Compliance jobs in demand a year after Australia’s Hayne commission
22 Jan 2020

Credit analysts, loan writers and anti-money laundering experts have joined the ranks of sought after support staff, compliance officers and risk professionals as banks look to close the gaps that leave them vulnerable to rivals and regulatory threats.

A report on hiring trends from global recruitment company Hays Employment has placed fending off competitive threats on par with the growing focus on compliance at the top of the list for Australian banks in the first half of 2020.

“Credit assessors, business development managers, financial advisers, paraplanners, AML analysts and regulatory compliance managers make the list of the top skill shortfalls for the first half of 2020,” the report says.

Banks have had chequebooks at the ready for experienced risk and compliance staff since the Hayne royal commission exposed them for under-investing in processes and systems that picked up misconduct and shoddy business practices in 2018.

The employment specialist’s latest report, however, also acknowledges the emerging pressures on banks from nimble competitors and revised responsible lending guidelines.

Hays says credit assessors, BDMs, sales support officers and case managers top hiring lists for banks in the new year with graduates on entry-level salaries among the more desirable candidates.

The rise of specialist home and business lenders is still in the early stages but the rising appetite for BDMs and sales support officers supports the argument that these upstarts are making their presence felt at the margins.

“Fintech and neobank organisations continue to disrupt the market with their strong technology-built platforms and extremely competitive products and rates,” the report says.

“These organisations are now established alongside more conventional lenders. It is anticipated that they will continue to take more market share by launching new products.”

Following the abhorrent revelations that Westpac ignored signs its systems were being used to fund the exploitation of children in south east Asia and the Philippines, it will come as no surprise that the bigger banks are keen to add more anti-money laundering expertise to their staff.

Hays nominates AML specialists at the top of the hiring wish list for risk and compliance teams alongside well paid and in demand roles such as regulatory compliance managers, operational risk managers and conduct risk managers.

“Small companies with a combined risk, compliance and AML/CTF role can struggle to attract strong talent due to the larger responsibilities of an all-in-one role and the reduced financial reward,” the report says.

Change experts are also sought after as the banks look to streamline their offerings, decommission outdated systems and introduce more elegant processes in line with sector aims to simplify.

“Demand is also rising for risk and compliance-related project managers with experience in either projects or implementing change after new regulation,” Hays said.

By James Frost, The Australian Financial Review, 22 January 2020

Read more at The Australian Financial Review

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