Published on March 3rd, 2014 | by Katie Halpin0
Demand Outstripping Supply in Risk and Compliance Recruitment in 2014
In her new role as Head of Practice for Risk & Compliance, Alium Partners’ Katie Halpin reviews why the demand for experienced professionals in this area continues to grow in the Financial Services Sector. Read her fascinating insights into how the financial crisis and resulting regulations are fuelling demand.
It is great to be in such a positive and recovering economy, where businesses are investing in recruitment resources and decisions are being made. However, in the Financial Services (FS) sector, the challenge is far from over. Critical issues such as PPI and the miss-selling scandal remain prevalent and as such, the industry is still subject t a huge amount of regulation. So how are FS organisations operating successfully in this tense environment?
Customer Focussed as Well as Risk and Compliant Aware
First and foremost, the conversations I am having with business around their Risk and Compliance needs show a real determination to focus on the needs of the customer, as well as the governing bodies. The need to perform major review of internal systems in order to avoid fines and improve service, and finding the personnel capable to do this is a priority.
As with many FS organisations caught up in the recession, there is an international perspective to be considered too. Areas such as energy and climate change, and an institution’s attitude towards these subjects can be far reaching. This all falls under the Risk and Compliance heading. The professional insight that is required here shows that awareness needs to increase.
Talent Shortage in the Risk and Compliance Arena
Weighing up the above kind of risks and keeping track of the ever changing needs of legal compliance from regulatory bodies is a fraught task. The demand for risk and compliance professionals is massively exceeding the talent and, as such, there is now huge shortage. But this can also be seen as an opportunity for those with the right skills and experience.
Investing in Change
As a result of this environment, clients that I speak to have the ability to invest in such expertise – if they can find it. Due to the rapid scale of change happening in the industry, companies are moving to secure permanent talent. However, clients needs to be aware it is no longer a buyers market.
Candidate Market in the Financial Services Sector
Because of the increase in demand, and the scarcity of resource, Risk & Compliance in 2014 is very much a candidate driven market. Those with the right skills and experience are now finding that they have a good choice of roles and a selection of job offers at the end of a job search. The good news for these candidates is that Risk and Compliance is now entrenched in FS thanks to the financial crisis – the need to adhere to these safeguards and rules will always be there – and so will the career opportunities.
It is clear that the need for quality risk and compliance professionals in the financial services sector is urgent. Or is it? What is your view on the demand for risk and compliance professionals. We would love to learn your perspective.
Photo credit: Diawka