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Risk & Compliance Salary Guide 2015

Risk & Compliance Salary Guide 2015

05-03-2015
Submitted by global_admin on Thu, 03/05/2015 - 03:26
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Permanent job market

Total compensation for risk, legal and compliance for 2014 will be flat or down in comparison with the previous year. Whilst 2014 was very active for risk, legal and compliance hiring, revenues at most banks decreased across Asia. This will impact the bonus pool for risk, legal and compliance professionals.

In 2014, average basic salary increases for lateral recruitment (particularly in compliance) was 15-30 percent. For risk and legal roles the increment was 10-20 percent. This trend is set to continue for 2015.

Experts in the following areas can expect increases of more than 20-25 percent for lateral moves; regulatory compliance (with strong Hong Kong Money Authority (HKMA) or SFC experience), product compliance (equities/fixed income, investment banking division), private banking compliance, financial crime compliance and AML advisory (sanctions, anti-bribery and corruption (ABC)).

Banks are increasing efforts to retain their risk, legal and compliance staff. Bonuses and internal salary increments for 2014 -2015 will be high on the agenda for department heads and regional heads.

Following bonus payments between January and March (May for some Japanese and European Banks), replacement headcounts will need to be filled as of March and April.

In 2015, we expect a higher volume of activity in recruitment at the end of the first quarter and beginning of the second quarter.

Contract job market 
Hong Kong professionals are seeing more advantages in accepting contract roles. They see it as an opportunity to move into a role with either; a different job nature (i.e. operations to compliance or audit to risk management roles) or in a different industry (i.e. professional services firm (law firm or Big Four) into a bank or commercial industry).

However, it is still difficult to convince individuals to move from a permanent to contract role in Hong Kong. In general, there is not a strong appetite for contract roles. Professionals, especially in risk, legal and compliance tend to be quite conservative and prefer stability and long-term career development if they are to move from one role to another.

Basic salary increases for contract roles have been between 10-15 percent, and for some compliance roles we have seen a 20 percent increment for 6-12 month contracts in 2014.

We expect the trend for recruiting in Hong Kong’s contract market to remain unchanged in 2015.

Compliance
 

Role Analyst Associate/AVP VP/Sr. Manager SVP/Director Sr. Director
Basic Salaries (HK$ per month)
Head of Compliance - - - $125k - $170k $170k+
AML $25k - $40k $40k - $70k $70k - $100k $108k - $133k $135k+
Product Specific Advisory $25k - $45k $45k - $70k $70k - $110k $120k - $150k $160k+
Training & Competence $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+
Control Room / Research $20k - $35k $40k - $60k $70k - $100k $110k - $140k $140k+
Monitoring / Surveillance $20k - $35k $40k - $60k $70k - $100k $100k - $120k $120k+
Tax Compliance $25k - $35k $40k - $60k $60k - $100k $100k - $120k $120k+
Tax Advisory $25k - $45k $45k - $70k $70k - $100k $100k - $120k $130k+
Tax Product Specific Advisory $25k - $45k $45k - $65k $70k - $110k $110k - $130k $140k+
Banking Lawyer $70k - $80k $80k - $100k $100k - $130k $140k - $170k $180k+

 

Risk Management

Role Analyst Associate/AVP VP/Sr. Manager SVP/Director Sr. Director
Basic Salaries (HK$ per month)
Head of Risk - - - $125k - $160k $170k+
Market Risk Management $30k - $40k $40k - $60k $70k - $110k $120k - $160k $150k+
Market Risk Reporting $20k - $35k $40k - $60k $65k - $83k $83k - $110k $120k+
Quantitative Analysis $35k - $50k $50k - $70k $75k - $120k $120k - $150kk $150k+
Operational Risk $20k - $30k $40k - $65k $70k - $108k $108k - $150k $146k+
Credit Risk Analysis $30k - $40k $40k - $65k $70k - $108k $100k - $160k $160k+
Traded Credit $30k - $40k $40k - $65k $70k - $110k $110k - $150k $160k+
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