Chief Risk Officer, Quasi Sovereign Wealth Fund in UAE

Background:

Our client, a Quasi Sovereign Wealth Fund in the UAE needed to replace their CRO to rebuild their risk framework and bring in Market risk and Operational risk capabilities as the firm was moving to a new system. However, the client did not have a clear picture as to who would be an ideal candidate and what compensation packages these individuals will be at; so, Madison Pearl suggested sharing a longlist of profiles over the next few weeks to give an overview of the market for CRO/ Head of Risk level candidates.

Snapshot of the search process:

  • The key requirements for this particular search were to identify candidates with minimum 10 years’ of experience in running a Risk function or having held a senior (e.g. number 2) position within such a function. Working experience of managing risk pertaining to Market risk, Liquidity and assets and liabilities were a pre-requisite.
  • We immediately launched a targeted search to identify and engage relevant candidates in the region. Surveyed the market, the compensation packages the Chief Risk Officers received, as well as their motivations to move to a new organisation.
  • For relevance, we targeted mid-size buy side and sell side firms including Investment Banks, Asset Management and Private Equity firms etc. in the GCC.
  • We unearthed a pool of 61 senior risk professionals through our extensive network, proprietary database, head hunting techniques as well as scanning candidates through premier job sites and advertisement responses. After through screenings and interviews, 8 candidates were shortlisted and presented to the client that work for top local and international institutions along with the market intel about the average salaries of these professionals.
  • These candidates were interviewed by the Head of HR and CEO and then 2 candidates were presented to the Board out of which one highly impressed them with his experience, knowledge and business acumen who ultimately got the offer and accepted and joined them. He is now building his team and we are helping him in that initiative.

Chief Risk Officer, Quasi Sovereign Wealth Fund in UAE