City shortage in compliance professionals
10 Jul 2015 12:00 am by Mark Dunn
Demand for professionals who can navigate financial crime and increased regulation, especially amongst financial institutions, currently outstrips supply.
This trend mirrors what we saw in 2014, which again was one of the busiest years for compliance recruitment as reported by the Financial Times in the report.
Why the continuing demand? With the ramping up of regulation in the sector and major international banks receiving penalties for breaching anti-money-laundering controls and processes, openings for compliance professionals are rocketing. The incentives for banks are clear, land the best talent in this area and they stand the best chance of mitigating against fraud or corrupt practices and avoiding the financial and reputational penalties from the regulators.
Filling the talent gap
With what was already a small candidate pool now close to being exhausted, employers may look to internal auditors or product advisory experts to fill vacancies. Equally, the shortage could trigger an increase in professionals from other sectors who want to retrain and switch into compliance based roles.
Looking in-house and to experienced hires from other sectors will only go so far in plugging the gap. Recruiters may also look towards the undergraduate and postgraduate talent pool to attract the next generation of compliance professionals.
For graduates looking to pursue a career in one of the fastest growing City roles there is no better time to start. The financial rewards are significant with contractors earning up to £1,500 per day.
Salaries for these niche skill sets attracted pay rises of up to 50% in 2014 and in some cases salaries were even doubled. Recruiters are also getting wise to motivations beyond just money, with increasing focus on career progression and sponsoring of regulatory-focused qualifications. The future looks bright for professionals in the sector and those seeking to join.
- Anti-Money Laundering – the growth profession in the City
- Bringing trust back to the banking industry
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