{"id":18917,"date":"2024-07-17T06:40:02","date_gmt":"2024-07-17T06:40:02","guid":{"rendered":"https:\/\/www.kaizenrecruitment.com.au\/?p=18917"},"modified":"2024-07-17T07:03:50","modified_gmt":"2024-07-17T07:03:50","slug":"financial-services-risk-and-compliance-market-update-july-2024","status":"publish","type":"post","link":"https:\/\/www.kaizenrecruitment.com.au\/financial-services-risk-and-compliance-market-update-july-2024\/","title":{"rendered":"Financial Services Risk and Compliance Market Update \u2013 July 2024"},"content":{"rendered":"

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This past financial year has seen considerable changes in the risk and compliance market with demand for professionals remaining buoyant however the types of skillsets and levels of seniority in demand have seen a considerable shift from last year.<\/p>\n

As super funds continued consolidating and merging and external market pressures saw funds management organisations face an incredible amount of challenge and change, Australia remained somewhat insulated from the severe economic constraints seen globally despite local rates of inflation and a considerable amount of regulatory change challenging many businesses.<\/p>\n

The start of the new financial year has shown movement pick up, particularly at the Analyst\/Officer- Manager levels, with more senior roles seeing increased competition and consolidation resulting in remuneration levels steadying.<\/p>\n

Market Conditions and Trends Influencing Businesses<\/strong><\/h2>\n

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Restructures and Redundancies Noted in Some Areas<\/strong><\/h4>\n
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Kaizen Recruitment noted several redundancies and restructures ensuing across the market due to the above constraints. These constraints pushed many candidates into the market simultaneously with similar skill sets, particularly coming from the Big 4 consulting firms and the banking industry.<\/p>\n<\/div>\n

Wealth Remediation Candidates Adjusting Expectations<\/h4>\n
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Remediation projects wrapped last year, including projects at AMP and Deloitte which pushed wealth compliance and risk candidates into the market in tandem. These candidates initially landed with inflated salary expectations having just collected contract rates for the better part of two years. It took some time for these candidates to adjust to what the market would reasonably pay for their skill set. Many hiring managers did not look favourably at those who worked on narrow types of wealth compliance with little depth to their technical skills in this period. Candidates often had to take a step back in remuneration to re-enter the market, and many had to step back in seniority.<\/p>\n<\/div>\n

Sydney Sees More Restructures Initially<\/h4>\n
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Another swath of candidates entering the market came from operational risk and compliance backgrounds. Two of the Big 4 Banks and Macquarie Group held large-scale redundancies in Q3-Q4 last year, mainly in the Sydney market. This left candidates from the banking industry competing for roles in other financial services verticals or moving externally to industries such as energy which benefitted in acquiring risk and compliance candidates who had operated in more heavily regulated environments.<\/p>\n<\/div>\n

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Regulatory-related Conditions<\/h4>\n
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