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Head of Op Risk ex pat package

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aussieexpatfamily
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Head of Op Risk ex pat package

Postby aussieexpatfamily » Fri, 11 Oct 2013 5:16 pm

We are considering moving over to Singapore but concerned whether my ex pat package that will be offered will be sufficient for us as a family to live comfortably (kids - 4 and 6 months).

Could someone please help by indicating what sort of salary package I should expect to be offered by an Australian bank for a Head of Op Risk position?

Could I expect to have schooling paid for and how much for accom?

Assistance much appreciated,

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JR8
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Postby JR8 » Fri, 11 Oct 2013 7:40 pm

The operational risk here, is someone who doesn't do any of his own research, before asking others to do it for him.

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Postby sundaymorningstaple » Fri, 11 Oct 2013 8:44 pm

aussieexpatfamily, There will probably be a couple members who will see this tomorrow at some point and probably try to be useful. I'm not in the financial industry at all so not of much help. I do know that expat packages aren't what they used to be, but the Banking Industry is still better than most if not all other segments of industry. (Late Friday is not a good time to make a post and expect an immediate response - Friday Night Fever!) So late tomorrow morning you might can expect to get a reply or two. This board does have a excellent search facility as well, but I'm not too sure if you will find something that specific. Costs of living here you will find. You could also check out ....

http://www.numbeo.com/cost-of-living/

There is also a salary range link at the top of this forum as well in this thread:

ftopic13222.html

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Postby Wd40 » Sat, 12 Oct 2013 4:12 am

Head of Op Risk, so you mean the CRO? Wow! Thats a pretty high up position and I way at the bottom of the rung to guess what the salary be.

However, I am surprised, such an key position of an Australian bank is based out of Singapore or is it just for Singapore operations? What kind of level is it MxB? MDR? D?

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Postby aussieexpatfamily » Sat, 12 Oct 2013 5:58 am

No it's not a CRO level position. Head of usually leads the Asia Pacific region for the bank. I think the equivalent in other regions sometimes might be Director or SVP. Its the level above Senior Manager (but usually seen higher than Director equivalent in Australia).

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Postby JR8 » Sat, 12 Oct 2013 12:23 pm

Just to be clear, I'm assuming you're negotiating for head of Operational Risk, for the AsiaPac region, for an Australian bank.

I used to be Head of OR, for the European branch network of an American Bank. The function was ultimately under the oversight of my MD, but I was the 'Joe' who went around the branches, doing the workshops, and getting the data to crunch back at home. [Sorry for 'going on a bit', just setting the scene, so see my angle].

What strikes me is that SG is an expensive place to post an expat family, when much of the work involves being out in the field. But I suppose the level of travel required to gather the input data, if based in Australia, would make that proposition intolerable (you must have quite a branch network ... hmm ... with many having different IT infrastructures? (squint). That's what we had, each branch had a one-off local front-end, that fed the mainframes back in NYC).

You could look at the linked pay-scales above. 'OR' might well be mainstream enough these days, that it will have an entry there.

Alternatively, a web-search might turn up something, a comparative position.

Or you could ask the employer how they propose to derive the various elements of the package. Then post the ballpark figures (to the extent that are comfortable doing so), and invite observations. You'll see posts from previously where people have done this.

Another way, that you'll see done quite often here, is to estimate the cost of schooling, rent, transport, holidays, COLA, +++, and so on. A bottom-up approach that indicates the minimum acceptable base-line. Maybe a starting point is doing a search on this forum with keywords 'expat package' or similar?

Good luck!

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Postby aussieexpatfamily » Sat, 12 Oct 2013 12:46 pm

JRB: I suspect then in comparable terms, this role would be the role of your boss. Its a Risk leadership position rather than a "doer" position, if that makes sense.

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Postby JR8 » Sat, 12 Oct 2013 3:03 pm

aussieexpatfamily wrote:JRB: I suspect then in comparable terms, this role would be the role of your boss. Its a Risk leadership position rather than a "doer" position, if that makes sense.


I see, yes, interesting. 'OR' must have really come of age since my time, if it can justify that kind of local presence.

