A new report has warned about an emerging war for talent that is set to heat up in the coming years in Canada’s financial services sector.

The sector is largely centered in Toronto and has gathered international praise for its health during the global recession. However, the overall industry is said to be suffering from a shortage of “high-quality and skilled professionals”, according to the “Taking Stock – Human Capital 2010 & Beyond” report.

The report also found that the hardest positions to fill are in the areas of risk management and compliance, as well as credit management, investment finance and wealth management. Moreover, nearly half of the 590 business people who answered the survey agreed with the assertion that the “skilled labour shortage will continue for the next couple of years”.

According to Colleen Watson, president of Watson Gardner Brown, the financial crisis made companies sharpen their focus on risk and compliance. “They’ve got to get really strong risk people and compliance people in those spots to reassure clients. This shortage will continue – in particular in the specialised areas.”