{"id":16991,"date":"2023-07-16T08:00:23","date_gmt":"2023-07-16T08:00:23","guid":{"rendered":"https:\/\/www.kaizenrecruitment.com.au\/?p=16991"},"modified":"2023-07-16T23:59:08","modified_gmt":"2023-07-16T23:59:08","slug":"risk-and-compliance-market-update-june-2023","status":"publish","type":"post","link":"https:\/\/www.kaizenrecruitment.com.au\/risk-and-compliance-market-update-june-2023\/","title":{"rendered":"Risk and Compliance Market Update | June 2023"},"content":{"rendered":"<p><a href=\"https:\/\/www.kaizenrecruitment.com.au\/team-member\/amanda-chisholm\/\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-16996\" src=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-1024x551.jpg\" alt=\"\" width=\"1024\" height=\"551\" srcset=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-1024x551.jpg 1024w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-300x161.jpg 300w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-150x81.jpg 150w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-768x413.jpg 768w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1-1536x826.jpg 1536w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/16x9-003-1.jpg 1900w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>The risk and compliance market has remained exceptionally strong throughout the entirety of this financial year. There has been a continued growth of risk and compliance teams within financial services organisations across multiple verticals with a continued focus on the importance of strong organisational governance to support robust ESG management enterprise wide.<\/p>\n<p>After the Royal Commission there is still a true commitment to creating a mature infrastructure of risk and compliance within these businesses. Regulatory demands have risen with no signs of slowing down and given the shallow pool of candidates with in-depth experience within the different facets of risk and compliance in Australia, a bidding war for the best talent persists.<\/p>\n<h2><strong>Demand vs. Supply <\/strong><\/h2>\n<p><strong>Supply and demand continues to be a key theme in the industry <\/strong>as top talent in the space remains shallow and has been increasingly competitive. The current risk and compliance market remains especially strong, with a continued war for local talent proceeding despite pockets of local redundancies across a few firms and the ethical dilemma purposed by the PWC debacle inciting Big 4 candidates to look externally into the market.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-17007\" src=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-1024x1024.png\" alt=\"Niche Risk and Compliance Skills\" width=\"500\" height=\"500\" srcset=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-1024x1024.png 1024w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-300x300.png 300w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-150x150.png 150w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-768x768.png 768w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2-1536x1536.png 1536w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-2.png 1900w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<h2><strong>Regulatory Requirements Driving Demand<\/strong><\/h2>\n<p>Internal regulatory project work has lifted the demand for risk and compliance professionals in financial services organisations. These projects have been delegated to meet<br \/>\n<strong>several new regulatory requirements including:<\/strong><\/p>\n<ul>\n<li><strong>RG97<\/strong>&#8211; <strong>Disclosing Fees and Costs in PDSs and Periodic Statements<\/strong>, to achieve better outcomes for consumers by providing greater clarity on disclosure obligations for product issuers of superannuation and managed investment products;<\/li>\n<li><strong>The Design and Distribution Obligations<\/strong> (DDO 2021), for issuers and distributors of financial products, requiring adequate product governance frameworks to ensure products are appropriately targeted and managed. New breach reporting obligations (2021), requiring licensees to report to ASIC within 30 days of a \u201creportable situation\u201d;<\/li>\n<li>The <strong>Financial Accountability Regime (FAR)<\/strong> <strong>Bill 2022<\/strong> which extends the existing Banking Executive Accountability Regime (BEAR) to other APRA-regulated entities, strengthening and increasing individual and entity level accountability across the financial services sector;<\/li>\n<li>ASIC and the ACCC have listed <strong>Greenwashing <\/strong>as one of their enforcement priorities this year which will shape the landscape as Holding Redlich state companies must \u201censure that they are considering the entire lifecycle of a product when making environmental and sustainability claims. Transparency over products and environmental policies should be a priority, to allow consumers to make an informed choice. As well as relevant labour standards or environmental, social or ethical standards or considerations.