How to be indispensable in our technological future
With AI, automation and other technological advancements starting to play bigger roles in our compliance departments, alongside globalisation and the increasing use of outsourcing, it is only natural that some are starting to question their role in the future of the sector.
Whilst many financial services firms have become increasing cost conscious and focussed on limiting headcount, there are some areas of compliance that are thriving. We are continuously seeing reports of banks being fined by world regulators and this level of scrutiny and the severity of the penalties faced are keeping focus firmly on compliance.
Roles in some compliance functions such as Trade Surveillance, AML Transaction Monitoring and Compliance Testing have been, or are being, outsourced to high tech hubs in India, Malaysia and the Philippines in a drive to cut costs and automate processes by larger banks.
Meanwhile, there are areas of the Asian economy such as Private Banking, Trusts, Asset Management and Consulting that continue to thrive and demand compliance expertise working closely with the business onshore. Companies in these areas are always looking for the best talent and are willing to train people who have the right character and potential, which opens up opportunities for people to move from other sectors into compliance.
Think – become a business enabler
There are ways people can put themselves ahead in this ever changing and increasingly competitive market.
The very best candidates we speak to are very proactive and forward thinking. They strive to learn why companies are being fined, what issues aren’t being fixed, how to fix them and are continuously thinking of innovative ways to ensure a business can succeed.
They’re staying on top of the latest regulation and are able to offer practical advice across a broad spectrum. We find that this level of ingenuity not only makes sure they’re in a position of power but keeps them passionate about their profession.
I have a great insight to the market and what Hiring Managers are looking for. I’d be very happy to offer practical advice on how you can put yourself ahead of the game. Please get in touch.