With our focus on Risk and Compliance recruitment we are seeing some interesting trends. Regulatory change continues to drive requirements across Financial Services particularly in customer conduct regulation, privacy, capital holdings and ensuring business units can stand alone in a crisis (BS11).

The future conveyor belt of new regulation does not show any signs of slowing down.

Outside of Financial Services?

We are seeing a continued focus on Health & Safety and Financial Risk. An emerging area of newly created positions, which is highly interesting, is Environmental, Social and Governance Risk (ESG).  Issues such as ethical practices, climate, social, diversity, inclusion and governance are now being highlighted in society and reporting standards are being introduced.

Many contributors to the industry champion the idea of ensuring best practice. However, the rate of change is causing challenges. With a candidate short market and “new to NZ roles” being created, we have seen salaries move up and real pressure being applied to incumbent staff. It’s a perfect storm and remaining compliant is seeing the cost of doing business rise.

What about smaller businesses?

Smaller businesses are seeing a disproportionate impact for remaining compliant, which some feel could see mergers and perhaps the unexpected outcome of less consumer choice. Looking at this through a positive lens, many are finding their work interesting and varied – albeit very busy. We are also creating a whole new cohort of skilled professionals.

As for Regulators?

They also face the same challenges in sourcing candidates and have appeared to lack resources to fully facilitate new directives. I hear there are plans to address this, although a balance is needed between the ability to enforce versus the ability of an industry to deliver.

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