The Impact of Regulatory Changes on Compliance Recruitment Trends and How ACS Operations Can Help
The regulatory landscape is continually shifting, requiring businesses to adapt quickly to stay compliant and competitive. These changes aren’t merely adjustments in policy; they have the power to transform entire industries, making it essential for organisations to stay ahead of the curve. As a result, recruitment trends within the compliance sector are evolving to meet these new demands. Let’s delve into how these regulatory developments are influencing the need for compliance professionals and how ACS Operations can support your organisation in meeting these challenges.
- Increasing Demand for Specialists with Niche Expertise
As regulations become more specialised, so does the need for professionals who possess in-depth knowledge of specific areas such as anti-money laundering (AML), data protection (like GDPR), or environmental, social, and governance (ESG) compliance. Companies are realising that generic compliance knowledge is no longer sufficient to navigate the complexities of today’s regulatory landscape.
Case Study:
In 2022, HSBC was fined £63.9 million by the FCA for deficiencies in its AML processes, highlighting the need for AML specialists and prompting increased recruitment in this area within the financial sector.
How ACS Operations Can Help:
ACS Operations offers Managed Services with dedicated on-demand tactical taskforce teams expertly equipped to handle specialised compliance areas. Their services include:
- Efficiently addressing KYC backlogs
- Clearing transaction monitoring alerts
- Conducting thorough customer name screening
- Responding to fraud alerts
These services directly address the need for specialist expertise in critical compliance areas, enabling organisations to maintain robust compliance standards.
- The Rise of RegTech and Tech-Savvy Compliance Professionals
The growing adoption of regulatory technology (RegTech) is changing skill requirements. Companies now seek compliance professionals who are comfortable with AI and machine learning tools, data analytics, and automated compliance systems.
Case Study:
After a £264 million fine for AML failures in 2021, NatWest invested heavily in AI-driven transaction monitoring systems. This shift created new roles for compliance professionals with both regulatory and technological expertise.
How ACS Operations Can Help:
ACS Operations’ Advisory Services include:
- End-to-End Technical Implementation: Delivering robust compliance systems tailored to the UK market, streamlining operations and mitigating risks.
- Model Testing and Documentation: Ensuring AML transaction monitoring models are accurate, reliable, and compliant with UK regulatory standards.
These services help organisations integrate advanced RegTech solutions and remain competitive in a tech-driven regulatory environment.
- Focus on Proactive Compliance
Regulators are increasingly emphasising proactive compliance measures. This has led to greater demand for professionals skilled in risk assessment and management, compliance monitoring and testing, and developing robust compliance frameworks.
Case Study:
The FCA’s focus on operational resilience has prompted financial institutions to bolster their compliance teams with experts in business continuity and risk management.
How ACS Operations Can Help:
ACS Operations offers comprehensive Remediation services, including:
- AML/CFT Framework Design and Implementation
- Risk Assessments, including sanctions risk assessment
- Fraud Risk Management
These services enable organisations to proactively address compliance gaps and mitigate risks before they escalate into regulatory breaches.
- Emphasis on Soft Skills
While technical knowledge remains crucial, there’s growing recognition of the importance of soft skills in compliance roles. Recruiters are now prioritising candidates with strong communication abilities, stakeholder management skills, and change management experience.
Case Study:
Following a £102 million fine for AML breaches in 2019, Standard Chartered revamped its compliance training programmes to focus on developing these soft skills alongside technical expertise.
How ACS Operations Can Help:
While ACS Operations doesn’t directly provide soft skills training, their Advisory Services include:
- Strategic Target Operating Model Development: This service can help organisations design frameworks that incorporate the need for effective communication and stakeholder management.
By building robust operating models, ACS Operations supports organisations in creating a culture of compliance where communication and collaboration are prioritised.
- Global Regulatory Expertise
As businesses operate across multiple jurisdictions, there’s increasing demand for compliance professionals with knowledge of international regulations, experience in cross-border compliance issues, and cultural awareness and adaptability.
Case Study:
After Brexit, many UK financial firms expanded their compliance teams to include experts in both UK and EU regulations to navigate the new regulatory landscape.
How ACS Operations Can Help:
ACS Operations’ Advisory Services include:
- In-depth Coverage Assessments: Evaluating existing processes and controls against the UK regulatory landscape.
- Proactive Regulatory Response and Remediation: Guiding organisations through the complexities of FCA and PRA regulations.
These services help organisations navigate the complexities of global regulatory compliance while ensuring local market adherence.
Conclusion
The regulatory landscape continues to evolve, driving significant changes in compliance recruitment trends. Organisations must adapt their hiring strategies to ensure they have the right mix of skills and expertise to meet current and future compliance challenges.
ACS Operations offers a comprehensive suite of services that can support organisations in meeting these evolving demands, ensuring they stay ahead of regulatory requirements and maintain robust compliance frameworks. By partnering with ACS Operations, companies can effectively navigate the dynamic compliance landscape and safeguard their reputation in a highly regulated industry.
