Opinion: 2016 Financial Services Interim Management Report
By Angela Hickmore, Managing Director, Norman Broadbent Interim Management.
“The secret of change is to focus all of your energy, not on fighting the old but on building the new.” – SOCRATES
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The Interim Market responds well to change and 2016 was a year of change.
Further consolidation in the Mutual Sector, new entrants in the banking sector pre and post licence and a continuously competitive GI market all drove requirements for Senior Interim support.
2016 saw high demands for skills and experience in a number of key areas.
The ever changing regulatory landscape, bedding in of Solvency 2 and the increasing focus on conduct Risk drove high demand for Risk, Compliance and Regulatory professionals across all sectors.
Research shows that at its peak last year 23+ new entrants across banking services were preparing for licenses, many of them PE backed. Opportunities in these organisations varied across finance, technology, Human Resources and products and selection made harder by a preference for those with PE exposure.
Whilst the market caught its breadth post Brexit, demand in 3rd and 4th quarter concentrated on the people agenda and created assignments for diagnostic and review work in operational efficiencies and with continued spend and investment in technology.
2016 was a very busy year for Interim Management and as for 2017 , well the forecast is more of the same ! Change is constant and the focus for the sector is on future growth.
With over 30 years of providing the most senior executives with expertise in areas such as Restructuring and organisational design, preparing for IPO or a banking license, Compliance and Regulation and financial management, our ability to facilitate change is unrivalled as is our network of the very best, known professionals who deliver outstanding results.