In Ireland the volume of new roles being created in compliance has been on the increase, in response to the renewed confidence in the market, Brexit and new legal and regulatory developments.
The main growth focus areas are regulatory monitoring, financial crime, and regulatory risk including business continuity, data protection and data privacy.
“There is very strong demand across all sectors for experienced compliance analysts and compliance managers. In the first half of 2017 we have seen a number of new senior level Compliance roles being created in Ireland,” says Paul Grant, Risk and Compliance Consultant in Morgan McKinley, Dublin
While there is no shortage of people interested in moving into compliance, mobility and candidate availability have not yet caught up with the market’s demands.
The financial services market is very tightly linked to minimum competency requirements as set down by the Central Bank of Ireland and hiring organisations tend to prefer candidates with local experience of the regulations and legislation, and ideally those who already have a relationship with the Central Bank.
Professionals with an Association of Compliance Officers in Ireland (ACOI) qualification are most in demand from companies based in Ireland, and those with the International Compliance Association (ICA) qualification most in demand from foreign multinationals with offshore or online businesses.
Qualifications and relevant experience are key to career progression within compliance. Those who are keen to move into this area can gain practical experience and visibility by participating in projects and secondments while in their current role.
“Compliance candidates in Ireland generally do not enter employment from graduate level, but rather work up to compliance through an operations function. This means that they are specialists by default,” says Grant.