News & Articles

Women Consultants Paid More Than Men

28th December 2009
Lee Werrell

Typically, crises are often the catalyst for catapulting a professions, vocation or industry, sometimes even a culture into a change environment. The current financial crisis could be the defining moment of change in the regulatory arena for not only banks, but all large plc businesses in the financial services world. From business models to executive remuneration, financial sector firms are already finding their activities being increasingly scrutinised and challenged by more intrusive regulators, stakeholders and the general public.

Adjusting to the new swathe of regulatory reforms and innovations will pose financial sector firms a series of challenges. Risk measuring, if done accurately and meaningfully will demand vastly improved data management and presentation capabilities. Managing risk effectively will require improved governance and risk-mitigation structures and processes with many of these being fully automated. Dealing with a more intrusive and questioning regulator will have a major impact on all firms´ working practices as the regulators have applied the lessons learned from the recent almost collapse of the banking system.

The signs were there, but nobody had thought to watch them.

To respond to these and other challenges, firms of all sizes and specialism will need to adapt their longer term HR policies, training and recruitment programmes and remuneration strategies to ensure that they hire and maintain the greatest asset they are blessed with, and fine tune their operations with the right skills mix. Yet whilst making the seemingly knee-jerk changes required by some "instant" new regulations, firms will also face the added challenge of remaining cost-efficient, maintaining and increasing performance levels, meeting the needs and expectations of their customers as well as rewarding the deserving executives who perform and produce the product that keeps the firm liquid. The challenge will be exacerbated by the emergence of new competitors as new firms enter the market as start-ups or even from other sectors and distribution channels expanding or encroaching, depending on your perspective.

Another major consideration is ensuring that the UK needs regulatory changes do not diminish the international competitiveness of its financial sector and the attractiveness of the UK as a financial centre.

All this change and longer term planning requires specific and specialist advice, opinion, interpretation and understanding. These skills and attributes are often only available in senior management grade, previous employees who have now been forcibly switched from the employed world to the self employed mentality in the world of Risk and Compliance Consulting. More women are not only needed but seemingly answering the call to swell the ranks of Consultants in all areas but especially in financial services. Director level recruitment has been outstandingly consistent because of the recent redundancies, downsizing, attrition or whatever other name you want to attach. The net result is more and more qualified and experienced women Consultants and these could be better paid than men.

CEI Compliance are always looking for serious Consultants and Independent Contractors who are able to work alone or as part of a team. They should specialise in UK Financial Services Risk and Compliance, be a UK/EU citizen and have at least 5 years experience. Whilst Contractors will be expected to hold the basic advice qualifications for the industry, Consultants will also need these and to be further qualified and in addition, have accurate and current CPD records available.

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Lee Werrell FInstSMM MSI is the Owner and Principal Consultant of CEI Compliance Limited, a Compliance Consultancy. CEI provide a broad range of expertise having worked with governance, risk and compliance functions for a number of years.