As usual, the regulatory landscape twists and turns, making way for a host of new roles, functions, and responsibilities. From third-party risk management to digital resilience, we’re seeing the compliance world transform at pace. What’s causing it?
Demand for regulatory-savvy talent is spiking across all our recruitment locations (the UK, Ireland, Germany, Luxembourg, Switzerland, and the US), driving competition in a field that commonly faces skill shortages.
Our Risk, Compliance, and Financial Crime consultants have drawn on their recent market-mapping initiatives to bring you some key insights into the complex risk and resilience space. Check it out below.
Lessons Learned From Third-Party Risk
In the last few years, several high-profile data breaches have been directly attributed to a failure in third-party risk management, a corner of the compliance space that’s seen plenty of regulatory action recently. According to Security Scorecard, 29% of data breaches in 2023 were attributable to a third-party vulnerability.
US regulators released the Interagency Guidance on Third-Party Relationships: Risk Management, and the UK’s FRC (Financial Reporting Council) published the UK Corporate Governance Code, underscoring a global trend.
The Climate Crisis
Vacancies for Climate Risk-related roles are becoming more common in light of growing ESG concerns, corporate paradigm shifts, and regulatory pressure. Enhanced reporting requirements are becoming commonplace, spurred on by the EU’s CSRD (Corporate Sustainability Reporting Directive).
Moreover, climate-sensitive businesses tend to be seen as more resilient by investors, more trustworthy by consumers, and more appealing to the new generation of candidates.
Role Expansion
As the Risk and Compliance space evolves, roles begin to expand. Firms are typically looking for commercially-minded compliance experts who can play a key role in shaping organisational direction.
On the flip side, top candidates are searching for firms with strong governance cultures as they recognise their importance in ensuring long-term success.
Tech Enablement
Speaking of role expansion, tech adoption is playing a part in transforming the modern Risk and compliance role. For example, firms are increasingly searching for credit risk candidates with coding skills (SAS, SQL, Python, etc) as leaders seek to better understand their company data.
Conversely, our recruitment consultants are noticing a certain level of devaluation for non-technical risk candidates given the shift in hiring focus.
As AI continues to prove its case as a business essential, job seekers must be willing to upskill on the latest systems.
Disruption
Uncertain economy, skill shortages, technological transformation – firms are facing off against heaps of disruption. Proactive risk management is the way to restore a sense of certainty and stability (partially, at least).
Those wishing to strike a balance between innovation, opportunity, and compliance in a world preoccupied with tech will need a dependable, adaptable approach to risk management.
Opportunity
Given the rate of industry transformation, now could be the ideal time to pursue an exciting new opportunity in Risk and Resilience. From climate risk to operational resilience, there’s plenty of rewarding paths to explore, and they aren’t limited to financial services either.
Broadgate’s Risk, Compliance, and Financial Crime specialists can match you with a growth-enabled opportunity that connects with your career goals. Contact us today to learn more about our recruitment service: https://www.broadgatestaffing.com/contact-us.
