2018 salary ranges for compliance professionals in Ireland including AML, regulatory, financial crime, KYC, governance and conduct risk rates.
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The high demand for compliance professionals is not a new development on the market but due to more complex regulations being introduced by the European Central Bank (ECB) and Central Bank of Ireland (CBI) to the financial services market; the requirement for such skills has continued to grow.
As demand outweighs the supply, we are seeing more individuals up-skilling and transferring from operational roles into compliance. As this trend continues, the need for experienced individuals from supervisor level upwards remains high and has resulted in an increase in salaries over the course of the year. We also continue to see a strong demand for legal professionals with financial services experience and an interest in moving to compliance-related positions. This is due to their ability to translate complex regulations into meaningful actions.
AML and KYC has been at the forefront of the hiring plans for a number of financial institutions as a result of funds under management increasing across Ireland. This is a key entry level area for a number of professionals looking to make the career change into compliance and whilst proving to be popular, salaries have remained unchanged from last year.
International experience is certainly very desirable to those companies relocating their European HQ to Ireland. As this demand continues, we are seeing organisations look outside of Ireland to locations such as London, Frankfurt, Singapore and Australia to identify the right talent; be it expatriates relocating or foreign nationals looking for new opportunities. In order to attract such talent, companies have started to revisit their remuneration packages to ensure they are much more attractive. Additional benefits including flexible working arrangements, parking, professional subscriptions and additional educational support are key variables in the decision making process for a number of professionals.
New roles are being created in this space as a result of the General Data Protection Regulation (GDPR). These roles include Data Protection Officers (DPOs), GDPR Compliance Managers and Project Managers to name but a few.
As the financial services sector becomes more competitive and regulations become more stringent and complex we expect to see a continued demand for compliance professionals throughout 2018.