 2011 were Anti-Money Laundering, the National Consumer Credit Act and the Personal Property Securities Register. Looking into 2012 and beyond, the focus will be on FATCA,

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salary tables

credit risk
analyst
London GBP () Credit Analyst NBFIs Credit Analyst FIs Credit Analyst Corporates Credit Analyst Hedge Funds Credit Analyst Natural Resources Credit Analyst Leverage/Structured Finance Credit Risk Business Analyst Ratings Analyst Credit Risk Methodology Credit Risk Control Credit Risk Reporting Exposure Management HONG KONG HKD ($) Credit Analyst NBFIs Credit Analyst FIs Credit Analyst Corporates Credit Analyst Hedge Funds Credit Risk Business Analyst Ratings Analyst Credit Risk Reporting n/a 350550 350550 n/a n/a 400540 300450 550750 550750 550750 600800 n/a 550800 450685 7501.4 million 7501.4 million 7501.4 million 8001.5 million 8501.3 million 9001.5 million 7001 million 1.42 million 1.42 million 1.42 million 1.52.2 million 1.32 million 1.52 million 11.5 million 3245 3245 3245 4050 4050 4050 3050 3545 4555 4555 3550 3550 4565 4565 4565 5075 5075 5075 4570 4560 5570 5570 5065 5065 6590 6590 6590 75100 75100 75100 70100 6080 70100 70100 6580 6580 90120 90120 90120 100120 100120 100120 100150 80100 100130 100130 80100 80100

AVP

VP

DIRECTOR

ANNUAL BASE SALARY 2012 '000

16

INTERNATIONAL RISK MANAGEMENT

credit risk permanent

analyst
SINGAPORE SGD ($) Credit Analyst NBFIs Credit Analyst FIs Credit Analyst Corporates Credit Analyst Hedge Funds Ratings Analyst Credit Risk Reporting AUSTRALIA AUD ($) Credit Analyst NBFIs Credit Analyst FIs Credit Analyst Corporates Credit Analyst Hedge Funds Ratings Analyst Credit Risk Reporting NEW ZEALAND NZD ($) Credit Risk 6585 6585 6585 7090 6590 6580 85120 85120 85120 90130 90130 80110 120180 120180 120180 130190 130180 110160 180220 180220 180220 190240 180220 160200 4575 5080 4575 5080 5080 4575 70120 70130 70120 70130 70130 70120 120220 130220 120210 130230 130240 120180 220350 240350 220330 250380 250320 200260

AVP

VP

DIRECTOR

ANNUAL BASE SALARY 2012 '000

graduate
4555

analyst
(25 years)

manager
(57 years)

senior manager
(7 years+)

5595

95140

140200

salary tables: CREDIT RISK

INTERNATIONAL RISK MANAGEMENT

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MARKET risk
analyst
London GBP () Market Risk Reporting Market Risk Management Investment Risk & Performance Attribution Prime Brokerage Risk Regulatory Risk Risk Data Risk Consultancy Market Risk Business Analyst Market Risk Methodology Model Validation HONG KONG HKD ($) Market Risk Reporting Market Risk Management Prime Brokerage Risk SINGAPORE SGD ($) Market Risk Reporting Market Risk Management Prime Brokerage Risk 5080 5585 n/a 80125 85130 100140 125200 130260 140260 200250 260350 260360 300450 350500 n/a 450700 500800 6001 million 7001.2 million 8001.6 million 11.6 million 1.21.8 million 1.62.2 million 1.62.2 million 3045 4055 3045 4055 3550 3045 4055 3050 4060 4060 4565 5575 4065 5075 4570 4565 5575 4570 6080 6080 6090 70110 6085 70110 65100 6585 75100 65100 75110 75110 80120 100140 80120 100150 95130 80130 95150 100150 100150 100140

AVP

VP

DIRECTOR

ANNUAL BASE SALARY 2012 '000

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INTERNATIONAL RISK MANAGEMENT

MARKET risk
analyst
AUSTRALIA AUD ($) Market Risk Reporting Market Risk Management Risk Consultancy Market Risk Business Analyst Model Validation NEW ZEALAND NZD ($) Market Risk 7085 85110 7590 7585 7085 85120 110150 90130 85120 85120 120180 150200 130190 120140 120170 180220 200240 190220 140160 170210

AVP

VP

DIRECTOR

ANNUAL BASE SALARY 2012 '000

graduate
4555

analyst
(25 years)

manager
(57 years)

senior manager
(7 years+)

5595

95140

140200

salary tables: MARKET RISK

INTERNATIONAL RISK MANAGEMENT

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OPERATIONAL risk
analyst
London GBP () Operational Risk Analyst Investment Banking/Hedge Funds Operational Risk Analyst Retail & Corporate Banking Sustainability Analyst Governance Analyst Sustainability Analyst Operational Risk Consultant Big 4 HONG KONG HKD ($) Operational Risk Analyst Investment Banking/Hedge Funds Operational Risk Analyst Retail & Corporate Banking SINGAPORE SGD ($) Investment Banking/Hedge Funds Operational Risk Analyst Retail & Corporate Banking Private Banking AUSTRALIA AUD ($) Operational Risk Investment Banking Funds Management Operational Risk Retail, Business, Corporate Banking, Wealth Management & Group NEW ZEALAND NZD ($) Operational Risk 75110 6090 110150 90120 150220 120160 220250 160220 5585 5080 5585 85140 80125 80125 140220 125200 125220 220370 200300 220320 420600 420540 600800 540720 8001.2 million 7201 million 1.21.4 million 11.2 million 3555 3050 4555 4555 4555 4555 5570 4565 5570 5570 5570 5575 7095 6590 7085 7085 7085 7590 95130 90125 85110 90120 85110 90120

AVP

VP

DIRECTOR

ANNUAL BASE SALARY 2012 '000

graduate
4555

analyst
(25 years)

manager
(57 years)

senior manager
(7 years+)

5590

90130

130200

Please note: Salary ranges are based on information provided by Hudson clients, candidates and other sources and as a result are approximate guides only. They relate to base salaries only and exclude superannuation/bonus/incentive schemes/stock options. Furthermore, incorporate placements across large multi-national companies in Hong Kong, Singapore, Australia, New Zealand and London (defined as having a turnover of more than $100 million). Roles marked n/a indicate insufficient placement data to represent the market adequately.

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contact us To discuss the Salary & Employment Insights or your recruitment needs in more detail, please contact your Hudson recruitment expert below. AUSTRALIA Stuart Jackson E stuart.jackson@hudson.com T +61 2 8233 2441 Hong Kong Chris Jackson E christopher.jackson@hudson.com T +852 2919 6214 London Paul Walton E paul.walton@hudson.com T +44 207 187 6975 new zealand Sarah White E sarah.white@hudson.com T +64 9977 9874 Singapore Aylwin Miranda E aylwin.miranda@hudson.com T +65 6430 5307

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