Prudential expertise an asset
As specialist recruiters in the risk and compliance space, we are seeing more and more prudential roles appear within the banks due to renewed demand for skills in this area. There is a separate prudential regulator and conduct regulator when it comes to banking regulation in New Zealand. The RBNZ is the primary regulator of banking in NZ and acts as the prudential regulator.
As stated by the RBNZ, “the key objective of prudential requirements is to ensure the financial system is maintained and efficient without hurting the system which would significantly damage the bank”. In recent times, there have been significant changes to banking prudential rules. This has resulted in an increased demand for skilled individuals with prudential experience. As of 1st October 2021, the policy framework and the rules that apply to NZ registered banks were put into force. (PRBNZ, 2021 Prudential Requirements)
Changing prudential requirements and compliance
There’s another change happening around prudential rules. It’s the increased minimum capital which will come into play with the transition period starting in July 2022. As of now, banks are required to have capital of at least 8% of their risk-weighted asset equivalents. However, in year three of the transition period, this will increase to 9%.
What we are seeing from a required skill set in these roles is the ability to support and provide advice on numerous aspects of licensing and prudential compliance.
You will also work with the wider compliance teams to implement bank-wide policies and regulatory obligations. You will also be playing an important part in ensuring the bank complies with legislation and regulations. If you are an individual with prudential expertise and are interested in having a chat about a role we are currently working on, please reach out. The market is in demand for compliance specialists.
For a confidential discussion around the opportunities in this space, you can contact Gary Bloxham firstname.lastname@example.org