Recruiting in the Risk and Compliance space can be challenging.
The demand for a specific skill set is constantly changing. We have recently seen a rise in insurance and financial services companies recruiting Compliance roles at the 3–5-year experience level. The roles included range from Compliance Analysts to Specialists and Compliance Officers. So, I thought I would outline what Compliance Specialists’ roles and what companies look for from a skill set perspective.
What will the Compliance Specialists role involve?
Compliance Specialists essentially ensure that companies comply with any relevant regulations and standards. This is to prevent any fines or legal repercussions that might surface. A role at this level will contribute to the effective implementation, review, and maintenance of business unit policies, procedures and processes. Compliance Specialists within insurance and financial services firms will generally also be involved in ensuring relevant controls are operating accordingly. Thereby undertaking quality assurance. The role would also include monitoring the key processes and compliance monitoring of regulatory obligations.
Also, as the Compliance Specialist, you are likely to assist Compliance Managers with the uplift and maintenance of the company’s compliance framework. You will be expected to advise senior management or leadership on the actions needing to be taken If any regulatory changes need implementation.
Within this role, you will be expected to contribute to the content of regular reports presented to the senior management, internal and external stakeholders and possibly committees. These reports must adhere to regulatory reporting guidelines.
Role requirements will vary depending on the nature of the business. For example, if you’re working for an advisory firm, you will be interacting with clients daily. You will also be engaging with clients on compliance training and auditing. This will involve visiting clients on-site.
So, what are you expected to bring to the role?
Regulations are regularly changing. Firstly, you must be confident with keeping up to date with these changes and ensure they’re implemented to the relevant documentation. Secondly, the changes will also need to be presented to staff and possibly clients. Thirdly, you will be required to carry out training sessions to uplift knowledge on the relevant changes.
Ideally, you will bring experience uplifting, reviewing and designing controls to effectively analyse control breaches, weaknesses, and issues. Understanding the AML/CFT Act, 2009 is essential including various other legislation such as Financial Markets Conduct Act 2013.
To carry out this role efficiently, a Compliance Specialist must have strong interpersonal and communication skills. In addition, you will be required to communicate with senior management effectively and prepare reports to a high standard. Along with solid communication skills, you must possess the flexibility to adapt to new systems, processes and technology.
Depending on the role and projects you will be working on, experience requirements will change. A role in an investment firm will require you to understand DIMS (Discretionary Investment Management Services) and MIS (Managed Investment Services).
Current roles I am recruiting for:
If you are in the Compliance space and, more importantly, are looking for a new opportunity, please do reach out for a chat. Hopefully, we can work together to find your next move. Below, I have outlined a few roles at the 3-5 year experience level that I am currently recruiting. See our Job Search for more information.
Compliance Specialist – Wellington or Auckland – Permanent
AML Audit Associate – Auckland – Permanent
Compliance Analyst – Auckland – Permanent
Compliance Advisor – Auckland – Permanent
Although the compliance space can have a lot of pressure to keep up with the changes, the demand for this skill isn’t going away. Therefore, the salary, benefits on offer and progression will be advantageous in the financial services field.
Please do feel free to reach out for a chat
We have also recently released our inaugural Risk & Compliance Salary Guide for 2021/22. Please email us to receive a copy.