Demand for risk management professionals remains buoyant as the fallout from the global financial crisis continues to impact on internal auditing departments.

Financial and banking recruiters say the market for risk managers with experience in such areas as operations, compliance, governance and insurance is swelling, with candidates in short supply and salaries rising as a result.

Recruiters are now headhunting and even looking abroad to fill roles in companies desperate to get their houses in order.

KPMG said in a report late last year that the global financial crisis has prompted a “wholesale re-evaluation of risk management”. The report urged firms to reinvest in risk roles.

Sandra Rowlingson, Divisional Risk Manager at specialist recruiter Bluefin Resources, says a “huge upload” in risk roles has occurred over the past four months, pushing up salaries by an estimated 10-15%.

“We are looking at hiring four to five people at one time within one organisation in just one area,” she told insuranceNEWS.com.au. “Good candidates are looking at multiple opportunities.”

But it’s not always just about the money, Ms Rowlingson says. “For example, greenfield roles, where you are starting a risk program from scratch, are really exciting. It is candidate-short and we having to be a bit more proactive.”

She believes there will be another “hiring burst” after the financial year around July and August.

Bradman Recruitment consultant Kym Woolf says the demand for risk managers has been on “a noticeable upward trend” for the past six months.

“The market continues to grow, especially in the operational risk area, and I can’t see any reason why it wouldn’t continue,” she told insuranceNEWS.com.au.

But Michael Page International NSW Manager Financial Services Simon Crawford believes the peak in recruitment has passed.

“Risk control and compliance were the only areas doing any hiring last year,” Mr Crawford said.

He says companies have moved on to filling vacancies in “middle office” roles, such as support staff.