\u201d This legislation has listed 35 interventions made with respect to greenwashing surveillance activities.<\/li>\n<li><strong>Your Future, Your Super Performance Test Resu<\/strong><strong>lts from the Inaugural APRA Release and the Your Future Your Super (YFYS) reforms &#8211;<\/strong> Thirteen out of 76 (16%) MySuper products failed to meet the benchmark prescribed in regulations. In addition to scrutinising the plans of the 13 funds that failed the test, APRA is engaging with trustees at risk of failing the performance test in 2022 to ensure they take the steps necessary to improve performance and to understand their contingency plans.<\/li>\n<li><strong>SPS and CPS 230 <\/strong>is focused on ensuring that an APRA-regulated entity is resilient to operational risks and disruptions.<\/li>\n<li><strong>SPS and CPS and 530 Investment Governance Regulations &#8211;<\/strong> The purpose of this Prudential Standard is to ensure that an RSE licensee, consistent with its obligation to act in the best financial interests of beneficiaries, prudently selects, manages and monitors investments on behalf of beneficiaries. An RSE licensee is required to implement a sound investment governance framework which focuses on managing relevant risks and returns, APRA.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-17008\" src=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-1024x1024.png\" alt=\"\" width=\"500\" height=\"500\" srcset=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-1024x1024.png 1024w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-300x300.png 300w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-150x150.png 150w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-768x768.png 768w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3-1536x1536.png 1536w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2020\/01\/Square-3.png 1900w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<h2><strong>Strategic Responsiveness and Op<\/strong><strong>erational Resilience will Allow Progressive Transformation<\/strong><\/h2>\n<p>In the past, regulators have concentrated on an organisation\u2019s ability to react to large-scale disruptions and minimalise the negative effect on their operations and clients. Today, regulators remain centred on enterprise resilience and risk-management, <strong>specifically CPS and SPS 230<\/strong> but they are combining that with two correlated aims:<\/p>\n<ul>\n<li>Guaranteeing that organisations can conduct in a business-as-usual environment that is far more complicated.<\/li>\n<li>Ensuring that companies can instrument positive changes \u2013 such as incorporating a merger, improving technology, or uplifting business practices \u2013 without presenting new risks.<\/li>\n<\/ul>\n<p>APRA\u2019s view that \u201cappropriate attention must be given to operational risk policies and processes, but also to the risk culture within an investment management organisation\u201d.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-17002\" src=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-1024x254.png\" alt=\"Risk and Compliance July Market Update\" width=\"1024\" height=\"254\" srcset=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-1024x254.png 1024w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-300x74.png 300w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-150x37.png 150w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-768x190.png 768w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1-1536x381.png 1536w, https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/kaizen\/wp-content\/uploads\/2023\/07\/Quote-1.png 1900w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><strong>This report has empathised that the ODD review process is not a tick-a-box exercise and is meant to provide an independent review of an external manager\u2019s attestation regarding its guidelines and practices<\/strong>.<\/p>\n<p>This is particularly brought into focus for industry super funds who are looking to grow and scale their internal teams to meet these new regulatory requirements but have met great difficulty once they realise the incredibly shallow talent pool already existing in the space as hiring managers must look at considering middle office investment operations candidates or other types of funds management risk and compliance candidates who may possess the transferrable skills to learn and grow into the role over time.