Banks are resurrecting their compliance
and risk recruitment programs on the back of
signs the economy is recovering, as well as an
increasing volume of regulation set to impact on
the financial services sector.
Robert Walters’ manager of risk management
and compliance, Jacob Smith, said banks are
busily recruiting to rebuild headcounts after fi
nancial crisis-induced redundancy rounds
through 2008 and 2009.
However, he said 50 per cent of current com
pliance roles are newly created positions, signi
fying that banks are sourcing “new headcount to
address new issues,” not just rebuilding pared
back skeleton teams.
Smith highlighted the current batch of Aus
tralian Securities and Investments Commission
(ASIC) consultation papers covering a spectrum
of banking arenas, which are causing them to
prepare for a wave of “serious regulatory reform”,
as well as Basel II, which is continuing to drive
demand for risk management professionals.
During the depths of the financial crisis,
Robert Walters’ risk and compliance business
was receiving briefs from clients about one role
a month. Recovery in the fourth quarter of 2009
saw the business contacted with one role a week,
while in February this year there were three calls
a week from clients eager to hire.
Smith said recent calls included not only op
portunities for individuals, but for teams of as
many as six people, with the compliance market
active across investment banks, funds, and re
tail banking.
Ninety-five per cent of new roles are experi
enced hires, with a “sweet spot” for managers
with five to eight years’ experience, who also
have hands-on experience in the discipline, rather
than just management skills.
Risk-focused roles are focused around capi
tal adequacy requirements and data management,
with banks keen to ensure that data accurately re
flects liabilities, and that data flows ensure these
are reported effectively at board level.
Smith said he also received a brief on a se
curitisation-focused role in mid-February, which
he said was the last place he would expect banks
to be hiring for in the current market, considering
the lack of securitisation business in the market.
Smith estimated that among domestic banks,
most have repopulated their risk and compliance
teams to the level they were at three years ago,
with the likes of CBA and Westpac up on their
headcount since then.
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