A brighter future for compliance, risk and regulation
Q2 has seen the proverbial rollercoaster as job releases saw peaks and troughs from week to week.
As noted in May, compliance recruitment had a slow start to the year with few roles released and clients careful about using their sign off for any new hires. However, we are beginning to see a turnaround.
Sell side recruitment, which was quiet throughout Q1, is now beginning to pick back up. Most investment banks have got through the bad times and are now planning for the future. From conversations we have had with senior individuals it is clear that compliance and risk will be key focus areas. The belief seems to be focused on a more stringent checking of current regulation as opposed to an expectation of anything new being brought in. Control rooms and surveillance roles are emerging as the large focal point while client onboarding and KYC teams tend to be shrinking.
Investment managers have continued to recruit and those with Charles River and Sentinel experience are still as much in demand as they were last year, and we are beginning to see a rise in the number of more senior roles available as higher level candidates move about.
Hedge funds have been a continual source of compliance recruitment for a number of years but candidates are a lot more cautious this year. There seems to be a worry regarding the stability of firms - situations such as that at Peleton Partners have meant that hedge funds do not seem as appealing as they have in previous years. However, the diversity of roles in hedge funds is still a key pull factor for candidates.
“Those with Charles River and Sentinel experience are still as much in demand as they were last year”
Stockbroking firms have benefited from the current market situation and many have expanded their compliance departments to deal with the volumes of work that they currently have.
Predictions from the majority still lead to quarter four or early 2009 being another busy time for compliance recruitment. While the markets still fluctuate and peoples’ positions change on a daily basis, compliance and risk become key issues to all. It is expected that there will be further recruitment to prevent any further issues in the future.
With internal control becoming essential the chance for candidates with dual skills sets has arisen. For years we have had candidates looking to move from the control room into an advisory role but not really had the roles to allow them this chance. This year has seen a change with a number of these roles on offer. So, if you are in a control room and looking to get into advisory then now is the time to consider a move.
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