WELCOME
...to the 12th edition of House and for the first time since this the launch of this publication, nearly 2 years ago, we are feeling a little cautious about hiring in certain sectors.There are still great opportunities for regulatory professionals but they are less visible and the need for a headhunter becomes greater...
Cuts in compliance...
A phrase we thought we would never hear is becoming a common whisper amongst the investment banking fraternity. Whilst it was important over the last 3 years to ensure the business was properly supervised, banks are now reassessing the size of their teams, especially as the front office at many banks has reduced significantly. Technology is also taking on a lot more of the burden, so we anticipate some ‘right-sizing’ of the larger compliance teams in the next few months.
Consulting. Not so fun after all?
We reported this time last year on the proliferation of moves from in-house to consulting firms and predicted that it might be a difficult move for some to adapt to a target driven environment, and it seems that may have been the case as several senior AML and Compliance professionals return to in-house positions. On the flip side, we have heard of some great success stories where AML and Compliance professionals have proven excellent business developers, offering a refreshing alternative to the traditional ‘sales’ approach.
Conduct and Ethics
Regional Heads of Conduct and teams below them have become commonplace at most large corporates and financial services firms across APAC. Recent high profile scandals at FIFA, Volkswagen and at many Investment Banks have put Conduct and Ethics to the top of most board agendas. They are also taking on more and more responsibility for setting the tone of an organisation and performing a key role in any culture change.. Reputational risk and ethics are key to this. The scrutiny of the financial services industry continues unabated, and through advances in technology and social media platforms, there is no sweeping bad behaviour or conduct under the carpet. Conduct and Ethics is a key deliverable for boards now. Resistance is futile.