London, United Kingdom, February 17, 2005 --(PR.com
)-- As everyone in the industry is aware the new Basel Capital Accord is placing great time and resource pressure on banks and other financial institutions to improve their enterprise wide risk management practices. For BlueMax IT Recruitment, a leading provider of IT professionals to the banking and finance sector this has led to the increased significance in Compliance related placements, but it has also had an unforeseen side effect. BlueMax IT consultant, Louise Rice explained: “In recent months we’ve received a large number of CV’s full of the buzzwords of the moment: ‘Basel II’ ‘credit risk’ ‘Prudential Sourcebook’, although most of the candidates are indeed high quality compliance experts who have complemented our existing database, a closer inspection of these CV’s reveals that an increasing number of applicants lack the compliance related experience required by our clients”.
Since the demise of the T+1 settlement initiative, and the outsourcing of many back office functions, many back office consultants have found that the demand for their skills has declined and it is not hard to understand why some have tried to market themselves for the compliance market. As the December 2006 deadline for implementation of the Basel II directive looms ever closer the need for compliance experts will only increase, as will the rates they can command.
As Rice acknowledged “…you can’t blame people for cleverly orientating their CV’s towards the needs and requirements of the market, but it does demonstrate how essential it is that candidates are pre-screened before they are put in front of financial institutions, otherwise their lack of detailed knowledge will become painfully apparent, this is why at BlueMax IT we pre-screen all our candidates carefully and assess their skills and regularly.” This means that the recruiters themselves must have excellent knowledge about the banking market particularly the FSA Basel II directive to be able to see past the buzz words and impartially assess the candidate’s skills.
As Rice emphatically concluded “BlueMax IT consultants have over 40 years experience in the banking and finance sector, and understand what the recent FSA directives mean to our clients and what they require in terms of implementation. Consequently, BlueMax IT has been constructing a high caliber candidate base for some time, containing Business Analysts, Project Managers and Banking Consultants with the knowledge and know-how that our clients need. As regulatory deadlines draw nearer more people will jump on the Basel II bandwagon and this need to identify high quality compliance experts from those who are trying to re-invent themselves as such, will become more and more crucial.”
BlueMax IT is a specialist, boutique IT Recruitment consultancy specialising in banking and finance – and only banking and finance. The Blue Max IT areas of focus are investment and retail banking, and IT solution providers to these sectors. BlueMax does provide a ‘pre-screening service of candidates for clients’
The consultancy provides permanent and contract IT professionals – banking consultants, project managers, business analysts and leading edge programmers – with banking IT project experience to the following segments:-
• Regulatory Compliance - Basel II, FSA.
• Anti – Money Laundering Fraud – Basel, FSA.
• Securities, risk management and algorithmic trading.
• Banking and Internet Security.
• Retail and e-Channels banking and wealth management.
• STP – Front to Back Office Processing Projects.
For more information, contact:-
Louise Rice (Consultant – Managing)
BlueMax IT Recruitment Ltd
No.3 The Auction Rooms
28 Gloucester Street
Brighton, BN1 4EW
Tel +44 (0)1273 818882
Fax +44 (0)1273 818822