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- Recent market events have highlighted the need for tight internal controls to protect revenue and minimise reputational risk so there has been a rise in demand for compliance monitoring and surveillance specialists who assess the compliance risks across all areas of the business and investigate suspicious activity. As a relatively new requirement, the availability of individuals with relevant experience is tight and this is creating upwards pressure on compensation.
- Aside from compliance monitoring, the main flow of jobs in Q1 2008 has been at the mid to senior end as employers prioritise securing key hires with specific product knowledge.
- As a number of KYC reviews and MIFID implementation projects have come to an end, there has been an influx of candidates onto the market across the compliance spectrum.
- Compliance specialists benefited from high salary increases during 2007 due to candidate shortages and Q1 has seen salaries stabilise at these levels.
- The legal job market has remained healthy across the board in Q1 with private practice firms offering lucrative compensation packages to secure the best talent. This means that City employers looking to retain and recruit in-house employees are facing pressure to increase their compensation offerings in order to compete with these practice firms.
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