The Client
Moon Executive Search was approached by a Global Insurance Group who wished to appoint to multiple key roles to lead and direct the financial and risk operations for a new entity within the Group.
There were two key roles and both roles were highly strategic, operating as part of the senior UK leadership team.For the CFO role, we sought an experienced professional who could provide detailed financial analysis and reporting, contributing effectively to project implementation, resource planning and to risk and performance management.
For the CRO appointment, we sought someone who would lead on scenario testing a new risk framework, clearly communicating the risk strategy, appetite and policies and drive the implementation, ownership and adherence to the Company’s Risk Management Plan. Also, the CRO would act as Secretary to the Risk Committee and lead and coordinate the successful completion of all PRA requirements.
The Campaign
Initially, given the regulated environment in which our Client operates and the need for maximum sensitivity when approaching the market, we were asked to sign a Company Non-Disclosure Agreement. We were also aware that our Client had an impressive knowledge of their market, both in terms of key competitors and individual influencers in the Industry. This meant that prior to any information disclosures to candidates, we reverted at each step to our Client for approval. Therefore, open, honest and timely feedback and communication was critical to the entire process.
Our Client briefed us in detail with regards to the legislative changes in the Industry. This ensured we could effectively screen any potential candidate’s own knowledge of the changing requirements. Given that we were working to very exacting timescales, it was imperative that we could undertake a detailed analysis of the market, receive the signed candidate Non-Disclosure Agreements and move to meet our shortlist in a very short space of time.
Finally, we were mindful that given the regulated nature of the Industry, any subsequent employment offers would remain conditional until full PRA/FCA approval and as such, we needed to manage the onboarding process carefully.
The Challenge
We wanted to identify ambitious candidates with very clear career goals.
We adopted a thorough national search, with a detailed screening process. This enabled us to fully assess each candidate’s experience, background, and their soft and hard skills against the search criteria, as well as against the firm’s core values and aspirations. We wanted to identify ambitious candidates with very clear aspirational career goals.
Key to this challenge was the need to respect utmost confidentiality for the candidates and the firm, given the relatively small nature of this specific marketplace. Indeed, this market often even works without a CV, but relies upon strategic introductions. Given this, candidates were asked to sign an NDA, as this protected them as much as it did the firm.
We also looked to establish an understanding of the following: a candidate’s personal situation in their respective firms, whether they were they a known ‘name’ in the market, their current reputation and their client or sector specialism. Also, it was critical to understand any restrictive covenants in place, whether they were an equity or salaried Partner and what their notice periods were. The client knew it would take time to effectively scope the market and identify suitable candidates and therefore they gave us space and time to allow us to conduct a thorough search. We established a system of weekly reporting on results and progress.
The Approach
To manage both roles simultaneously, Moon assigned a lead Search Consultant and a support Researcher for each vacancy. This ensured we could work quickly and efficiently when mapping the market for the differing criteria.
We ran confidential national search campaigns for both roles, considering the following guiding principles: leadership skills to support a business through rapid change, credibility to engage fully with all Regulatory Authorities and manage a specific key control function (ideally having been an Approved Person previously) and a demonstrable ethos of compliance and corporate governance within a leading Firm.
Finally, through our tough screening process, candidates needed to convince us that they could contribute effectively to the Senior Leadership Team and its deliberations and agenda.
The Solution
Following initial approaches and scoping calls, all candidates signed Non-Disclosure Agreements prior to any information being released to them. We began to reduce our approved candidate long list before confirming initial meetings with Moon.
At our candidate meetings, Moon asked a series of questions to provide a fuller picture of the suitability of each candidate. These questions were designed by Moon specifically for each role and aimed to draw out each candidate’s research and knowledge as well as their technical competency, leadership values and individual career ambitions. When we presented our shortlist for each vacancy, we highlighted areas to be further explored at the client panel interview.
The search resulted in the successful appointment of a new CFO and CRO to lead on the establishment of the new entity in the Group.
Vanessa Moon, Founding Director and Simon Quinn, Director of Search, worked closely together on the searches. Simon was the lead contact on the campaign and worked closely with the Group CEO.
Simon commented, ‘We thoroughly enjoyed acting for this Client. Their strategy marks them out as an innovative player in their field and as such, we were able to attract the very best calibre of candidates to their brand. In my opinion, the level of detail they provided us with, enabled us to deepen our knowledge and this was the key to ensuring we were able to brief our targets effectively. We look forward to supporting the business again in the near future.’
The Group CEO comments, ‘We asked a lot of Moon; that was to work confidentially, work quickly and work smartly in a very niche market. They exceeded our expectations and introduced two exceptional candidates.’
Moon Executive Search provide bespoke solutions for clients, using our extensive expertise and knowledge gained from twenty years of recruiting to find your perfect candidate. If you are looking to appoint a senior leader to your Board, visit Build Your Board to get started, or call us on 01275 371200. We are here to help in these unprecedented times.