The ever evolving regulatory environment is driving unprecedented demand for IT and business change professionals. That’s according to Paul Byrne who heads up the Insurance Practice at recruitment specialist McGregor Boyall.
“We’re supporting a number of existing large business change and IT transformation programmes both in the City and other UK retail financial services hubs – all of which are being driven by the evolving regulatory environment,” says Byrne. “And going forward, we expect these programmes to get larger and more complex in scope. The Solvency 11 regime due to be in by 2013 will bring about a fundamental change to the solvency and risk management standards for the European insurance industry, and we also have changes to the regulatory supervisory structure of the insurance industry due by the end of 2012. All these programmes need interim and contract resources which is driving demand for project directors, programme managers, project managers, business analysts and architects – particularly those who have had previous experience of the implementation of large regulatory change projects. “
However, Byrne warns that resources may be thin on the ground. “We are finding that on many occasions demand is exceeding supply which is putting an upward pressure on rates.” For the insurance sector it seems that the war for talent may only just have begun.
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