Q3 2019 Risk & Compliance Recruitment Trends
Your quarterly update on the Risk & Compliance market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
There has been a steady growth in medium sized boutique banks with candidates who have both AML plus regulatory compliance skills in high demand.
Another area which had strong growth was within private banking, with candidates who had a good track record in kyc onboarding or periodic reviews within a wealth management environment in high demand.
Thirdly, the insurance and reinsurance industry has experienced slow and steady growth, but due to lack of strong candidates, they hire from the banks and cross train them in product knowledge within insurance
Finally, candidates with data analytics experience as well as operational AML experience are in demand by the larger sized regional and global banks
What are the major skills in demand?
KYC onboarding and reviews of high risk clients within a private banking environment
AML transaction monitoring within corporate banking with candidates with strong people management skills in strong demand, also in demand are transaction monitoring roles at an operational level
Sanctions filtering and advisory experience at a regional level, and strong working knowledge of OFAC and EU sanctions regulations
Candidates with exposure to both AML investigations and advisory plus regulatory compliance, especially the banking act, securities and futures act as well as financial advisors act
Candidates with working knowledge of funds, including Hedge Funds, Private Equity as well as Asset Management, with strong understanding of the requirements of the CMS license
What are the skill gap shortages?
Candidates with strong experience with banking act, securities and futures act as well as financial advisors act, or those with strong working knowledge of the insurance act
Candidates with strong sanctions experience, especially those with strong working knowledge of OFAC and EU regulations
Generalist candidates with strong understanding of both Financial Crime and Regulatory compliance
Candidates with strong private equity or hedge fund experience, and able to function as an individual contributor
Candidates with good understanding of payment methodologies
What are organisations doing to attract the best talent?
Financial institutions are cross training their employees and giving them a chance to move internally across functions. They are also setting up and running compliance training academies in order to train the next generation of compliance officers.
Clients are also strongly considering candidates with strong compliance advisory skills who are keen to move across different product lines and cross training them.
Finally, financial institutions are promoting their internal staff in order to get them to take on more senior responsibilities, and replacing them with more junior hires
What is the outlook for the next quarter?
Continued strong demand for candidates in both specialist skills within the various disciplines in AML as well as generalist candidates who are comfortable being the sole compliance officer within an organization
Strong demand for financial crime as well as regulatory compliance specialist candidates within multiple fintech payments, cryptocurrency firms and external startup asset managers
Continued demand for small to medium sized fund management and fund administration companies for candidates with strong trust or private equity compliance experience