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2018 Risk and Audit Salary Guide

Stella Tang - 22/01/2018
2018 Risk and Audit Salary Guide

Expected risk management and audit salaries in Hong Kong for 2018 quoted in HKD per month

Contents:  Risk Management Salaries | Audit Salaries
Commentary on Risk and Audit Roles and Remuneration in Hong Kong for 2018

Risk Management Salaries

(HKD per month)

Role Analyst Associate / AVP VP / SVP Executive Director Managing Director
Head of Risk * * * 133k - 180k 183k+
Market Risk Management 20k - 40k 40k - 70k 75k - 125k 133k - 170k 180k+
Market Risk Reporting 15k - 35k 40k - 65k 70k - 100k 100k - 110k 120k+
Quantitative Analysis 25k - 40k 45k - 70k 75k - 120k 120k - 150k 160k+
Operational Risk 20k - 40k 40k - 70k 70k - 116k 125k - 170k 180k+
Credit Risk Analysis 20k - 40k 40k - 70k 70k - 120k 125k - 170k 180k+
Buy - Side Risk 25k - 40k 45k - 70k 70k - 110k 116k - 150k 160k+

*Roles do not typically exist at these level

Audit Salaries

(HKD per month)

Role Assistant Manager / Analyst - Associate Manager / AVP Senior Manager / VP Director / HK Head Managing Director / Regional Head
Business Audit (Banking Sector) 32k - 38k 40k - 65k 75k - 120k 125k - 150k 166k+
Investment Management Audit 32k - 38k 40k - 65k 75k - 120k 125k - 150k 166k+
Insurance Audit 30k - 40k 40k - 70k 70k - 116k 125k - 150k 166k+
IT Audit 30k - 40k 45k - 70k 75k - 120k 120k - 150k 160k+

Commentary on Risk and Audit Roles and Remuneration in Hong Kong for 2018

The risk control and internal audit function continues to be an important function within financial institutions and as we move into 2018 we foresee an uplift in hiring across the board. 

Chinese financial institutions are creating a busy market as they continue to grow and strengthen their risk management function. We have seen an increase in recruitment activities for head of risk rolesoperational risk, market risk and credit risk positions in 2017. However, senior risk roles are becoming harder for foreign candidates in Hong Kong to acquire. Credit analyst and credit risk roles for corporate banks require Mandarin language skills, which has proved challenging to source even among local hires.

Within the foreign banks, the predominant trend is for replacement hires following the 2016 turnover of talent, mostly to Chinese financial institutions. 

We are predicting new risk management headcounts to be approved throughout 2018. As unfulfilled headcounts are carried over and Chinese financial institution clients expand into private banking and asset management, risk department expansion can happen. With new SFC licences expected to come through, we expect a proliferation of front office roles to emerge to manage cross-border M&A transactions, IPOs, private banking and asset management businesses out of Hong Kong. 

We have also seen a shift in mindset with risk managers being increasingly open to Chinese financial institutions, which offer the opportunity for them to add value by setting up the risk management function, providing a way for candidates to transfer and showcase skills. 

Risk candidates can expect salary increments of 15-20% for lateral moves and bonuses of 2-3 months. Chinese banks have been seen to pay 4-6 months’ bonus, but on a slightly lower base.

On the audit side, we are predicting a number of positions becoming available within corporate banking and insurance, particularly at AVP and manager level. Private banks are also adding roles, though keeping teams small at 1-2 people and increasingly requiring no travel which is proving to be very attractive to experienced auditors.

Candidates placed during the recruitment drive by the Big 4, US and European banks during the last 3 years are now looking to make moves again. The market looks set to provide them with lots of options to transfer their skills into other audit functions, as well as compliance testing and operational risk. Regional audit roles are available requiring around 20-30% travel time.

Candidates in audit can expect salary increments of 18-20% for lateral moves and bonuses of up to 3 months. 

Operations Director | Banking & Financial Services Recruitment
852 3907 3902
stang@morganmckinley.com.hk