Welcome to your quarterly update on the Risk and Compliance market, where we provide you with insights from the previous and upcoming quarters.
What were the market trends for last quarter?
Due to the changing regulatory landscape and higher scrutiny from APRA, ASIC and the Royal Commission; the industry has been firming up their compliance culture and conduct risk frameworks. No longer is this just a compliance “tick the box” exercise, it is now crucial for organisations to look into their culture, the environment they work in, and transform their conduct and culture initiatives. Risk and compliance is now playing a strategic part in the way organisations move forward.
What are the major skills in demand?
Technology is changing and therefore influencing risk management. Data analysis, machine learning, and the use of algorithms have had a huge impact on the way we identify and manage the risks and opportunities faced by the businesses we support. For example, we are seeing traditional roles such as operational risk managers coupled with technical data analytics skills.
Need professionals with those skills?
What are the skill gap shortages?
A new skill set will be needed of people who understand what drives the behaviour (community values, regulatory and legislative expectations) and how to manage the risk and change the outcome if people don’t behave properly.
What are organisations doing to attract the best talent?
Flexible working: we have seen clients offer Heads of Compliance a four-day working week purely because they feel the output is the same and this fits in with their budgetary constraints. Competitive salaries are on offer for outstanding candidates. There is the recognition of cross skills and the value add of people coming from across the business, for example from IT and Operations into technology risk roles - blending these employees with risk professionals to execute successful risk management frameworks Finally, ensuring candidates are feeling engaged and having an impact on the wider company strategy will be key in the retention of top talent.
What is the outlook for the next quarter?
The in-demand roles of the future will be specialised, unique and autonomous. The ability to synthesise information rapidly and think critically are essential skills for solving the increasingly complex problems faced by risk professionals.
Q1 2019 INSIGHTS
Top roles in demand
- Head of Compliance
- Line 1 Risk Manager
- Senior Manager - Financial Risk