The document discusses strategies for attracting and retaining talent in risk management within the financial services industry, especially in light of the negative perceptions following the 2008 financial crisis. Key recommendations include raising awareness through outreach, leveraging technology for recruitment, and establishing a positive work culture that focuses on work-life balance and career development. The aim is to enhance the reputation of the sector and develop a skilled, resilient workforce aligned with evolving industry needs.

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JOIN. ENGAGE. LEAD.
RECRUITING, DEVELOPING, AND
RETAINING RISK TALENT

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JOIN. ENGAGE. LEAD.
One of the consequences of the
financial crisis of 2008–09 is the
difficulty of getting people interested
in a career in banking.
And recent incidents (e.g., unethical
sales practices, anti-money-
laundering deficiencies), have further
sullied the financial services industry’s
reputation and renewed skepticism
about working in the industry.
This Photo by Unknown Author is licensed under CC BY

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JOIN. ENGAGE. LEAD.
So how do you attract and retain
talented individuals to risk
management functions?

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JOIN. ENGAGE. LEAD.
RAISE AWARENESS
Make sure
people know
what your
institution does
and what it
stands for.
Connect with
your local
colleges/
universities,
especially those
with finance
and banking
programs.
Attend job fairs
on college
campuses and
speak to
students about
opportunities
in your
organization.

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JOIN. ENGAGE. LEAD.
RAISE AWARENESS (CONT.)
Leverage higher
education by
creating
internship
programs,
sponsor events,
and guest
lecture to build
your brand
and bolster
recruitment.
Create an online
outreach
program to
attract students
and other
potential
employees.
Use LinkedIn
and other social
media outlets to
raise awareness
of your brand,
solidify or
build new
relationships,
and promote
your image.
55% of job seekers find social and professional networks to be the most useful resource during a job search.
https://www.careerarc.com/blog/2019/07/20-mind-blowing-social-recruiting-statistics/
This Photo by Unknown Author is licensed under CC BY-SA

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CREATE A TALENT PIPELINE
Identify candidates before you need them, then
build a relationship with them, assess them,
and sell them on your organization.

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JOIN. ENGAGE. LEAD.
TAKE ADVANTAGE OF TECHNOLOGY:
THE APPLICATION PROCESS
Review your current application process.
Is it clunky or difficult to use?
Can applicants complete the process on their
mobile or tablet device?
How does it compare to systems used by
your competitors or fintechs or internet
companies?

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JOIN. ENGAGE. LEAD.
TAKE ADVANTAGE OF TECHNOLOGY:
THE APPLICATION PROCESS
Make your initial contact with a prospect using a text message.
A text produces a high response rate.
Conduct the initial interview via text or program a
chatbot to conduct the text interview.
You can also use on-demand video* interviewing
software.
*Videos provide a much better representation of a candidate’s potential than just their resume.

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THE APPLICATION PROCESS: TAKE
ADVANTAGE OF TECHNOLOGY (CONT.)
You should
make
it easy for
job seekers
to apply for
positions at
your
institution.
This Photo by Unknown Author is licensed under CC BY

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Offer clearly
defined
career paths
and
development
opportunities
Focus on strategic
talent management
to strengthen the
talent in risk
functions.
Ensure that these
people can adapt
and cope with the
ever-changing,
challenging financial
services
environment.

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JOIN. ENGAGE. LEAD.
DEFINE YOUR RISK FUNCTION TALENT
REQUIREMENTS AND IDENTIFY SKILLS GAPS
Think
strategically
and critically.
How will each
risk discipline
affect your
needs
assessment?
An assessment
will help you map
out training
and/or
supplemental
talent needs.
Encourage your
employees to
develop a
comprehensive skill
set and educate
them through internal
and/or external
training programs,
cross-trainings, and
holistic learning.
Strategy Assessment Development

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JOIN. ENGAGE. LEAD.
ROTATE TALENT
Create a rotation
program to
expose your risk
function talent to
the complexities
of your
organization.
Rotating talent
through critical
jobs broadens
the employee’s
experience and
opens up career
possibilities.
It also will help
you identify high
potential talent.
This Photo by Unknown Author is licensed under CC BY-SA-NC

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WORK-LIFE BALANCE OPTIONS
Create work-life balance
options but be mindful of
regulations when deciding
what benefits to extend.
And be more mindful about
work from home policies for
those employees who
access sensitive
information.

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JOIN. ENGAGE. LEAD.
WORK-LIFE BALANCE OPTIONS (CONT.)
Some
examples of
work-life
balance
options
include:
• Offering employees a paid workday
for volunteer work done at the
organization of their choice.
• Flexible time off.
• Flexible working hours.
• In-house health programs.

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WORK-LIFE BALANCE OPTIONS (CONT.)
You also can focus on
individual circumstances
rather than enterprise-
wide programs.

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JOIN. ENGAGE. LEAD.
WORK-LIFE BALANCE OPTIONS (CONT.)
Good work-life balance options
improve employee engagement.
And work-life benefits help
define your culture.

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JOIN. ENGAGE. LEAD.
Create a culture
where people matter
and where people
want to focus on
improvement and
high performance.
People
Matter
A high-performance
culture can help you
attract and retain top
talent.
Attract and
Retain
High performance
cultures are
characterized by the
ability to adapt,
execute, and
continuously
improve.
High
Performance
YOUR ORGANIZATION’S CULTURE MATTERS

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SHARE THIS PRESENTATION
Visit https://www.rmahq.org
for information on risk management.
RMA is a member-driven professional association whose sole
purpose is to advance sound risk management principles in the
financial services industry.
RMA helps its members use sound risk management principles to
improve institutional performance and financial stability, and
enhance the risk competency of individuals through information,
education, peer sharing, and networking.
Become a member today.