Ove Scavenius continues: “We’ve built a ‘one-calculation engine’ that enables us to make qualified calculations – not just for managing risk, but also for calculating the necessary capital allocation for the whole of Danske Bank. The combination of being able to do these two things using the same mathematical machine is rare, and that’s why we’ve attracted international attention.”
In December 2019, Danske Bank was presented with an award at the RiskMinds International event in Amsterdam for being the leading bank in the world when it comes to modelling and managing risk. Danske Bank was competing against the rest of the international banking community and secured success predominantly thanks to the bank’s ability to attract the right professional capacities in a professional field mastered by only a very few.
International search for qualified profiles
One in three of Danske Bank’s hard-core ‘quants’ has a PhD, typically in mathematics, physics, chemistry or finance – and often supplemented with computer-programming expertise. Consequently, finding the right professional profiles with the requisite qualifications is no easy task in a small country such as Denmark.
“We’re very conscious of taking an international perspective when we’re searching to find the right people. As a result, the quant-department staff of almost 50 covers 13 different nationalities, men and women, recent graduates, and others who bring with them banking experience from countries ranging from Morocco and Hungary to Belarus and China. We spend days testing new people before we take them on, and we’ve spread our net globally. Only by finding the very best talent can we maintain our world-leading position,” concludes Ove Scavenius.
Read more on the RiskMinds International homepage