The fight for senior risk analysts

Conor Larkin our consultant managing the role
Posting date: 7/27/2016 1:19 PM

If you have had difficulties hiring a Senior Risk Analyst recently, and you’re scratching your head as to why – this article should hopefully shed some light on the matter. Year on year we have seen the demand for Senior Risk Analysts skyrocket, making them the most sought after analysts in the ever-evolving world of risk. It’s no surprise that since 2012, the growth of challenger banks and the subprime sector means hiring candidates with experience in risk/FS alongside experience of SAS, has become even more challenging.

The growth in demand just can’t be matched by supply. 

Risk analysts with 2-5 years’ experience are the golden eggs within this rapidly growing and advancing market and it seems that everyone wants them. If a strong Senior Risk Analyst comes on the market, they can have as many as 15 roles to consider at any one time – now this is great for the candidate but it is a recruitment nightmare for the companies looking to get this person on board. 

I have seen the good, the bad and the ugly when it comes to recruitment processes and these 5 tips below will give you a huge advantage in securing your perfect candidate in the face of fierce competition!

1. You must have a slick and efficient recruitment process

The days of a 3+ stage recruitment process for Senior Analysts are over. Why do three one-hour interviews when you can cover it all in one stage and send a message of intent to the candidate? If the recruitment process is slow, unorganised and laborious, a candidate will perceive that this is what it is like to work for the company. Ultimately, the quicker the process, the more chance you will have of securing your perfect candidate.

2. Sell, sell, sell

At the end of the day, the purpose of an interview is for the candidate to show off their skills in front of a prospective employer. But as the interviewer, you have a duty to sell the role as much as possible because if you don’t, I can guarantee your competitors will. Another big sell is skipping any testing at the first stage – face-to-face interaction as a first stage is such a good way to get a candidate engaged in a process. Sometimes, there may be 2-3 stages before candidates have even met anyone in the company!

3. It’s the little things that make a big difference

Believe it or not, some people don’t like regular contact from recruiters requesting updates on their situation (I couldn’t believe it!). One really nice touch I have seen work is a hiring manager calling their preferred candidate from their personal mobile in between interviews to check in and see how things were going – little things like this can make a big difference in the long run, and only take a couple of minutes.

4. Best offer first

This is the most frustrating thing that I come across in recruitment. Companies sift through a huge number of CVs sent through by recruiters/direct applicants, spend countless hours interviewing candidates, and when they finally find the perfect candidate, they under-offer them to see whether they can get them slightly cheaper… It all comes back to intent, and by offering the best possible offer first time, it sends a positive and decisive message to any prospective candidates.

5. Flexing on skills – have you considered it?

Although it may not always be ideal to begin with, employers flexing on skills and experience is something I have seen work a number of times over the past 12 months. For example, a role may be open for 6 months whilst the employer is trying to find their perfect candidate but within that time, they could have hired someone who didn’t quite tick all of the boxes, trained them up in 3 months and saved themselves a lot of time and money! If you think the candidate can pick things up quickly, definitely consider them.

It’s never going to be a seamless process when attempting to hire a Senior Risk Analyst so don’t make it harder for yourself!

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