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Alan Horn, Chairman, Financial Services Sector, Russam GMS Limited |
| ...to discuss, without any obligation, current issues or challenges where Interim Management might be helpful on:
Telephone: 0845 658 1717 E-mail: Alan.Horn@russam-gms.co.uk |
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Financial Services
The longest established mainstream Interim Management provider in the UK.
Our Mission is to provide outstanding flexible management resources to all our clients.
Working with Financial Services Organisations
Russam GMS has been successfully introducing Interim Managers to Financial Services businesses since our founding 30 years ago. Russam GMS has the broadest reach of any UK Interim Management Provider in the UK, with a database of over 11,000 senior executives and access to thousands more experienced financial services professionals in a wide range of disciplines.
Jason Atkinson, Managing Director - Private Sector, Russam GMS Says:
“Financial Services are characterised by continual change with the emergence of new markets, competition from lower costs entrants; increasing regulations; new opportunities and technologies; which are all part and parcel of life in this sector.
Our Mission is to provide outstanding flexible management resources to all our clients.
Working with Financial Services OrganisationsRussam GMS has been successfully introducing Interim Managers to Financial Services businesses since our founding 30 years ago. Russam GMS has the broadest reach of any UK Interim Management Provider in the UK, with a database of over 11,000 senior executives and access to thousands more experienced financial services professionals in a wide range of disciplines.
Jason Atkinson, Managing Director - Private Sector, Russam GMS Says:
“Financial Services are characterised by continual change with the emergence of new markets, competition from lower costs entrants; increasing regulations; new opportunities and technologies; which are all part and parcel of life in this sector.
We have a proven track record of delivering senior and experienced business executives to tackle specific challenges facing client organisations at a particular time.”
You can find out all about us and our Financial Services Practice in our Capability Statement.
Mike Innes, Partner, Graphite Capital:
“One of the key benefits of employing Interim Managers is that they can bring a wealth of experience and sector knowledge. They are also not afraid to question the status quo and their fresh perspective and independence often delivers great results.”
Dr. Jimmy Chan, Director at Orbis:
“The Interims we have hired not only have the relevant experience, they are do-ers. This has proved critical for us as we have specific short term projects that are critical to our business and we do not have the right skills in-house to accomplish them.”
Jason Atkinson,Managing Director - Private Sector
at Russam GMS
Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry. The new legislation comes into force in late 2012 and insurance and reinsurance companies are now working hard to meet the deadlines. Many companies are turning to Interim Managers with specialist expertise to help them prepare for the legislation.
Solvency II aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current solvency requirements. Basically, it has three main objectives:
| • To ensure capital adequacy • more informed risk management • more transparent financial decision-making |
Achieving Solvency II and meeting the 2012 compliance deadline will require a large amount of effort on the part of insurance and reinsurance companies – they cannot afford to miss the date. In addition, there are interim deadlines, stress tests and potentially high non-compliance costs to add to the pressure. Many companies have realised the need to bring in additional, expert resources and Interim Management is proving to be THE flexible and effective resourcing solution of choice. We have seen a surge in demand for risk professionals who can help companies with Solvency II issues.
However, the lack of suitable candidates is pushing up day rates for the right professionals. Whereas in 2009, the average day rate for an interim risk Director was £700, it has risen by 30% since then and now stands at £900. Contract lengths have also stretched from three to six months.
In the countdown to Solvency II, the clock is ticking in terms of the search for the right talent. We have a database of 11,000 Interims and many experts in this area. We can provide the introduction to candidates that will deliver the specialist knowledge and experience required to implement such a complex set of regulatory reforms and ensure that compliance can be met easily and without a headache.
Jason Atkinson,Managing Director - Private Sector
at Russam GMS
A recent report from Kinsey Allen showed that daily rates for Interim Managers working in financial services had risen by 12% this year. We too are cautiously optimistic the sector is recovering. In recent months, we have seen increased demand from clients for specialist skills such as Solvency II, advocacy and risk management and compliance experts.
Interestingly, Interim Managers are also showing more confidence in the market. In January, we surveyed our large database of Interim Management finance specialists and over half of them (51%) said the market had improved over the last six months.
They had mixed views on where the work will be this year. A quarter said that investment banking would deliver fresh opportunities this year, 20% said there would be work in regulatory compliance, 15% said private equity, 15% opted for risk management, 15% said insurance and 10% said retail banking.
However, they also understand there will be challenges ahead – a third (33%) said that the UK's debt will hinder growth, 25% said that increased FSA regulation will prove challenging and 23% said that tight budgets and high costs (15%) would be a barrier to development. Other challenges included increased global competition and a lack of customer loyalty.
To discuss any opportunities directly, please contact Jason Atkinson using the details on the left.
Case Studies
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