Throughout 2018, companies focused on embedding compliance functions into their businesses to ensure they had a team of skilled compliance and financial crime professionals to tackle the new implementation of MiFID II which was brought in to play on 3rd January 2018. It was enforced to strengthen investor protection and improve the functioning of financial markets making them more efficient.
Regulatory change and compliance advisory
This being a focus, hiring was centred around regulatory change and compliance advisory which led to a focus on hiring senior compliance staff which was at its highest in early 2018. This was due to companies needing senior staff to help set up and create these successful compliance and financial crime teams. In the financial crime market, focus was on hiring within the smaller/mid-cap businesses as they were seen to be “behind the curve” significantly in terms of setting up strong teams to battle the regulatory obligations compared to the other financial crime giants.
The financial technology market grew significantly in 2018 with a big focus being on hiring within the financial crime sector. Like the compliance market, the focus was on the hiring of Heads of and Senior positions to help build and create these teams and supply strong support functions to battle regulatory changes required of them.
companies focused on embedding compliance functions into their businesses to ensure they had a team of skilled compliance and financial crime team to tackle the new implementation of MiFID II which was brought in to play on 3rd January 2018.
What factors have had an impact on hiring trends?
Compliance companies have made it a big focus over the course of 2018 to boost their working environments. This meant that compliance professionals felt happy in their work environment and were “well-looked after” and were therefore resistant to move companies. Although this meant that the candidate pool remained short, this became less of a worry towards the end of 2018. The compliance market started to become more open-minded in terms of seeking individuals who possess transferable skills e.g. operational risk and legal experience. This opened the market up significantly to a larger candidate pool and will help to diversify teams and bring a new perspective on day-to-day operations.
What can we expect from 2019?
For 2019, the compliance and financial services industry remains a priority area for businesses which is good news for professionals within this market as more jobs will be available. However, with transferable skills being investigated this could make the candidate pool increase in size throughout 2019 therefore making it difficult for compliance and financial crime professionals to find a job quickly as there will be far more competition.
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