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Covid recruitment impact report: Compliance

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The below is an excerpt from our mid-year risk recruitment update; you can download the full report using the form on this page.

2020 started relatively strong for compliance recruitment; financial institutions in the UK and US had a healthy appetite for compliance talent and, despite political unrest in Hong Kong, in Asia the market remained robust.

However, as the Covid-19 pandemic hit, many major international banks imposed hiring freezes. This was at the same time as trepidation surrounding conducting recruitment and onboarding online, leading some companies to put processes on hold.

By contrast, other firms turned the situation into an opportunity to attract talent that might otherwise be harder to reach. Virtual banking and fintech companies continued their growth agenda, hiring senior compliance professionals with strong IT and system development skills throughout the pandemic. Indeed, as the pandemic drives more of our practices online, professionals with this skill set will only see an increase in demand.

Encouragingly, firms that were resistant to recruitment have now softened their stance, as both the longevity of the remote working situation is apparent, and companies and their employees are more confident in video software and conducting business ‘virtually’.

For advice on hiring strategies, your career or just to hear more about the market please do get in touch for a confidential discussion.