Overview of the industry
Consultancies assist their clients in all segments of the financial sector, including insurance, exchanges, retail banking, corporate banking, private wealth management, capital markets, and investment banking. Working with their clients, they develop and implement a customised financial services strategy, based on current financial industry trends and the unique functional expertise of their partners. They provide comprehensive support for all major functions of financial services—from providing risk management and organisational structure analysis to designing operating models, developing corporate strategies, and making information technology recommendations.
More than at any time in recent history, companies are facing fierce regulatory scrutiny and a barrage of financial risk management imperatives.
Independent stakeholders with disparate missions and siloed structures are finding it necessary to work with others in their organisation to bridge any gaps and eliminate blind spots in their processes to ensure solid internal controls and risk management strategies. Regardless of who champions the initiative, companies are aspiring to have a more holistic approach to controls and risk management.
Recruitment trends in the industry
The financial industry has been seriously hit by regulation, financial institutions have been forced to meet high requirements imposed by regulators. The lack of knowledge and expertise within financial institutions has forced them to enlist the support of external consultants to respect tight deadlines. Despite regulatory obligations today financial institutions have to focus on the pressure put on the cost. Several institutions decided to shrink their budget allocated to the consultancy sector and delay projects dramatically to keep their costs under control.
The golden age for consulting is over. Clients are no longer ready to spend huge amounts of money on project where junior consultants will complete the most part of it. The specialists with a high degree of expertise are the most valuable candidates for consultancies.
Asquare Partners supports consultancies on the market to acquire the right talent at the right moment to complete their project.