Insurers also expect to see financial compensation improve, while bankers’ is expected to drop
Risk managers and insurers could be in line for large bonuses this year while bankers’ bonuses flat line, according to new research.
A survey of international financial institutions by consultancy firm Mercer found one third of insurers expected to increase their bonuses this year compared to two-thirds of banks who plan to reduce payments in 2013.
Salary increases for risk managers are expected to be the highest of all financial functions – up by 2.5% according to the survey.
Regulatory pressure across the globe in the wake of economic instability means financial services firms are using pay as means of improving risk management procedures.
According to the survey, financial services workers in emerging markets can expect the highest salary increases - between 4% and 5% - followed by those employed in North America. European financial sector workers are in line for the lowest benefit increases of all.
Overall financial incentives are upon from three years ago, according to Mercer but are yet to reach pre-2008 levels. Corporate governance of risk-takers within financial services has also improved year-on-year over the past three years, said Mercer.
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