As an aside I found it a fascinating field. It gives you a very deep insight into a banks operations (from the hardware, procedures, to the people, and locale*, everything - really front to back)



*Example:
- The difficulty replacing departed staff in one particular 'tax-haven' branch, because the country had 'effectively full employment"

- In another country, the challenge of all the staff expecting to take their 4-6 weeks annual holiday at the same time (mid-Jul to Mid-Sep), which made the Euro conversion project (which I also lead), a real hoot! 'Why doesn't your draft project time-line even show mid/Jul-mid/Aug!!?' Reply: 'Because we're all on holiday; the city shuts down'.

My opening line to those workshops was usually: 'Remember, NASA's space shuttle programme was killed-off by a single faulty O-ring [etc. i.e. the insight these hands-on people had, was significantly valuable to the organisation as a whole].

Fun times :)

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Postby PrimroseHill » Mon, 14 Oct 2013 2:44 pm

Ops risk for an IB? Is it an all encompassing, Credit risk, market risk and ops risk position? Head of Asia Pac excl Australia and NZ, so group level, locally a dotted reporting to CEO/Country Head and Global Head is based in Oz?

Not many expat roles comes with school fees paid these days.

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Postby aussieexpatfamily » Mon, 14 Oct 2013 6:34 pm

JRB: Op Risk is more complexed than your definition. Well, a GOOD Op Risk partner does alot more than that at least.

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Postby aussieexpatfamily » Mon, 14 Oct 2013 6:36 pm

PrimroseHill: No it would be 1st line Op Risk for a wide range of products based out of Singapore.

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Postby JR8 » Mon, 14 Oct 2013 6:54 pm

Why do you need to relocate the entire family for what is essentially a half day a week job?

[/Devils advocate]

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Postby aussieexpatfamily » Mon, 14 Oct 2013 7:33 pm

Very funny. Clearly others dont have the same impression as you if they are willing to invest such money.

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Re: Head of Op Risk ex pat package

Postby the lynx » Wed, 16 Oct 2013 9:16 am

aussieexpatfamily wrote:We are considering moving over to Singapore but concerned whether my ex pat package that will be offered will be sufficient for us as a family to live comfortably (kids - 4 and 6 months).

Could someone please help by indicating what sort of salary package I should expect to be offered by an Australian bank for a Head of Op Risk position?

Could I expect to have schooling paid for and how much for accom?

Assistance much appreciated,


From a layperson's perspective:
1. You should have schooling paid for your children. Although I don't think it is your immediate concern for now (maybe that for your 4-year-old child) but you should see that included in your package. International Schools are expensive and local schools are impossible.

2. Accommodation depends on where you live. Ideally live near where you work or where your child's school is. High-end condo in prime locations, or landed property will hit $10k and above per month in rent.

3. Like what other posters said, expat packages are getting rare these days because Singapore is getting too expensive for companies to set up regional base and have the key personnels sent over with their families. If you can get these two paid for (including your relocation and car), great! If you can't, better not move here unless you're willing to downgrade your living standard (which brings to the question, "why bother moving at all?")

Good luck.
Last edited by the lynx on Thu, 17 Oct 2013 10:39 am, edited 1 time in total.

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Postby JR8 » Wed, 16 Oct 2013 9:58 am

>>JR8:
Why do you need to relocate the entire family for what is essentially a half day a week job? [/Devils advocate]
--------------------

>aussieexpatfamily:
Very funny. Clearly others dont have the same impression as you if they are willing to invest such money.

---------------------

It was not entirely facetious; I was endeavouring to shake a bit of fruit from the tree :)
How many branches do ANZ have in AP, that will come under the ERM project? How many business units in total? IME you need about 3-4hrs 'physical workshop' to gather the data. Any more and attendees get tired and disinterested. How frequently will the sessions happen, once a year? (or are you expecting feedback to be processed into management recognition, acceptance, action, resolution, within a smaller space of time?)

'1/2 day a week' would equate to enough time to do overnight trips to a network of say 12 regional branches, once a year. The implementation is managed locally.


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