2018 Risk and Audit Salary Guide
Expected risk management and audit salaries in Hong Kong for 2018 quoted in HKD per month
(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
(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+|
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 roles, operational 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.