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Governance, Risk and Compliance Recruitment Market Insights – June 2024

Risk

  • The recruitment market for risk managers was subdued throughout H1 2024, and this was felt particularly sharply in Q2. Market risk bonuses have been down by 20-40% compared to 2023.
  • Consolidation in the UK retail banking sector is also impacting hiring volumes, which could lead to redundancies and an increase in candidate supply in the future as companies merge.

Risk – Lux

  • Luxembourg-based firms are leveraging talent from across Europe to strengthen their risk functions, particularly in areas like compliance and operational risk.
  • The risk management job market in Luxembourg remains tight. Companies are aggressively pursuing top-tier talent, placing a premium on candidates with specialised expertise.

Compliance & Financial Crime

  • Candidates at the junior end are in short supply and come with a premium attached. The legacy of Covid restrictions reduced training opportunities, resulting in less candidate availability. Some clients are reporting that candidates are entering the job market less prepared than was the case a few years ago as a result.
  • AI has been a crucial tool in reducing the number of compliance members of staff. Surveillance & Due Diligence have been two of the areas that have seen the most growth. The more labour-intensive duties can be more heavily automated but the ability to interpret and utilise the data effectively remains crucial.

Legal

  • Overall vacancy numbers remain low. Q2 has seen some pockets of activity but by historical standards there has been heavily reduced demand.
  • Corporate/Commercial roles have been busier than banking and finance, but the capital-raising environment has severely impacted M&A and PE hiring.
  • Senior-level roles remain subdued. There are more new GC/Head of Legal roles for smaller firms making their first hire than for more established firms. This impacts teams below, as the lack of movement at the top means upward mobility below is impacted.

Middle East

  • Skills shortages are still apparent in specialist risk roles and technology/data related roles.
  • The outlook seems to be cautiously optimistic. Organisations appear to be waiting to see how things develop with interest rates, international political developments and conflicts within the region before committing to further investment. The knock-on effect is that recruitment decisions are being delayed for now.

Internal Audit & IT Audit

  • Most hiring demand for internal auditors is for delivery-focused roles, namely Senior Internal Auditor or Internal Audit Manager. Most companies are looking for previous internal audit experience rather than hiring an external auditor and training them. There is very little capacity for hiring someone new to internal audit in the current market.
  • Subject Matter Expert internal auditor roles are still difficult to fill, depending on industry sector and location. As has been the case for a long time, technology auditors are the most difficult to recruit.

Tanya Macey

Head of Client Services
tm@barclaysimpson.com
020 7936 8930

Please get in touch if you would like advice on hiring in the Governance, Risk, and Compliance market.
Barclay Simpson has over 30 years of experience in this space, and we can offer deep insight into how the market is changing and how to secure the best candidates.