The banking reforms around governance, compliance and risk is necessitating huge investments in major risk and regulatory IT projects. However, the need to resource those projects is leading to a hiring dilemma for institutions who already have talented technologists working on strategic Greenfield front office projects. That’s according to Ed Ekins, who heads up the technology division at recruitment specialist Twenty Financial Services.
“There is no doubt that technologists working in the front office are being encouraged to move across to regulatory projects but there is an understandable reluctance”, says Ekins. “Front office Greenfield projects are definitely seen as more ‘sexy’ and while regulatory projects are business critical, they are back office and consequently, banks are being forced to look at the contract option. However, budgets are not bottomless and the talent pool is extremely limited and so banks are having to prioritise.”
Ekins says that the he experience needed for the implementation of these regulatory driven projects is pretty specific: “We’re talking project planning and implementation around Mifid, SOX Basel or exposure to regulations around liquidity management. And because the talent pool is small, we are seeing an upward pressure on contractor rates. £1200 a day is not unusual at very senior levels. Business Analysts and Project Managers can command £650 -£800 per day while developers are looking at rates between £500 and £750 per day. And while demand continues to exceed supply, and regulation continues apace, banks may well find themselves having to divert budget away from those front office projects for some time to come.”
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