What to Know About the Compliance Jobs Market
There has no doubt been a steady growth in compliance based roles for the last number of years. The growth within this sector can be both attributed to the combination of financial crimes together with steady growth in the financial markets and overall Irish economy.
Why Work in Compliance
This has become even more prevalent of late with the Wannacry attacks alerting companies on the need to heighten Cyber Security and educate staff. In addition, with the new EU regulations being enforced in May 2018, companies are under pressure to implement the correct processes and procedures so that they are compliant with the regulation when it’s implemented – to not be compliant with this act will incur severe consequences.
With the GDPR coming into effect and the need for the appointment of DPO’s (Data Protection Officers) and compliance staff, organisations are currently increasing their threshold budget for compliance roles in Dublin. There is 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.
What Compliance Roles are Available?
Anti-money laundering roles related to risk and a profession in the regulatory sector are common compliance jobs offered by businesses and recruitment agencies. Furthermore, 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 financial 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.
In financial services 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