In Ireland there has been a steady growth in candidates for compliance based roles. The growth within this sector has been driven by a combination of financial crimes together with steady growth in the financial markets and overall economy.
Organisations are currently increasing their threshold budget for compliance roles. They have a keen focus on candidates with qualifications in Internal Compliance Association (ICA) and accounting qualifications (ACCA, ACA, CPS and CIMA). Along with these professional qualifications, it is important to have knowledge of the controlled compliance function from the Central Bank of Ireland.
Anti-money laundering, roles related to risk and a profession in the regulatory sector are some compliance jobs offered by business and recruitment agencies.
Due to the introduction of AIFMD in 2013, there has been a significant impact in the industry for demand in candidates with academic and practical experience in compliance and risk reporting. As organisations are looking to build compliance focused teams, there is and will continue to be in the short-medium term an increase in demand for these types of candidates.
Within the finanical services industry there has been a noticeable increase in roles within front and middle office function. Funds industry in particular has witnessed a strong demand in risk/compliance analysts, audit and legal professionals with an advanced understanding in operational/regulatory risk methods and practices. With continuing deadlines within AIFMD, candidate attraction and retention in these departments is becoming more competitive.
Introduction of the Dodd-Frank act in 2010 was an essential compliance/risk instrument to counteract financial system activities in the US as a result of the 2007-2009 financial crises. A key driver of growth within risk roles is as a result of new compliance act. Following on from Dodd-Frank being issued, operational risk became the main driver for regulation/risk roles worldwide. The continuing trend from organisational recruitment perspective is candidate’s experience crossover from legal into financial services.
In financial fervices compliance specialists are growing in stature and this will result in competitive and challenging times ahead for candidates and organisations alike. As a result of regulatory variations along with increasing financial crime, the demand for compliance professionals is increasing globally.