What does the year of the pig hold for compliance in Asia?
People have returned to work following their New Year celebrations into what we foresee will be a year of change.
Global uncertainties loom; the wider knock on effect of Brexit and the trade war between China and the US. Will continued Brexit uncertainty have an impact on growth outside of Europe? Could the trade agreement outcome see an influx of business routed through Hong Kong?
Here in Hong Kong and Singapore we’re excited to see how the changes on our own shores will play out this year. For the first time in a number of years we’re seeing a lot of senior level management changes in the compliance and financial crime space across major international and European banks – and more is yet to come. Some senior individuals are being poached by direct competitors, whilst others are joining new challenger businesses or relocating internationally.
These moves at the top will create opportunities that will filter down to the wider teams. With new leadership comes new strategy and structure. Some people may choose to stay, seeing an opportunity to develop and progress under new leadership but others will consider it as a time to explore other possibilities. They may want to follow their old boss or others may simply not see a fit with the new focus of their department.
It is likely that once new heads are settled, we will see more VP and Director level hiring as well as movement across the wider market as moves inspire and promote change, leaving more candidates open to new opportunities.
It’s going to be an interesting year ahead. We have an unparalleled network in this space and truly understand the needs of the market. I will be visiting clients in Hong Kong, Singapore and London in the next few weeks to discuss their plans for the year. If you would like our support in finding new heads of department, replacing wider headcount or bringing in new people as part of a restructure please get in touch.