IBM is looking to capitalise on financial services firms' new-found appetite for investing in risk management technology by kick-starting an analytics centre in London. Initially, it'll be recruiting 400 techies, with a view to double that if things take off.
Financial services firms are battling with regulatory requirements to bolster their risk management technology systems and, according to recent studies, still have a long way to go to achieve this.
IBM is hoping to capitalise on this, and its new operation will focus on the UK financial services sector. It hopes to develop new systems that "provide improved visibility and tracking of risk positions across markets and asset classes".
It's initially recruiting 400 consultants, software specialists and mathematicians, but expects to double this if demand for its services picks up.
Brendon Riley, chief executive of IBM UK and Ireland, said that London was chosen "due to its status as a global financial centre and world-class skills base".
However, with every type of financial services firm, from investment banks to software vendors, competing for risk IT talent currently, such an ambitious expansion plan could prove slightly difficult.
Rory Ferguson, director of permanent recruitment at Project Partners, says: "Most consultancies struggle to compete with investment banks, hedge funds and asset management firms because they are unable to match the remuneration offered. And with demand for risk management technology talent currently high, they face some stiff competition."