Compliance Recruitment Update - March 2014

David Leithead 24.04.2014

KYC Recruitment

The KYC market remains as one of the busiest parts of compliance recruitment, both from a temporary and permanent perspective. In particular demand are candidates with remediation and also on-boarding experience from previous roles, along with previous banking experience. A couple of projects are still in high force in terms of recruitment volume and this will continue to go on over the next few months leading into the height of summer. It is these projects that are really pushing the activity in the KYC market at present where clients are recruiting from graduate all the way up to team lead / AVP level.

Control Room Recruitment

We have been extremely busy in the control room space, especially in the first quarter of this year. Most of our clients have been looking for experienced control room candidates with around three to five years' experience. Most of these have been replacement roles arising due to candidates moving externally or internally within other teams. We have also noticed that the salaries in the control room space have increased at a reasonable rate. We are seeing quite a few international control room candidates interested in making the move to London and our clients are completely open to this idea.

Advisory Recruitment

The recruitment market for advisory candidates has grown substantially within the last month. Sectors that have shown particular demand are investment banking and investment management.

Clients are predominantly focused on front-line compliance advisory due to up and coming projects and BAU work that encompass all business lines and jurisdictions.

The drive for cross-border consistency and regulatory requirements seem to be the primary factors responsible for this push. Candidates must have strong knowledge across many market structures as well as the ability to provide “live” interpretations of regulatory rules and internal policies and procedures up to board level.

Strong interpersonal skills and market knowledge seem to be the prevailing skill set when separating strong candidates from the pack.

Monitoring Recruitment

The monitoring space has seen a huge uplift in volume in the last month. Firms are almost exclusively looking at experienced hires at the AVP or VP level. Candidates from an internal audit background with professional qualifications such as the CFA are in high demand. This area has seen an increase in movement due to new regulations from the FCA and the seasonal merry go round post bonus. Salaries in this area have increased by 10-15%.

Generalist Recruitment

Generalist compliance roles continued to increase in March with a number of hires in both the temporary and permanent space. The majority of roles have needed compliance officers with a breadth of both regulatory change and monitoring experience with a heavier emphasis on past business reviews and investigations. 

Hiring has been mainly focused on banking and buy-side however wealth management showed signs of improvement particularly at AVP level.

David Leithead's picture
Chief Operations Officer UK
dleithead@morganmckinley.co.uk