The collapse of Silicon Valley Bank (SVB) could force more banks to ramp up hiring in governance, risk and compliance (GRC), says MBK Search CEO Spencer Knibbe.
“It was a failure of governance at SVB, as well as its leadership team for not managing their deposit base and allocating enough cushion and capital and resources to protect against a run. There were basic risk management practices that clearly could have been done better.
“That means in the industry there’s going to be fingers pointed. When there’s a big bank failure that has potential systemic implications, it means increased regulatory scrutiny, and that banks must have more in place regarding risk management and compliance, both of which is net positive for long-term hiring within GRC.
“In the short term, the banking sector is getting battered, and it will need to hire and beef up their risk and compliance teams because they have to. This is a good hiring opportunity for banks to secure junior to mid-level talent and bolster their senior ranks.”
“We believe some of the smaller banks will are going to dial back on hiring across the board until they figure out what’s going on. But on the flipside, there are going to be people who work for these institutions who are going to start to get nervous and leave. That might force their hand when it comes to hiring,” Knibbe says.
About Spencer Knibbe
Spencer founded MBK Search in 2015. He is an expert in Enterprise Risk Management and Security and has extensive industry experience in risk, compliance, audit, and fin/ops.
He was formerly Head of Operational Risk Management at Bridgewater Associates, Head of Risk – Americas at ICAP, Plc, and Venture Capital Investor at WFD Ventures, LLC.
About MBK Search
MBK Search is a global recruitment agency specializing in the risk, compliance, audit, and fin/ops career disciplines.
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