Strategic Financial Recruiting

Banks Lack Data for Financial Crimes Compliance – Bain Reports

In a January report covering the financial services industry, Bain Company shines a light on how Banks and other financial services companies are tripping over themselves in an effort to comply with myriad regulations.  One reported that a client gets flagged because of the street name for their office.  All top banks surveyed reported a reliance on flawed manual data inputs and lack of enterprise integration.  Flawed and incomplete inputs result in flawed models.  As if that were not enough, not only is better data needed, MRM (Model Risk Management) groups must also possess savvy interpersonal and negotiating skills in order to maintain internal political support.  Click here for the Journal of Risk Model Validation study.  Top five markets for Model Validation positions continue to be New York, Chicago, Charlotte, San Francisco, and Boston.

Torrey & Gray is a recruiting and staffing firm that recruits Financial Modeling professionals nationwide.