<\/p>\n<h2><strong>The Market Watches as Financial Services Organisations Cope with Improving Disclosures for Members<\/strong><\/h2>\n<p>Several new regulations are in place to help protect consumers from misinformation which has increased the demand for investment governance and marketing and communications professionals in super and funds management organisations. Kaizen has supported these organisations in sourcing skilled talent for their teams as the focus of the maturation of operational due diligence of outsourced investment management in Australia remains a key priority of the regulator watchdogs.<\/p>\n<p>All of these developments and regulatory changes across the space continue to bolster demand for risk and compliance professionals across the financial services sector as we begin this new financial year which is likely to continue the pressure on organisations to seek new talent for their teams.<\/p>\n<p>&nbsp;<\/p>\n<h2>Get in Touch<\/h2>\n<p>Please\u00a0<a href=\"https:\/\/www.kaizenrecruitment.com.au\/team-member\/amanda-chisholm\/\">contact me<\/a>, or one of my colleagues at Kaizen Recruitment if you\u2019d like to discuss candidate career drivers and the current stats of the financial services recruitment landscape.<\/p>\n<div class=\"frm_forms  with_frm_style frm_center_submit frm_style_formidable-style\" id=\"frm_form_20_container\" data-token=\"c63711a9d76dbdc7d7b12fcb99450dfc\">\n<form enctype=\"multipart\/form-data\" method=\"post\" class=\"frm-show-form  frm_js_validate  frm_pro_form \" id=\"form_contactform1\"  data-token=\"c63711a9d76dbdc7d7b12fcb99450dfc\">\n<div class=\"frm_form_fields \">\n<fieldset>\n<legend class=\"frm_screen_reader\">Got Questions? Let's Talk<\/legend>\r\n\r\n<div class=\"frm_fields_container\">\n<input type=\"hidden\" name=\"frm_action\" value=\"create\" \/>\n<input type=\"hidden\" name=\"form_id\" value=\"20\" \/>\n<input type=\"hidden\" name=\"frm_hide_fields_20\" id=\"frm_hide_fields_20\" value=\"\" \/>\n<input type=\"hidden\" name=\"form_key\" value=\"contactform1\" \/>\n<input type=\"hidden\" name=\"item_meta[0]\" value=\"\" \/>\n<input type=\"hidden\" id=\"frm_submit_entry_20\" name=\"frm_submit_entry_20\" value=\"f950692b01\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/af-api\/wp\/v2\/posts\/16991\" \/><div id=\"frm_field_184_container\" class=\"frm_form_field form-field  frm_required_field frm_top_container frm6 frm_first\">\r\n    <label for=\"field_qypw02\" id=\"field_qypw02_label\" class=\"frm_primary_label\">First Name\r\n        <span class=\"frm_required\" aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    <input type=\"text\" id=\"field_qypw02\" name=\"item_meta[184]\" 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aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    <input type=\"email\" id=\"field_5ml6c2\" name=\"item_meta[186]\" value=\"\"  data-reqmsg=\"This field cannot be blank.\" aria-required=\"true\" data-invmsg=\"Email is invalid\" aria-invalid=\"false\"  \/>\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_187_container\" class=\"frm_form_field form-field  frm_top_container\">\r\n    <label for=\"field_g12ao2\" id=\"field_g12ao2_label\" class=\"frm_primary_label\">Mobile number (Optional)\r\n        <span class=\"frm_required\" aria-hidden=\"true\"><\/span>\r\n    <\/label>\r\n    <input type=\"number\" id=\"field_g12ao2\" name=\"item_meta[187]\" value=\"\"  data-invmsg=\"Number is invalid\" aria-invalid=\"false\"   min=\"0\" max=\"9999999999999999999999999\" step=\"any\"\/>\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_188_container\" class=\"frm_form_field form-field  frm_required_field frm_top_container\">\r\n    <label for=\"field_howj62\" id=\"field_howj62_label\" class=\"frm_primary_label\">Job Title\r\n        <span class=\"frm_required\" aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    <input type=\"text\" id=\"field_howj62\" name=\"item_meta[188]\" value=\"\"  data-reqmsg=\"This field cannot be blank.\" aria-required=\"true\" data-invmsg=\"Text is invalid\" aria-invalid=\"false\"  \/>\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_189_container\" class=\"frm_form_field form-field  frm_required_field frm_top_container\">\r\n    <label for=\"field_4req42\" id=\"field_4req42_label\" class=\"frm_primary_label\">Company\r\n        <span class=\"frm_required\" aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    <input type=\"text\" id=\"field_4req42\" name=\"item_meta[189]\" value=\"\"  data-reqmsg=\"This field cannot be blank.