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Demand Grows for Experienced Compliance Officers

What’s the trendiest career track these days? Engineer? Mathematician? Computer scientist? As it turns out, none of the above. In a recent article posted by the Financial Times, demand is growing for experienced compliance officers to join banks and other financial institutions. In the aftermath of the global economic crisis, a number of banks across the world were slammed with fines and expanded regulations, like Basel III, which is undergoing implementation in Europe until 2019 and in the U.S. until 2017, and the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. Given the expertise that’s needed to help understand and comply with these regulations, it’s no surprise that compliance is quickly turning into one of the hottest areas of financial recruitment.

DemandBack in 2012, a financial stability officer with the Bank of England predicted that 70,000 new jobs would be created in Europe to help with regulatory compliance related to Basel III. That trend is continuing stateside, too. Big lenders like JPMorgan are planning to hire more compliance officers to help mitigate risk and exposure to fines, which last year totaled around $20 billion. Many other U.S. companies are trying to expand their hiring budgets to accommodate new compliance hires over the next few years.

But demand is still outpacing the actual talent pool. In fact, the turf is becoming so competitive that some banks are stealing compliance officers from rival firms or increasing salaries to make their hiring offers more appealing. To help seal the talent vacuum, some companies are focusing their attention on young graduates. Goldman Sachs, for example, is offering a 10-week summer internship program for those who are interested in working with the firm’s global compliance division.

Is your company focused on hiring new compliance talent? What have been some of the challenges your organization has experienced?

For more insights and resources on compliance, visit ADP’s website.
 

 


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