In this article we discuss the latest updates in the Internal Audit sector in Q2 2017.
Compared to the first quarter, Q2 was comparatively quiet. As highlighted in the last market report, Q1 owed much of its high activity to legacy vacancies carried over from 2016. Typically, Q2 is the time where many banks devise their audit plan for the year, decide on headcount, hiring strategy and budgetary matters. With the Easter break and several bank holidays to contend with, recruitment activity was marginally down on the previous few months.
H1 has been dominated by hiring in the British Banks at mostly the junior levels, where top heavy departments are being reinforced by AVP hires. This affords more responsibility for the VP’s to lead and manage. There are now obvious moves from the European and US Banks to replace the candidates who have taken the opportunity to move into the British institutions, but the main moves in these organisations are to back-fill these losses.
Risk and regulatory audit teams are continuing to grow within the financial services as banks, asset managers and insurance houses look to bolster their audit departments gearing towards changes in capital adequacy requirements.
Quant and risk skills continue to be in demand with a majority of the roles being filled by non-auditors coming in.
Overall, the market remains busy up to VP level, but there appears to be fewer director level hires as internal promotions are certainly the preferred option.
The current focus within IT audit has been on finding generalist auditors rather than specific to applications or infrastructure. This has been particularly noticeable at the AVP level where a more generalist approach enables candidates from practice to develop a more thematic audit skill set and gain broader exposure.
At the senior end, the emphasis is still on finding non audit professionals to move into the 3rd line. Such profiles provide both SME knowledge and a strategic approach to the ever evolving technology space. This in turn, helps to reduce any knowledge gaps within technology audit.
Two such projects that we are working on include a Director of Algo Trading Audit Infrastructure specialist. Here, the client is looking for a senior professional within quant/algo trading with a java background. The second project is for a Senior Manager role where our client is looking to develop the capability of auditing of AI and Robotics.
In light of the high levels of activity from the banks, Morgan McKinley has chosen to further expand into the wider Financial Services markets within Asset Management and Insurance.
There is a steady flow of roles at the AVP and VP levels. Typically smaller teams but an area that is seeing growth at a very high rate.
Yannick Green will now be taking this sector on and helping to grow our Internal Audit presence within the wider financial services space.