\" aria-required=\"true\" data-invmsg=\"Text is invalid\" aria-invalid=\"false\"  \/>\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_190_container\" class=\"frm_form_field form-field  frm_required_field frm_top_container\">\r\n    <label for=\"field_xruah2\" id=\"field_xruah2_label\" class=\"frm_primary_label\">State \/ Country\r\n        <span class=\"frm_required\" aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    <input type=\"text\" id=\"field_xruah2\" name=\"item_meta[190]\" value=\"\"  data-reqmsg=\"This field cannot be blank.\" aria-required=\"true\" data-invmsg=\"Text is invalid\" aria-invalid=\"false\"  \/>\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_233_container\" class=\"frm_form_field form-field  frm_required_field frm_top_container\">\r\n    <label for=\"field_1zibl\" id=\"field_1zibl_label\" class=\"frm_primary_label\">(Please select an option) What area of specialisation do you want to learn more about?\r\n        <span class=\"frm_required\" aria-hidden=\"true\">*<\/span>\r\n    <\/label>\r\n    \t\t<select name=\"item_meta[233]\" id=\"field_1zibl\"  data-reqmsg=\"This field cannot be blank.\" aria-required=\"true\" data-invmsg=\"(Please select an option) What area of specialisation do you want to learn more about? is invalid\" aria-invalid=\"false\"  >\n\t\t\t\t<option  value=\"General\">\n\t\t\tGeneral\t\t<\/option>\n\t\t\t\t<option  value=\"Investment Operations and Fund Accounting\">\n\t\t\tInvestment Operations and Fund Accounting\t\t<\/option>\n\t\t\t\t<option  value=\"Portfolio Manager, Investment Performance and Data Analyst\">\n\t\t\tPortfolio Manager, Investment Performance and Data Analyst\t\t<\/option>\n\t\t\t\t<option  value=\"Legal, Risk and Compliance\">\n\t\t\tLegal, Risk and Compliance\t\t<\/option>\n\t\t\t\t<option  value=\"Business Development, Relationship Management, and Funds Management Distribution\">\n\t\t\tBusiness Development, Relationship Management, and Funds Management Distribution\t\t<\/option>\n\t\t\t\t<option  value=\"Wealth, Financial Advisors, and Paraplanners\">\n\t\t\tWealth, Financial Advisors, and Paraplanners\t\t<\/option>\n\t\t\t\t<option  value=\"Tax, Accounting, Finance and Shared Services\">\n\t\t\tTax, Accounting, Finance and Shared Services\t\t<\/option>\n\t\t\t\t<option  value=\"Marketing and Communications\">\n\t\t\tMarketing and Communications\t\t<\/option>\n\t\t\t\t<option  value=\"Projects and IT, Business Analysts\">\n\t\t\tProjects and IT, Business Analysts\t\t<\/option>\n\t\t\t\t<option  value=\"Executive Level\">\n\t\t\tExecutive Level\t\t<\/option>\n\t\t\t<\/select>\n\t\r\n    \r\n    \r\n<\/div>\n<div id=\"frm_field_192_container\" class=\"frm_form_field  frm_html_container form-field\">\n<p><b>Note: <\/b>Any personal information provided will remain confidential and will be managed in line with our <a href=\"https:\/\/www.kaizenrecruitment.com.au\/privacy-policy\/\">privacy policy<\/a>.<\/p>\n<\/div>\n\t<input type=\"hidden\" name=\"item_key\" value=\"\" \/>\n\t\t\t\t<div class=\"frm_verify\" aria-hidden=\"true\">\n\t\t\t\t<label for=\"frm_email_20\">\n\t\t\t\t\tIf you are human, leave this field blank.\t\t\t\t<\/label>\n\t\t\t\t<input type=\"text\" class=\"frm_verify\" id=\"frm_email_20\" name=\"frm_verify\" value=\"\"  style=\"display:none;\" \/>\n\t\t\t<\/div>\n\t\t<input name=\"frm_state\" type=\"hidden\" value=\"M4G5IL00FUUxottzEGE\/\/e02veqOjQSMDimP7Hy6ojQ=\" \/><div class=\"frm_submit\">\r\n\r\n<button class=\"frm_button_submit frm_final_submit\" type=\"submit\"   formnovalidate=\"formnovalidate\">Submit<\/button>\r\n\r\n\r\n\r\n<\/div><\/div>\n<\/fieldset>\n<\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The risk and compliance market has remained exceptionally strong throughout the entirety of this financial year. There has been a continued growth of risk and compliance teams within financial services organisations across multiple verticals with a continued focus on the importance of strong organisational governance to support robust ESG management enterprise wide. After the Royal&hellip;<\/p>\n","protected":false},"author":25,"featured_media":16995,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[53],"tags":[],"class_list":["post-16991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/posts\/16991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/comments?post=16991"}],"version-history":[{"count":25,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/posts\/16991\/revisions"}],"predecessor-version":[{"id":17029,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/posts\/16991\/revisions\/17029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/media\/16995"}],"wp:attachment":[{"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/media?parent=16991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/categories?post=16991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kaizenrecruitment.com.au\/af-api\/wp\/v2\/tags?post=16991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}