Getting a job in risk might be the best way of riding out the recession. Layoffs in this business-critical sector are almost unheard of and hiring is still ticking along, all be it at lower levels than this time last year.

While international banks aren’t active, the locals still have vacancies. Westpac needs risk professionals to help with the St George integration. ANZ and NAB are currently recruiting about 25 head-office risk people between them, according to one industry expert who asked not to be named. Even Macquarie is still hiring in risk.

Dianne Wilson, a partner at Derwent Executive, says risk redundancies have been limited compatred to other support functions. Toby Aikins, a consultant at search firm Jon Michel adds: “A risk job is one of the safest in the banking sector. There’s every indication that there will be continued demand this year. There is hiring still going on, both replacement and even pockets of growth.”

Restructuring is one of the fields where risk professionals are especially sought after. Some banks have moved corporate-credit risk and client-facing bankers into restructuring, says Aikins. “They have strong financial analysis and client-communication skills which are transferable across. Instead of helping to instigate transactions, you are piecing transactions together,” he adds.

Risk hiring is concentrated at the mid-range. Aikins explains: “Given the supply of internal candidates for both senior and junior roles, most hiring is focused at associate to director level. These people are well sought after.”

But the problem for hiring managers at the banks is that risk candidates, perhaps true to the nature of their profession, are cautious about moving firms. “There are no longer so many opportunistic moves. It’s a lot quieter than in the boom times. Early last year supply was struggling to fill demand, now the market is more balanced,” says Wilson.