Written by Anna Bernstein on 15 Jul 2015
While interim managers work across a wide range of sectors, the financial services industry experiences a greater need for these skilled individuals than any other. Interim managers accounted for more than one third of all assignments within the private sector in the first quarter of 2015, according to figures from the Interim Management Association. The financial services sector is a constantly changing landscape which requires up-to-date knowledge and skills, so it is little surprise that the most informed individuals are sought to share the benefits of their experience.
Following the financial crash of 2007, the financial sector has become much more strictly regulated and it is vital that every company remains compliant with the latest procedures. Banks were restructured to separate their retail operations from the more risky investment banking; this required people with experience of both restructuring and the new regulations to step in and guide change. While the landscape may not be shifting quite so dramatically today, this sector remains complex and highly regulated, with even the most prominent organisations regularly requiring the added value provided by interim mangers.
With any interim assignment, you can be assured that Momenta will provide only the highest standard of candidate who will familiarise themselves with the latest rules and regulations in order to deliver effective results.
One of the constant developments within the industry is the emergence of new markets. In order to stay ahead of the competition, it is crucial to have inside knowledge of both the industry culture and the latest developments in order to fully integrate your business and make the most of the opportunity. Entering a new market can be a challenge for a business and there will always be some unexpected learning curves which may require a cultural change within a business. An interim expert can help manage a company every step of the way and ensure that any transition is effective, as well as sharing knowledge that will provide long term benefits.
Often processes are put in place quickly, without much analysis and this ad hoc method becomes the standard procedure within a company. While it may be the case that it has always worked, it might not be the most efficient way of getting things done. Interim managers can help introduce streamlined business processes as part of a change initiative. With a full analysis they will be able to identify each process involved, and suggest new procedures to improve the system. This can help reduce wasted resources, ensure work isn’t duplicated and create a standardised way of doing things for every member of the team. This will help to improve workflow and reduce errors, therefore making staff, reporting - and the business as a whole - more efficient.
Our finance specialists can offer a wide range of skills for your business from helping to implement new strategies for long term growth, handling planning and budgeting, driving change programmes and helping to handle planning and budgeting. They have strong long term experience in their fields and are ready to step-in to plug any skills shortages that may exist within the business.
Momenta have great experience within the financial services sector and from short-term assignments, long term relationships have grown. We work with a number of prominent financial institutions including high street banks and wealth management companies. Here at Momenta, our in depth knowledge of the sector will allow us to place the perfect candidate within your business in order to deliver the best results possible.
Contact us today to find out how our interim management solutions can help your business.