Prem John, Compliance & Legal recruiter from Cobalt Asia comments on the compliance recruitment market.
Global Equities may be tanking. Oil prices may be cratering. China may devalue the yuan.
There are those who could be forgiven for thinking that all is not well in many of the world’s leading financial centres.
Unless, of course, you’re in compliance, in which case, you’d be forgiven the smile on your face that you’re trying to hide, unsuccessfully, from your beleaguered colleagues in front-office.
Demand for good compliance & corporate governance professionals continues to increase year on year in key markets globally but especially in Singapore and Hong Kong.
New and revised regulations such as MiFid, EMIR and Dodd Frank are driving demand for regulatory professionals globally. As regulators increase their hold over all areas of banking – shadow and otherwise, the demand for experienced compliance professionals with expertise on specific products and regional regulatory knowledge continues to skyrocket.
The biggest trend to monitor is the shift of power from traditional advisory roles to systems and process-oriented positions. The biggest growth is seen in Financial Crime especially Anti-Money Laundering, monitoring & assurance and sanctions as financial institutions try to stay in front of FATF recommendations and local requirements.
Monitoring & Assurance specialists or Market-Conduct as it’s popularly known, is front-and-centre of compliance demand as financial institutions seek to show regulators that systemic behavioural changes are being made to prevent a repeat of behaviours that led to The Great Recession.
A spotlight on Singapore
In Singapore, hiring has especially picked up and we are seeing a tremendous spike in demand across banking and corporates in both advisory and infrastructure compliance. A fascinating trend to watch out for is with fintech start-ups hiring compliance officers as they seek to meet certain regulatory constraints especially within the payments space.
With Singapore positioning itself as a fintech hub, compliance professionals who can acquire both operational and advisory experience within the fintech space may find themselves in high demand when the behemoth financial institutions inevitably start acquiring fintech players or to grow their own internally.
So the question is; should you look for a new compliance role now?
That depends. Don’t move for just the better package. The role that you want is out there especially if it’s progression, recognition in combination with increased financial security that you’re looking for. Be selective and judicious and you’d find the current market trends working very much in your favour.
To discuss the compliance & legal roles available across Asia, contact Prem on +65 6800 9270.