Compliance arrangements and resourcing are critical factors in regulatory compliance and remain a top priority for the Financial Conduct Authority (FCA). In light of this, senior management and boards should be aware of the following considerations and ensure that their firms are adequately prepared:
- Recruitment and retention challenges for key compliance and Anti-Money Laundering (AML) resources: The market is witnessing increased attrition rates in compliance and AML roles, coupled with a growing demand for talent as firms expand their compliance departments. It is essential to address these challenges by attracting and retaining skilled professionals.
- Rising expectations on compliance functions and increased scrutiny of senior management and boards: Firms must ensure that their compliance processes are robust and effective to meet the heightened standards and scrutiny imposed by regulatory bodies. The compliance function should operate with transparency and be capable of meeting regulatory requirements.
- Oversight and critical assessment of the compliance function’s performance: Regularly assessing and tracking progress against compliance plans, programs, risk assessments, and policy updates is crucial. This oversight ensures that the compliance function remains aligned with regulatory obligations and identifies areas for improvement.
- Enhancing the capabilities of existing compliance teams: Developing appropriate training and development plans for existing compliance professionals can help strengthen the overall compliance function. This includes providing resources for skill enhancement, keeping up with regulatory changes, and promoting a culture of continuous improvement.
If you are seeking to bolster your compliance function to meet governance and regulatory obligations, our team of expert compliance recruitment consultants can assist you in finding top talent in the market. Danos Associates has been providing specialized executive and search recruitment solutions to the UK Financial Services sector since 2004. We have a successful track record of placing compliance experts in mid to senior-level roles, as well as junior positions.
Our team has the capability to connect you with the best talent available in the market. Please contact our UK team to discuss your hiring needs.
Denis Spearman, Managing Director, Head of Compliance & Financial Crime.
E: email@example.com T: +44 (0) 207 371 8332.
Edward Wacher, Director, Head of Buy-Side Compliance.
E: firstname.lastname@example.org T: +44 (0) 203 889 5756.
Danos Consulting offers a wide range of services, including Compliance and Financial Crime assessments, regulatory change projects, and ongoing regulatory support. We also have access to a network of interim professionals for project-based or resourcing needs. Please contact Bradley or Jamie for guidance and tailored solutions:
Jamie Anderson, Head of Consulting Solutions.
E: email@example.com T: +44 (0) 782 164 0330.