The Challenges Of Compliance And Risk Recruitment In Ireland
Risk recruitment and compliance recruitment are the foundation for supporting your risk and compliance departments. These areas have become ever growing business functions in recent years. With advances in digital communications, technology and with cyber-security growing as a real threat, businesses have had to adapt their strategies to integrate compliance and risk recruitment strategies in order to keep up with regulatory changes.
In Ireland, this bustling financial services industry comprises more than 400 companies employing tens of thousands of people. Current evidence shows no signs of this abating with Dublin ranking the most popular choice for financial services firms to relocate post-Brexit, with 29 firms having committed to relocating staff or operations to the Irish capital since the Referendum, according to the latest EY Brexit Tracker.
With the above in mind, you might think that compliance and risk recruitment was bursting with candidates. However, it’s quite the opposite.
The industry is struggling to keep up with demand and therefore facing a real shortage in certain fields. In this feature, we examine some of the issues surrounding this, and ways in which the industry can address the issue.
Spike in Demand
Many of the current challenges of compliance and risk recruitment were caused by the banking crisis. Understandably, the crisis led directly to increased regulation and pressure from regulatory bodies, including the the Central Bank of Ireland, which subsequently created a sudden spike in demand for these professionals.
More recently, the business landscape has seen new challenges in compliance and risk; from cyber security and data protection, to evolving EU regulations. Many companies have been late to respond, others are trying to simply keep up. But all have been forced to look at their own strategies in place.
This has resulted in an influx of risk and compliance roles flooding the market. Companies like HSBC and Morgan Stanley significantly bolstered their risk and compliance staff numbers, however, with it being a relatively new and ever-evolving industry, supply has struggled to keep up with demand.
”Instead of hiring a direct replacement for any risk or compliance staff they lose, they may instead look at people working in other roles, differing industries, but who have the skills and qualities necessary to do the job to a high standard.”
Broadening the Search
Due to the limited availability of risk and compliance professionals in the market, have meant that many compliance and risk recruitment professionals are having to diversify their search. Instead of hiring a direct replacement for any risk or compliance staff they lose, they may instead look at people working in other roles, differing industries, but who have the skills and qualities necessary to do the job to a high standard.
Many organisations in Ireland are turning those already working in financial services – for example in pension, banking or mortgage roles. Similarly, those with a history of working in product governance may already have many of the core skills needed to work in compliance or risk. Usually, organisations exploring this route will still demand a level of investment management knowledge.
Alternatives include candidates who work in accounting, as their training often includes adhering to regulatory requirements, compliance work and risk management. Meanwhile, expanding the search overseas can pay dividends, especially as foreign recruits may have a knowledge of other markets.
If you’re thinking about a career move in compliance or you need assistance with compliance or risk recruitment, register today with Lincoln Recruitment – we are a leading employment agency in Dublin with a specialist compliance and risk recruitment function.
